# EDGAR Filing Document

**Accession Number:** 0001830926
**File Stem:** 0001839882-23-007048
**Filing Date:** 2023-3
**Character Count:** 915194
**Document Hash:** 91c88a046ed56698668ded3f14c13f97
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-23-007048.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001839882-23-007048

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20240509

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SKK Access Income Fund LP
- **CENTRAL INDEX KEY:** 0001830926

**ORGANIZATION NAME:**
- **EIN:** 853471699
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23856
- **FILM NUMBER:** 23743522

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-762-0090

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 23RD FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SKK Access Income Fund
- **DATE OF NAME CHANGE:** 20230317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SKK Access Income Fund LP
- **DATE OF NAME CHANGE:** 20201102

**<br> AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MARCH 17, 2023**

Investment Company Act File No. 811-23856

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

**WASHINGTON, D.C. 20549**

**FORM N-2**

**REGISTRATION STATEMENT UNDER THE**

**INVESTMENT COMPANY ACT OF 1940 /X/**

AMENDMENT NO. / /

**SKK ACCESS INCOME FUND**

(Exact Name of Registrant as Specified in Charter)

125 East Elm Street – Suite 200

Conshohocken, PA 19428

(Address of Principal Executive Offices, Zip Code)

1-484-278-4017

(Registrant's Telephone Number, including Area Code)

Brendan Lake

PPB Capital Partners, LLC

c/o SKK Access Income Fund

125 East Elm Street – Suite 200

Conshohocken, PA 19428

(Name and Address of Agent for Service)

Copy to:

John F. Ramirez

Practus, LLP

11300 Tomahawk Creek Pkwy, Ste 310

Leawood, KS 66211

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box ☐

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

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following 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 the following 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, check the following box ☐

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

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

Check each box that appropriately characterizes the Registrant:

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

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

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

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

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

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

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

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

This Registration Statement on Form N-2 has been filed by the Registrant pursuant to Section 8(b) of the Investment Company Act. However, shares of beneficial interest ("Shares") of the Registrant are not being registered under the Securities Act because such Shares will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act. Investments in the Registrant may only be made by natural persons or entities that are (i) "accredited investors" within the meaning of Regulation D under the Securities Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, within the meaning of the Securities Act, any Shares of the Registrant.

**FOR ACCREDITED INVESTORS ONLY**

![](logo_001.jpg)

**PROSPECTUS**

SKK Access Income Fund

**March 17, 2023**

**Shares of Beneficial Interest**

A registration statement to which this prospectus ("Prospectus") relates has been filed by SKK Access Income Fund (the "Fund") pursuant to Section 8(b) of the Investment Company Act of 1940, as amended (the "1940 Act"). However, shares of beneficial interest of the Fund ("Shares") are not being registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any of the States of the United States, since such Shares will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the Securities Act and analogous exemptions under state securities laws. Investment in the Fund may be made only by entities that are "accredited investors" within the meaning of Regulation D under the Securities Act. Fund Shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured financial institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Neither the Securities and Exchange Commission 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.

This Prospectus shall not constitute an offer to sell or the solicitation of an offer to buy, and there shall not be any sale of Shares, in any jurisdiction in which such offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make such offer, solicitation, or sale. No person has been authorized to make any representations concerning the Fund that are inconsistent with those contained in this Prospectus. Prospective investors should not rely on any information not contained in this Prospectus. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date shown above.

This Prospectus is intended solely for the use of the person to whom it has been delivered for the purpose of evaluating a possible investment by the recipient in the shares of the Fund described herein, and is not to be reproduced or distributed to any other persons (other than professional advisers of the prospective investor receiving this document). Notwithstanding the foregoing, but subject to restrictions reasonably necessary to comply with federal or state securities laws, an investor may disclose to any and all persons, without limitation, the tax treatment and tax structure of the Fund and the offering of the shares and all materials of any kind that are provided to the investor relating to such tax treatment and structure.

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

Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Securities Act and applicable state securities laws, pursuant to registration or exemption therefrom and subject to the restrictions described herein. Shares will not be listed

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**FOR ACCREDITED INVESTORS ONLY**

on a public exchange. An investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.

This Prospectus concisely provides the information that a prospective investor should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. You may also request a free copy of the Fund's annual and semi-annual reports when available, and other information about the Fund or make shareholder inquiries by calling (800) 711- 9164.

**CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus and the Statement of Additional Information contain "forward-looking statements." Forward-looking statements can be identified by the words "may," "will," "intend," "expect," "estimate," "continue," "plan," "anticipate," and similar terms and the negative of such terms. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated by the forward-looking statements. Several factors that could materially affect the Fund's actual results are the performance of the portfolio of securities the Fund holds, the conditions in the U.S. and international financial and other markets, the price at which the Shares will trade, and other factors discussed in the Fund's periodic filings with the SEC.

Actual results could differ materially from those projected or assumed in the forward-looking statements. The Fund's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in the "Types of Investments and Related Risks" section of this Prospectus. All forward-looking statements contained or incorporated by reference in this Prospectus and any Prospectus Supplement are made as of the date set forth on the applicable cover page. Except for the Fund's ongoing obligations under the federal securities laws, the Fund does not intend, and it undertakes no obligation, to update any forward-looking statement.

Currently known risk factors that could cause actual results to differ materially from the Fund's expectations include, but are not limited to, the factors described in the "Types of Investments and Related Risks" section of this Prospectus. You are urged to review carefully that section for a more complete discussion of the risks of an investment in the Shares.

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**FOR ACCREDITED INVESTORS ONLY**

**Table of Contents**

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| | |
|:---|:---|
| [**SUMMARY OF TERMS**](#a_001) | 1 |
| **[THE FUND](#a_002)** | 18 |
| **[STRUCTURE](#a_003)** | 18 |
| **[SUMMARY OF FEES AND EXPENSES](#a_004)** | 18 |
| **[USE OF PROCEEDS](#a_005)** | 20 |
| **[INVESTMENT PROGRAM](#a_006)** | 20 |
| **[TYPES OF INVESTMENTS AND RELATED RISKS](#a_007)** | 27 |
| **[MANAGEMENT OF THE FUND](#a_008)** | 46 |
| **[FEES AND EXPENSES](#a_009)** | 48 |
| **[CALCULATION OF NET ASSET VALUE](#a_010)** | 49 |
| **[CONFLICTS OF INTEREST](#a_011)** | 52 |
| **[PURCHASE OF SHARES](#a_012)** | 56 |
| **[REPURCHASE AND TRANSFER OF SHARES](#a_013)** | 58 |
| **[PLAN OF DISTRIBUTION](#a_014)** | 62 |
| **[DISTRIBUTION POLICY](#a_015)** | 62 |
| **[DESCRIPTION OF CAPITAL STRUCTURE AND SHARES](#a_016)** | 64 |
| **[U.S. FEDERAL INCOME TAX MATTERS](#a_017)** | 66 |

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**FOR ACCREDITED INVESTORS ONLY**

**SUMMARY OF TERMS**

*The following summary does not purport to be complete and is qualified in its entirety by reference to the more detailed information included elsewhere in this Prospectus and the Statement of Additional Information ("SAI").*

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|:---|:---|
| **The Fund** | SKK Access Income Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a non-diversified, closed-end management investment company.<br>The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.<br>The Fund currently offers one class of shares ("Fund Shares" or "Shares"). The Fund may apply to the Securities and Exchange Commission (the "SEC") for exemptive relief from certain provisions of the 1940 Act and rules thereunder that would allow the Fund to offer additional classes of shares. The Fund may offer additional classes of shares in the future if such exemptive relief is granted.<br>|
| **Purchase and Repurchase of Shares** | Investors will be able to purchase Fund Shares quarterly directly from the Fund at its net asset value ("NAV"), calculated as of the last business day of each quarter, and will not be able to sell their Fund Shares.<br>Shareholders may participate in a process to tender their Shares to the Fund in connection with a semi-annual repurchase offer, if the tender offer is approved by the Board of Trustees (the "Board"). The Adviser may recommend that the Board approve repurchases of Fund Shares more frequently than semi-annually. Further, the Adviser currently expects that, generally, they will recommend to the Board that each semi-annual repurchase offer should apply to no more than 5% of the net assets of the Fund, although the Adviser may recommend that a greater amount be repurchased at their discretion. |

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|:---|:---|
| **Transfer of** <br> **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares may be transferred only:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• by operation of law as a result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Shareholder; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under certain limited circumstances, with the written consent of the Fund, which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances.<br>|
| **Investment Minimums** | The minimum initial investment in the Fund is $100,000, and the minimum additional investment in the Fund is $50,000. The Adviser may reduce the minimum initial and additional investment amounts in its sole discretion. Shareholders will fund their entire investment concurrent with their subscription and avoid the complexity of capital calls and distributions.<br>|
| **Board of Trustees** | The Board is responsible for the overall management of the Fund.<br>|

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**FOR ACCREDITED INVESTORS ONLY**

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|:---|:---|
| **Investment Adviser** | Shepherd Kaplan Krochuk, LLC (the "Adviser") serves as investment adviser of the Fund. The Adviser is located at 53 State Street, 23rd Floor, Boston, MA 02109. As of December 31, 2021, the Adviser managed client assets of approximately $1,390,508,169 on a discretionary basis and $7,458,604,004 on a non-discretionary basis for a total of $8,849,112,173.<br>|
| **Investment Objective** | The Fund's investment objective is to seek to provide current income and, secondarily, long-term capital appreciation. The investment objective of the Fund is non-fundamental and, therefore, may be changed without the approval of the shareholders of the Fund (together "Shareholders"). |

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|:---|:---|
| **Investment Strategy** | The Adviser will seek to achieve the Fund's investment objective by investing in income-producing assets. The Adviser intends to invest the Fund's assets primarily through investments in a range of alternative investments and other listed and unlisted securities. The investment strategy involves the careful selection of investment managers ("Underlying Managers") of funds (including privately offered pooled investment vehicles which are issued in private placements to investors that meet certain suitability standards ("Private Markets Investment Funds")). In addition, the Fund may invest in co-investments that are originated, serviced, and/or underwritten by the Underlying Managers (but not with other funds and accounts managed by the Adviser, unless subject to exemptive relief) ("Co-Investments") and direct investments ("Direct Investments") originated, serviced, and/or underwritten by the Fund itself.<br>The Fund intends to seek opportunities that have either been overlooked or misunderstood by the market or that otherwise represent attractive return potential relative to other comparable investment opportunities. The Adviser believes that complex credit markets that are under-capitalized by traditional lenders offer outsized return potential relative to those that are heavily trafficked. The assets of the Fund are expected to be generally allocated to alternative investments and Private Markets Investment Funds targeting relative and/or absolute returns primarily through implementing alternative credit strategies such as (for illustration only): receivables factoring, bridge financing, senior secured lending, senior unsecured lending, junior debt, mezzanine lending, providing lines of credit, asst-based lending, structured products, leasing, royalty payments, collateralized loan obligations, and derivatives thereof, and similar. Underlying assets owned by the Fund and/or Private Markets Investment Funds may include, but are not limited to, private and public credit instruments, asset backed and structured credit agreements, lease agreements, other credit-related securities, and derivatives. The Fund intends to seek, on an ongoing basis, to identify successful Private Markets Investment Funds within its focus areas. The Adviser expects the Fund to invest more than 50% of its assets in Private Markets Investment Funds with the remainder to be invested in Co-Investments and Direct Investments.<br>The Fund expects to focus on opportunities predominantly originated in North America, Europe, and other developed countries, although the Fund may also invest in areas outside of these geographies. Approximately 30% of the Fund's investments are currently expected to be non-U.S. investments.<br>The Fund does not maintain specific targets for industries, sectors, strategies, geographies, maturities, duration, or credit quality. The allocation of investments will vary both from time to time and over time depending upon market circumstances among |

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**FOR ACCREDITED INVESTORS ONLY**

other factors. The Adviser will also take into account the requirement for qualifying to be taxed as a RIC under the Internal Revenue Code of 1986, as amended (the "Code"). For more details, see the *Investment Program* section herein.

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| **Borrowing** | The 1940 Act requires a registered investment company, including the Fund, to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time indebtedness is incurred (the "Asset Coverage Requirement"). This means that the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the indebtedness. The Fund is authorized to borrow money in connection with its investment activities, subject to the limits of the Asset Coverage Requirement. The Fund may borrow money for investment purposes and to otherwise provide the Fund with liquidity. Specifically, the Fund is authorized to borrow money through a secured revolving line of credit agreement (the "Credit Agreement").<br>The Private Markets Investment Funds may utilize leverage in their investment activities. However, the Private Markets Investment Funds' borrowings are not subject to the Asset Coverage Requirement. Therefore, the Fund may be exposed to the risk of highly leveraged investment programs through investments in the Private Markets Investment Funds. See "Types of Investments and Related Risk Factors." |

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| **Management** <br> **Fee** | In consideration of the services provided by the Adviser to the Fund, the Fund pays the Adviser a fee (the "Management Fee"), accrued daily and payable monthly, at the annual rate of 0.65% of the Fund's average daily Managed Assets. "Managed Assets" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), and calculated before giving effect to any repurchase of shares on such date. The Management Fee is paid to the Adviser out of the Fund's assets and, therefore, decreases the net profits or increases the net losses of the Fund. |

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| **Other Fees and Expenses** | The Fund, and, therefore, Shareholders, bears all expenses incurred in the business of the Fund, including any charges, allocations and fees to which the Fund is subject as an investor in Private Markets Investment Funds. The Fund bears certain ongoing offering costs associated with the Fund's continuous offering of Shares. The Fund, by investing in the Private Markets Investment Funds, indirectly bears its pro rata share of the expenses incurred in the business of the Private Markets Investment Funds. The Private Markets Investment Funds in which the Fund intends to invest generally charge a management fee of 0.00% to 2.00%, and approximately 0% to 20% of net profits as a carried interest allocation, subject to a preferred return and a clawback. A carried interest allocation is a share of a Private Markets Investment Fund's returns paid to its manager. A preferred return is a minimum rate of return that a Private Markets Investment Fund manager must achieve before it is entitled to a carried interest allocation. A clawback is a mechanism by which a carried interest allocation previously paid to a Private Markets Investment Fund manager may be returned to the Private Markets Investment Fund. |

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**FOR ACCREDITED INVESTORS ONLY**

*Expense Limitation and Reimbursement*. As part of its services agreement with the Fund, the Fund Administrator has agreed to an expense limitation and reimbursement arrangement with the Fund, whereby the Fund Administrator has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Fee Waiver"), if required to ensure the Total Annual Fund Expenses (excluding the Management Fee, taxes, borrowing and other investment-related costs and fees paid to unaffiliated third parties including interest payments on borrowed funds, loan origination fees, loan servicing fees, loan collection and administration fees and expenses, interest and commitment fees, distribution or servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as tender offer or litigation expenses), do not exceed the greater of (i) $500,000 or (ii) 0.75% of the Fund's average daily net assets.<br>After its initial two-year term, the Fee Waiver is subject to renewal annually for one-year terms thereafter, subject to the mutual agreement of the Fund Administrator and the Fund. The Fund Administrator may not terminate the Fee Waiver during the initial term without the approval of the Fund's Board.<br>See "Summary of Fund Expenses."<br>

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| **Risks** | ***Investment in the Fund is speculative and involves substantial risks, including the risk of loss of a Shareholder's entire investment. No guarantee or representation is made that the Fund will achieve its investment objective, and investment results may vary substantially from year to year. Additional risks of investing in the Fund are set forth below.***<br> ****<br> ***Certain risk factors below discuss the risks of investing in Private Markets Investment Funds.*** <br>**Fixed Income Securities Risk.** When the Fund invests in fixed income securities, directly or through exchange-traded funds ("ETFs"), closed-end funds, open-end funds (mutual funds), managed futures funds, commodity pools and other publicly and privately offered pooled investment vehicles (collectively, "Investment Funds"),, the value of the Fund's investment may fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments).<br>**Tax Risk.** The Fund faces the risk that it could fail to qualify as a RIC under Subchapter M of the Code, and the risk of changes in tax laws or regulations, or interpretations thereof, possibly with retroactive effect, which could adversely affect the Fund. The federal, state, local and foreign tax consequences of an investment in Fund shares will depend on the facts of each investor's situation. Investors are encouraged to consult their own tax advisors regarding the specific tax consequences that may affect such investors.<br>**Credit Risk.** There is a risk that issuers of debt securities will not make payments, resulting in losses to the Fund. In addition, the credit quality of securities may be lowered if an issuer's financial condition deteriorates. Lower credit quality may lead to greater volatility in the price of a security and in shares of the Fund. Lower credit quality also may affect liquidity and make it difficult to sell the security. Default, or the market's perception that an issuer is likely to default, could reduce the value and liquidity of securities.<br>|

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**FOR ACCREDITED INVESTORS ONLY**

**High Yield Securities Risk.** Lower-quality bonds, known as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond's issuer, obligor or guarantor may not be able to make its payments of interest and principal. Such securities may also be subject to resale restrictions. The lack of a liquid market for these bonds could decrease the value of the high yield securities held by the Fund. Investments in high yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.<br>**Convertible Securities Risk.** Convertible securities are hybrid securities that have characteristics of both bonds and common stock and are subject to risks associated with both debt securities and equity securities. The market value of convertible securities tends to decline as interest rates increase and tends to increase as interest rates decline. Convertible securities are also subject to credit risk and prepayment or redemption risk. In addition, the Fund or certain Investment Funds may invest in convertible securities rated less than investment grade that are sometimes referred to as high yield or "junk bonds." Convertible securities also have characteristics similar to common stock especially when their conversion value is the same as the value of the bond or preferred share. The Fund intends to qualify as RIC under Subchapter M of the Code, which requires compliance with certain requirements concerning the diversification of its assets. The Fund's investments in convertible securities can cause challenges for the Fund to comply with these requirements because the valuation of a convertible security may change in a notable manner when its conversion feature is "in the money."<br>**Preferred Securities Risk.** There are various risks associated with investing in preferred securities, including credit risk, interest rate risk, deferral and omission of distributions, subordination to bonds and other debt securities in a company's capital structure, limited liquidity, limited voting rights and special redemption rights.<br>**Foreign Investment Risk.** Foreign securities may be issued and traded in foreign currencies. As a result, changes in exchange rates between foreign currencies may affect their values in U.S. dollar terms. The Fund or certain Investment Funds may employ hedging techniques to minimize these risks, but there can be no assurance that the Fund or Investment Funds will, in fact, hedge currency risk or, that if the Fund or Investment Fund does, such strategies will be effective. The political, economic, and social structure of some foreign countries may be less stable and more volatile than those in the United States. Foreign companies may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies, and some countries may lack uniform accounting and auditing standards. Thus, in certain situations, there may be less information publicly available about foreign companies than about most U.S. companies. Certain foreign securities may be less liquid (harder to sell) and more volatile than many U.S. securities.<br>**Currency Exposure Risk.** Investments acquired by the Fund may be in a wide range of currencies. Accordingly, the value of such assets may be affected favorably or unfavorably by fluctuation in currency rates. The Adviser will decide whether holding foreign currency exposure is appropriate or where hedging is necessary. However, there is no assurance that the Adviser will be able to hedge effectively the Fund's foreign exchange positions.<br>

**FOR ACCREDITED INVESTORS ONLY**

**Hedging Risks.** While it may be possible for the Adviser to hedge some risks, it will not be obliged to do so and, if such hedging is carried out, there can be no assurance that it will be successful and it may negate certain profits that the Fund may otherwise have earned or even incur a loss. The Fund will bear the cost of all such hedging. Furthermore, it may not always be possible to hedge certain risks in many of the less developed markets in which the Fund may invest, as exchange-traded futures and options are not available in certain markets.<br> **Interest Rate Risk.** The Fund will have exposure to interest rate risks, meaning that changes in prevailing interest rates could negatively affect the value of the Fund's investments. Factors that may affect market interest rates include, without limitation, inflation, slow or stagnant economic growth or recession, unemployment, money supply and the monetary policies of the Federal Reserve Board, international disorders and instability in domestic and foreign financial markets. In a changing interest rate environment, the Fund may not be able to manage this risk effectively. If the Fund is unable to manage interest rate risk effectively, the Fund's performance could be materially adversely affected.<br>**Emerging Market Risk.** Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market securities also tend to be less liquid.<br>**Restricted and Illiquid Investments Risk.** The Fund's investments are also subject to liquidity risk, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices to satisfy its obligations. The Adviser may be unable to sell restricted and other illiquid securities at the most opportune times or at prices approximating the value at which they purchased such securities.<br>**Leverage Risk.** The use of leverage, such as borrowing money to purchase securities, by the Fund or certain Investment Funds will magnify the Fund's or Investment Fund's gains or losses. The use of leverage via short selling and short positions in futures contracts will also magnify the Fund's or Investment Fund's gains or losses. Generally, the use of leverage also will cause the Fund or Investment Fund to have higher expenses (especially interest and/or short selling-related dividend expenses) than those of funds that do not use such techniques. In addition, a lender to the Fund or Investment Fund may terminate or refuse to renew any credit facility. If the Fund or Investment Fund is unable to access additional credit, it may be forced to sell investments at inopportune times, which may further depress the returns of the Fund or Investment Fund. The Fund's use of leverage can produce "unrelated business taxable income", which can pose a meaningful problem for tax-exempt shareholders.<br>**Management Risk.** The Adviser's judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests (directly or indirectly) may prove to be incorrect and may not produce the desired results.<br>

**FOR ACCREDITED INVESTORS ONLY**

**Investment Funds Risk.** Investment Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. Accordingly, Fund shareholders may bear two layers of fees and expenses: asset-based fees and expenses at the Fund level, and asset-based fees, incentive allocations or fees in the case of some Investment Funds, and other expenses at the Investment Fund level. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in Investment Funds and may be higher than if the Fund invested directly in the underlying instruments. Additionally, the Fund's performance depends in part upon the performance of the Investment Fund managers and selected strategies, the adherence by such Investment Fund managers to such selected strategies, the instruments used by such Investment Fund managers and the Adviser's ability to select Investment Fund managers and strategies and effectively allocate Fund assets among them. Each Investment Fund is subject to its strategy-specific risks which may include leverage risk, illiquidity risk, derivatives risk and market risk. A significant portion of the Investment Funds in which the Fund may invest will likely not be subject to or registered under the 1940 Act. Such investments will not be subject to certain protections afforded to investors under the 1940 Act.<br>**Risks Relating to Due Diligence of Investments.** When conducting due diligence and making an assessment regarding the Private Markets Investment Funds and the Fund's investments, the Adviser will rely on the resources available to them. The due diligence investigation that the Adviser carries out may not be accurate and may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating each investment opportunity. Moreover, such an investigation will not necessarily result in any particular investment being successful. The Fund will rely upon the accuracy and completeness of representations made to it in the due diligence process to the extent reasonable but cannot guarantee such accuracy or completeness.<br> **Investment Concentration Risk.** The Fund has been formed for the specific purpose of making the types of investments set forth in the Fund's investment strategy. Concentration in a specific market segment may involve risks greater than those generally associated with diversified funds, including significant fluctuations in returns. In addition, the underlying investment targets of the Fund may include funds or other investments which are concentrated in a single investment or business. An unfavorable performance of the investments used to deploy the Fund's investment strategy would have a significant negative effect on the Fund.<br>**Business and Regulatory Risk.** Legal, tax and regulatory changes (including laws relating to taxation of the Fund's investments, trade barriers and currency exchange controls), as well as general economic and market conditions (such as interest rates, availability of credit, credit defaults, inflation rates and general economic uncertainty) and national and international political circumstances (including wars, terrorist acts or security operations), may adversely affect the Fund.<br>**Private Markets Investment Funds.** The managers of the Private Markets Investment Funds in which the Fund may invest may have relatively short track records and that may rely on a limited number of key personnel. The portfolio companies in which the Private Markets Investment Funds may invest also have no, or relatively short, operating histories, may face substantial competitive pressures from larger companies, and may also rely on a limited number of key personnel. The Fund will not necessarily have the opportunity to evaluate the information that a Private Markets Investment Fund uses in making investment decisions.<br>**Multiple Levels of Expense.** Shareholders will pay the fees and expenses of the Fund and accordingly will indirectly bear the fees, expenses and carried interest (if any) of the Private Markets Investment Funds in which the Fund invests. This will result in greater expense to the Shareholders than if such fees, expenses and, as applicable, carried interest were not charged by the Fund and the Private Markets Investment Funds.<br>

**FOR ACCREDITED INVESTORS ONLY**

**Operating Deficits.** The expenses of operating the Fund (including the Management Fee payable to the Adviser by the Fund) are likely, especially in the early years, to exceed the Fund's income and gain, thereby requiring that the difference be paid out of Fund assets. See "Summary of Fees and Expenses" below for additional information on Fund fees and expenses and the agreement limiting certain Fund expenses.<br> ****<br> **Limited Operating History.** The Fund was recently converted from a Delaware limited partnership to a Delaware statutory trust and has limited operating history upon which potential investors can evaluate its likely performance as a Delaware statutory trust registered under the 1940 Act. In addition, the Fund may not be able to raise a sufficient level of assets to support its operations, in which case the Adviser may determine to discontinue operating the Fund and liquidate the Fund's assets.<br> ****<br> **Limitations on Transfer.** The transferability of Shares is subject to certain restrictions contained in the Fund's Declaration of Trust and is affected by restrictions imposed under applicable securities laws. Shares are not traded on any national securities exchange or other market. Therefore, Shares should only be acquired by investors able to commit their funds for an indefinite period of time.<br>**Repurchase Risks.** Any repurchase of Shares by the Fund will only be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. The Fund is not required to repurchase Shares at any time. The Fund's ability to repurchase its Shares via tender offers is extremely limited, and Shareholders should not rely on the Fund to repurchase shares as a means of disposing of their investment in the Fund. If the Fund does repurchase shares, such repurchases are subject to numerous risks, including those discussed under "Types of Investments and Related Risk - Repurchase Risks."<br> ****<br> **Availability of Suitable Investments.** Changes in various factors (including, among other factors, the interest rate environment, inflation, general economic conditions, securities market conditions, competition from other investors, tax burdens, foreign exchange rates and foreign political upheaval or instability) may adversely affect the availability of attractive investment opportunities for the Fund. Accordingly, there can be no assurances that the Fund will be able to invest fully or that suitable investment opportunities will be available.<br>

**Economic Environment.** If market conditions deteriorate, the level of attractive investment opportunities for the Fund and the Private Markets Investment Funds may decline from the Adviser's current expectations. It is possible that the Fund and the Private Markets Investment Funds may take a longer than anticipated time to invest capital, and as a result, for some period of time, the Fund may be relatively concentrated in a limited number of investments. Further, the Fund and the Private Markets Investment Funds may experience increased difficulty exiting an existing investment if a need for liquidity arises. Certain investments may be liquidated at a lower price than the Adviser believes reflects the asset's fair value.<br>

**FOR ACCREDITED INVESTORS ONLY**

<br> **Diverse Shareholders.** The Shareholders in the Fund may include persons or entities located in various jurisdictions that may have conflicting investment, tax and other interests with respect to their investments in the Fund. As a result, conflicts of interest may arise in connection with decisions made by the Adviser that may be more beneficial for one type of Shareholder than for another type of Shareholder.<br>**General Economic and Market Risk*.*** Through its Portfolio Investments, the Fund will have investments in companies that are sensitive to movements in the overall economy or in those companies' industrial or economic sectors. In addition, the trading prices or market values of these portfolio companies may be affected adversely by general securities market conditions or by factors specific to such portfolio companies.<br>**Illiquidity of Investments.** An investor's participation in the Fund requires a long-term commitment, with no certainty of return. The Fund's investments in Private Markets Investment Funds and most of the portfolio investments of such Private Markets Investment Funds will be highly illiquid, are likely to require holding periods of several years, and will be subject to restrictions on resale. The Fund reserves the right to make distributions to Shareholders in kind. Shareholders may not be able to dispose of assets distributed in kind, and likely will incur costs and expenses if they are able to dispose of such assets.<br>**Difficulty of Valuing the Fund's Investments.** Generally, there will be no readily available market for the Fund's investments and, hence, the valuation of the Fund's investments is difficult and not without uncertainty and may not necessarily reflect the valuation of any such investment's underlying assets. The Adviser may face a conflict of interest in valuing investments that lack a readily accessible market value as the value of the assets held by the Fund will affect the compensation of the Adviser.<br>**Inability to Meet Investment Objective or Investment Strategy.** The Adviser may not be able to purchase Portfolio Investments, and Private Markets Investment Funds may not have the opportunity to select, develop and invest in opportunities, for reasons beyond their control. In addition, as the number of funds managed by the Adviser increases, the portion of an investment opportunity allocated to any one fund (including the Fund) may decrease.<br>

**Performance of Investments.** The performance of each Private Markets Investment Fund will be affected by the performance of each of such Private Markets Investment Fund's underlying investments. Many factors will contribute to the performance of each such investment. In addition, the performance of Private Markets Investment Funds is difficult to measure and therefore such measurements may not be as reliable as performance information for other investment products.<br>**Leverage.** To the extent the Fund borrows money or otherwise leverages its investments, the favorable and unfavorable effects of price movements in the Fund's investments will be magnified. In addition, the portfolio investments of the Private Markets Investment Funds in which the Fund may invest, and, thus, such Private Markets Investment Funds, are expected to employ or involve significant leverage and/or credit risk. Other investments in which the Fund may participate directly or indirectly, such as distressed securities and other special situations, may also involve exposure to interest-rate or credit risk.<br>

**FOR ACCREDITED INVESTORS ONLY**

**Control of Portfolio Companies.** A Private Markets Investment Fund (alone, or together with other investors) may be deemed to have a control position with respect to some portfolio companies in which it invests that could expose it to liabilities not normally associated with minority equity investments.<br>**Reliance on Management.** All decisions with respect to the management of the Fund will be made by the Adviser who, among other things, will select the investments of the Fund. The managers and general partners of the Private Markets Investment Funds selected by the Adviser will in turn make all decisions with respect to the assets invested in such Private Markets Investment Funds. The success of the Fund will be dependent upon, among other things, the financial judgment and abilities of the Adviser and the managers and general partners of the Private Markets Investment Funds and their affiliates. Of course, past performance of the Adviser and the managers or general partners of the Private Markets Investment Funds is not a guarantee of future results.<br>**No Assurance of Return.** The Fund is expected to enter into high-risk investment opportunities. The Fund may not achieve its expected operational objectives and may experience substantial fluctuations in its operating results. The Fund will be subject to the risks associated with market conditions, changes in regulatory environment, general economic and political conditions, the loss of key management personnel, and other factors. There is no assurance that the Adviser will be able to generate returns for the Fund's investors or that returns will be commensurate with the risks related to the Private Markets Investment Funds.<br>**Possibility of Fraud and Other Misconduct*.*** The Private Markets Investment Funds could divert or abscond with the Fund's assets, fail to follow agreed upon investment strategies, provide false reports of operations, or engage in other misconduct, resulting in losses to the Fund. Such misconduct is very difficult or impossible to detect and may not come to light until substantial losses have been incurred.<br>**Foreign Investments.** The Fund may invest in Private Markets Investment Funds that have portfolio investments outside of the United States. Risks of non-U.S. investing may include, in general, risks relating to (i) currency exchange matters, (ii) differences between the U.S. and foreign securities markets, (iii) certain economic and political factors and (iv) the possible imposition of foreign taxes on income and gain recognized with respect to such securities.<br>

**Distressed, Special Situations and Venture Investments.** Investments in distressed companies and new ventures are subject to greater risk of loss than investments in companies with more stable operations or financial conditions.<br>**Emerging Markets.** The Fund may invest, directly or indirectly, in portfolio companies based in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities markets of the United States and of developed foreign markets and in general involve a greater degree of risk.<br>**Investment in Joint Ventures and Other Entities.** The Fund and the Private Markets Investment Funds may make investments through joint ventures or other entities. Such investments may involve risks not present in direct investments, including, for example, the outcomes of collaborative decision-making varying (adversely) from those which the<br>

**FOR ACCREDITED INVESTORS ONLY**

Adviser would have reached itself, the possibility that a co-venturer or partner might become bankrupt, or might have interests, objectives, rights or remedies which are different from or may conflict with those of the Fund or the underlying Private Markets Investment Fund. Furthermore, if such co-venturer or partner defaults on its funding obligations, it may be difficult for the Fund or the applicable Private Markets Investment Fund to make up the shortfall. The Fund or a Private Markets Investment Fund may be required to make additional contributions to replace such shortfall, reducing the diversification of the Fund's or an underlying Private Markets Investment Fund's portfolio investments. The Fund or a Private Markets Investment Fund may also be liable for the conduct of its coventurers or partners. In addition, in negotiating an investment through joint ventures or other similar arrangements, the Fund or a Private Markets Investment Fund may have to agree to less favorable terms (e.g., bearing a disproportionate share of expenses) than might be present in direct investments.<br>**Increase or Decrease in Managed Assets.** The managers of the Private Markets Investment Funds may experience a major increase or decrease in the assets they manage, which may impair the ability of their strategies and operations to perform as expected. This could result in losses to the Private Markets Investment Funds and therefore indirectly to the Fund and its investors. In addition, the managers of the Private Markets Investment Funds may not be able to accept the Fund's full desired allocation to the managers of the Private Markets Investment Fund, which may require the Fund to change its strategy or allocation targets.<br>**Changes in Investment Strategy.** The Adviser has broad flexibility to achieve the investment objective of the Fund. Thus, the investment strategies and approach may be altered without prior approval by the Fund's shareholders if the Adviser determines that such changes are in the best interest of the Fund and consistent with the Fund's governing documents and investment objective. Any such decision to engage in a new activity could result in the exposure of the Fund's capital to additional risks, which may be substantial.<br>**Market Disruption Risk and Terrorism Risk.** The military operations of the United States and its allies, the instability in various parts of the world and the prevalence of terrorist attacks throughout the world could have significant adverse effects on the global economy. In addition, certain illnesses spread rapidly and have the potential to significantly affect the global economy. Terrorist attacks, in particular, may exacerbate some of the foregoing risk factors. A terrorist attack involving, or in the vicinity of, a portfolio company in which the aster Fund or a Private Markets Investment Fund invests may result in a liability far in excess of available insurance coverage. The Adviser cannot predict the likelihood of these types of events occurring in the future nor how such events may affect the investments of the Fund.<br>**Investment and Repatriation Restrictions.** Certain countries have laws and regulations that currently limit or preclude direct foreign investment in the securities of their companies. The risks relating to investments in non-U.S. securities may be heightened, for example, with respect to the possibility of nationalization or expropriation and limits on trade and foreign direct investment. In addition, certain countries may restrict or prohibit investment opportunities in issuers or industries deemed important to national interests. Such restrictions may affect the market price, liquidity and rights of securities that may be purchased by the Fund. Even where permitted, direct investments in certain companies may require significant government approvals and may require financing and structuring alternatives that differ significantly from those customarily used in countries<br>

**FOR ACCREDITED INVESTORS ONLY**

in other regions. These restrictions or controls may at times limit or preclude foreign investment above certain ownership levels or in certain sectors of the country's economy and increase the costs and expenses of the Fund. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital interests and dividends paid on securities held by the Fund, and income on such securities or gains from the disposition of such securities may be subject to withholding taxes imposed by certain countries or other jurisdictions. These measures could adversely affect the returns associated with certain investments of the Fund.<br>

**Competition.** The business of investing in private markets opportunities is highly competitive, and successfully sourcing investments can be problematic given the high level of investor demand some investment opportunities receive. Moreover, the identification of attractive investment opportunities is difficult and involves a high degree of uncertainty. There are no assurances that the Fund will be able to invest fully its assets or that suitable investment opportunities will be available.<br>**Volatility Risk.** Volatility in the global financial markets, or heightened and prolonged declines in those markets, could lead to losses and diminished investment opportunities for the Fund, prevent the Fund from successfully executing its investment strategy, or require the Fund to dispose of investments at a loss.<br> **Recycling; Reinvestment Risk.** The Adviser has the right to redeploy or reinvest amounts received from certain assets. Accordingly, to the extent such redeployed or retained amounts are reinvested in such assets, an investor in the Fund will remain subject to investment and other risks associated with such assets.<br>**Cybersecurity Risk**. The failure in cybersecurity systems, as well as the occurrence of events unanticipated in disaster recovery systems and management continuity planning could impair the ability of the Fund to conduct business effectively. Such events could also have an adverse effect on the Private Markets Investment Funds or their respective managers.<br>The Fund will depend heavily upon computer systems to perform necessary business functions. Despite implementation of a variety of security measures, computer systems could be subject to cyberattacks and unauthorized access. Like other companies, the Adviser or the managers of the Private Markets Investment Funds may experience threats to their data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, their computer systems and networks, or otherwise cause interruptions or malfunctions in their operations or the operations of the Fund or the Private Markets Investment Funds, which could result in reputational damage, financial losses, litigation, increased costs, and/or regulatory penalties.<br>

Third parties with which the Fund will do business may also be sources of cybersecurity or other technological risks.<br>**Lack of Regulatory Oversight.** The 1940 Act provides certain protections to investors and imposes certain restrictions on registered investment companies, none of which will be applicable to the Fund's investments in Private Markets Investment Funds.<br>

**FOR ACCREDITED INVESTORS ONLY**

<br> **Legal, Tax and Regulatory Risks.** Legal, tax and regulatory changes during the term of the Fund's investments may adversely affect such investments. Certain Private Markets Investment Funds or their portfolio companies may be in industries subject to extensive regulation by national governments and political subdivisions thereof. Certain regulations may prevent Private Markets Investment Funds or the Fund from making certain investments that they otherwise would make. Other regulations may require the Private Markets Investment Funds or the Fund to incur substantial additional costs or lengthy delays in connection with the completion of an investment.<br>The Fund, the Adviser, and their affiliates are subject to a number of unusual risks, including changing laws and regulations, developing interpretations of such laws and regulations, and increased scrutiny by regulators and law enforcement authorities. Some of this evolution may be directed at the private fund industry in general or certain segments of the industry, and may result in scrutiny or claims against the Fund, the Adviser, or their affiliates directly for actions taken or not taken by the Fund or the Adviser. These risks and their potential consequences are often difficult or impossible to predict, avoid or mitigate in advance, and might make some Portfolio Investments unavailable to the Fund. The effect on the Fund, the Adviser, or any affiliate of any such legal risk, litigation or regulatory action could be substantial and adverse.<br>It is impossible to predict what, if any, changes in the regulations applicable to the Fund or the Private Markets Investment Funds may be instituted in the future. Any such regulation could have a material adverse impact on the profit potential of the Fund or the Private Markets Investment Funds.<br>**Litigation Risk.** The Private Markets Investment Funds and/or the Fund could become involved in investor, insider trading or other litigation as a result of its investment activities, which could adversely affect the Private Markets Investment Funds or the Fund by, among other things, causing the Private Markets Investment Funds or the Fund to pay legal fees and damages, cease doing business or pursuing investment strategies, requiring the Adviser or other key personnel to divert time and effort away from the business of the Fund and the Private Markets Investment Funds.<br> **Institutional Risk.** The Fund or the Private Markets Investment Funds could incur major losses due to the financial difficulty of the brokerage firm, bank, or other custodian with which the Fund or the Private Markets Investment Funds deposits their assets.<br> **Reserves.** Under certain circumstances, a Private Markets Investment Fund may find it necessary to establish a reserve for contingent liabilities or withhold a portion of distributions to investors, in which case the reserved portion would remain at the risk of a Private Markets Investment Fund's activities.<br> **Enhanced Scrutiny and Potential Regulation of the Private Investment Partnership Industry and the Financial Services Industry.** The Fund's ability to achieve its investment objectives, as well as the ability of the Fund to conduct its operations, is based on laws and regulations that are subject to change through legislative, judicial, and/or administrative action. Future legislative, judicial, and/or administrative action could adversely affect the Fund's ability to achieve its investment objectives, as well as the ability of the Fund to conduct its operations.<br>

**FOR ACCREDITED INVESTORS ONLY**

On July 21, 2010, President Obama signed into law the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). Among other effects, the Dodd-Frank Act imposed increased recordkeeping and reporting obligations on the Adviser and on the managers of the Private Markets Investment Funds. While the Dodd-Frank Act subjects such records and reports to certain confidentiality provisions and provides an exemption from the U.S. Freedom of Information Act ("FOIA"), no assurance can be given that the mandated disclosure of records or reports to the SEC or other governmental entities will not have a significant negative impact on the Fund or the Adviser. It is possible that the increased regulatory burden, along with the corresponding increase in compliance costs, may cause some sponsors of Private Markets Investment Funds to exit the private fund industry, thereby decreasing the pool of eligible funds for investments.<br>In light of the heightened regulatory environment in which the Fund and the Adviser operate and the ever-increasing regulations applicable to private investment funds and their investment advisors, it has become increasingly expensive and time-consuming for the Fund, the Adviser, and their affiliates to comply with such regulatory reporting and compliance-related obligations. Furthermore, various federal, state, and local agencies have been examining the role of placement agents, finders, and other similar service providers in the context of investment by public pension plans and other similar entities, including investigations and requests for information. The Adviser may be required to provide certain information regarding investors in the Fund to regulatory agencies and bodies in order to comply with applicable laws and regulations. There can be no assurance that any of the foregoing will not have an adverse impact on the Adviser or otherwise impede the Fund's ability to effectively achieve its investment objectives.<br>**Investment Banking and Other Fees.** The manager of a Private Markets Investment Fund may receive the economic benefit of certain fees from its portfolio companies for investment banking services and in connection with unconsummated transactions (e.g., topping, break-up, monitoring, directors', organizational and set-up fees, and financial advisory fees).<br>**Material, Non-Public Information.** Managers of the Private Markets Investment Funds may acquire confidential or material non-public information or be restricted from initiating transactions in certain securities. A Private Markets Investment Fund would not be free to act upon any such information. Due to these restrictions, a Private Markets Investment Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell a portfolio investment that it might otherwise have sold.<br>**Constraints of Confidentiality Agreements.** In the course of its investment process, the Fund and/or the Adviser may be required to enter into confidentiality agreements with current or potential Private Markets Investment Funds, portfolio companies and other counterparties that would prohibit the Fund and/or its affiliates from publicly disclosing sensitive information relating to certain investment opportunities. These arrangements could result in liabilities for the Fund. The Fund may choose, but is not required, to decline such investment opportunities in order to avoid the risk of exposing the Fund to such liability. As a result, the Fund's investment flexibility may be constrained by these concerns, which may affect the Adviser's ability to broaden the Fund's investment portfolios and attain the diversification it would otherwise prefer.<br>

**FOR ACCREDITED INVESTORS ONLY**

**Risks Related to Electronic Communication.** The Fund may provide to Shareholders statements, reports and other communications relating to the Fund and/or its Shares in electronic form, such as email or via a password protected website ("Electronic Communications"). Electronic Communications may be modified, corrupted, or contain viruses or malicious code, and may not be compatible with a Shareholder's electronic system. In addition, reliance on Electronic Communications involves the risk of inaccessibility, power outages or slowdowns for a variety of reasons. These periods of inaccessibility may delay or prevent receipt of reports or other information by the Shareholders.<br>**Potential Conflicts of Interest.** The Adviser and its affiliates engage in various financial, advisory and investment activities. Such relationships and services may give rise to potential conflicts with the interests of the Fund and its Shareholders. Conflicts of interest described or contemplated herein and such other conflicts of interest that may arise from time to time will be resolved in the sole discretion of the Adviser. There can be no assurance that any actual or potential conflicts of interest will not adversely affect the Fund and the performance of the Fund, including, without limitation, the following:<br>*Client Relationships.* The Adviser and its affiliates have long-term relationships and provide investment advisory and other services to many clients. The Adviser may face conflicts of interest between activities or services performed for the Fund, on the one hand, and other clients on the other hand. In addition, the Adviser and its affiliates also have long-term relationships with a significant number of corporations and their respective senior managers, as well as with investors who may invest or may have invested in Private Markets Investment Funds and their underlying portfolio companies. In addition, members of affiliates of the Adviser may also serve on the advisory boards of Private Markets Investment Funds and their affiliated fund, on the boards of entities that serve as the managers or advisers of the Private Markets Investment Funds, or on the boards of operating companies, including Private Markets Investment Funds or their affiliates. These and other similar relationships may raise conflicts between the Fund and other parties and may not be resolved in favor of the Fund.<br>*Allocation of Investment Opportunities; Failure to Obtain and Limitations of Exemptive Relief*. The Adviser and its affiliates may establish subsequent funds that invest or will invest pursuant to the same investment strategy as the Fund. Although the Adviser will use reasonable efforts to assure that investment opportunities appropriate for both the Fund and one or more of its other funds are allocated among the accounts of the Adviser (including the Fund and any other funds) on a basis that, over time, is fair and equitable, the Fund (i) will not have exclusive rights to any investment opportunities in relation to the rights of such funds and (iii) will not be entitled to any specific *pro rata* investment rights in relation to such funds or separate accounts.<br>

**Counterparty Risk.** Counterparty risk is the risk that a loss is sustained as a result of the failure of a counterparty to comply with the terms of a contract. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the contract in a bankruptcy or other reorganization proceeding.

**FOR ACCREDITED INVESTORS ONLY**

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| **Calculation of Net Asset Value** | The Private Markets Investment Funds invest a large percentage of their assets in certain securities and other financial instruments that do not have readily ascertainable market prices and will be valued by the respective Private Markets Investment Fund managers. Although procedures approved by the Board provide that the valuations determined by the Private Markets Investment Fund managers will be reviewed by the Adviser, neither the Adviser nor the Board are able to confirm independently the accuracy of the Private Markets Investment Fund managers' valuations (which are unaudited, except at year-end). Accordingly, the Fund generally relies on such valuations, which generally are provided on a quarterly basis, even in instances where a Private Markets Investment Fund manager may have a conflict of interest in valuing the securities because the value of the securities will affect the Private Markets Investment Fund manager's compensation. Furthermore, the Private Markets Investment Funds typically provide the Adviser with only estimated net asset values or other valuation information, and such data is subject to revision through the end of each Private Markets Investment Fund's annual audit. |

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| **Conflicts of Interest** | The Adviser, the Private Markets Investment Fund managers and their respective affiliates may conduct investment activities for their own accounts and other accounts they manage that may give rise to conflicts of interest that may be disadvantageous to the Fund. Investment decisions for the Fund are made independently of such other accounts. If, however, the Fund desires to invest in, or withdraw from, the same Private Markets Investment Fund as another account of the Adviser, the opportunity will be allocated fairly, reasonably and equitably in accordance with the Adviser's allocation policies and procedures. |
|  | The Adviser may compensate, from its own resources, certain third-party broker-dealers, other industry professionals and their affiliates ("financial intermediaries") in connection with the distribution of Shares in the Fund or for their ongoing servicing of Shares acquired by their clients. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall NAV of the Fund, or a fee determined in some other method by negotiation between the Adviser and such financial intermediaries. Each financial intermediary also may charge investors, at the financial intermediary's discretion, a placement fee based on the purchase price of Fund Shares purchased by the investor. All or a portion of such compensation may be paid by a financial intermediary to the financial advisory personnel involved in the sale of Shares. As a result of the various payments that financial intermediaries may receive from investors and the Adviser, the amount of compensation that a financial intermediary may receive in connection with the sale of Shares in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a financial intermediary to recommend the Fund over another investment product. |
| **Eligible** <br> **Investors** | Each prospective investor in the Fund will be required to certify to the Fund that the Shares are being acquired for the account of an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act. Investors who are "accredited investors" are referred to in this Prospectus as "Eligible Investors." |
| **Plan of Distribution** | All subscription payments will be placed in an account held by PPB Capital Partners, LLC (or its designee) (the "Transfer Agent"), acting as the transfer agent, in trust for the subscribers' benefit, pending release to the Fund. Subscriptions will be effective only upon the Fund's acceptance, and the Fund reserves the right to reject any subscription in whole or in part. Shares will be sold only to Eligible Investors, will not be listed on any national securities exchange and are not available in certificated form. |

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**FOR ACCREDITED INVESTORS ONLY**

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|:---|:---|
| **Distribution Policy** | Subject to the Board's discretion and applicable legal restrictions, and other than as required to qualify as a RIC (as defined below), it is expected that the Fund will authorize and declare quarterly dividends beginning no later than the first calendar quarter after the one-year anniversary of the Fund's commencement of operations. Nevertheless, the Board may cause the payment of special interim distributions in cash or in-kind to the Shareholders at the sole discretion of the Board.<br>A Shareholder's dividends and capital gain distributions will be automatically reinvested if the Shareholder does not instruct the Fund otherwise. A Shareholder who elects not to reinvest will receive both dividends and capital gain distributions in cash. The Fund may limit the extent to which any distributions that are returns of capital may be reinvested in the Fund.<br>The Fund reserves the right to suspend at any time the ability of Shareholders to reinvest distributions and to require Shareholders to receive all distributions in cash, or to limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The Fund may determine to do so if, for example, the amount being reinvested by Shareholders exceeds the available investment opportunities that the Adviser considers suitable for the Fund. |
| **Dividend Reinvestment Policy** | The Fund intends to operate under a dividend reinvestment policy ("DRP") administered by the Fund Administrator (or its designee). Pursuant to the DRP, the Fund's income dividends or capital gains or other distributions, net of any applicable U.S. withholding tax, are reinvested in Shares of the Funds.<br>DRP participation is not automatic. Shareholders must affirmatively elect on a Subscription Agreement to participate in the DRP. Shareholders who elect not to participate in the DRP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Under the DRP, the Fund's distributions to Shareholders are reinvested in full and fractional shares. See "Distribution Policy—Dividend Reinvestment Policy." |
| **Description of Capital<br> Structure and Shares** | The Fund's Declaration of Trust (each, a "Declaration of Trust") authorizes the issuance of an unlimited number of full and fractional Shares of the Fund, each of which represents an equal proportionate interest in the Fund with each other Share. Currently, the Fund offers one class of Shares. Each Declaration of Trust provides that the Board may create additional classes of Shares. Share certificates representing Shares will not be issued. The Fund's Shares, when issued, are fully paid and non-assessable. The Fund does not intend to hold annual meetings of its Shareholders. |
| **U.S. Federal Income Tax Matters** | The Fund intends to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Fund will provide a 1099 tax reporting document before the April 15th filing deadline for U.S. federal income tax returns, instead of a Schedule K-1 that is typically provided later, so that an investment in the Fund will not require Shareholders to file for an extension. Please see the section entitled "U.S. Federal Income Tax Matters" for a discussion of important tax information. |

---

**FOR ACCREDITED INVESTORS ONLY**

**THE FUND**

The Fund, which is registered under the 1940 Act as a non-diversified, closed-end management investment company, was organized as a Delaware limited partnership on October 20, 2020 and converted to a Delaware statutory trust on March 14, 2023. The Fund's principal office is located at 125 East Elm Street – Suite 200, Conshohocken, Pennsylvania 19428, and its telephone number is 484-278-4017. Investment advisory services are provided to the Fund by the Adviser pursuant to an investment advisory agreement entered into between the Fund and the Adviser (the "Investment Advisory Agreement"). The individuals who serve on the Board ("Trustees") are responsible for monitoring and overseeing the investment program of the Fund.

**STRUCTURE**

The Fund is a specialized investment vehicle that incorporates both features of a private investment fund that is not registered under the 1940 Act and features of a closed-end investment company that is registered under the 1940 Act. Private investment funds, such as Private Markets Investment Funds, are collective asset pools that typically offer their securities privately, without registering such securities under the 1933 Act. Securities offered by private investment funds typically are sold in large minimum denominations (often at least $5 million to $20 million) to a limited number of institutional investors and high net worth individuals. Registered closed-end investment companies, such as the Fund, often impose relatively modest minimum investment requirements and offer their shares to a broader range of investors, as compared to private investment funds. The managers of private investment funds are generally compensated through asset-based fees and incentive-based/carried interest allocations. Advisers to registered closed-end funds, such as the Adviser, typically are compensated through asset-based fees.

The Fund is designed to allow Eligible Investors to participate in an investment program that invests in private market strategies without requiring, among other things, investors to commit the more substantial minimum investments required by many private investment funds, without subjecting the Fund to the same restrictions on the number of Eligible Investors as are imposed on many of those private investment funds, and at the same time providing the potential for a higher degree of liquidity than provided by private investment funds.

Investors will be able to purchase Fund Shares directly from the Fund. The Fund intends to offer Shares without limiting the number of Eligible Investors that can participate in its investment program, unlike many private investment funds. The procedures pursuant to which investors can purchase Shares of the Fund are discussed below in the "Purchase of Shares" section of this Prospectus. The procedures pursuant to which Shareholders can participate in Fund tender offers to repurchase such shares are discussed below in the "Repurchase and Transfer of Shares" section of this Prospectus.

**SUMMARY OF FEES AND EXPENSES**

The following table illustrates the fees and expenses that the Fund expects to incur and that Shareholders can expect to bear directly or indirectly. Shareholders will directly bear the expenses of the Fund and indirectly bear fees and expenses of the Fund, which are reflected in the following chart and in the example below.

**FOR ACCREDITED INVESTORS ONLY**

---

| | |
|:---|:---|
| **Annual Expenses** (*as a percentage of the Fund's average net assets*) |  |
| Management Fee | 0.65% |
| Other Expenses <sup>(1)</sup> | 0.65% |
| Acquired Fund Fees and Expenses <sup>(2)</sup> | 1.90% |
| Less Expense Limitation and Reimbursement <sup>(3)</sup> |  |
| Total Annual Fund Expenses | 3.20% |

---

(1) Other Expenses are based on estimated amounts for the current fiscal year and include all direct operating expenses of the Fund. Other Expenses include the Fund's organization and offering fees and expenses.

(2) Includes the estimated fees and expenses of the Private Markets Investment Funds in which the Fund intends to invest, based upon estimated net assets of the Fund of $80 million during the Fund's first 12 months of operations. Some or all of the Private Markets Investment Funds in which the Fund intends to invest charge carried interests, incentive fees or allocations based on the Private Markets Investment Funds' performance. The Private Markets Investment Funds in which the Fund intends to invest generally charge a management fee of 0.00% to 2.00%, and approximately 0% to 20% of net profits as a carried interest allocation. The "Acquired Fund Fees and Expenses" disclosed above are based on historic fee information of the Private Markets Investment Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The expense shown as "Acquired Fund Fees and Expenses" reflects operating expenses of the Private Markets Investment Funds (e.g., management fees, administration fees and professional and other direct, fixed fees and expenses of the Private Markets Investment Funds) after refunds, excluding any performance-based fees or allocations paid by the Private Markets Investment Funds that are paid solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Private Markets Investment Funds.

(3) As part of its agreement with the Fund, the Fund Administrator has agreed to an expense limitation and reimbursement arrangement with the Fund, whereby the Fund Administrator has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (the "Fee Waiver"), only to the extent the Total Annual Fund Expenses (excluding the Management Fee, taxes, borrowing and other investment-related costs and fees paid to unaffiliated third parties including interest payments on borrowed funds, loan origination fees, loan servicing fees, loan collection and administration fees and expenses, interest and commitment fees, distribution or servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as tender offer or litigation expenses), exceed the greater of (i) $500,000 or (ii) 0.75% of the Fund's average daily net assets.

After its initial two-year term, the Fee Waiver is subject to renewal annually for one-year terms thereafter, subject to the mutual agreement of the Fund Administrator and the Fund. The Fund Administrator may not terminate the Fee Waiver during the initial term without the approval of the Fund's Board.

**Example**

You would pay the following fees and expenses on a $1,000 investment, assuming a 5.00% annual return, and the Fund's operating expenses (including two years of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

**FOR ACCREDITED INVESTORS ONLY**

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $34 | $103 | $174 | $362 |

---

**The example is based on the fees and expenses set forth in the table above, and should not be considered a representation of future expenses. Actual Fund expenses may be greater or less than those shown (and "Acquired Fund Fees and Expenses" also may be greater or less than that shown). Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example. If the Private Markets Investment Funds' actual rates of return exceed 5%, the dollar amounts could be significantly higher as a result of the Private Markets Investment Funds' incentive fees.**

**USE OF PROCEEDS**

Under normal circumstances, the Fund will seek to invest to pursue its investment program and objectives, consistent with market conditions and the availability of suitable investments. Pending such investment, the Fund anticipates that it will invest the proceeds in short-term money market instruments, securities with remaining maturities of less than one year, cash or cash equivalents. A delay in the anticipated use of proceeds could lower returns and reduce the Fund's distribution to Shareholders or result in a distribution consisting principally of a return of capital.

The Fund will pay the Adviser the full amount of the Management Fee, to which its Shareholders are indirectly subject, during any period prior to which less than all of the Fund's assets are invested in Portfolio Investments.

**INVESTMENT PROGRAM**

**<u>Investment Objective and Policies</u>**

The Fund's investment objective is to seek to provide current income and, secondarily, long-term capital appreciation. The investment objective of the Fund is non-fundamental and, therefore, may be changed without Shareholder approval. For a complete description of the Fund's fundamental policies, see 'Investment Objectives and Restrictions - Fundamental Investment Restrictions' in the SAI."

**<u>Portfolio Investments</u>**

The Adviser will seek to achieve the Fund's investment objective by investing in income-producing assets. The Adviser intends to invest the Fund's assets primarily through investments in a range of alternative investments and other listed and unlisted securities. The investment strategy involves the careful selection of investment managers of funds (including privately offered pooled investment vehicles which are issued in private placements to investors that meet certain suitability standards ("Private Markets Investment Funds")). In addition, the Fund may invest in co-investments that are originated, serviced, and/or underwritten by the Underlying Managers (but not with other funds and accounts managed by the Adviser, unless subject to exemptive relief) ("Co-Investments") and direct investments ("Direct Investments") originated, serviced, and/or underwritten by the Fund itself.

The actual allocation of investments may vary both from time to time and over time depending upon market circumstances among other factors. In targeting these allocations, the Adviser also will take into account the requirement for qualifying to be taxed as a RIC under the Internal Revenue Code of 1986, as amended (the "Code").

**FOR ACCREDITED INVESTORS ONLY**

The Fund intends to seek opportunities that have either been overlooked or misunderstood by the market or that otherwise represent attractive return potential relative to other comparable investment opportunities. The Adviser believes that more complex credit markets that are under-capitalized by traditional lenders offer outsized return potential relative to those that are heavily trafficked. The assets of the Fund are expected to be generally allocated to alternative investments and Private Markets Investment Funds targeting relative and/or absolute returns primarily through implementing alternative credit strategies, such as (for illustration only): receivables factoring, bridge financing, senior secured lending, senior unsecured lending, junior debt, mezzanine lending, providing lines of credit, asst-based lending, structured products, leasing, royalty payments, collateralized loan obligations, and derivatives thereof, and similar. Underlying assets owned by the Fund and/or Private Markets Investment Funds may include, but are not limited to, private and public credit instruments, asset backed and structured credit agreements, lease agreements, other credit-related securities, and derivatives. The Fund intends to seek, on an ongoing basis, to identify successful Private Markets Investment Funds within its focus areas.

The Fund expects to focus on opportunities predominantly originated in North America, Europe, and other developed countries, although the Fund may also invest in areas outside of these geographies. Approximately 30% of the Fund's investments are currently expected to be non-U.S. investments.

The allocation of investments will vary both from time to time and over time depending upon market circumstances among other factors. The Adviser will also take into account the requirement for qualifying to be taxed as a RIC under the Code.

*Investment Process*

The Adviser seeks to achieve the investment objectives by utilizing a rigorous due diligence and manager selection process consisting of idea generation and sourcing, underwriting, operational due diligence, portfolio construction, and monitoring and risk management.

&nbsp;&nbsp;&nbsp;&nbsp;· *Idea Generation and Sourcing.* The Investment Process begins with identifying opportunity sets that align with the objective of the Fund. The Fund targets
assets and strategies that are typically short in duration, self-liquidating, have structural protections and credit enhancements, and
are cash-flowing with limited or no use of leverage. Opportunity sets are generally not well-capitalized by traditional lenders, are often
misunderstood and complex, and may require specific industry or market skill to operate within. Opportunity sets are identified both from
a top-down macro perspective as well as a bottoms-up method by identifying new strategies on an ad-hoc basis. The opportunity set is analyzed
to determine whether barriers to entry exist and what the risks are to the sustainability of outsized returns potential. The Adviser has
developed a vast network of managers, consultants, and industry contacts that acts as a sourcing channel to access differentiated and
often capacity constrained opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;· *Underwriting.* Once
a compelling opportunity is identified, the research team conducts a comprehensive investment due diligence process to evaluate the portfolio
utility and potential investment-related risks of the particular manager and strategy. The research team reviews the prospective manager's
ownership structure, investment team experience and qualifications, team turnover, and decision-making process to understand the incentive
alignment of the organization and relative strengths and weaknesses of the investment and leadership teams. The research team evaluates
the prospective manager's process, including how they source, filter, underwrite, structure, and size positions to properly manage
portfolios. The prospective manager's track record including performance attribution, loan tapes, non-performing assets and work-outs,
volatility, exposures, drawdowns, and turnover are analyzed by the research team as part of this

**FOR ACCREDITED INVESTORS ONLY**

process. In conjunction with the review of a prospective manager, the research team will speak with industry professionals and other managers in similar markets to conduct a cross-sectional peer analysis of strategies, processes, and performance to determine the manager's relative edge in the market they operate within. Typically, the underwriting process is iterative and takes multiple weeks of calls, in-person meetings, and document reviews to compile a formal investment memorandum on a particular manager or investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;· *Operational Due Diligence.* Once it is determined that a manager or investment opportunity is a likely candidate for inclusion in the Fund, the Adviser conducts
an operational due diligence review of the risks associated with the prospective manager's business and operations. The review concentrates
on an assessment of the manager's people, processes, systems, regulatory and compliance, and external elements that may pose risk
to the overall management of the investment strategy and are typically not covered in the investment due diligence review. Items covered
include, but are not limited to, a review of the organizations corporate structure, employee compensation, investor composition, policies
and procedures (business continuity, code of ethics, expense policy, cash and wire controls, valuations, allocations), legal and compliance
checks, mock compliance audits, deficiencies and remedies, information security policies, breach response policies, technology infrastructure,
cyber insurance and others. The operational due diligence findings are collected and presented on the Adviser's proprietary Operational
Due Diligence Questionnaire. The operational due diligence process is typically performed in-house by the Adviser and in some cases outsourced
to operational due diligence professionals.

&nbsp;&nbsp;&nbsp;&nbsp;· *Portfolio Construction.* After a prospective manager or investment opportunity has completed the investment and operational due diligence phases, the analysis
is presented to the Adviser's Investment Committee with a recommendation to be included in the Fund. Position sizing is determined
based on a variety of factors, which include the risk-adjusted expected return, correlation to traditional asset classes or other strategies
in the Fund, expected volatility, portfolio exposure and concentration, liquidity, and cost structure. The Adviser expects the Fund to
invest more than 50% of its assets in Private Markets Investment Funds with the remainder to be invested in Co-Investments and Direct
Investments, which are expected to enhance expected returns and lower the overall management fee burden of the Fund. The Fund does not
maintain specific targets for industries, sectors, strategies, geographies, maturities, duration, or credit quality when constructing
the portfolio. However, the Adviser is cognizant of these factors and is highly concerned with balancing the risk of the portfolio through
diversification and liquidity management.

&nbsp;&nbsp;&nbsp;&nbsp;· *Monitoring and Risk Management.* After an Underlying Manager, Co-Investment, or Direct Investment has been included in the Fund, the research team continuously
monitors the position to evaluate whether it is performing to the underwritten expectations. The research team routinely dialogues with
portfolio investments to discuss exposures, performance, loan tapes, struggling assets, attribution, and changes in the opportunity set
to monitor for style drift or diminishing excess returns. The research team uses quantitative and qualitative metrics to review and periodically
test the investment thesis. On an ongoing basis, the portfolio's concentration, market and tail risk exposure, liquidity, and duration
are monitored to ensure the portfolio is positioned in-line with the objective and strategy. The Investment Committee meets regularly
to review these risks and the portfolio.

The SAI contains a list of other fundamental and non-fundamental investment policies of the Fund under the heading "Investment Objective and Policies."

**FOR ACCREDITED INVESTORS ONLY**

**Leverage**

The Fund may employ leverage, including borrowing from banks in an amount of up to 33% of the Fund's assets (defined as net assets plus borrowing for investment purposes). The Fund is authorized to borrow money in connection with its investment activities, subject to the limits of the asset coverage requirement of the 1940 Act. The Fund also may borrow money to satisfy repurchase requests from Fund shareholders and to otherwise provide the Fund with temporary liquidity. The 1940 Act requires a RIC to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, and measured at the time indebtedness occurs. This means that the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. In addition, certain Investment Funds may utilize leverage in their investment programs. Such leverage may take the form of loans for borrowed money, trading on margin or other forms of direct and indirect borrowings, or derivative instruments, including, among others, forward contracts, futures contracts, options, swaps and reverse repurchase agreements, and other instruments and transactions that are inherently leveraged. The Fund's use of leverage can produce "unrelated business taxable income", which can pose a meaningful problem for tax-exempt shareholders.

**Temporary Investments**

The Fund may, from time to time, take defensive positions that are inconsistent with the Fund's principal investment strategy in attempts to respond to adverse market, economic, political or other conditions. During such times, the Adviser may determine that the Fund should invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. government, its agencies or instrumentalities. In these and other cases, the Fund may not achieve its investment objectives. The Adviser may invest the Fund's cash balances in any investments it deems appropriate. The Adviser expects that such investments will be made, without limitation and as permitted under the 1940 Act, in money market funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program. Many of the considerations entering into recommendations and decisions of the Adviser and the Fund's portfolio manager are subjective.

**Other Information Regarding Investment Strategy**

The frequency and amount of portfolio purchases and sales (known as the "portfolio turnover rate") will vary from year to year. It is anticipated that the Fund's portfolio turnover rate will ordinarily be between 25 and 50%. The portfolio turnover rate is not expected to exceed 100% but may vary greatly from year to year and will not be a limiting factor when the Adviser deems portfolio changes appropriate. Although the Fund generally does not intend to trade for short-term profits, the Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. Higher rates of portfolio turnover typically result in higher brokerage commissions and may generate short-term capital gains taxable as ordinary income. If securities are not held for the applicable holding periods, dividends paid on them will not qualify for the advantageous federal tax rates. See "Tax Status" in the SAI.

There is no assurance what portion, if any, of the Fund's investments will qualify for the reduced federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund's distributions will be designated as qualified dividend income. See "U.S. Federal Income Tax Matters."

**FOR ACCREDITED INVESTORS ONLY**

**Types of Investments**

The Fund may invest in the following types of investments. The Fund is under no obligation to invest in any of these investments.

***Investment Funds***

*Private Markets Investment Funds*. The term "privately offered pooled investment vehicles" or "Private Markets Investment Funds" as used throughout this Prospectus, refers to privately offered pooled investment vehicles, such as hedge funds, private equity funds, that are issued in private placements to investors that meet certain suitability standards. In general, these interests are subject to underlying lock-ups, are not freely tradable and/or have substantial transfer restrictions and no active trading market but may have certain rights as to redemption. The Fund's wholly-owned subsidiaries, if any, would not be considered Private Markets Investment Funds for purposes of this limitation. Rather, the Fund will look through these entities and to their underlying holdings for purposes of compliance with this limit.

 

*Exchange Traded Funds ("ETFs")*. The Fund may invest its assets in ETFs that invest primarily in the securities and asset classes discussed above subject to the Fund's investment restrictions. ETFs are typically passive funds that track their related index and have the flexibility of trading like a security. ETFs are usually structured as trusts and are managed by professionals and provide the investor with diversification, cost and tax efficiency and liquidity. ETF investors have the ability to take long and short positions in ETFs and buy them on margin. ETFs are also useful for hedging purposes, and some provide quarterly dividends. Additionally, some ETFs are structured as unit investment trusts, which are funds that are not actively managed; instead, these funds hold a fixed portfolio of securities or assets and are overseen by trustees. These types of ETFs are usually registered under the 1940 Act. Some ETFs, however, may be grantor trusts which are not typically registered under the 1940 Act. An ETF typically holds a portfolio of securities or contracts designed to track a particular market segment or index.

ETFs generally have two markets. The primary market consists of institutions that exchange a basket of securities plus cash in the form of dividends in exchange for shares of the ETF. The baskets, or units, are frequently large; a typical unit is equivalent to 50,000 ETF shares. The secondary market consists of an organized exchange such as a national securities exchange in which individuals may trade shares, often as little as a single share, during normal trading hours. ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. ETF shares may trade at a discount or a premium in market price if there is a limited market in such shares. Usually, the trading price is close to the ETF's NAV because ETFs permit certain financial institutions, called "authorized participants," to deposit and redeem shares in-kind rather than in cash, to avoid an arbitrage opportunity. This is different from open-end funds that are traded after hours once the NAV is calculated. ETFs share many similar risks with open-end and closed-end funds.

Investments in ETFs are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. ETFs also are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest exclusively in stocks and bonds. You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. Finally, because the value of ETF shares depends on the demand in the market, the Adviser may not be able to liquidate the Fund's holdings at the most optimal time, adversely affecting the Fund's performance.

*Closed-End Funds*. The Fund may invest its assets in "closed-end" investment companies (or "closed-end funds") that invest primarily in the securities and asset classes discussed above, subject to the Fund's investment restrictions. Shares of closed-end funds are typically offered to the public in a one-time initial

**FOR ACCREDITED INVESTORS ONLY**

public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. These closed-end funds then use the proceeds from the initial public offering to purchase securities or other assets.

Such securities are listed for trading on the NYSE or NASDAQ and, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company, investors seek to buy and sell shares of closed-end funds in the secondary market.

The Fund generally will purchase shares of closed-end funds in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market. The Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of the Adviser, based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market.

*Open-End Funds (mutual funds)*. Open-end funds, unlike closed-end funds, can issue and redeem shares as necessary; when investors wish to invest, the fund issues new shares in exchange for cash. When existing investors wish to redeem shares, the fund repurchases these shares and pays the investors cash. The Fund may invest in investment companies such as open-end funds that invest primarily in the securities and asset classes discussed above, subject to the Fund's investment restrictions.

***Fixed Income Investments***

*Direct Loans.* The Fund may invest in first lien senior secured loans (including "unitranche" loans, which are loans that combine both senior and mezzanine debt, generally in a first lien position), second lien senior secured loans and mezzanine debt, which in some cases includes an equity component, of U.S. and non-U.S. companies.

*Loan Origination*. The Fund may originate loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans or similar investments. The Fund may originate loans to middle market companies and other entities. Such borrowers may have credit ratings that are determined by one or more nationally recognized statistical rating organizations or the Adviser to be below investment grade. The loans the Fund originates may vary in maturity and/or duration. The Fund is not limited in the size or type of loans it may originate, including with respect to a single borrower, except as limited by the Fund's concentration policy, or with respect to borrowers that are determined to be below investment grade. The Fund's origination of loans may be limited by the Fund's intention to qualify as a regulated investment company under the Code. The Fund may retain all, or an applicable pro rata portion of, fees received in connection with originating or structuring the terms of any such loan.

*Corporate Debt*. The Fund may purchase debt securities of corporations and other businesses, including bonds, notes, debentures and commercial paper as well as bank loans to companies.

 

*U.S. Bonds*. The Fund's investments in U.S. bonds will consist primarily of Investment Funds whose portfolios consist of U.S. bonds, notes and debentures issued by publicly-traded and private corporations, debt securities issued by the U.S. government or agency thereof, or debt securities issued by a municipality.

*Foreign Developed Market Bonds*. The Fund's investments in foreign developed market bonds will consist primarily of Investment Funds whose portfolios include bonds, notes and debentures issued by non-U.S.

**FOR ACCREDITED INVESTORS ONLY**

publicly-traded and private corporations, debt securities issued by a non-U.S. government or agency thereof, or debt securities issued by a non-U.S. municipality. The Fund will utilize its investments in foreign developed market bonds for income, defensive portfolio measures or to maintain liquidity. The issuers of these bonds will be domiciled in industrialized countries with growth rates and economic activity similar to the U.S.

*Emerging Market Bonds*. The Fund's investments in emerging markets bonds will consist primarily of Investment Funds whose portfolios include bonds, notes and debentures in which the issuer is domiciled in an "emerging market." These bonds, notes and debentures will be issued by non-U.S. publicly-traded and private corporations, debt securities issued by a non-U.S. government or agency thereof, or debt securities issued by a non-U.S. municipality. The Fund will seek to utilize its investments in emerging market bonds for capital appreciation.

***Equity Investments***

*U.S. Equities.* The Fund's investments in U.S. equities will consist primarily of investments in Investment Funds whose portfolios consist of securities issued by U.S. companies.

*Foreign Developed Market Equities*. The Fund's investments in foreign developed market equities will consist primarily of investments in Investment Funds whose portfolios consist of securities issued by non-U.S. companies.

*Emerging Market Equities.* The Fund's investments in emerging market equities will consist primarily of investments in Investment Funds whose portfolios consist of publicly-traded equity securities issued by non-U.S. companies in "emerging markets," or those countries that are experiencing higher growth rates that are expected to continue for the foreseeable future and whose economies are becoming industrialized. To achieve an appropriate level of diversification, the Fund may employ several international equity asset managers, each of which may focus on a particular country or region of the world.

*Private Equity Investments*. The Fund's investments in private equity may consist of private equity funds and direct investments in private companies. Private equity investing provides funds to private companies, i.e., companies that are not listed on a stock exchange. Because these companies' securities are not publicly traded, they are illiquid and therefore may be difficult to sell should the private equity fund seek to sell them prior to a scheduled liquidity event. Types of private equity funds are venture capital funds, which invest in the early stages of a company's operations during its "start-up" phase, growth equity funds, which invest in existing companies with proven business models, good customer bases, and positive cash flow generation or profits, buyout funds, which invest in established companies requiring capital to restructure or facilitate a change in ownership, and distressed investing funds, which specialize in purchasing the debt or equity of troubled companies that may have defaulted or are on the brink of defaulting. The Fund may invest in any of these types of private equity funds. The Fund may acquire its private equity investments through wholly-owned subsidiaries. The Fund intends to qualify as RIC under Subchapter M of the Code, which requires compliance with certain requirements concerning the sources of its income and diversification of its assets. The Fund's investments in private equity investments that in turn invest in medium or small capitalization companies that are not formed as corporations can cause challenges for the Fund to comply with these requirements because such investments may not be qualifying assets and may not produce qualifying income.

**FOR ACCREDITED INVESTORS ONLY**

**TYPES OF INVESTMENTS AND RELATED RISKS**

The value of the Fund's net assets may fluctuate in response to fluctuations in the value of the Portfolio Investments in which the Fund invests. Discussed below are the investments generally made by Private Markets Investment Funds and where applicable, the Fund directly, and the principal risks that the Adviser and the Fund believe are associated with those investments. In response to adverse market, economic or political conditions, the Fund may invest temporarily in high quality fixed income securities, money market instruments and affiliated or unaffiliated money market funds or may hold cash or cash equivalents for temporary defensive purposes. In addition, the Fund may also make these types of investments pending the investment of assets in Private Markets Investment Funds or to maintain the liquidity necessary to effect repurchases of the Fund's Shares. When the Fund takes a defensive position or otherwise makes these types of investments, it may not achieve its investment objective.

**No guarantee or representation is made that the investment program of the Fund will be successful, that the various investments selected by the Fund will produce positive returns or avoid losses or that the Fund will achieve its investment objective.**

The following discussions of the various risks associated with the Fund and its Shares are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective investors should read this entire Prospectus and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, an investment in the Fund may be subject to risk factors not described in this Prospectus. The Fund will update this Prospectus to account for any material changes in the risks involved with an investment in the Fund.

**Investment Funds Risk**. The Fund may obtain investment exposure to various asset classes by investing in other investment companies, including registered investment companies, such as ETFs, mutual funds and closed-end funds, as well as hedge funds, private equity funds or other Private Markets Investment Funds that are not registered under the 1940 Act. Additional risks of investing in Investment Funds, where noted, are described below:

*Strategies Risk*: Each Investment Fund is subject to specific risks, depending on the nature of the fund. These risks could include liquidity risk, sector risk, and foreign currency risk, as well as risks associated with fixed income securities and commodities among others. Also, the Fund's performance depends in part upon the performance of the Investment Fund managers and selected strategies, the adherence by such Investment Fund managers to such selected strategies, the instruments used by such Investment Fund managers and the Adviser's ability to select Investment Funds and strategies and effectively allocate Fund assets among them.

*Multiple Levels of Fees and Expenses*: By investing in Investment Funds indirectly through the Fund, the investor bears asset-based fees at the Fund level, in addition to any asset-based fees and/or performance-based fees and allocations at the Investment Fund level. Moreover, an investor in the Fund bears a proportionate share of the fees and expenses of the Fund (including organizational and offering expenses, operating costs, sales charges, brokerage transaction expenses, and administrative fees) and, indirectly, similar expenses of the Investment Funds. Thus, an investor in the Fund may be subject to higher fees and operating expenses than if he or she invested in an Investment Fund directly.

*Risk Related to Net Asset Value and Market Price*. The market value of the ETFs and closed-end fund shares may differ from their NAV. This difference in price may be due to the fact that the supply and demand in the market for fund shares at any point in time is not always identical to the supply and demand in the market for the underlying basket of securities. Accordingly, there may be times when shares trade at a premium or discount to NAV.

**FOR ACCREDITED INVESTORS ONLY**

*Unregistered Investment Funds Risk*. A significant portion of the vehicles in which the Fund may invest will likely not be subject to the 1940 Act. As a result, the Fund's investments will not be subject to certain protections afforded to investors under the 1940 Act. These protections include, but are not limited to, certain corporate governance standards, as well as statutory protections against self-dealing and leverage limitations.

*Additional Private Markets Investment Funds Risk*. Due to the Fund's investments in Private Markets Investment Funds, the Fund is subject to risks associated with legal and regulatory changes applicable to financial institutions generally or hedge funds, such as the Private Markets Investment Funds in particular. The Fund may not be able to invest in certain Private Markets Investment Funds that are oversubscribed or closed, or the Fund may be able to allocate only a limited amount of assets to a Private Markets Investment Fund that has been identified as an attractive investment opportunity. The Fund's investments in certain Private Markets Investment Funds may be subject to lock-up periods, during which the Fund may not withdraw its investment. The Fund may invest indirectly a substantial portion of its assets in Private Markets Investment Funds that follow a particular type of investment strategy, which may expose the Fund to the risks of that strategy. Many of the Fund's assets will be priced in the absence of a readily available market and may be priced based on determinations of fair value, which may prove to be inaccurate. The Fund, upon its redemption of all or a portion of its interest in a Private Markets Investment Fund, may receive an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of.

Private Markets Investment Fund returns may exhibit greater correlations among each other or with fixed-income or equity indices than anticipated by the Adviser, particularly during times of general market turmoil. Private Markets Investment Fund managers may invest the Private Markets Investment Funds' assets in securities of non-U.S. issuers, including those in emerging markets, and the Fund's assets may be invested in Private Markets Investment Funds that may be denominated in non-U.S. currencies, thereby exposing the Fund to various risks that may not be applicable to U.S. securities. A Private Markets Investment Fund manager may focus on a particular industry or sector, (e.g., energy, utilities, financial services, healthcare, consumer products, industrials and technology), which may subject the Private Markets Investment Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. A Private Markets Investment Fund manager may focus on a particular country or geographic region, which may subject the Private Markets Investment Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions. Private Markets Investment Fund managers may use derivatives for speculative or hedging purposes. Private Markets Investment Fund managers may have limited operating histories upon which to evaluate their performance, and some Private Markets Investment Fund managers may not be registered under the Investment Advisers Act of 1940, as amended. Private Markets Investment Funds may incur leverage for investment or other purposes, which may increase the volatility of the Private Markets Investment Funds. Private Markets Investment Fund managers may sell short securities held by Private Markets Investment Funds, which presents the theoretical risk of unlimited loss because of increases in the market price of the security sold short, and the risk that Private Markets Investment Funds' short selling activities may be adversely affected by regulatory restrictions that may be imposed at any time. Private Markets Investment Fund managers may change their investment strategies at any time. Private Markets Investment Fund managers may invest the Private Markets Investment Funds' assets without limitation in restricted and illiquid securities. Private Markets Investment Fund managers may invest the Private Markets Investment Funds' assets in equity securities without limitation as to market capitalization, such as those issued by smaller capitalization companies, including micro-cap companies, the prices of which may be subject to erratic market movements. Private Markets Investment Fund managers may charge Private Markets Investment Fund investors (such as the Fund) asset-based fees and incentive allocations or fees of as much as 20% of a Private Markets Investment Fund's net profits (or more in certain limited circumstances), which may create incentives for Private Markets Investment Fund managers to make investments that are riskier or more speculative than in the absence of these fees.

**FOR ACCREDITED INVESTORS ONLY**

*Additional Risk*. The strategy of investing in Investment Funds could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes you pay. In addition, certain prohibitions on the acquisition of investment company shares by the Fund may prevent the Fund from allocating investments in the manner the Adviser considers optimal. Generally, the Fund may purchase in the aggregate only up to 3% of the total outstanding voting stock of any investment company, such as closed-end funds, mutual funds or ETFs, unless it is able to make purchases in reliance upon an Investment Fund's exemptive order that permits investments in excess of the limits stated above.

**Fixed Income Securities Risk**. When the Fund invests in fixed income securities, directly or through Investment Funds, the value of the Fund's investment may fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities. In general, the market price of debt securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments.

**Credit Risk**. One of the risks associated with the Fund's investments is credit risk, which is the risk that an issuer or borrower will be unable to make principal and interest payments on its outstanding debt obligations when due or otherwise defaults on its obligations to the Fund and/or that the guarantors or other sources of credit support for such persons do not satisfy their obligations. The Fund's return would be adversely impacted if an issuer of debt securities or a borrower under a loan in which the Fund's invests becomes unable to make such payments when due. Although the Fund may make investments that the Adviser believes are secured by specific collateral the value of which may initially exceed the principal amount of such investments or the Fund's fair value of such investments, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to enforce rights against and realize the benefits of the collateral securing an investment.

**Counterparty Risk**. Markets in which the Fund effects its transactions may be "over the counter" or "inter-dealer" markets. The participants in these markets are typically not subject to credit evaluation and regulatory oversight as are members of "exchange based" markets. These risks may differ materially from those associated with transactions effected on an exchange, which generally are backed by clearing organization guarantees, daily marking to market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such counterparty risk is accentuated in the case of contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. The Fund is not restricted from dealing with any particular counterparty or from concentrating its investments with one counterparty. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties' financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

**Fraud Risk**. A concern when investing in loans and other debt securities is the possibility of a material misrepresentation or omission on the part of the borrower. Such inaccuracy or incompleteness may

**FOR ACCREDITED INVESTORS ONLY**

adversely affect the valuation of the collateral underlying the loans or may adversely affect the ability of the Fund to perfect or effectuate a lien on the collateral securing the loan. The Fund relies upon the accuracy and completeness of representations made by borrowers to the extent reasonable when it makes its investments, but cannot guarantee such accuracy or completeness. Under certain circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment.

**High Yield Securities Risk**. Lower-quality bonds, known as "high yield" or "junk" bonds, present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond's issuer, obligor or guarantor may not be able to make its payments of interest and principal. If that happens, the value of the bond may decrease, the Fund's share price may decrease, and its income may be reduced. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. Such securities also may include "Rule 144A" securities, which are subject to resale restrictions. The lack of a liquid market for these bonds could decrease the Fund's share price. Investments in high yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.

**Convertible Securities Risk**. Convertible securities are hybrid securities that have characteristics of both bonds and common stock and are subject to risks associated with both debt securities and equity securities. Convertible securities are similar to fixed-income securities because they usually pay a fixed interest rate (or dividend) and are obligated to repay principal on a given date in the future. The market value of convertible securities tends to decline as interest rates increase and tends to increase as interest rates decline. Convertible securities have characteristics of a fixed-income security and are particularly sensitive to changes in interest rates when their conversion value is lower than the value of the bond or preferred share. Convertible securities also are subject to credit risk, which is the risk that an issuer of a security may not be able to make principal and interest or dividend payments on the security as they become due. Fixed-income and preferred securities also may be subject to prepayment or redemption risk. If a convertible security held by the Fund or an Investment Fund is called for redemption, the Fund or Investment Fund will be required to surrender the security for redemption, convert it into the issuing company's common stock or cash or sell it to a third party at a time that may be unfavorable to the Fund or Investment Fund. In addition, the Fund and certain Investment Funds may invest in convertible securities rated less than investment grade that are sometimes referred to as high yield or "junk bonds." These securities are speculative investments that carry greater risks and are more susceptible to real or perceived adverse economic and competitive industry conditions than higher quality securities. Such securities also may be subject to resale restrictions. The lack of a liquid market for these securities could decrease the Fund's share price. Convertible securities have characteristics similar to common stock especially when their conversion value is the same as the value of the bond or preferred share. The price of equity securities may rise or fall because of economic or political changes. Stock prices in general may decline over short or even extended periods of time. Market prices of equity securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates. The Fund intends to qualify as RIC under Subchapter M of the Code, which requires compliance with certain requirements concerning the diversification of its assets. The Fund's investments in convertible securities can cause challenges for the Fund to comply with these requirements because the valuation of a convertible security may change in a notable manner when its conversion feature is "in the money."

**Preferred Securities Risk**. Preferred securities represent equity interests in a company that generally entitle the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Preferred securities are

**FOR ACCREDITED INVESTORS ONLY**

generally subordinated to bonds and other debt instruments in a company's capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments. Preferred securities are subject to issuer specific and market risks applicable generally to equity securities and are sensitive to changes in the issuer's credit worthiness and to changes in interest rates and may decline in value if interest rates rise. In addition, preferred securities often have features that can adversely affect their returns, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Preferred securities may include provisions that
permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;· Preferred securities frequently have call features
that allow the issuer to repurchase the security prior to its stated maturity;

&nbsp;&nbsp;&nbsp;&nbsp;· An issuer may be able to exercise an option to
redeem its preferred securities at par earlier than scheduled; and

&nbsp;&nbsp;&nbsp;&nbsp;· Certain preferred securities, for example, have
redemption features that are triggered by changes in U.S. federal income tax or securities laws.

**Equity Securities Risk**. When the Fund invests in equity securities, the Fund's investments in those securities are subject to price fluctuations based on a number of reasons, including changes in investors' perceptions of the financial condition of an issuer, the general condition of the relevant stock market and broader domestic and international political and economic events. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular equity security held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. In addition, equity securities prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. The prices of common equity securities are also sensitive to the market risks described above. Common equity securities in which the Fund may invest are structurally subordinated to preferred equity securities, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently riskier than preferred stock or debt instruments of such issuers. In addition, dividends on common equity securities which the Fund may hold are not fixed but are declared at the discretion of an issuer's board of directors. There is no guarantee that the issuers of the common equity securities in which the Fund invests will declare dividends in the future or that, if declared, they will remain at current levels or increase over time.

**Tax Risk**. The Fund faces the risk that it could fail to qualify as a RIC under Subchapter M of the Code, and the risk of changes in tax laws or regulations, or interpretations thereof, possibly with retroactive effect, which could adversely affect the Fund. The federal, state, local and foreign tax consequences of an investment in Fund shares will depend on the facts of each investor's situation. Investors are encouraged to consult their own tax advisors regarding the specific tax consequences that may affect such investors.

**Foreign Investment Risk**. Foreign securities may be issued and traded in foreign currencies. As a result, changes in exchange rates between foreign currencies may affect their values in U.S. dollar terms. For example, if the value of the U.S. dollar goes up, compared to a foreign currency, a loan payable in that foreign currency will go down in value because it will be worth fewer U.S. dollars. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. The Fund and certain Investment Funds may employ hedging techniques to minimize these risks, but there can be no assurance that the Fund or Investment Funds will, in fact, hedge currency risk or, that if the Fund or an Investment Fund does, such strategies will be effective.

**FOR ACCREDITED INVESTORS ONLY**

The political, economic, and social structure of some foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, foreign ownership limitations and tax increases. A government may take over assets or operations of a company or impose restrictions on the exchange or export of currency or other assets. Some countries also may have different legal systems that may make it difficult for us to vote proxies, exercise stockholder rights, and pursue legal remedies with respect to foreign investments. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of our investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and to consider with respect to the Fund's investments in foreign securities. Brokerage commissions and other fees generally are higher for foreign securities. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the United States. The procedures and rules governing foreign transactions and custody (holding of the Fund's assets) may involve delays in payment, delivery or recovery of money or investments. Foreign companies may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies, and some countries may lack uniform accounting and auditing standards. Thus, in certain situations, there may be less information publicly available about foreign companies than about most U.S. companies. Certain foreign securities may be less liquid (harder to sell) and more volatile than many U.S. securities. This means the Fund may at times be unable to sell foreign securities at favorable prices. Dividend and interest income from foreign securities may be subject to withholding taxes by the country in which the issuer is located, and the Fund may not be able to pass through to its shareholders' foreign tax credits or deductions with respect to these taxes.

**Emerging Market Risk**. The Fund may invest a portion of its assets in countries with newly organized or less developed securities markets directly or indirectly through its investments in Investment Funds. There are typically greater risks involved in investing in emerging markets securities. Generally, economic structures in these countries are less diverse and mature than those in developed countries and their political systems tend to be less stable. Emerging market economies may be based on only a few industries, therefore security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging market countries may be affected by government policies that restrict foreign investment in certain issuers or industries. The potentially smaller size of their securities markets and lower trading volumes can make investments relatively illiquid and potentially more volatile than investments in developed countries, and such securities may be subject to abrupt and severe price declines. Due to this relative lack of liquidity, the Fund may have to accept a lower price or may not be able to sell a portfolio security at all. An inability to sell a portfolio position can adversely affect the Fund's or Investment Fund's value or prevent the Fund or Investment Fund from being able to meet cash obligations or take advantage of other investment opportunities.

**Restricted and Illiquid Investments Risk**. The Fund's and certain Investment Fund's investments are also subject to liquidity risk. Liquidity risk exists when particular investments of the Fund or Investment Fund would be difficult to sell, possibly preventing the Fund or Investment Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund or Investment Fund to dispose of other investments at unfavorable times or prices to satisfy its obligations. Investment Funds with principal investment strategies that involve securities of non-traded REITs, companies with smaller market capitalizations, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk.

**Leverage Risk**. The use of leverage, such as borrowing money to purchase securities, by the Fund or certain Investment Funds will magnify the Fund's or Investment Fund's gains or losses. The use of leverage via

**FOR ACCREDITED INVESTORS ONLY**

short selling and short positions in futures contracts will also magnify the Fund's or Investment Fund's gains or losses. The use of leverage by the Fund or the Investment Funds can substantially increase the adverse impact of risks to which an investment in the Fund may be subject. Generally, the use of leverage also will cause the Fund or Investment Fund to have higher expenses (especially interest and/or short selling-related dividend expenses) than those of funds that do not use such techniques. Trading securities on margin results in interest charges and, depending on the amount of trading activity, such charges could be substantial. The level of interest rates generally, and the rates at which the Fund and the Investment Funds can borrow in particular, can affect the operating results of the Fund. The low margin deposits normally required in futures and forward trading permit a high degree of leverage; accordingly, a relatively small price movement in a futures contract can result in immediate and substantial losses to the investor. Such a high degree of leverage necessarily entails a high degree of risk. In addition, a lender to the Fund or Investment Fund may terminate or refuse to renew any credit facility. If the Fund or Investment Fund is unable to access additional credit, it may be forced to sell investments at inopportune times, which may further depress the returns of the Fund. The Fund's use of leverage can produce "unrelated business taxable income", which can pose a meaningful problem for tax-exempt shareholders.

**Management Risk**. The NAV of the Fund changes based on the performance of the securities, derivatives and other instruments in which it invests. The Adviser's and Investment Funds' managers' judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests (directly or indirectly) may prove to be incorrect and may not produce the desired results. Additionally, the Adviser's judgments about the potential performance of Investment Funds may also prove incorrect and may not produce the desired results.

**Business and Regulatory Risks**. Legal, tax and regulatory changes (including laws relating to taxation of the Fund's investments, trade barriers and currency exchange controls), as well as general economic and market conditions (such as interest rates, availability of credit, credit defaults, inflation rates and general economic uncertainty) and national and international political circumstances (including wars, terrorist acts or security operations), may adversely affect the Fund.

**Repurchase Policy Risks**. Repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. However, payment for repurchased shares may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would liquidate such holdings, potentially resulting in losses, and may increase the Fund's portfolio turnover. The Adviser may take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of shares. If the Fund borrows to finance repurchases, interest on any such borrowing will negatively affect shareholders who do not tender their shares in a repurchase offer by increasing the Fund's expenses and reducing any net investment income. To the extent the Fund finances repurchase proceeds by selling investments, the Fund may hold a larger proportion of its net assets in less liquid securities. Also, the sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV. Repurchase of shares will tend to reduce the number of outstanding shares and, depending upon the Fund's investment performance, its net assets. A reduction in the Fund's net assets may increase the Fund's expense ratio, to the extent that additional shares are not sold. In addition, the repurchase of shares by the Fund may be a taxable event to shareholders.

**Nature of the Fund.** The Fund may make investments in Private Markets Investment Funds, the managers of which may have relatively short track records and that may rely on a limited number of key personnel. Such Private Markets Investment Funds invest may in turn invest in portfolio companies that have no, or relatively short, operating histories, which may have to compete with other companies with greater resources, which are also dependent upon a few key individuals for the successful development and manufacture of products, management, marketing or other critical functions, which may be engaged in a

**FOR ACCREDITED INVESTORS ONLY**

rapidly changing business with products subject to substantial risk of obsolescence or which may require substantial additional capital to support. The Fund will not necessarily have the opportunity to evaluate the economic, financial and other information that will be used by the managers of the Private Markets Investment Funds in their selection, structuring, monitoring, and disposition of assets.

**Multiple Levels of Expense.** Shareholders will pay the fees and expenses of the Fund and will indirectly bear the fees, expenses and carried interest (if any) of the Private Markets Investment Funds in which the Fund invests. This will result in greater expense to the Shareholders than if such fees, expenses and, as applicable, carried interest were not charged by the Fund and the Private Markets Investment Funds.

**Limited Operating History.** The Fund was recently converted from a Delaware limited partnership to a Delaware statutory trust and has limited operating history upon which potential investors can evaluate its likely performance as a Delaware statutory trust registered under the 1940 Act. The prior investment performance of the Adviser or of private equity investment funds managed by the managers of the Private Markets Investment Funds, are not guarantees or predictions of the results that the Fund will achieve. In addition, the Fund may not be able to raise a sufficient level of assets to support its operations, in which case the Adviser may determine to discontinue operating the Fund and liquidate the Fund's assets.

**Limitations on Transfer.** The transferability of Shares is subject to certain restrictions contained in the Fund's Declaration of Trust and is affected by restrictions imposed under applicable securities laws. Shares are not traded on any national securities exchange or other market. Therefore, Shares should only be acquired by investors able to commit their funds for an indefinite period of time.

**Repurchase Risks.** Any repurchase of Shares by the Fund will only be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. The Fund is not required to repurchase Shares at any time.

With respect to any future repurchase offer, Shareholders tendering Shares for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, which will generally be approximately 90 days prior to the date that the Shares to be repurchased are valued by the Fund. Shareholders that elect to tender any Shares for repurchase will not know the price at which such Shares will be repurchased prior to making a decision to tender. General economic and market conditions, or specific events affecting one or more underlying Portfolio Investments, could cause a decline in the value of Shares in the Fund after a Shareholder elects to tender Shares through the date that the Fund values such Shares for repurchase. Therefore, the value of a Shareholder's Shares at the time the Fund repurchases such Shares may be lower relative to the date that the Shareholder elected to tender such Shares. Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly.

In addition, the Fund's investments in Portfolio Investments are subject to lengthy lock-up periods where the Fund will not be able to dispose of such investments except through secondary transactions with third parties, which may occur at a significant discount to NAV and which may not be available at any given time. There is no assurance that third parties will engage in such secondary transactions, and the Fund may require and be unable to obtain the Private Markets Investment Fund's consent to effect such transactions. The Fund may need to suspend or postpone repurchase offers if the Fund is not able to dispose of its interests in Portfolio Investments in a timely manner. When the Fund disposes of Portfolio Investments to raise cash to facilitate repurchases, the Fund will not be as fully invested in Portfolio Investments as it was prior to such dispositions and thus may not be able to achieve returns at a level that it would if it was more fully invested.

**FOR ACCREDITED INVESTORS ONLY**

Substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable in order to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material adverse effect on the value of the Shares.

To the extent the Fund obtains repurchase proceeds by disposition of its interest in certain Private Market Assets, the Fund will thereafter hold a larger proportion of its assets in the remaining Private Market Assets, some of whose interests at times may be less liquid or illiquid. This could adversely affect the ability of the Fund to fund subsequent repurchase requests of Shareholders or to conduct future repurchases at all. In addition, after giving effect to such dispositions, the remaining Portfolio Investments may not reflect the Adviser's ideal judgments as to the desired portfolio composition of the Fund's Portfolio Investments, in that the Fund's performance may be tied to the performance of fewer Portfolio Investments and/or may not reflect the Adviser's judgment as to the Fund's optimal exposure to particular asset classes or investment strategies. These consequences may be particularly applicable if the Fund received requests to repurchase substantial amounts of Shares and may have a material adverse effect on the Fund's ability to achieve its investment objective and the value of the Shares. In addition, substantial repurchases of Shares could result in a sizeable decrease in the Fund's net assets, resulting in an increase in the Fund's total annual operating expense ratio.

**Availability of Suitable Investments.** Although the Adviser believes that it should be able to find, and negotiate satisfactory terms for, suitable investments in sufficient quantity for the Fund, changes in various factors (including, among other factors, the interest rate environment, inflation, general economic conditions, securities market conditions, competition from other investors, tax burdens, foreign exchange rates and foreign political upheaval or instability) may adversely affect the availability of attractive investment opportunities for the Fund. Accordingly, there can be no assurances that the Fund will be able to invest fully or that suitable investment opportunities will be available.

**Economic Environment.** If market conditions deteriorate, the level of attractive investment opportunities for the Fund and the Private Markets Investment Funds may decline from the Adviser's current expectations. It is possible that the Fund and the Private Markets Investment Funds may take a longer than anticipated time to invest capital, and as a result, for some period of time, the Fund may be relatively concentrated in a limited number of investments. Further, the Fund and the Private Markets Investment Funds may experience increased difficulty exiting an existing investment if a need for liquidity arises. Certain investments may be liquidated at a lower price than the Adviser believes reflects the asset's fair value.

**Diverse Shareholders.** The Shareholders in the Fund may include persons or entities located in various jurisdictions that may have conflicting investment, tax and other interests with respect to their investments in the Fund. As a result, conflicts of interest may arise in connection with decisions made by the Adviser that may be more beneficial for one type of Shareholder than for another type of Shareholder.

**General Economic and Market Risk*.*** Through its Portfolio Investments, the Fund will have investments in companies that are sensitive to movements in the overall economy or in those companies' industrial or economic sectors. In addition, the trading prices or market values of these portfolio companies may be affected adversely by general securities market conditions or by factors specific to such portfolio companies. A recession or an adverse development in the U.S. and/or foreign securities markets might have an adverse impact on some or all of the investments of the Fund, and thus the value of an investment in the Fund.

**Illiquidity of Investments.** An investor's participation in the Fund requires a long-term commitment, with no certainty of return. The Adviser does not expect the Fund to receive substantial amounts of income or

**FOR ACCREDITED INVESTORS ONLY**

to realize substantial gains over the near term. The Fund's investments in Private Markets Investment Funds, and most of the portfolio investments of such Private Markets Investment Funds will be highly illiquid, are likely to require holding periods of several years, and will be subject to restrictions on resale. The Fund reserves the right to make distributions to Shareholders in kind. Shareholders may not be able to dispose of assets distributed in kind, and likely will incur costs and expenses if they are able to dispose of such assets.

Certain investments may be illiquid because, for example, they are subject to legal or other restrictions on transfer or there is no liquid market for such investments. Valuation of such investment may be difficult or uncertain because there may be limited information available about the issuers of such investments. The market prices, if any, for such investments tend to be volatile and may not be readily ascertainable and the Fund or a Private Markets Investment Fund may not be able to sell them when it desires to do so or to realize what it perceives to be their fair value in the event of a sale. The sale of restricted and illiquid investments often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of investments eligible for trading on national securities exchanges or in the over-the-counter markets. The Fund or Private Markets Investment Funds may not be able to readily dispose of such illiquid investments and, in some cases, may be contractually prohibited from disposing of such investments for a specified period of time. As a result, the Fund or Private Markets Investment Funds may be required to hold such investments despite adverse price movements. Even those markets which the Adviser or a general partner or manager of a Private Markets Investment Fund expects to be liquid can experience periods, possibly extended periods, of illiquidity. Occasions have arisen in the past where previously liquid investments have rapidly become illiquid.

**Difficulty of Valuing the Fund's Investments.** Generally, there will be no readily available market for the Fund's investments and, hence, the valuation of the Fund's investments is difficult and not without uncertainty and may not necessarily reflect the valuation of any such investment's underlying assets. Valuations of the Fund's investments will be determined by the Adviser in its sole discretion and will be final and conclusive to all of the Shareholders. The Adviser may face a conflict of interest in valuing investments that lack a readily accessible market value as the value of the assets held by the Fund will affect the compensation of the Adviser.

**Inability to Meet Investment Objective or Investment Strategy.** The success of the Fund depends upon the ability of the Manager to identify, select, develop and invest in Portfolio Investments that the Adviser believes offer the potential of superior relative returns. Similarly, the success of each of the Private Markets Investment Funds depends on the availability of appropriate investment opportunities and the ability of the general partners of such Private Markets Investment Funds to identify, select, develop and invest in appropriate investments. The availability of such opportunities will depend, in part, upon general market conditions. Factors beyond the Adviser's control also may limit the availability of certain investments. For example, certain venture capital funds have announced they will not allow funds of funds to invest in their latest funds. It is possible that other private equity funds will be similarly reluctant to accept commitments from funds of funds due to concerns related to access to, and confidentiality of, information. Although the Adviser believes that significant investment opportunities currently exist, there can be no assurance that they will continue to exist or that the Adviser or the manager of any Private Markets Investment Fund will be able to identify, select, develop and invest in a sufficient number of opportunities to permit the Fund to invest all of their capital commitments or to diversify their portfolio investments to the extent described herein. In addition, as the number of funds managed by the Adviser increases, the portion of an investment opportunity allocated to any one fund (including the Fund) may decrease.

**Performance of Investments.** The performance of each Private Markets Investment Fund will be affected by the performance of each of such Private Markets Investment Fund's underlying investments. Many factors will contribute to the performance of each such investment including: default rates and levels and

**FOR ACCREDITED INVESTORS ONLY**

timing of recoveries on investments; the reinvestment rates obtained in connection with the purchase of such investments or in connection with the reinvestment of proceeds in temporary cash equivalent investments; and the reinvestment rates obtained in connection with the purchase of such investments or in connection with the reinvestment of proceeds in temporary cash equivalent investments, among other factors.

In addition, the performance of Private Markets Investment Funds are difficult to measure and therefore such measurements may not be as reliable as performance information for other investment products because, among other things: (i) there is often no market for underlying investments, (ii) Private Markets Investment Funds take years to achieve a realization event and are difficult to value before realization, (iii) Private Markets Investment Funds are made over time as capital is drawn down from investments, (iv) the performance record of their investments are not established until the final distributions are made, which may be 10-12 years or longer after the initial closing and (v) industry performance information for Private Markets Investment Funds' investments may be skewed upwards due to survivor bias and lack of reporting by underperforming managers.

**Non-Diversification Risk.** The Private Markets Investment Funds in which the Fund may invest may participate in a limited number of portfolio investments and, as a consequence, the aggregate return of the Private Markets Investment Funds may be substantially adversely affected by the unfavorable performance of even a single portfolio investment.

**Control of Portfolio Companies.** A Private Markets Investment Fund (alone, or together with other investors) may be deemed to have a control position with respect to some portfolio companies in which it invests that could expose it to liabilities not normally associated with minority equity investments, such as additional risks of liability for environmental damage, product defects, failure to supervise management, violation of governmental regulations and other types of liability in which the limited liability generally characteristic of business operations may be ignored.

**Reliance on Management.** Unless otherwise provided by the 1940 Act, investors will have no right or power to participate in the management of the Fund or remove or replace the Adviser. All decisions with respect to the management of the Fund will be made by the Adviser who, among other things, will select the investments of the Fund. The managers and general partners of the Private Markets Investment Funds selected by the Adviser will in turn make all decisions with respect to the assets invested in such Private Markets Investment Funds. The Adviser will have no direct management authority with respect to either the Private Markets Investment Funds or their portfolio companies and will be relying largely on the management skills of the advisors and managers of the Private Markets Investment Funds and their portfolio companies. The success of the Fund will be dependent upon, among other things, the financial judgment and abilities of the Adviser and the managers and general partners of the Private Markets Investment Funds and their affiliates. Of course, past performance of the Adviser and the managers or general partners of the Private Markets Investment Funds is not a guarantee of future results.

**Possibility of Fraud and Other Misconduct*.*** When the Fund invests in the Private Markets Investment Funds, the Fund does not have custody of the assets or control of its investment by the Private Markets Investment Funds. The Private Markets Investment Funds could divert or abscond with the Fund's assets, fail to follow agreed upon investment strategies, provide false reports of operations, or engage in other misconduct, resulting in losses to the Fund. Such misconduct is very difficult or impossible to detect and may not come to light until substantial losses have been incurred.

**Distressed, Special Situations and Venture Investments.** Investments in distressed companies and new ventures are subject to greater risk of loss than investments in companies with more stable operations or financial conditions. New ventures may require considerable additional capital to develop technologies and

**FOR ACCREDITED INVESTORS ONLY**

markets, acquire customers and achieve or maintain a competitive position. This capital may not be available at all, or on acceptable terms. Further, the technologies and markets of such companies may not develop as anticipated, even after substantial expenditures of capital. Such companies may face intense competition from established companies with much greater financial and technical resources, more extensive development, manufacturing, marketing and service capabilities, and a greater number of qualified managerial and technical personnel.

**Emerging Markets.** The Fund may invest, directly or indirectly, in portfolio companies based in emerging markets. The securities markets of emerging countries are generally smaller, less developed, less liquid, and more volatile than the securities markets of the United States and of developed foreign markets. Disclosure and regulatory standards in emerging markets are in many respects less stringent than in the United States and in developed foreign markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations has been extremely limited. Many emerging countries have experienced substantial, and in some periods extremely high, rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have very negative effects on the economies and securities markets of certain emerging countries. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values, and other protectionist measures imposed or negotiated by the countries with which they trade. The economies of countries with emerging markets may also be predominantly based on only a few industries or dependent on revenues from particular commodities. In many cases, governments of emerging countries continue to exercise significant control over their economies, and government actions relative to the economy, as well as economic developments generally, may affect the capacity of issuers of emerging country debt instruments to make payments on their debt obligations, regardless of their financial condition. In addition, there is a heightened possibility of expropriation or confiscatory taxation, imposition of withholding taxes on interest payments, or other similar developments that could affect investments in those countries. There can be no assurance that adverse political changes will not cause a loss of any or all of an investment and, in the case of fixed-income securities, interest thereon. It also may be difficult to enforce contractual or other legal rights in certain countries. For example, legal proceedings in certain jurisdictions may take many years longer to conclude than similar proceedings in more developed countries. Moreover, once a judgment is obtained, a variety of causes may make enforcement or collection of that judgment difficult.

**Market Disruption Risk and Terrorism Risk.** The military operations of the United States and its allies, the instability in various parts of the world and the prevalence of terrorist attacks throughout the world could have significant adverse effects on the global economy. In addition, certain illnesses spread rapidly and have the potential to significantly affect the global economy. Terrorist attacks, in particular, may exacerbate some of the foregoing risk factors. A terrorist attack involving, or in the vicinity of, a portfolio company in which the Fund or a Private Markets Investment Fund invests may result in a liability far in excess of available insurance coverage. The Adviser cannot predict the likelihood of these types of events occurring in the future nor how such events may affect the investments of the Fund.

**Investment and Repatriation Restrictions.** Foreign investment in securities of companies in certain of the countries in which the Fund may invest is restricted or controlled to varying degrees. Certain countries have laws and regulations that currently limit or preclude direct foreign investment in the securities of their companies. The risks relating to investments in non-U.S. securities may be heightened, for example, with respect to the possibility of nationalization or expropriation and limits on trade and foreign direct investment. In addition, certain countries may restrict or prohibit investment opportunities in issuers or industries deemed important to national interests. Such restrictions may affect the market price, liquidity and rights of securities that may be purchased by the Fund. Even where permitted, direct investments in certain companies may require significant government approvals under corporate, securities, foreign

**FOR ACCREDITED INVESTORS ONLY**

investment and other similar laws and may require financing and structuring alternatives that differ significantly from those customarily used in countries in other regions. These restrictions or controls may at times limit or preclude foreign investment above certain ownership levels or in certain sectors of the country's economy and increase the costs and expenses of the Fund. While regulation of foreign investment has liberalized in recent years in some countries, there can be no assurance that more restrictive regulations will not be adopted in the future. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales by foreign investors and foreign currency. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital interests and dividends paid on securities held by the Fund, and income on such securities or gains from the disposition of such securities may be subject to withholding taxes imposed by certain countries or other jurisdictions. These measures could adversely affect the returns associated with certain investments of the Fund.

**Competition.** The business of investing in private markets opportunities, such as leveraged acquisitions, reorganizations, and private equity situations is highly competitive, and successfully sourcing investments can be problematic given the high level of investor demand some investment opportunities receive. In addition, the current private equity environment has become even more competitive as hedge funds have begun to compete for investment opportunities that have traditionally been targeted by private equity funds. Moreover, the identification of attractive investment opportunities is difficult and involves a high degree of uncertainty. There are no assurances that the Fund will be able to invest fully its assets or that suitable investment opportunities will be available.

**Cybersecurity Risk**. The failure in cybersecurity systems, as well as the occurrence of events unanticipated in disaster recovery systems and management continuity planning could impair the ability of the Fund to conduct business effectively. The occurrence of a disaster such as a cyberattack, a natural catastrophe, an industrial accident, events unanticipated in the Adviser's disaster recovery systems, or a support failure from external providers, could have an adverse effect on the ability of the Fund to conduct business and on its results of operations and financial condition, particularly if those events affect computer-based data processing, transmission, storage, and retrieval systems or destroy data. Such events could also have an adverse effect on the Private Markets Investment Funds or their respective managers.

The Fund will depend heavily upon computer systems to perform necessary business functions. Despite implementation of a variety of security measures, computer systems could be subject to cyberattacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Like other companies, the Adviser or the managers of the Private Markets Investment Funds may experience threats to their data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, their computer systems and networks, or otherwise cause interruptions or malfunctions in their operations or the operations of the Fund or the Private Markets Investment Funds, which could result in reputational damage, financial losses, litigation, increased costs, and/or regulatory penalties.

Third parties with which the Fund will do business may also be sources of cybersecurity or other technological risks. Certain functions are outsourced and these relationships allow for the storage and processing of the Fund's or Adviser's information, as well as customer, counterparty, employee and borrower information. While the Adviser engages in actions to reduce exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above.

**Lack of Regulatory Oversight.** The Private Markets Investments Funds will not be registered as investment companies under the 1940 Act. The 1940 Act provides certain protections to investors and

**FOR ACCREDITED INVESTORS ONLY**

imposes certain restrictions on registered investment companies, none of which will be applicable to the Fund's investments in Private Markets Investment Funds.

**Legal, Tax and Regulatory Risks.** Legal, tax and regulatory changes during the term of the Fund's investments may adversely affect such investments. For example, from time to time the market for private equity transactions has been adversely affected by a decrease in the availability of senior and subordinated financing for such transactions, in part in response to regulatory pressure on providers of financing to reduce or eliminate their exposure to such transactions. Certain Private Markets Investment Funds or their portfolio companies may be in industries subject to extensive regulation by national governments and political subdivisions thereof. Certain regulations may prevent Private Markets Investment Funds or the Fund from making certain investments that they otherwise would make. Other regulations may require the Private Markets Investment Funds or the Fund to incur substantial additional costs or lengthy delays in connection with the completion of an investment. For example, the Fund may be subject to the regulations of the U.S. Federal Communications Commission ("FCC") if it invests in an entity that has a direct or indirect interest in, owns or controls a "media company" (as defined by FCC regulations), such as a television or radio station, cable system or daily newspaper. These restrictions may, among other things, prohibit certain communications between an investor (or such investor's officers, directors, partners or other officials) and the Adviser pertaining to the operations of the media company and may limit an investor from serving as an agent or employee of the Fund.

The Adviser has, or is part of a larger firm that has, multiple business lines active in several jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and evolving. The Fund, the Adviser, and their affiliates are subject to a number of unusual risks, including changing laws and regulations, developing interpretations of such laws and regulations, and increased scrutiny by regulators and law enforcement authorities. Some of this evolution may be directed at the private fund industry in general or certain segments of the industry, and may result in scrutiny or claims against the Fund, the Adviser, or their affiliates directly for actions taken or not taken by the Fund or the Adviser. These risks and their potential consequences are often difficult or impossible to predict, avoid or mitigate in advance, and might make some Portfolio Investments unavailable to the Fund. The effect on the Fund, the Adviser, or any affiliate of any such legal risk, litigation or regulatory action could be substantial and adverse.

Market disruptions and the dramatic increase in the capital allocated to alternative investment strategies during recent years have led to increased governmental as well as self-regulatory scrutiny of the alternative investment fund industry in general. Certain legislation proposing greater regulation of the industry periodically is considered by Congress, as well as the governing bodies of non-U.S. jurisdictions. It is impossible to predict what, if any, changes in the regulations applicable to the Fund or the Private Markets Investment Funds may be instituted in the future. Any such regulation could have a material adverse impact on the profit potential of the Fund or the Private Markets Investment Funds.

**Enhanced Scrutiny and Potential Regulation of the Private Investment Partnership Industry and the Financial Services Industry.** The Fund's ability to achieve its investment objectives, as well as the ability of the Fund to conduct its operations, is based on laws and regulations that are subject to change through legislative, judicial, and/or administrative action. Future legislative, judicial, and/or administrative action could adversely affect the Fund's ability to achieve its investment objectives, as well as the ability of the Fund to conduct its operations.

On July 21, 2010, President Obama signed into law the Dodd-Frank Act. The Dodd-Frank Act provided for a number of changes to the regulatory regime governing investment advisers and private investment funds, including the Adviser and the Fund. Among other effects, the Dodd-Frank Act imposed increased recordkeeping and reporting obligations on the Adviser and on the managers of the Private Markets

**FOR ACCREDITED INVESTORS ONLY**

Investment Funds. Records and reports relating to the Fund that must be maintained by the Adviser and are subject to inspection by the SEC include (i) assets under management and use of leverage (including off-balance-sheet leverage), (ii) counterparty credit risk exposure, (iii) trading and investment positions, (iv) valuation policies and practices of the Fund, (v) type of assets held, (vi) side arrangements or side letters; (vii) trading practices; and (viii) certain other information. While the Dodd-Frank Act subjects such records and reports to certain confidentiality provisions and provides an exemption from the U.S. Freedom of Information Act ("FOIA"), no assurance can be given that the mandated disclosure of records or reports to the SEC or other governmental entities will not have a significant negative impact on the Fund or the Adviser. It is possible that the increased regulatory burden, along with the corresponding increase in compliance costs, may cause some sponsors of Private Markets Investment Funds to exit the private fund industry, thereby decreasing the pool of eligible funds for investments.

The Adviser is required to comply with a variety of periodic reporting and compliance-related obligations under applicable laws (including, without limitation, the obligation of the Adviser and its affiliates to make regulatory filings with respect to the Fund and their activities under the Advisers Act (including, without limitation, Form PF and reports or notices in connection with the Alternative Investment Fund Managers Directive and/or U.S. Commodity Futures Tradition Commission-related matters)). In light of the heightened regulatory environment in which the Fund and the Adviser operate and the ever-increasing regulations applicable to private investment funds and their investment advisors, it has become increasingly expensive and time-consuming for the Fund, the Adviser, and their affiliates to comply with such regulatory reporting and compliance-related obligations. Furthermore, various federal, state, and local agencies have been examining the role of placement agents, finders, and other similar service providers in the context of investment by public pension plans and other similar entities, including investigations and requests for information. The Adviser may be required to provide certain information regarding investors in the Fund to regulatory agencies and bodies in order to comply with applicable laws and regulations. There can be no assurance that any of the foregoing will not have an adverse impact on the Adviser or otherwise impede the Fund's ability to effectively achieve its investment objectives.

**Investment Banking and Other Fees.** The manager of a Private Markets Investment Fund may receive the economic benefit of certain fees from its portfolio companies for investment banking services and in connection with unconsummated transactions (e.g., topping, break-up, monitoring, directors', organizational and set-up fees, and financial advisory fees).

**Material, Non-Public Information.** Managers of the Private Markets Investment Funds may acquire confidential or material non-public information or be restricted from initiating transactions in certain securities. A Private Markets Investment Fund would not be free to act upon any such information. Due to these restrictions, a Private Markets Investment Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell a portfolio investment that it might otherwise have sold.

**Constraints of Confidentiality Agreements.** In the course of its investment process, the Fund and/or the Adviser may be required to enter into confidentiality agreements with current or potential Private Markets Investment Funds, sellers of Secondary Fund Investments, portfolio companies and other counterparties that would prohibit the Fund and/or its affiliates from publicly disclosing sensitive information relating to certain investment opportunities. These arrangements could result in liabilities for the Fund, in particular if a Shareholder that is required or compelled to publicly release information regarding its investments, such as pursuant to FOIA or other similar state or local disclosure laws applicable to such Shareholder, publicly discloses such information in response to an information request or otherwise. The Fund may choose, but is not required, to decline such investment opportunities in order to avoid the risk of exposing the Fund to such liability. As a result, the Fund's investment flexibility may be constrained by these concerns, which

**FOR ACCREDITED INVESTORS ONLY**

may affect the Adviser's ability to broaden the Fund's investment portfolios and attain the diversification it would otherwise prefer.

**Provision of Managerial Assistance.** A Private Markets Investment Fund may obtain rights to participate substantially in and to influence substantially the conduct of the management of its portfolio companies that could expose such Private Markets Investment Fund or the Fund to claims by a portfolio company, its security holders and its creditors.

**Disposition of Investments.** In connection with the disposition of an investment in a portfolio company, a Private Markets Investment Fund may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of any business. A Private Markets Investment Fund may also be required to indemnify the purchasers of such investment to the extent that any such representation turns out to be inaccurate. These arrangements may result in contingent liabilities, which may ultimately have to be funded by the investors (including the Fund) in such Private Markets Investment Fund.

**Failure to Make Capital Contributions.** Typically, under its investment documentation or partnership agreement, a Private Markets Investment Fund may seek damages from an investor (such as the Fund) or impose upon the investor substantial penalties, such as the forfeiture of a substantial portion (e.g., 50% or more) of its investment in such Private Markets Investment Fund, if the investor fails to contribute a required installment of its capital commitment. A Private Markets Investment Fund may be unable to make planned investments if any of its investors fails to make required capital contributions, and may itself become subject to damages for breach of contract in respect of a planned investment. Accordingly, failure to make planned investments may adversely affect the value of the Fund's investment in a Private Markets Investment Fund and accordingly the value of an investment in the Fund.

**Indemnification.** A Private Markets Investment Fund may indemnify its managers and their affiliates and personnel against claims, liabilities and expenses, including legal fees, incurred by them by reason of their activities on behalf of a Private Markets Investment Fund and its respective portfolio companies. The Fund's indemnification obligations under such provisions generally will not be in excess of the Fund's capital commitment to, plus distributions from, such Private Markets Investment Fund.

**Tax Risks.** The Fund does not currently anticipate being classified as a "publicly offered regulated investment company" under the applicable tax rules, which may require the imputation of such expenses to the Fund's shareholders. Certain expenses of a RIC that is not "publicly offered," including advisory fees, may not be deductible by certain shareholders, generally including individuals and entities that compute their taxable income in the same manner as an individual (thus, for example, a qualified pension plan is not subject to this rule). Such shareholder's pro rata portion of the affected expenses will be treated as an additional dividend to the shareholder and will be deductible by such shareholder, subject to the 2% "floor" on miscellaneous itemized deductions and other limitations on itemized deductions set forth in the Internal Revenue Code. No miscellaneous itemized deduction is allowed for any taxable year beginning before 2026. A RIC is not "publicly offered" unless its shares are (i) continuously offered pursuant to a public offering (within the meaning of Section 4 of the Securities Act of 1933, as amended), (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year.

The Fund or underlying Portfolio Investments will seek to restrict non-qualifying income from such investments that do not generate qualifying income, to a maximum of 10% of its gross income (when combined with its other investments that produce non-qualifying income) to comply with the "Gross Income Test" (as described in the section below titled "U.S. Federal Income Tax Matters") necessary for the Fund to qualify as a RIC under Subchapter M of the Internal Revenue Code. To the extent the Fund invests in Portfolio Investments that make investments into portfolio companies that are partnerships or

**FOR ACCREDITED INVESTORS ONLY**

transparent for U.S. federal income tax purposes, the Fund may be allocated non-qualifying income from such portfolio companies. However, the Fund may generate more non-qualifying income than anticipated, may not be able to generate qualifying income in a particular taxable year at levels sufficient to meet the qualifying income test, or may not be able to accurately predict the non-qualifying income from these investments. Failure to comply with the Gross Income Test could have significant negative tax consequences to Fund shareholders. Under certain circumstances, the Fund may be able to cure a failure to meet the Gross Income Test, but in order to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) shareholder's returns.

The Fund may gain most of its exposure to certain operating portfolio companies and real estate through certain domestic and non-U.S. entities treated as corporations for U.S. federal income tax purposes within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code for qualification as a RIC. To the extent the Fund invests through domestic corporate entities (that are not REITs), any income will likely be subject to the 21% corporate level tax before being distributed to the Fund as a dividend. To the extent that the Fund invests through non-U.S. corporate entities, such entities may be treated as a "controlled foreign corporation" under the Internal Revenue Code. The IRS issued final regulations pursuant to which the "Subpart F" income (defined in Section 951 of the Internal Revenue Code to include certain passive income) of the Fund attributable to its investment in a "controlled foreign corporation" is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies. The Fund expects its "Subpart F" income attributable to its investment in such "controlled foreign corporations" to be derived with respect to the Fund's business of investing in stock, securities or currencies and to be treated as "qualifying income". The Adviser will carefully monitor the Fund's investments in such corporate entities to ensure that no more than 25% of the Fund's assets are treated as invested in a single "issuer" for purposes of the Asset Diversification Test (as described in the section below titled "U.S. Federal Income Tax Matters"). Failure to comply with the Asset Diversification Test could have significant negative tax consequences to Fund shareholders. Under certain circumstances, the Fund may be able to cure a failure to meet the Asset Diversification Test, but in order to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) shareholder's returns.

In addition, the Fund's investment in "controlled foreign corporations" may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax as described in the section below titled "U.S. Federal Income Tax Matters". Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the Adviser might not otherwise have chosen to do so. Failure to satisfy the Distribution Requirement will result in taxation of the Fund as a regular corporation subject to a 21% corporate tax. In such a case, the Fund would not qualify for any dividends paid deductions and it would generally be taxed on the full amount of its taxable income and gains. In addition, dividend payments to shareholders generally would be taxed as ordinary dividends even if such dividends are paid out of the Fund's long-term capital gains.

**Key Personnel.** The performance of the Fund will depend in significant part upon the skill and expertise of the key personnel of the Adviser and may be affected by key individuals joining or leaving the Adviser and its affiliates. The Adviser expects that such individuals will devote as much time as they believe is necessary to assist the Fund in achieving its investment objective; however, none of such individuals will devote substantially all of his or her working time to the affairs of the Fund. The loss of one or more of the Fund's key personnel could have a material adverse effect on the performance of the Fund. In addition, the performance of the Private Markets Investment Funds will depend in significant part upon the skill and expertise of the key personnel of the Private Markets Investment Fund's managers. The Fund will have little or no control on the amount of time such personnel will devote to the Private Markets Investment Funds or the ability of such Private Markets Investment Funds to retain key personnel. The loss of one or

**FOR ACCREDITED INVESTORS ONLY**

more key personnel could have a material adverse effect on the performance of the Private Markets Investment Funds, and thus of the Fund.

**Risks Related to Electronic Communication.** The Fund may provide to Shareholders statements, reports and other communications relating to the Fund and/or its Shares in electronic form, such as email or via a password protected website ("Electronic Communications"). Electronic Communications may be modified, corrupted, or contain viruses or malicious code, and may not be compatible with a Shareholder's electronic system. In addition, reliance on Electronic Communications involves the risk of inaccessibility, power outages or slowdowns for a variety of reasons. These periods of inaccessibility may delay or prevent receipt of reports or other information by the Shareholders.

**Potential Conflicts of Interest.** The Adviser and its affiliates engage in various financial, advisory and investment activities. Although these relationships and services should enable the Adviser to offer attractive opportunities to the Fund, such relationships and services may give rise to potential conflicts with the interests of the Fund and the Shareholders. Conflicts of interest described or contemplated herein and such other conflicts of interest that may arise from time to time will be resolved in the sole discretion of the Adviser. There can be no assurance that any actual or potential conflicts of interest will not adversely affect the Fund and the performance of the Fund, including, without limitation, the following:

*Client Relationships.* The Adviser and its affiliates have long-term relationships and provide investment advisory and other services to many clients. The Adviser may face conflicts of interest between activities or services performed for the Fund, on the one hand, and other clients on the other hand. In addition, the Adviser and its affiliates also have long-term relationships with investors who may invest or may have invested in Private Markets Investment Funds and their underlying portfolio companies. In addition, members of affiliates of the Adviser may also serve on the advisory boards of Private Markets Investment Funds and their affiliated fund, on the boards of entities that serve as the managers or advisers of the Private Markets Investment Funds, or on the boards of operating companies, including Private Markets Investment Funds or their affiliates. These and other similar relationships may raise conflicts between the Fund and other parties and may not be resolved in favor of the Fund.

*Other Activities of the Adviser*. The Adviser will devote such time as shall be reasonably necessary to conduct the business affairs of the Fund in an appropriate manner, and it is expected that the managers of the Private Markets Investment Funds and their affiliates will devote such time as shall be reasonably necessary to conduct the business affairs of the Private Markets Investment Funds in an appropriate manner. However, the Adviser, their employees, such managers and their affiliates may continue to hold economic interests in, and furnish advisory, consulting and/or management services to, other persons or entities and with respect to similar or different investments. In certain circumstances, the ability of the Adviser to affect transactions may be restricted by applicable regulatory requirements and by internal policies designed to comply within such requirements. As a result, there may be periods when, as a result of the Adviser's or its affiliates' activities on behalf of other clients, they will not be able to engage in certain types of transactions on behalf of the Fund.

*Allocation of Investment Opportunities*. In addition, the Adviser has established prior funds and advises separate account clients, and the Adviser and its affiliates intend to establish subsequent funds and advise future separate account clients, that invest or will invest pursuant to the same investment strategy as the Fund. Although the Adviser will use reasonable efforts to assure that investment opportunities appropriate for both the Fund and one or more of its other funds or separate account clients (other than certain of those opportunities that are brought to the Adviser's attention by or through such separate accounts) are allocated among the accounts of the Adviser (including the Fund and any other funds and separate accounts) on a basis that, over time, is fair and equitable, the Fund (i) will not have any rights to certain investments that are brought to the Adviser's attention by or through such separate accounts; (ii) will not have exclusive

**FOR ACCREDITED INVESTORS ONLY**

rights to any investment opportunities in relation to the rights of such funds or separate accounts; and (iii) will not be entitled to any specific *pro rata* investment rights in relation to such funds or separate accounts. In the event of any potential conflicts of interest, including with respect to investment opportunities, the Adviser and its members will act in the manner that they in good faith believe to be in the best interests of the Fund. In the event that a conflict of interest does arise, such conflict should be resolved in a fair and equitable manner.

The 1940 Act imposes significant limits on the ability of the Fund to co-invest with other funds and accounts managed by the Adviser. The Adviser and the Fund may apply for an exemptive order from the SEC that would expand the Fund's ability to co-invest alongside the Adviser and its affiliates in Portfolio Investments. There is no assurance that the Adviser or the Fund will receive such an exemptive order on a timely basis or at all. Until they obtain such exemptive order, or if they are not able to obtain the exemptive order, the Fund will not be permitted to participate in certain investments with the Adviser's other funds and separate accounts. This may reduce the Fund's ability to deploy capital and invest its assets. The Fund may be forced to invest in cash, cash equivalents or other assets that may result in lower returns than otherwise may be available if the exemptive order were obtained.

However, even if granted, the SEC exemptive order will contain certain conditions that may limit or restrict the Fund's ability to participate in such Portfolio Investment, including, without limitation, in the event that the available capacity with respect to a Portfolio Investment is less than the aggregate recommended allocations to the Fund. In such cases, the Fund may participate in an investment to a lesser extent or, under certain circumstances, may not participate in the investment.

The Adviser, the portfolio managers of the Private Markets Investment Funds and their respective affiliates may provide services to other client accounts, investment funds and other entities that may invest in the same types of securities as the Private Markets Investment Funds or the Fund. The Adviser and certain of its investment professionals and other principals, also may carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, with the other accounts advised by the Adviser and their affiliates, "Other Accounts"). In addition, the Adviser may offer the Other Accounts and/or other unaffiliated investors ("Other Investors") the ability to invest directly in the Private Markets Investment Funds. Allocation decisions will be made fairly, based on all available facts and circumstances. Nonetheless, there may be instances when allocating investments where some Other Investors may participate in certain opportunities made available to the Adviser while the Fund may not. Where accounts have competing interests in a limited investment opportunity, the Adviser does not typically allocate investment opportunities pro rata among funds and clients but rather allocates investment opportunities on the basis of numerous other considerations, including, without limitation, an account's cash flows, investment objectives and restrictions, participation in other opportunities, appropriate design and balancing of investment portfolios of such account, compliance with applicable laws, and tax concerns as well as the relative size of different accounts' same or comparable portfolio holdings. Furthermore, the Fund may face competition from these entities for investment opportunities and for the time and attention of their management personnel. As a result, the Fund (i) may not be offered the opportunity to participate in all investment opportunities identified by the Adviser and/or (ii) may not obtain its desired allocation to a particular Private Markets Investment Fund. Competition may also increase the prices the Fund pays for its investments or decrease the price received on sales of investments. In addition, the Adviser may receive fees from Other Accounts and Other Investors that are greater than those charged by the Fund, which could create a conflict of interest with respect to the allocation of investment opportunities. Portfolio managers of the Private Markets Investment Funds may also receive fees from other client accounts and investment funds that they provide services to that are greater than those charged to the Fund, which could also create a conflict of interest. In the event that a conflict of interest does arise, such conflict should be resolved in a fair and equitable manner. Furthermore, where such investment opportunities involve the Adviser and its

**FOR ACCREDITED INVESTORS ONLY**

members, officers, directors, employees and affiliates, such decisions will also be made in accordance with their respective code of ethics of the Adviser.

The Fund will not have exclusive rights to investment opportunities in relation to the rights of such other funds. "Cross transactions" between the Fund and other of the Adviser's clients may give rise to a conflict of interest between the Fund and those of the other parties to the transaction. To the extent that the Fund makes an investment in the same investment opportunity as Other Accounts or Other Investors (each, a "<u>Side-by-Side Investment</u>"), such Side-by-Side Investment may be impacted by the actions of the Other Accounts and/or Other Investors. For example, in some instances another of the Advisor's affiliated funds may own a large percentage of a Side-by-Side Investment. The withdrawal of the affiliated fund from such Side-by-Side Investment may (i) negatively impact the price of the securities held by the Side-by-Side Investment or (ii) trigger the liquidation and termination of the Side-by-Side Investment.

**MANAGEMENT OF THE FUND**

<u>The Board of Trustees</u>

The Board is responsible for the overall management of the Fund, including the supervision of the duties performed by the Adviser. The Board is comprised of three Trustees, two of whom are not "interested persons" of the Fund, as that term is defined by the 1940 Act. The Trustees are responsible for the Fund's overall management, including adopting the investment and other policies of the Fund, electing officers of the Fund and selecting and supervising the Adviser. The name and business address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth in the section of the SAI entitled "Trustees and Officers of the Fund."

<u>The Adviser</u>

The Adviser, 53 State Street, 23rd Floor, Boston, MA 02109, serves as the Fund's investment adviser pursuant to the terms of the Investment Advisory Agreement. The Adviser was established in May 2000 and filed for investment adviser registration with the SEC in 2013. As of December 31, 2021, the Adviser managed client assets of approximately $1,390,508,169 on a discretionary basis and $7,458,604,004 on a non-discretionary basis for a total of $8,849,112,173. The Adviser manages the Fund's business affairs and provides daily administrative services.

The Adviser is a Delaware limited liability company and SEC registered investment adviser. Registration with the SEC does not imply any level of skill or training. In providing asset management services, the Adviser gives advice as to the investment of funds on the basis of the particular needs of its clients. In the case of institutional investors, unless otherwise agreed, these services are offered to the institution, such as private investment funds, pension plans and other institutions that are clients of the Adviser, and not directly to the investors, limited partners, members, participants or clients of such institutions. The Adviser can also provide regular and continuous advisory services to high net worth individuals. In managing assets, the Adviser considers the specific investment objective and strategies, as well as guidelines and restrictions, established for each client account and tailors its advisory services accordingly. The Adviser normally retains full investment discretion to buy and sell securities and otherwise make investment decisions for asset management accounts that it manages directly. In addition to the other services, the Adviser may, in appropriate circumstances, provide certain clients with information and/or advice regarding investments in the Adviser's own sponsored, private investment funds including private equity funds and private real estate funds.

**FOR ACCREDITED INVESTORS ONLY**

In consideration of the services provided by the Adviser to the Fund, the Fund pays the Adviser a Management Fee, accrued daily and payable monthly, at the annual rate of 0.65% of the Fund's average daily Managed Assets. "Managed Assets" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), and calculated before giving effect to any repurchase of shares on such date. The Management Fee is paid to the Adviser out of the Fund's assets and, therefore, decreases the net profits or increases the net losses of the Fund.

A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement will be available in the Fund's Annual Report to Shareholders for the period ended June 30, 2023.

<u>Portfolio Management</u>

The Fund is managed by the Adviser's investment committee (the "Investment Committee") which is primarily responsible for their day-to-day management. The Investment Committee is comprised of David Shepherd and Richard Blair.

**David Shepherd**

**Founder, Managing Member**

Mr. Shepherd is an owner and a member of the Management Board of Shepherd Kaplan Krochuk. He has the primary responsibility for the Institutional Advisory Practice. He oversees the Wealth Management investment research and fiduciary consulting resources, and heads the proprietary systems development strategy alongside the Adviser's in-house technology team. Mr. Shepherd co-chairs the Adviser's Investment Committee and works closely with the Research Committee. Mr. Shepherd has more than 25 years of experience in investment research, product development and consulting to the pension, endowment, foundation and family office marketplace. He advises the Investment Committees of numerous corporations on investment policy design, monitoring regimens and fiduciary compliance. Mr. Shepherd is on the boards of Etiometry Inc., Cristcot LLC, and the Make-A-Wish Foundation. He holds a degree in Economics and Finance from Boston University.

**Richard Blair, CFA®, CAIA®**

**Senior Vice President, Research** 

Richard Blair is Senior Vice President of Research for the Adviser, with primary responsibility for developing investment strategy and alternative investment research. He conducts research on capital markets, securities analysis, macroeconomics, investment strategies and portfolio construction for institutional, endowment & foundation, and high-net-worth clients. Mr. Blair leads qualitative and quantitative due diligence of alternative investment managers and strategies. Mr. Blair is a member of the Firm's Research Committee and assists the Firm's Investment Committee. Prior to joining the Adviser, Mr. Blair contributed to asset allocation, portfolio construction, and manager selection for the Amherst College Investment Office. He is a graduate of the University of Delaware, a CFA charterholder, and a CAIA charterholder.

**FOR ACCREDITED INVESTORS ONLY**

<u>Other Service Providers</u>

PPB Capital Partners, LLC (or its designee) ("Fund Administrator") serves as the Fund's administrator, fund accountant, and transfer agent and performs certain administration, accounting, and investor services for the Fund. In consideration for these services, the Fund pays Fund Administrator a fee based on the average net assets of the Fund (subject to certain minimums) and will reimburse the Fund Administrator for out-of-pocket expenses.

Fifth Third Bank, National Association, serves as the Fund's custodian.

**FEES AND EXPENSES**

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

Expenses borne by the Fund (and, thus, indirectly by Shareholders) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses related to the investment program, including, but not limited to: (i) expenses borne through investments in the Private Markets Investment Funds, including, without limitation, any fees and expenses charged by the managers of the Private Markets Investment Funds (such as management fees, performance, carried interests or incentive fees or allocations, monitoring fees, property management fees, and redemption or withdrawal fees); (ii) all costs and expenses directly related to portfolio transactions and positions for the Fund's account, such as expenses associated with the Fund's investments in Private Markets Investment Funds (whether or not consummated), and enforcing the Fund's rights in respect of such investments; (iii) transfer taxes and premiums; (iv) taxes withheld on non-U.S. dividends or other non-U.S. source income; (v) fees for data, software and technology providers; (vi) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vii) if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees of the Trustees who are not "interested persons" (as such term is defined in the 1940 Act) of the Fund (the "Independent Trustees"), and the costs and expenses of holding any meetings of the Board or Shareholders that are regularly scheduled, permitted or required to be held under the terms of the Fund's governing documents, the 1940 Act or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees and disbursements of any attorneys, accountants, auditors and other consultants and professionals engaged on behalf of the Fund and the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of a fidelity bond and any liability or other insurance obtained on behalf of the Fund, its officers or the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recordkeeping, custody, administration and transfer agency fees and expenses, and fees and expenses;

**FOR ACCREDITED INVESTORS ONLY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses of preparing, setting in type, printing and distributing reports and other communications to Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses of preparing and filing regulatory documents with the SEC or any federal or state regulator or agency;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any non-routine expenses, which are expenses incurred outside of the ordinary course of business, including, without limitation, those relating to reorganizations, litigation, conducting Shareholder meetings and tender offers and liquidations;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs and charges related to electronic platforms through which investors may access, complete and submit subscription and other fund documents or otherwise facilitate activity with respect to their investment in the Fund; and

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

The Fund will reimburse the Adviser for any of the above expenses that it pays on behalf of the Fund.

The Fund's offering costs are expected to be capitalized and amortized over the 12-month period beginning on the date the Fund commences operations.

The Private Markets Investment Funds bear various expenses in connection with their operations similar to those incurred by the Fund. The managers of Private Markets Investment Funds generally assess asset-based fees to, and receive incentive-based allocations from, the Private Markets Investment Funds. As a result, the investment returns of the Private Markets Investment Funds will be reduced. As an investor in the Private Markets Investment Funds, the Fund will directly bear its proportionate share of the expenses and fees of the Private Markets Investment Funds and will also be subject to incentive allocations to the Private Markets Investment Fund.

**CALCULATION OF NET ASSET VALUE**

The Fund calculates its NAV as of the close of business on the last business day of each calendar quarter, each date that Shares are offered or repurchased, as of the date of any distribution and at such other times as the Board shall determine (each, a "Determination Date"). In determining its NAV, the Fund values its investments as of the relevant Determination Date. The NAV of the Fund equals, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date.

The Adviser oversees the valuation of the Fund's investments on behalf of the Fund. The Board has approved valuation procedures for the Fund, which are in substance identical (the "Valuation Procedures").

**FOR ACCREDITED INVESTORS ONLY**

**Private Markets Investment Funds**

The Valuation Procedures provide that the Fund will value its investments in Private Markets Investment Funds and direct private equity investments at fair value. The fair value of such investments as of each Determination Date ordinarily will be the capital account value of the Fund's interest in such investments as provided by the relevant Private Markets Investment Fund manager as of or prior to the relevant Determination Date; provided that such values will be adjusted for any other relevant information available at the time the Fund values its portfolio, including capital activity and material events occurring between the reference dates of the Private Markets Investment Fund manager's valuations and the relevant Determination Date.

A meaningful input in the Fund's Valuation Procedures will be the valuations provided by the Private Markets Investment Fund managers. Specifically, the value of the Fund's investment in Private Markets Investment Funds generally will be valued using the "practical expedient," in accordance with Accounting Standards Codification (ASC) Topic 820, based on the valuation provided to the Adviser by the Private Markets Investment Fund in accordance with the Private Markets Investment Fund's own valuation policies. Generally, Private Markets Investment Fund managers value investments of their Private Markets Investment Funds at their market price if market quotations are readily available. In the absence of observable market prices, Private Markets Investment Fund managers value investments using valuation methodologies applied on a consistent basis. For some investments little market activity may exist. The determination of fair value by Private Markets Investment Fund managers is then based on the best information available in the circumstances and may incorporate management's own assumptions and involves a significant degree of judgment, taking into consideration a combination of internal and external factors, including the appropriate risk adjustments for nonperformance and liquidity risks. Investments for which market prices are not observable include private investments in the equity of operating companies, real estate properties or certain debt positions.

The actual returns realized by a Private Markets Investment Fund on the disposition of its investments, and thus the returns realized by the Fund on its investment in such Private Markets Investment Fund, will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the Private Markets Investment Fund manager's valuations are based. The Adviser and the Fund have no oversight or control over the implementation of a Private Markets Investment Fund manager's valuation process.

In reviewing the valuations provided by Private Markets Investment Fund managers, the Valuation Procedures require the consideration of all relevant information reasonably available at the time the Fund values its portfolio. The Adviser will consider such information, and may conclude in certain circumstances that the information provided by the Private Markets Investment Fund manager does not represent the fair value of a particular Private Markets Investment Fund or direct private equity investment. In accordance with the Valuation Procedures, the Adviser will consider whether it is appropriate, in light of all relevant circumstances, to value such interests based on the net asset value reported by the relevant Private Markets Investment Fund manager, or whether to adjust such value to reflect a premium or discount to such NAV. Any such decision will be made in good faith, and subject to the review and supervision of the Board.

For example, Private Markets Investment Fund managers may value investments in portfolio companies and direct private equity investments at cost. The Valuation Procedures provide that, where cost is determined to best approximate the fair value of the particular security under consideration, the Adviser may approve such valuations. In other cases, the Adviser may be aware of sales of similar securities to third parties at materially different prices, or of other circumstances indicating that cost may not approximate

**FOR ACCREDITED INVESTORS ONLY**

fair value (which could include situations where there are no sales to third parties). In such cases, the Fund's investment will be revalued in a manner that the Adviser, in accordance with the Valuation Procedures, determines in good faith best approximates market value. From time to time, one or more independent valuation firms may be engaged to assist in the valuation process. These firms may value investments using a number of approaches as appropriate, and the Adviser may implement the methodologies used by these firms. Among approaches that might be utilized is a market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business), or an income approach, which uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The foregoing approaches are not exhaustive and other methodologies may be employed as appropriate. The Board will be responsible for ensuring that the Valuation Procedures are fair to the Fund and consistent with applicable regulatory guidelines.

Notwithstanding the above, Private Markets Investment Fund managers may adopt a variety of valuation bases and provide differing levels of information concerning Private Markets Investment Funds and direct private equity investments, and there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. None of the Board, the Adviser will be able to confirm independently the accuracy of valuations provided by any Private Markets Investment Fund managers (which are generally unaudited).

Prospective investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's net asset value if the judgments of the Board, the Adviser or the Private Markets Investment Fund managers regarding appropriate valuations should prove incorrect. Additionally, Private Markets Investment Fund managers will generally only provide determinations of the net asset value of Private Markets Investment Funds periodically, in which event it may not be possible to determine the Fund's NAV more frequently.

**Other Investments**

Market quotations will not be readily available for most of the Fund's investments. To the extent the Fund holds securities or other instruments that are not investments in Private Markets Investment Funds or direct private equity investments, the Fund will generally value such assets as described below.

<u>Equity Securities</u>. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on an exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. Eastern Time if such exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If such prices are not available or determined to not represent the fair value of the security as of the Fund's pricing time, the security will be valued at fair value as determined in good faith using methods approved by the Board.

<u>Money Market Securities and other Debt Securities</u>. If available, money market securities and other debt securities are priced based upon valuations provided by recognized independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. Money market securities and other debt securities with remaining maturities of sixty days or less may be valued at

**FOR ACCREDITED INVESTORS ONLY**

their amortized cost, which approximates market value. If such prices are not available or determined to not represent the fair value of the security as of the Fund's pricing time, the security will be valued at fair value as determined in good faith using methods approved by the Board.

<u>Foreign Securities</u>. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. Exchange rates are provided daily by recognized independent pricing agents.

<u>Derivatives and Other Complex Securities</u>. Non-centrally cleared swaps, collateralized debt obligations, collateralized loan obligations and bank loans are priced based on valuations provided by an independent third party pricing agent. If a price is not available from an independent third party pricing agent, the security will be valued at fair value as determined in good faith using methods approved by the Board.

<u>Use of Third-Party Independent Pricing Agents and Independent Brokers</u>. Prices for certain securities held by the Fund are provided daily by third-party independent pricing agents that are approved by the Board. The valuations provided by third-party independent pricing agents are reviewed daily by the Adviser.

If a security price cannot be obtained from an independent, third-party pricing agent, the Fund shall seek to obtain a bid price from at least one independent broker.

<u>Fair Value Procedures</u>. Securities for which market prices are not "readily available" or which cannot be valued using the methodologies described above are valued in accordance with Fair Value Procedures established by the Board and implemented through the Fair Value Pricing Committee established by the Board. The members of the Fair Value Pricing Committee report, as necessary, to the Board regarding portfolio valuation determinations. The Board, from time to time, will review these methods of valuation and will recommend changes which may be necessary to assure that the investments of the Fund are valued at fair value.

Some of the more common reasons that may necessitate a security being valued using Fair Value Procedures include: the security's trading has been halted or suspended; the security has been de-listed from a national exchange; the security's primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the security's primary pricing source is not able or willing to provide a price; trading of the security is subject to local government-imposed restrictions; or a significant event with respect to a security has occurred after the close of the market or exchange on which the security principally trades and before the time the Fund calculates net asset value. When a security is valued in accordance with the Fair Value Procedures, the Fair Value Pricing Committee will determine the value after taking into consideration relevant information reasonably available to the Fair Value Pricing Committee.

**CONFLICTS OF INTEREST**

**The Adviser's Other Accounts**

The Adviser or its affiliates provide or may provide investment advisory and other services to and carry on substantial investment activities for various Other Accounts (as previously defined). The Adviser and the investment professionals who manage the Fund's investment portfolios will be engaged in certain activities for Other Accounts, and may have conflicts of interest in allocating their time and activities among the Fund and the Other Accounts. These investment professionals will devote as much of their time to the affairs of the Fund as in their judgment is necessary and appropriate.

**FOR ACCREDITED INVESTORS ONLY**

The Fund has no interest in the activities performed by the Adviser and certain of its investment professionals and other principals for Other Accounts, and investment decisions for the Fund are made independently of such Other Accounts. If, however, the Fund desires to invest in, or withdraw from, the same Private Markets Investment Fund as an Other Account, the opportunity will be allocated fairly, reasonably and equitably in accordance with the Adviser's allocation policies and procedures, as discussed below. There may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Fund's assets. There also may be circumstances under which the Adviser will consider participation by Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Fund, or vice versa.

The Adviser will use reasonable efforts to assure that investment opportunities that are discovered by or brought to the attention of the Adviser (other than by or through an Other Account when the Adviser determines in good faith that such opportunity would not otherwise have come to its attention in a timely manner) and which are appropriate for the Fund and one or more Other Accounts are offered to, or allocated among, the Fund and Other Accounts on a basis that is fair and equitable, taking into account such factors as the Adviser, acting in good faith, believes are appropriate under the circumstances.

In the event, however, that the size of any available investment is limited to a degree that prevents one or more of the proposed investors from participating, the Adviser may choose to allocate such investment opportunity to a subset of such investors in its sole discretion. Similarly, if there is a limit on the number of subscriptions accepted by any investment target, the Adviser may choose to cause one or more of the Fund or Other Accounts to invest through a nominee entity or may allocate such investment among the proposed investors in its sole discretion.

The Fund, in compliance with applicable law, may sell its investments to another client advised by the Adviser, the Adviser or one of their affiliates and may purchase an investment from another client advised by the Adviser, the Adviser or one of their affiliates.

The 1940 Act imposes significant limits on the Fund's co-investing with its affiliates. The Adviser, the Adviser and the Fund may apply for an exemptive order from the SEC that would expand the Fund's ability to co-invest alongside their affiliates in privately negotiated transactions. However, even if granted, the SEC exemptive order will contain certain conditions that may limit or restrict the Fund's ability to participate in such co-investments, including, without limitation, in the event that the available capacity with respect to a co-investment is less than the aggregate recommended allocations to the Fund. In such cases, the Fund may participate in an investment to a lesser extent or, under certain circumstances, may not participate in the investment.

The Adviser, the portfolio managers of the Private Markets Investment Funds and their respective affiliates may provide services to Other Accounts. In addition, the Adviser may offer the Other Accounts and/or Other Investors the ability to invest directly in the Private Markets Investment Funds. Allocation decisions will be made fairly, based on all available facts and circumstances. Nonetheless, there may be instances when allocating investments where some Other Investors may participate in certain opportunities made available to the Adviser while the Fund may not. Where accounts have competing interests in a limited investment opportunity, the Adviser does not typically allocate investment opportunities pro rata among funds and clients but rather allocates investment opportunities on the basis of numerous other considerations, including, without limitation, an account's cash flows, investment objectives and restrictions, participation in other opportunities, appropriate design and balancing of investment portfolios of such account, compliance with applicable laws, and tax concerns as well as the relative size of different accounts' same or comparable portfolio holdings. Furthermore, the Fund may face competition from these entities for investment opportunities and for the time and attention of their management personnel. As a

**FOR ACCREDITED INVESTORS ONLY**

result, the Fund (i) may not be offered the opportunity to participate in all investment opportunities identified by the Adviser and/or (ii) may not obtain its desired allocation to a particular Private Markets Investment Fund. Competition may also increase the prices the Fund pays for its investments or decrease the price received on sales of investments. In addition, the Adviser may receive fees from Other Accounts and Other Investors that are greater than those charged by the Fund, which could create a conflict of interest with respect to the allocation of investment opportunities. Portfolio managers of the Private Markets Investment Funds may also receive fees from other client accounts and investment funds that they provide services to that are greater than those charged to the Fund, which could also create a conflict of interest. In the event that a conflict of interest does arise, such conflict should be resolved in a fair and equitable manner. Furthermore, where such investment opportunities involve the Adviser and its members, officers, directors, employees and affiliates, such decisions will also be made in accordance with their respective code of ethics of the Adviser.

**Payments to Financial Intermediaries**

The Adviser intends to compensate, from its own resources, certain financial intermediaries in connection with the distribution of Shares in the Fund or for their ongoing servicing of Shares acquired by their clients. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall NAV of the Fund, or a fee determined in some other method by negotiation between the Adviser and such financial intermediaries. Each financial intermediary also may charge investors, at the financial intermediary's discretion, a placement fee based on the purchase price of Fund Shares purchased by the investor. All or a portion of such compensation may be paid by a financial intermediary to the financial advisory personnel involved in the sale of Shares. As a result of the various payments that financial intermediaries may receive from investors and the Adviser, the amount of compensation that a financial intermediary may receive in connection with the sale of Shares in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a financial intermediary to recommend the Fund over another investment product.

Financial intermediaries may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Adviser, Private Markets Investment Funds or their portfolio companies or investment vehicles managed or sponsored by the Adviser, or Private Markets Investment Fund managers may (i) purchase securities or other assets directly or indirectly from, (ii) enter into financial or other transactions with or (iii) otherwise convey benefits through commercial activities to a financial intermediary. As such, certain conflicts of interest may exist between such persons and a financial intermediary. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Financial intermediaries may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund or a Private Markets Investment Fund. Such entities may compete with the Fund or a Private Markets Investment Fund for investment opportunities and may invest directly in such investment opportunities. Financial intermediaries that invest in a Private Markets Investment Fund or a portfolio company of a Private Markets Investment Fund may do so on terms that are more favorable than those of the Fund.

Financial intermediaries that act as selling agents for the Fund also may act as distributor for a Private Markets Investment Fund in which the Fund invests and may receive compensation in connection with such activities. Such compensation would be in addition to the placement fees described above. A financial intermediary may pay all or a portion of the fees paid to it to certain of its affiliates, including, without limitation, financial advisors whose clients purchase shares of the Fund. Such fee arrangements may create

**FOR ACCREDITED INVESTORS ONLY**

an incentive for a financial intermediary to encourage investment in the Fund, independent of a prospective Shareholder's objectives.

A financial intermediary may provide financing, investment banking services or other services to third parties and receive fees therefor in connection with transactions in which such third parties have interests which may conflict with those of the Fund or a Private Markets Investment Fund. A financial intermediary may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund, a Private Markets Investment Fund or a portfolio company. A financial intermediary may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund, a Private Markets Investment Fund or a portfolio company. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or advisor, investment sub-advisor, placement agent, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, rating agency, interfund lending servicer, Fund accountant, transaction (e.g., a swap) counterparty and/or lender.

In addition, issuers of securities held by the Fund or a Private Markets Investment Fund may have publicly or privately traded securities in which a financial intermediary is an investor or makes a market. The trading activities of financial intermediaries generally will be carried out without reference to positions held by the Fund or a Private Markets Investment Fund and may have an effect on the value of the positions so held, or may result in a financial intermediary having an interest in the issuer adverse to the Fund or the Private Markets Investment Fund. No financial intermediary is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund or a Private Markets Investment Fund has an interest.

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

Set out below are practices that the Adviser may follow. Although the Adviser anticipates that the managers of Private Markets Investment Funds will follow practices similar to those described below, no guarantee or assurances can be made that similar practices will be followed or that any such manager will abide by, and comply with, its stated practices. A Private Markets Investment Fund manager may provide investment advisory and other services, directly or through affiliates, to various entities and accounts other than Portfolio Investments.

**Participation in Investment Opportunities**

Directors, principals, officers, employees and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund or a Private Markets Investment Fund in which the Fund invests. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Adviser, or by the Adviser for the Other Accounts, or by a Private Markets Investment Fund manager or any of its respective affiliates on behalf of their own other accounts ("Investment Fund Manager Accounts") that are the same as, different from or made at a different time than, positions taken for the Fund or a Private Markets Investment Fund.

The Fund will not have exclusive rights to investment opportunities in relation to the rights of such other funds. "Cross transactions" between the Fund and other of the Adviser's clients may give rise to a conflict of interest between the Fund and those of the other parties to the transaction. To the extent that the Fund makes a Side-by-Side Investment, such Side-by-Side Investment may be impacted by the actions of the

**FOR ACCREDITED INVESTORS ONLY**

Other Accounts and/or Other Investors. For example, in some instances another of the Advisor's affiliated funds may own a large percentage of a Side-by-Side Investment. The withdrawal of the affiliated fund from such Side-by-Side Investment may (i) negatively impact the price of the securities held by the Side-by-Side Investment or (ii) trigger the liquidation and termination of the Side-by-Side Investment.

**Other Matters**

A Private Markets Investment Fund manager, from time to time, may cause a Private Markets Investment Fund to effect certain principal transactions in securities with one or more Investment Fund Manager Accounts, subject to certain conditions. Future investment activities of the Private Markets Investment Fund managers, or their affiliates, and the principals, partners, directors, officers or employees of the foregoing, may give rise to additional conflicts of interest.

The Adviser and its affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund. These transactions would be effected in circumstances in which the Adviser determined that it would be appropriate for the Fund to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument on the same day.

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

**PURCHASE OF SHARES**

Investors will be able to purchase Fund Shares quarterly directly from the Fund at its NAV calculated as of the last business day of each quarter. Shareholders may attempt to sell their Fund Shares through a tender of their Fund Shares to the Fund in connection with a semi-annual repurchase offer, if the Tender Offer is approved by the Board.

**Purchase Terms for Fund Shares**

The Fund may accept direct orders for initial and additional purchases of Shares. Good Orders (as defined below) will be effective as of the first business day of each calendar quarter or at such other times as the Fund establishes a NAV in its sole discretion. While the Fund intends to have quarterly closings, the Board reserves the right in its sole discretion to suspend quarterly closings from time to time when it believes it is in the best interests of the Fund. As discussed further below under "Eligible Investors," each prospective investor will be required to complete a subscription agreement ("Subscription Agreement") and certify that the Shares being purchased are being acquired by an Eligible Investor and provide any additional supporting documentation, as applicable. A prospective investor's completed Subscription Agreement and subscription monies must be received in good order by the Fund and accepted by the Fund no later than 4:00 p.m. on the last business day of the quarter for a subscription into the Fund (such received and accepted orders are referred to herein as a "Good Order"). If such Good Order is executed directly with the Fund, the Good Order will be effective as of the first business day of the quarter following the receipt of the Good Order. To meet this deadline, the Fund recommends prospective investors adhere to the following deadlines:

• The Subscription Agreement should be received by the Fund five business days before the last business day of the quarter.

• If an investor purchases Shares by wired funds, the investor's wire should be received by the Fund three business days before the last business day of the quarter.

**FOR ACCREDITED INVESTORS ONLY**

• If an investor purchases Shares by check, the investor's check should be received by the Fund in time for the check to clear three business days before the last business day of the quarter. Therefore, all checks should be received by the Fund ten business days before the last business day of the quarter.

• If an investor is purchasing Shares in an Individual Retirement Account (an "IRA"), the Subscription Agreement should also be signed by the qualified IRA custodian or trustee of the IRA and the investor should comply with the payment deadlines described above.

Only Good Orders executed directly with the Fund will be effective as of the first business day of the quarter following the receipt of the Good Order or at such other time as the Fund establishes a NAV in its sole discretion. As a result, an investor who misses the above deadlines may have the effectiveness of its investment in the Fund delayed until the following quarter.

Purchase orders that are properly submitted are binding obligations of the purchaser once such orders are accepted by the Fund, and such purchase orders cannot be rescinded or modified after the Fund's acceptance. For example, if an investor submitted a purchase order to the Fund on the last business day of a quarter, and the Fund were to accept such order on the second business day of the following quarter, such order is a binding obligation of the investor to purchase shares as of 4:00 p.m. on the last business day of the quarter of acceptance.

Any amounts received in advance of initial or additional purchases of Shares are placed in a non-interest-bearing account prior to being invested in the Fund, in accordance with Rule 15c2-4 under the Exchange Act. The Fund reserves the right to reject any purchase of Shares in certain circumstances (including, without limitation, when the Fund has reason to believe that such purchase would be unlawful). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective investor.

The minimum initial investment in the Fund is $100,000, and the minimum additional investment in the Fund is $50,000. The Adviser may reduce the minimum initial and additional investment amounts in its sole discretion. The Fund reserves the right to repurchase all of the Shares held by a Shareholder if the Shareholder's account balance in the Fund, as a result of repurchase or transfer requests by the Shareholder is less than $10,000.

You will ordinarily submit your purchase orders through your financial intermediary through which you opened your Shareholder account. With approval of the Fund or its agent, a potential Shareholder that is pre-qualified as an Eligible Investor by the Shareholder's financial intermediary may open up an account directly with the Transfer Agent. Please have your financial intermediary contact the Transfer Agent for additional details. All investments must be made by check, Automated Clearing House ("ACH"), or wire. All checks must be made payable in U.S. dollars and drawn on U.S. financial institutions. The Fund does not accept purchases made by third-party checks, credit cards, credit card checks, cash, traveler's checks, money orders or cashier's checks.

Non-U.S. persons may be permitted to invest in the Fund subject to the satisfaction of enhanced due diligence. Please contact the Fund for more information.

**Eligible Investors**

Each prospective investor in the Fund will be required to certify to the Fund that the Shares are being acquired for the account of an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act. Investors who are "accredited investors" are referred to in this Prospectus as "Eligible Investors." Existing Shareholders of the Fund who subscribe for additional Shares of the Fund will be

**FOR ACCREDITED INVESTORS ONLY**

required to (i) qualify as Eligible Investors at the time of each additional purchase, and (ii) submit a new Subscription Agreement in connection with each additional purchase.

The criteria for qualifying as an Eligible Investor are set forth in the Subscription Agreement. Financial intermediaries may impose additional eligibility requirements for investors who purchase Shares through those financial intermediaries.

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

**REPURCHASE AND TRANSFER OF SHARES**

**No Right of Redemption**

No Shareholder or other person holding Shares acquired from a Shareholder has the right to require the Fund to repurchase any Shares. No public market for Shares exists, and none is expected to develop in the future. Shares of the Fund may not be traded on any secondary market. The Fund expects to conduct semi-annual repurchase offers (subject to Board discretion) as discussed in greater detail below under "Repurchase of Shares."

**Repurchase of Shares**

While the Fund may conduct offers to repurchase its Shares, the Fund may only do so under very limited circumstances. Accordingly, Fund Shareholders should not expect to be able to participate in a repurchase offer initiated by the Fund.

**Repurchase Offers by the Fund**

The Fund, from time to time, may provide liquidity to Shareholders by offering to repurchase Shares pursuant to written tenders by Shareholders. Repurchases will be made at such times, in such amounts and on such terms as may be determined by the Board, in its sole discretion. Shareholders tendering Shares for repurchase must do so by a date specified in the notice describing the terms of the repurchase offer, which will precede the date that the Shares to be repurchased are valued by the Fund. Shareholders that elect to tender their Shares in the Fund will not know the price at which such Shares will be repurchased until such valuation date.

The Adviser will recommend to the Board (subject to the Board's discretion) that the Fund offer to repurchase Shares from Shareholders generally on a semi-annual basis. The Adviser expects that, generally, it will recommend to the Board that each semi-annual repurchase offer should apply to no more than 5% of the net assets of the Fund, although the Adviser may recommend that a greater or lesser amount be repurchased at their discretion. The Adviser also may recommend that the Board approve repurchases of Fund Shares more frequently than semi-annually.

In determining whether the Fund should offer to repurchase Shares, the Board will consider the recommendations of the Adviser as to the timing and frequency of such an offer, as well as a variety of

**FOR ACCREDITED INVESTORS ONLY**

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

• whether any Shareholders have requested to tender Shares to the Fund;

• the liquidity of the Fund's assets (including fees and costs associated with disposing of the Fund's interests in underlying Portfolio Investments);

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

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

• the history of the Fund in repurchasing Shares;

• the availability of information as to the value of the Fund's investments in underlying Portfolio Investments;

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

• any anticipated tax consequences to the Fund of any proposed repurchases of Shares;

• the recommendations of the Adviser.

The Fund will repurchase Shares from Shareholders pursuant to written tenders on terms and conditions that the Board determines to be fair to the Fund and to all Shareholders. When the Board determines that the Fund will repurchase Shares, notice will be provided to Shareholders describing the terms of the offer, containing information Shareholders should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate. Shareholders deciding whether to tender their Shares during the period that a repurchase offer is open may obtain the Fund's NAV per share by contacting the Adviser during the period. If a repurchase offer is oversubscribed by Shareholders who tender Shares, the Fund may repurchase a pro rata portion by value of the Shares tendered by each Shareholder, extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law.

Repurchases of shares may be paid in cash or by the distribution of investments in-kind or partly in cash and partly in-kind. However, the Fund does not expect to distribute investments in-kind except in the unlikely event that making a cash payment would result in an adverse effect on the Fund or on Shareholders not tendering shares for repurchase. Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Shares from Shareholders by the applicable repurchase offer deadline.

The Fund reserves the right to impose, on a future date, an "Early Repurchase Fee," pursuant to which any repurchase of Fund Shares from a Shareholder which were held for less than one year (on a first-in, first-out basis) will be subject to a fee equal to 2.00% of the NAV of any Shares repurchased by the Fund that were held for less than one year. If an Early Repurchase Fee is charged to a Shareholder, the amount of such fee will be retained by the Fund. An Early Repurchase Fee payable by a Shareholder may be waived by the Fund in circumstances where the Board of Trustees determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly against any Shareholder. The Fund will not impose an Early Repurchase Fee until it provides notice to Shareholders, and Shares repurchased prior to the provision of such notice will not be subject to an Early Repurchase Fee.

**FOR ACCREDITED INVESTORS ONLY**

Shares will be repurchased by the Fund after the Management Fee has been deducted from the Fund's assets as of the end of the month in which the repurchase occurs — i.e., the accrued Management Fee for the month in which Fund shares are to be repurchased is deducted prior to effecting the relevant repurchase of Fund shares.

The Fund expects to employ the following repurchase procedures:

• The Board will approve the amount of Fund Shares to offer to repurchase.

• Each repurchase offer will typically commence approximately 120 days prior to the applicable Valuation Date (i.e., the date as of which the Shares to be repurchased are valued by the Fund) and will remain open for a minimum of 20 business days following the commencement of the offer. A Shareholder choosing to tender Shares for repurchase must do so by the applicable Notice Date (i.e., the date specified in the notice describing the terms of the repurchase offer), which typically will be approximately 90 days before the Valuation Date. Tenders will be revocable upon written notice to the Fund until the Notice Date. Shares will be valued as of the Valuation Date, which is expected to be the last business day of a calendar quarter.

• Promptly after the Notice Date, the Fund may elect to give to each Shareholder whose Shares have been accepted for repurchase a promissory note (the "Promissory Note") entitling the Shareholder to be paid an amount equal to the value, determined as of the Valuation Date, of the repurchased Shares. The determination of the value of Shares as of the Valuation Date is subject to adjustment based upon the results of the annual audit of the financial statements of the Fund for the fiscal year in which such Valuation Date occurred.

• The Promissory Note (if applicable) would be non-interest bearing and non-transferable, and is expected to contain terms providing for, among other things, the following payments. The initial payment in respect of the Promissory Note (the "Initial Payment") would be in an amount equal to at least 95% of the estimated aggregate value of the repurchased Shares, determined as of the Valuation Date in the manner specified above. The Initial Payment will be made on or before the fifteenth business day after the Valuation Date; provided that, if the Fund elects to liquidate Portfolio Investments in order to finance the repurchase of Shares, the Fund is entitled to postpone the payment in respect of any Promissory Note delivered thereto until ten business days after the Fund has received at least 95% of the aggregate amount anticipated to be received through pending liquidations of Portfolio Investments in order to finance repurchases of Shares.

• The second and final payment in respect of the Promissory Note (the "Final Payment") is expected to be in an amount equal to the excess, if any, of (i) the aggregate value of the repurchased Shares, determined as of the Valuation Date in the manner specified above based upon the results of the annual audit of the financial statements of the Fund for the fiscal year in which the Valuation Date of such repurchase occurred, over (ii) the Initial Payment. It is anticipated that the annual audit of the financial statements of the Fund will be completed within 60 days after the end of each fiscal year of the Fund (currently September 30) and that the Final Payment will be made as promptly as practicable after the completion of such audit. Accordingly, a Shareholder could wait as long as approximately 14 months to receive the second payment installment of this final 5% of the estimated payment.

If modification of the Fund's repurchase procedures as described above is deemed necessary to comply with regulatory requirements, the Board will adopt revised procedures reasonably designed to provide Shareholders substantially the same liquidity for Shares as would be available under the procedures described above. The Fund's investments in Private Markets Investment Funds are subject to lengthy lock-up periods where the Fund will not be able to dispose of such investments except through secondary transactions with third parties, which may occur at a significant discount to NAV and which may not be

**FOR ACCREDITED INVESTORS ONLY**

available at any given time. There is no assurance that third parties will engage in such secondary transactions, and the Fund may require and be unable to obtain any Private Markets Investment Fund's manager's consent to effect such transactions. The Fund may need to suspend or postpone repurchase offers if the Fund is not able to dispose of its interests in Portfolio Investments in a timely manner.

Upon its acceptance of tendered Shares for repurchase, the Fund will earmark daily on its books (1) cash, (2) liquid securities or (3) interests in Private Market Investment Funds that the Fund has requested be redeemed (or any combination of them), in an amount equal to the value, determined as of the Valuation Date, of the repurchased Shares or, if applicable, an amount equal to the aggregate estimated unpaid dollar amount of the Promissory Notes issued to Shareholders tendering Shares.

Payment for repurchased Shares may require the Fund to liquidate portfolio holdings earlier than the Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase the Fund's investment-related expenses as a result of higher portfolio turnover rates. The Adviser intends to take measures, subject to policies as may be established by the Board, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Shares.

A Fund Shareholder tendering for repurchase only a portion of the Shareholder's Shares will be required to maintain an account balance of at least $10,000 in the Fund after giving effect to the repurchase. If a Shareholder tenders an amount that would cause the Shareholder's account balance to fall below the required minimum, the Fund reserves the right to repurchase all of a Shareholder's Shares at any time if the aggregate value of such Shareholder's Shares is, at the time of such compulsory repurchase, less than the minimum initial investment applicable for the Fund. This right of the Fund to repurchase Shares compulsorily may be a factor which Shareholders may wish to consider when determining the extent of any tender for purchase by the Fund.

The Fund may also repurchase Shares of a Shareholder without consent or other action by the Shareholder or other person if the Fund determines that:

• the Shares have been transferred or have vested in any person other than by operation of law as the result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Shareholder or with the consent of the Fund, as described below;

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

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

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

• with respect to a Shareholder subject to specific legal requirements (such as ERISA or the Bank Holding Company Act), the Shareholder is likely to be subject to additional regulatory or compliance requirements under these legal requirements by virtue of continuing to hold any Shares; or

• it would be in the best interests of the Fund, and in accordance with applicable law, for the Fund to repurchase the Shares.

**FOR ACCREDITED INVESTORS ONLY**

In the event that the Adviser or any of its affiliates holds Shares in the capacity of a Shareholder, the Shares may be tendered for repurchase in connection with any repurchase offer made by the Fund. To the extent that a repurchase offer is oversubscribed, the participation by the Adviser in the repurchase offer will reduce the amount of Shares that the Fund will repurchase from Shareholders. As a result, Shareholders may be required to hold Shares for a longer period of time than they would had the Adviser not participated in the repurchase offer. See "Types Of Investments and Related Risks - Repurchase Risks" for a discussion of the risks associated with repurchase offers during the time that an affiliate of the Adviser constitutes the Fund's largest shareholder. Shareholders who require minimum annual distributions from a retirement account through which they hold Shares should consider the Fund's schedule for repurchase offers and submit repurchase requests accordingly.

**Transfers of Shares**

Shares may be transferred only:

• by operation of law as a result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Shareholder; or

• under certain limited circumstances, with the written consent of the Fund, which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances.

The Fund generally will not consent to a transfer of Shares by a Shareholder unless the transfer is to a transferee who represents that it is an Eligible Investor and after a partial transfer, the value of the Shares held in the account of each of the transferee and transferor is at least $10,000. A Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. In connection with any request to transfer Shares, the Fund may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request.

**PLAN OF DISTRIBUTION**

The Fund is offered on a continuous basis. All subscription payments will be placed in an account held by the Transfer Agent in trust for the subscribers' benefit, pending release to the Fund. Subscriptions will be effective only upon the Fund's acceptance, and the Fund reserves the right to reject any subscription in whole or in part for any reason in its sole discretion. Shares will be sold only to Eligible Investors, will not be listed on any national securities exchange and are not available in certificated form.

**DISTRIBUTION POLICY**

Subject to the Board's discretion and applicable legal restrictions, and other than as required to qualify as a RIC, the Fund generally intends to authorize and declare quarterly dividends beginning no later than the first calendar quarter after the one-year anniversary of the Fund's commencement of operations, to the extent the Fund has material net investment income. The Fund expects that dividends will be paid on the Shares in amounts representing substantially all of the net investment income, if any, earned each year. Payments on the Shares may vary in amount depending on investment income received and expenses of operation; however, in order to continue to qualify as a RIC, substantially all of the net investment income of the Fund and any net capital gain realized by the Fund will be distributed to Shareholders at least annually. In addition, depending upon the performance of the Fund's investments, the related growth of the Fund's net assets, and the availability of attractive investment opportunities, the Fund, from time to time,

**FOR ACCREDITED INVESTORS ONLY**

may make a distribution that constitutes a return of capital for U.S. federal income tax purposes. A Shareholder's return of capital will not be subject to U.S. federal income taxation at the time of its payment up to the amount of the Shareholder's adjusted basis in their Shares. A distribution that constitutes a return of capital will, however, reduce the adjusted tax basis of a Shareholder's Shares. When a Shareholder sells Shares, the amount, if any, by which the sales price exceeds the adjusted basis in their Shares is gain subject to tax. Because a return of capital reduces a Shareholder's tax basis in the Shares, it will increase the amount of a Shareholder's gain or decrease the amount of loss when the Shares are subsequently sold, all other things being equal. To the extent that the amount of any return of capital distribution exceeds the Shareholder's basis in such Shareholder's Shares, the excess will be treated as gain from a sale or exchange of the Shares, which would generally constitute capital gain for a Shareholder holding Shares as capital assets.

As required under the 1940 Act, the Fund will provide a notice to Shareholders at the time of each distribution if such distribution does not consist solely of net income. Additionally, each distribution payment will be accompanied by a written statement that discloses the sources of each distribution. The Fund will provide disclosures, with each distribution, that estimate the percentages of the current and year-to-date distributions that represent (1) net investment income, (2) capital gains and (3) return of capital. Each year, Shareholders subject to IRS reporting will be notified of the source of the Fund's distributions on a Form 1099. For tax purposes, at the end of the year the Fund may be required under applicable law to re-characterize distributions made previously during that year among (1) ordinary income, (2) capital gains and (3) return of capital.

The net asset value of each Share that a Shareholder owns will be reduced by the amount of the distributions or dividends that the Shareholder receives in respect of Shares.

A Shareholder's dividends and capital gain distributions will be automatically reinvested if the Shareholder does not instruct the Fund otherwise. A Shareholder will have an adjusted tax basis in the additional Shares of the Fund purchased through the Fund's dividend reinvestment policy equal to the amount of the reinvested distribution. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to the Shareholder's account. A Shareholder who elects not to reinvest will receive both dividends and capital gain distributions in cash. The Fund may limit the extent to which any distributions that are returns of capital may be reinvested in the Fund.

Shares will be issued at their net asset value on the ex-dividend date; there is no sales charge or other charge for reinvestment. Shareholders may elect initially not to reinvest by indicating that choice on the Subscription Agreement. Shareholders are free to change their election at any time by contacting the Fund. Your request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution.

The Fund reserves the right to suspend at any time the ability of Shareholders to reinvest distributions and to require Shareholders to receive all distributions in cash, or to limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The Fund may determine to do so if, for example, the amount being reinvested by Shareholders exceeds the available investment opportunities that the Adviser considers suitable for the Fund.

**Dividend Reinvestment Policy**

The Fund intends to operate under the DRP administered by the Fund Administrator (or its designee). Pursuant to the DRP, the Fund's distributions, net of any applicable U.S. withholding tax, are reinvested in Shares of the Fund.

**FOR ACCREDITED INVESTORS ONLY**

DRP participation is not automatic. Shareholders must affirmatively elect on a Subscription Agreement to participate in the DRP. Shareholders who elect not to participate in the DRP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Under the DRP, the Fund's distributions to Shareholders are reinvested in full and fractional shares as described below.

When the Fund declares a distribution, Fund Administrator (or its designee), on the Shareholder's behalf, will receive additional authorized Shares from the Fund either newly issued or repurchased from Shareholders by the Fund and held as treasury stock. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's net asset value per Share.

Fund Administrator (or its designee) will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by the Shareholders for personal and tax records. Fund Administrator (or its designee) will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each Shareholder's proxy, if any, will include those Shares purchased pursuant to the DRP. Each participant, nevertheless, has the right to request certificates for whole and fractional Shares owned. The Fund will issue certificates in its sole discretion. Fund Administrator (or its designee) will distribute all proxy solicitation materials, if any, to participating Shareholders.

In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the DRP, Fund Administrator (or its designee) will administer the DRP on the basis of the number of Shares held by the record Shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the DRP.

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

The automatic reinvestment of distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such distributions.

The Fund reserves the right to amend or terminate the DRP upon thirty (30) days' notice to Shareholders. There is no direct service charge to participants with regard to purchases under the DRP; however, the Fund reserves the right to amend the DRP to include a service charge payable by the participants.

All correspondence concerning the DRP should be directed to Fund Administrator at PPB Capital Partners, LLC, 125 East Elm Street – Suite 200, Conshohocken, Pennsylvania 19428.

**DESCRIPTION OF CAPITAL STRUCTURE AND SHARES**

The Fund's Declaration of Trust (each, a "Declaration of Trust") authorizes the issuance of an unlimited number of full and fractional Shares of the Fund, each of which represents an equal proportionate interest in the Fund with each other Share. Currently, the Fund offers one class of Shares. Each Declaration of Trust

**FOR ACCREDITED INVESTORS ONLY**

provides that the Board may create additional classes of Shares. Share certificates representing Shares will not be issued. The Fund's Shares, when issued, are fully paid and non-assessable. The Fund does not intend to hold annual meetings of its Shareholders.

Each whole Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund (in cash or in kind) among its Shareholders. The shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with the Shares. Each Declaration of Trust provides that the Fund's Shareholders are not liable for any liabilities of the Fund.

The Fund may submit to the SEC an application for an exemptive order to permit the Fund to offer additional classes of shares. Although there is no assurance that the SEC will grant such an order, any additional class of shares will have certain differing characteristics and differences in the distribution and/or shareholder servicing fees that may be charged. Currently, only the Fund intends to offer additional classes of shares if the SEC exemptive order is granted.

**PROVISIONS IN THE GOVERNING DOCUMENTS REGARDING SHAREHOLDER DERIVATIVE CLAIMS**

The Fund's Declaration of Trust provides that no person, other than a Trustee of the Fund, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Fund. The Declaration of Trust further provides that no Shareholder may maintain a derivative action on behalf of the Fund unless holders of at least ten percent (10%) of the outstanding shares join in the bringing of such action. However, the foregoing 10% requirement shall not apply to claims made under federal securities laws.

In addition to the above requirements, a Shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met. First, the Shareholder or Shareholders must make a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue. For purposes of the foregoing, a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder demand by virtue of the fact that such Trustee receives remuneration for his/her service as a Trustee of the Fund or as a trustee or director of one or more investment companies that are under common management with or otherwise affiliated with the Fund. Second, unless a demand is not required under the first condition above, the Board of Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request. The Board of Trustees may designate a committee of two or more Trustees to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.

Any person purchasing or otherwise acquiring or holding any interest in Shares will be deemed to have notice of and consented to the foregoing provisions. These provisions may limit a Shareholder's ability to bring a claim against the Trustees, officers or other agents of the Fund and its service providers, which may discourage such lawsuits with respect to such claims.

**FOR ACCREDITED INVESTORS ONLY**

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

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and Shareholders. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its Shareholders, and the discussion here is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Internal Revenue Code and the Treasury regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

**Shareholders are urged to consult their own tax advisors regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, foreign or local taxes.**

***Taxation of the Fund***. The Fund will elect and intends to qualify each year to be treated as a RIC under the Internal Revenue Code. If the Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses, without regard to the deduction for dividends paid) 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 qualify for treatment as a RIC, the Fund must distribute annually to its shareholders an amount equal to at least the sum of 90% of its investment company taxable income (generally including the excess of net short-term capital gains over net long-term capital losses) and 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet certain additional requirements. Among these requirements are the following: (i) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock, securities or foreign currencies and net income derived from interests in qualified publicly traded partnerships (the "Gross Income Test"); and (ii) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets consists of cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Asset Diversification Test").

For the purpose of determining whether the Fund satisfies the Gross Income Test, the character of the Fund's distributive share of items of income, gain and loss derived through any Portfolio Investments that are properly treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships) generally will be determined as if the Fund realized such tax items in the same manner as if the Fund had directly invested in the same assets held by the Portfolio Investments. Similarly, for the

**FOR ACCREDITED INVESTORS ONLY**

purposes of the Asset Diversification Test, the Fund, in appropriate circumstances, may "look through" to the assets respectively held by such Portfolio Investments.

If the Fund fails to satisfy the Gross Income Test or the Asset Diversification Test during any taxable year, the Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the Asset Diversification Test where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Asset Diversification Test, the Fund may be required to dispose of certain assets in its portfolio. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the current corporate rate (21%) without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by non-corporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay a Fund-level tax on certain net built in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If the Fund determines that it will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

If before the end of any quarter of its taxable year, the Fund believes that it may fail the Asset Diversification Test, the Fund may seek to take certain actions to avert such a failure. However, the action frequently taken by RICs to avert such a failure (*i.e.*, the disposition of non-diversified assets) may be difficult for the Fund to pursue because of the limited liquidity of the interests in the Portfolio Investments. The constraints on the Fund's ability to cure a diversification failure by disposing of non-diversified assets may limit utilization of the cure periods provided by the Internal Revenue Code.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes (i) any net capital loss incurred after Oct. 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss or any net short-term capital loss incurred after Oct. 31 of the current taxable year ("post-October capital losses") and (ii) the sum of (1) the excess, if any, of (a) specified losses incurred after Oct. 31 of the current taxable year, over (b) specified gains incurred after Oct. 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after Dec. 31 of the current taxable year, over (b) the ordinary income incurred after Dec. 31 of the current taxable year. The terms "specified losses" and "specified gains" mean ordinary losses and gains from the sale, exchange, or other disposition of property (including the termination of a position with respect to such property) and foreign currency gains and losses. The terms "ordinary losses" and "ordinary income" mean other ordinary losses and income that are not described in the preceding sentence.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset

**FOR ACCREDITED INVESTORS ONLY**

by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Internal Revenue Code.

The Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year (i.e., by December 31 of each year) an amount equal to at least 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for the one-year period ending on October 31 of such calendar year, subject to an increase for any shortfall in the prior year's distribution. The Fund may elect to defer to the following year any net ordinary loss incurred for the portion of the calendar year that is after the beginning of the Fund's taxable year. Also, the Fund will defer any "specified gain" or "specified loss" that would be properly taken into account for the portion of the calendar year after Oct. 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on Jan. 1 of the following calendar year. The Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be entirely eliminated. In addition, certain circumstances (including, but not limited to, temporary timing or permanent differences in the realization of income and expense for book and tax purposes) may result in the Fund having to pay an excise tax.

If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax to the extent any such income or gains are not distributed. The Fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits. If the Fund is not a "publicly offered regulated investment company" (as described below) the Fund will be subject to limitations on the deductibility of certain "preferential dividends." In general, a dividend is preferential unless it is distributed pro rata to Shareholders, with no preference to any share of stock compared with other shares of the same class, and with no preference to one class as compared with another class, except to the extent the class is entitled to a preference. If the IRS or a court were to determine that the Fund paid a preferential dividend, then all dividends paid with respect to the class of stock for which the preferential dividend was paid would not be deductible by the Fund, and the Fund could lose its tax status as a RIC. In that case, the Fund's taxable income (including its net capital gain) would be subject to federal corporate tax at the regular rate without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Fund's current and accumulated earnings and profits. The Fund will not be a "publicly offered regulated investment company" unless the Fund's interests are (1) continuously offered to the public pursuant to a public offering as defined by Section 4 of the 1933 Act, (2) regularly traded on an established securities market, or (3) held by or for no fewer than 500 persons at all times during the tax year. The Fund does not anticipate meeting any of these criteria and as such it expects not to be "publicly offered" for these purposes.

***Taxation of Shareholders – Distributions***. The Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net long-term capital gains in excess of net short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net realized capital gain will be taxable to Fund shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional shares pursuant to the Fund's dividend reinvestment policy.

**FOR ACCREDITED INVESTORS ONLY**

Any distributions by the Fund from its investment company taxable income will be taxable to you as ordinary income or at the lower capital gains rates that apply to individuals receiving qualified dividend income. Distributions by the Fund are currently eligible for the reduced maximum tax rate to individuals of 20% (lower rates apply to individuals in lower tax brackets) to the extent that the Fund receives qualified dividend income from the Fund reports the distributions as qualified dividend income. Qualified dividend income is, in general, dividend income from taxable domestic corporations and certain foreign corporations (e.g., foreign corporations incorporated in a possession of the United States or in certain countries with a comprehensive tax treaty with the United States, or the stock of which is readily tradable on an established securities market in the United States). Both the Fund and the Shareholder must meet certain holding period requirements to qualify Fund dividends for this treatment. Specifically, (i) the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before the stock becomes ex-dividend and (ii) Shareholders must hold their Fund shares for at least 61 days during the 121-day period beginning 60 days before the Fund distribution goes ex-dividend. A dividend will not be treated as qualified dividend income to the extent that: (i) the shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to substantially similar or related property or (ii) the shareholder elects to treat such dividend as investment income under section 163(d)(4)(B) of the Internal Revenue Code. Therefore, if you lend your Shares in the Fund, such as pursuant to a securities lending arrangement, you may lose the ability to treat dividends (paid while the Shares are held by the borrower) as qualified dividend income.

Distributions by the Fund of its net short-term capital gains will be taxable as ordinary income. Capital gain distributions consisting of the Fund's net capital gains will be taxable as long-term capital gains for individual shareholders at a maximum rate of 20% regardless of how long you have held your shares in the Fund.

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

U.S. individuals with adjusted gross income (subject to certain adjustments) exceeding certain threshold amounts ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases) are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes taxable interest, dividends, and certain capital gains (generally including capital gain distributions and capital gains realized on the sale of Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

Shareholders who have not held Shares for a full year should be aware that the Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in the Fund. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable even though it may economically represent a return of a portion of the shareholder's investment.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders to the extent of (and in reduction of) the shareholder's tax basis in the shareholder's shares; any excess will be treated as gain from the sale of the shareholder's shares. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the

**FOR ACCREDITED INVESTORS ONLY**

shares on which the distribution was received are sold. After a shareholder's basis in the shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's shares.

Similarly, as discussed below at "*Taxation of Shareholders – Sales, Exchanges, or Redemptions*," if a repurchase of a Shareholder's Shares does not qualify for sale or exchange treatment, the Shareholder may, in connection with such repurchase, be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the Shareholder's tax basis in the relevant Shares repurchased. In such case, the tax basis in the Shares repurchased by the Fund, to the extent remaining after any dividend and return of capital distribution with respect to those Shares, will be transferred to any remaining Shares held by the Shareholder.

If the Fund is not publicly offered, special rules will apply with respect to the treatment of certain expenses of the Fund as explained below, which may require the imputation of such expenses to the Fund's shareholders. For these purposes, the Fund will be "non-publicly offered" unless the Fund's interests are (1) continuously offered to the public pursuant to a public offering as defined by Section 4 of the Securities Act of 1933 (as amended), (2) regularly traded on an established securities market, or (3) held by or for no fewer than 500 persons at all times during the tax year. The Fund does not anticipate meeting any of these criteria and as such it expects to be "non-publicly offered" for these purposes. Generally, the expenses covered by these rules include expenses relating to investment advice, marketing activities, shareholder communications not required by law, and custodian fees. These special rules also apply to only certain "affected investors" which include any individual (other than a nonresident alien whose income from the RIC is not effectively connected with a U.S. trade or business), any person (including a trust or estate) that computes its income in the same manner as an individual, and any pass-through entity if any of its interest holders is a pass-through entity or would be an affected investor if it held its interest in the Fund. If these rules apply to an investor in the Fund, the investor is treated as receiving an additional dividend equal to their share of the Fund's "affected expenses" and as having paid such expenses themselves. In general, "miscellaneous itemized deductions" are not permitted for taxable years beginning after December 31, 2017 and before January 1, 2026.

The Fund (or its administrative agent) will inform you of the amount of your ordinary income dividends, qualified dividend income, capital gain distributions and share of affected expenses, if any, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Fund may report and distribute to you, as ordinary income, qualified dividend income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Fund.

***Taxation of Shareholders – Sales, Exchanges, or Redemptions***. Any gain or loss recognized on a sale or other disposition of shares of the Fund (except, in certain circumstances, pursuant to a repurchase by the Fund, as described below) by a shareholder who is not a dealer in securities will generally, for individual shareholders, be treated as a long-term capital gain or loss if the shares have been held for more than twelve months and otherwise will be treated as a short-term capital gain or loss. However, if Shares on which a shareholder has received a long-term capital gain distribution are subsequently sold, exchanged, or redeemed and such shares have been held for six months or less, any loss recognized will be treated as a long-term capital loss to the extent of the long-term capital gain distribution. In addition, the loss realized on a sale or other disposition of Shares will be disallowed to the extent a shareholder repurchases (or enters into a contract to or option to repurchase) Shares within a period of 61 days (beginning 30 days before and ending 30 days after the disposition of the Shares). This loss disallowance rule will apply to Shares received through the reinvestment of dividends during the 61-day period.

**FOR ACCREDITED INVESTORS ONLY**

From time to time, the Fund may offer to repurchase its outstanding shares. Shareholders who tender all Shares held, or considered to be held, by them will be treated as having sold their Shares and generally will realize a capital gain or loss. If a shareholder tenders fewer than all of its Shares or fewer than all Shares tendered are repurchased, such shareholder may be treated as having received a taxable dividend upon the tender of its Shares. In such a case, there is a risk that non-tendering shareholders, and shareholders who tender some but not all of their Shares or fewer than all of whose Shares are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming Shares of the Fund. If shareholders are treated as receiving a deemed dividend, they will be notified of this treatment at year-end with such amount reflected on IRS Form 1099-DIV.

The Fund (or its administrative agent) must report to the IRS and furnish to Fund shareholders the cost basis information for purchases of Fund Shares. In addition to the requirement to report the gross proceeds from the sale of Fund Shares, the Fund (or its administrative agent) is also required to report the cost basis information for such Shares and indicate whether these shares had a short-term or long-term holding period. For each sale of Fund Shares, the Fund will permit shareholders to elect from among several IRS-accepted cost basis methods, including the average basis method. In the absence of an election, the Fund will use a default cost basis method that will be separately communicated to you by the Fund (or its administrative agent). The cost basis method elected by a Fund Shareholder (or the cost basis method applied by default) for each sale of Fund Shares may not be changed after the settlement date of each such sale of Fund Shares. Fund shareholders should consult their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how cost basis reporting applies to them. Shareholders also should carefully review the cost basis information provided to them by the Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns.

***Taxation of Fund Investments***. It is intended that the Fund will invest a portion of its assets in Private Markets Investment Funds, some of which may be classified as partnerships for U.S. federal income tax purposes.

An entity that is properly classified as a partnership (and not an association or publicly traded partnership taxable as a corporation) is not itself subject to federal income tax. Instead, each partner of the partnership is required to take into account its distributive share of the partnership's net capital gain or loss, net short-term capital gain or loss, and its other items of ordinary income or loss (including all items of income, gain, loss and deduction allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year. Each such item will have the same character to a partner, and will generally have the same source (either United States or foreign), as though the partner realized the item directly. Some of the income that the Fund may earn directly or through a Private Markets Investment Fund, such as income recognized from an equity investment in an operating partnership, may not be treated as qualifying income under the Gross Income Test. The Fund may have to dispose of interests in Private Markets Investment Funds that it would otherwise have continued to hold, or devise other methods of cure, to the extent certain Private Markets Investment Funds earn income of a type that is not qualifying gross income for purposes of the Gross Income Test or hold assets that could cause the Fund not to satisfy the Asset Diversification Test. To manage the risk that such income might jeopardize the Fund's, and in turn the Fund's, tax status as a RIC resulting from a failure to satisfy the Gross Income Test, one or more subsidiary entities treated as corporations for U.S. federal income tax purposes may be employed to earn such income and (if applicable) hold the related investment. Such subsidiary entities generally may be required to incur entity-level income taxes on their earnings, which ultimately may reduce the return to Shareholders.

**FOR ACCREDITED INVESTORS ONLY**

Partners of a partnership must report their distributive share of the partnership's net capital gain or loss, net short-term capital gain or loss, and its other items of ordinary income or loss regardless of the extent to which, or whether, the partnership or the partners receive cash distributions for such taxable year. Accordingly, the Fund may be required to recognize items of taxable income and gain without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above (including in circumstances where investments by the Private Markets Investment Funds, such as investments in debt instrument with "original issue discount," generate income prior to a corresponding receipt of cash). Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so. However, the Fund is not required to avoid imposition of 100 percent of its income tax liability and is not required to avoid the excise taxes, which would effectively reduce (and could eliminate) the Fund's returns. In addition, partnerships that the Fund may invest in will deliver Form K-1s to the Fund to report its share of income, gains, losses, deductions and credits of the partnership. These Form K-1s may be delayed and may not be received until after the time that the Fund issue tax reporting statements. As a result, the Fund may at times find it necessary to reclassify the amount and character of its distributions to you after it issues you your tax reporting statement.

Private Markets Investment Funds in which the Fund invests may invest in REITs. Dividends paid by a REIT, other than capital gains distributions, to a Private Markets Investment Fund and allocated to the Fund will be taxable as ordinary income up to the amount of the REIT's current and accumulated earnings and profits. Capital gain dividends paid by a REIT to the Private Markets Investment Fund and allocated to the Fund will be treated as long-term capital gains by the Fund and, in turn, may be distributed by the Fund to Shareholders as a capital gain distribution. Dividends received by a Private Markets Investment Fund from a REIT and allocated to the Fund generally will not constitute qualified dividend income or qualify for the dividends-received deduction. If a REIT is operated in a manner such that it fails to qualify as a REIT, an investment in the REIT would become subject to double taxation, meaning the taxable income of the REIT would be subject to federal income tax at the regular corporate rate without any deduction for dividends paid to shareholders and the dividends allocated to the Fund would be taxable to Shareholders as ordinary income (or possibly as qualified dividend income) to the extent of the REIT's current and accumulated earnings and profits.

"Qualified REIT dividends" (*i.e.*, ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates) are eligible for a 20% deduction by non-corporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). Distributions by the Fund to Shareholders that are attributable to qualified REIT dividends received by a Private Markets Investment Fund and allocated to the Fund and which the Fund properly reports as "section 199A dividends," are treated as "qualified REIT dividends" in the hands of non-corporate shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

For the purpose of determining whether the Fund satisfies the Gross Income Test, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (generally, a partnership (i) interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, (ii) that derives at least 90% of its income from the passive income sources specified in Internal Revenue Code section 7704(d), and (iii) that, generally, derives less than 90% of its income from the qualifying income described in the definition of the Gross Income Test above) will be

**FOR ACCREDITED INVESTORS ONLY**

treated as qualifying income. In addition, although in general the passive loss rules of the Internal Revenue Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

The Fund may invest in certain master limited partnerships ("MLPs"), which may be treated as qualified publicly traded partnerships. Income from qualified publicly traded partnerships is qualifying income for purposes of the Gross Income Test, but the Fund's investment in one or more of such qualified publicly traded partnerships is limited under the Asset Diversification Test to no more than 25% of the value of the Fund's assets. The Fund will monitor its investment in such qualified publicly traded partnerships in order to ensure compliance with the Gross Income Test and Asset Diversification Test.

"Qualified publicly traded partnership income" within the meaning of Section 199A(e)(5) of the Internal Revenue Code is eligible for a 20% deduction by non-corporate taxpayers. Qualified publicly traded partnership income is generally income of a "publicly traded partnership" that is not treated as a corporation for U.S. federal income tax purposes that is effectively connected with such entity's trade or business, but does not include certain investment income. A "publicly traded partnership" for purposes of this deduction is not necessarily the same as a "qualified publicly traded partnership" as defined for the purpose of the immediately preceding paragraphs. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The Fund is not permitted to pass the special character of this income through to its shareholders. Currently, direct investors in entities that generate "qualified publicly traded partnership income" will enjoy the lower rate, but investors in RICs that invest in such entities will not. It is uncertain whether future technical corrections or administrative guidance will address this issue to enable the Fund to pass through the special character of "qualified publicly traded partnership income" to shareholders.

The Fund may gain most of its exposure to certain operating portfolio companies and real estate through certain domestic and non-U.S. entities treated as corporations for U.S. federal income tax purposes within the limitations of the federal tax requirements of Subchapter M of the Internal Revenue Code for qualification as a RIC. To the extent the Fund invests through domestic corporate entities (that are not REITs), any income will likely be subject to the 21% corporate level tax before being distributed to the Fund as a dividend. To the extent the Fund invests through multiple corporate entities (that are not REITs) that the Fund controls and which are engaged in the same, similar, or related trades or businesses, then such corporate entities could be treated as a single "issuer" for purposes of the Asset Diversification Test. The Fund will monitor its investments in corporate entities (that are not REITs) in order to ensure compliance with the Asset Diversification Test.

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

Ordinarily, gains and losses realized from portfolio transactions will be characterized as capital gains and losses. However, a portion of the gain or loss realized from the disposition of foreign currencies (including foreign currency denominated bank deposits) and non-U.S. dollar denominated securities (including debt instruments, certain futures or forward contracts and options, and similar financial instruments) is generally characterized as ordinary income or loss under Section 988 of the Internal Revenue Code. Section 988 of the Internal Revenue Code similarly provides that gains or losses attributable to fluctuations in exchange

**FOR ACCREDITED INVESTORS ONLY**

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 such receivables are collected or the time that the liabilities are paid would be generally characterized as ordinary income or loss. Finally, all or a portion of any gain realized from engaging in "conversion transactions" (as defined in the Internal Revenue Code to generally include certain transactions designed to convert ordinary income into capital gain) may be characterized as ordinary income.

***Hedging and Derivative Transactions***. The Fund may invest in complex securities and these investments may be subject to numerous special and complex tax rules. These rules could affect the Fund's ability to qualify as a RIC, affect whether gains and losses recognized by the Fund is treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund's ability to recognize losses, and, in limited cases, subject the Fund to U.S. federal income tax on income from certain of its foreign securities. In turn, these rules may affect the amount, timing or character of the income distributed to Shareholders by the Fund.

The Fund is required for federal income tax purposes to mark-to-market and recognize as income for each taxable year (and, for purposes of the 4% excise tax described above, on certain other dates as prescribed under the Internal Revenue Code) its net unrealized gains and losses on certain futures and options contracts subject to section 1256 of the Internal Revenue Code ("Section 1256 Contracts") as of the end of the taxable year as well as those actually realized during the taxable year. Gain or loss from Section 1256 Contracts on broad-based indexes required to be marked to market are considered 60% long-term and 40% short-term capital gain or loss. Application of this rule may alter the timing and character of distributions to Shareholders by the Fund. The Fund may be required to defer the recognition of losses on Section 1256 Contracts to the extent of any unrecognized gains on offsetting positions held by the Fund. These provisions may also require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirement and for avoiding the excise tax discussed above. Accordingly, in order to avoid certain income and excise taxes, the Fund may be required to liquidate its investments at a time when the investment adviser might not otherwise have chosen to do so. However, the Fund is not required to avoid imposition of 100 percent of its income tax liability and is not required to avoid the excise taxes, which would effectively reduce (and could eliminate) the Fund's returns.

The Fund's transactions in foreign currencies and forward foreign currency contracts will generally be subject to special provisions of the Internal Revenue Code that, among other things, may affect the character of gains and losses realized by the Fund (i.e., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions by the Fund to shareholders. These provisions also may require the Fund to mark-to-market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the Distribution Requirements and for avoiding the excise tax described above. The Fund intends to (i) monitor its transactions, (ii) make the appropriate tax elections and (iii) make the appropriate entries in its books and records when it acquires any foreign currency or forward foreign currency contract in order to mitigate the effect of these rules so as to prevent disqualification of the Fund as a RIC and minimize the imposition of income and excise taxes.

Any forward 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. In addition, investments by the Fund in particular combinations of Private Markets Investment Funds may also be treated as a "straddle." 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

**FOR ACCREDITED INVESTORS ONLY**

amount, character and timing of the Fund's gains and losses with respect to straddle positions by requiring, among other things, that: (1) any 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 that are part of a mixed straddle and that 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 that 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.

If the Fund enters into a "constructive sale" of any appreciated financial position in its portfolio, the Fund will be treated as if it had sold and immediately repurchased the property and must recognize gain (but not loss) with respect to that position. A constructive sale of an appreciated financial position occurs when the Fund enters into certain offsetting transactions with respect to the same or substantially identical property, including, but not limited to: (i) a short sale; (ii) an offsetting notional principal contract; (iii) a futures or forward contract; or (iv) other transactions identified in future Treasury Regulations. The character of the gain from constructive sales will depend upon the Fund's holding period in the appreciated financial position. Losses realized from a sale of a position that was previously the subject of a constructive sale will be recognized when the position is subsequently disposed of. The character of such losses will depend upon the Fund's holding period in the position beginning with the date the constructive sale was deemed to have occurred and the application of various loss deferral provisions in the Internal Revenue Code. Constructive sale treatment does not apply to certain closed transactions, including if such a transaction is closed on or before the 30th day after the close of the Fund's taxable year and the Fund holds the appreciated financial position unhedged throughout the 60-day period beginning with the day such transaction was closed.

***Foreign Investments****.* Income received by the Fund from sources within foreign countries (including, for example, dividends or interest on stock or securities of non-U.S. issuers) may be subject to withholding and other taxes imposed by such countries. Tax treaties between such countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Fund's assets at the close of any taxable year consists of stock or securities of foreign corporations, which for this purpose may include obligations of foreign governmental issuers, the Fund may elect, for U.S. federal income tax purposes, to treat any foreign income or withholding taxes paid by the Fund as paid by its shareholders. Foreign taxes paid by the Fund will reduce the return from the Fund's investments.

 ****

The Fund may indirectly hold equity interests in Portfolio Investments that may be classified as "passive foreign investment companies" or "PFICs." If the Fund owns shares in a PFIC, the Fund will generally be subject to one of the following special tax regimes: (i) the Fund may be liable for U.S. federal income tax, and an additional interest charge, on a portion of any "excess distribution" from such foreign entity or any gain from the disposition of such shares; (ii) if the Fund were able and elected to treat a PFIC as a "qualified electing fund" or "QEF," the Fund would be required each year to include in income, and distribute to the Fund in accordance with the distribution requirements set forth above, the Fund's pro rata share of the ordinary earnings and net capital gains of the PFIC, whether or not such earnings or gains are distributed to the Fund; or (iii) the Fund may be entitled to mark-to-market annually shares of the PFIC, and in such event would be required to distribute to the Fund any such mark-to-market gains in accordance with the distribution requirements set forth above. The Fund intends to make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the effect of these rules. Amounts included in income each year by the Fund arising from a QEF election will be "qualifying income" under the Gross Income Test (as described above) even if not distributed to the Fund, if the Fund derives such income from its business of investing in stock, securities or currencies. In certain cases, the Fund will not

**FOR ACCREDITED INVESTORS ONLY**

be the party legally permitted to make the QEF election or the mark-to-market election in respect of indirectly held PFICs and, in such cases, will not have control over whether the party within the chain of ownership that is legally permitted to make the QEF or mark-to-market election will do so.

A U.S. person that owns (directly, indirectly or constructively) 10% or more of the total combined voting power of all classes of stock or 10% or more of the total value of shares of all classes of stock of a foreign corporation is a "U.S. Shareholder" for purposes of the Controlled Foreign Corporation ("CFC") provisions of the Internal Revenue Code. A foreign corporation is a CFC if, on any day of its taxable year, more than 50% of the voting power or value of its stock is owned (directly, indirectly or constructively) by "U.S. Shareholders." If the Fund is a "U.S. Shareholder" of a CFC, the Fund will be required to include in its gross income for United States federal income tax purposes the CFCs "subpart F income" (described below), whether or not such income is distributed by the CFC. "Subpart F income" generally includes interest, original issue discount, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar derivatives. "Subpart F income" also includes the excess of gains over losses from transactions (including futures, forward and similar transactions) in any commodities. The Fund's recognition of "subpart F income" will increase the Fund's tax basis in the CFC. Distributions by a CFC to the Fund will be tax-free, to the extent of its previously undistributed "subpart F income," and will correspondingly reduce the Fund's tax basis in the CFC. "Subpart F income" is generally treated as ordinary income, regardless of the character of the CFC's underlying income. The "Subpart F income" of the Fund attributable to its investment in a CFC is "qualifying income" to the Fund to the extent that such income is derived with respect to the Fund's business of investing in stock, securities or currencies.

In general, each "U.S. Shareholder" is required to file IRS Form 5471 with its U.S. federal income tax (or information) returns providing information about its ownership of the CFC. In addition, a "U.S. Shareholder" may in certain circumstances be required to report a disposition of shares in the CFC by attaching IRS Form 5471 to its U.S. federal income tax (or information) return that it would normally file for the taxable year in which the disposition occurs. In general, these filing requirements will apply to investors of the Fund if the investor is a U.S. person who owns directly, indirectly or constructively (within the meaning of Sections 958(a) and (b) of the Internal Revenue Code) 10% or more of the total combined voting power of all classes of voting stock or 10% or more of the total value of shares of all classes of stock of a foreign corporation that is a CFC for an uninterrupted period of thirty (30) days or more during any tax year of the foreign corporation, and who owned that stock on the last day of that year.

**FOR ACCREDITED INVESTORS ONLY**

The Fund's Shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisor about the tax implications of an investment in the Fund.

***Backup Withholding***. The Fund will be required in certain cases to withhold at 24% of any distributions or proceeds paid and remit to the U.S. Treasury the amount withheld on amounts payable to any shareholder who: (i) has provided the Fund either an incorrect social security number or tax identification number or no number at all; (ii) is subject to backup withholding by the IRS for failure to properly report payments of interest or dividends; (iii) has failed to certify to the Fund that this shareholder is not subject to backup withholding; or (iv) has failed to certify to the Fund that the shareholder is a U.S. person (including a resident alien). Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's US federal income tax liability, provided the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting.

***Tax Shelter Reporting Regulations***. Under U.S. Treasury regulations, generally, if a shareholder recognizes a loss 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 Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC such as the Fund 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.

***State Taxes***. Depending upon state and local law, distributions by the Fund to its shareholders and the ownership of such shares may be subject to state and local taxes. Rules of state and local taxation of dividend and capital gains distributions from RICs often differ from the rules for federal income taxation described above. It is expected that the Fund will not be liable for any corporate tax in Delaware if it qualifies as a RIC for federal income tax purposes. The Fund may become subject to income and other taxes in states and localities based on the Fund's investments in entities that conduct business in those jurisdictions.

Many states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment requirements that must be met by the Fund. Investment in Ginnie Mae or Fannie Mae securities, banker's acceptances, commercial paper, and repurchase agreements collateralized by U.S. government securities do not generally qualify for this tax-free treatment. The rules on exclusion of this income are different for corporate shareholders. Shareholders are urged to consult their tax advisors regarding state and local taxes applicable to an investment in the Fund.

***Non-U.S. Shareholders***. Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisors prior to investing in the Fund. Foreign shareholders (i.e., nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of shares of the Fund generally are not

**FOR ACCREDITED INVESTORS ONLY**

subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as the Foreign Account Tax Compliance Act ("FATCA"), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by the Fund or its agent on a valid IRS Form W-9 or applicable IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Fund should consult their tax advisors in this regard.

***Other Taxation***. The foregoing represents a summary of the general tax rules and considerations affecting Shareholders as well as the Fund's operations, and neither purports to be a complete analysis of all relevant tax rules and considerations, nor does it purport to be a complete listing of all potential tax risks inherent in making an investment in the Fund. A Shareholder may be subject to other taxes, including but not limited to, other state, local, and foreign taxes, estate and inheritance taxes, or intangible property taxes, that may be imposed by various jurisdictions. The Fund also may be subject to additional state, local, or foreign taxes that could reduce the amounts distributable to Shareholders. It is the responsibility of each Shareholder to file all appropriate tax returns that may be required. Fund Shareholders should consult their own tax advisors regarding the state, local and foreign tax consequences of an investment in Shares and the particular tax consequences to them of an investment in the Fund. In addition to the particular matters set forth in this section, tax-exempt entities should carefully review those sections of this SAI regarding liquidity and other financial matters to ascertain whether the investment objectives of the Fund are consistent with their overall investment plans.

**FOR ACCREDITED INVESTORS ONLY**

**STATEMENT OF ADDITIONAL INFORMATION**

**March 17, 2023**

**SKK Access Income Fund**

**Shares of Beneficial Interest**

**Investment Adviser:**

Shepherd Kaplan Krochuk, LLC

This Statement of Additional Information ("SAI") is not a prospectus. This SAI is intended to provide additional information regarding the activities and operations of SKK Access Income Fund (the "Fund"). This SAI is incorporated by reference and should be read in conjunction with the Fund's prospectus dated March 17, 2023 (the "Prospectus"). You may obtain a copy of the Prospectus without charge by calling the Fund at (800) 711- 9164. Capitalized terms not defined herein are defined in the Prospectus.

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

---

| | |
|:---|:---|
| [**THE FUND**](#a_Toc124936784) | [S-2](#a_Toc124936784) |
| [**INVESTMENT POLICIES AND PRACTICES**](#a_Toc124936785) | [S-2](#a_Toc124936785) |
| [**INVESTMENT OBJECTIVES AND RESTRICTIONS**](#a_Toc124936786) | [S-2](#a_Toc124936786) |
| [**ADDITIONAL INFORMATION ON INVESTMENT INSTRUMENTS, TECHNIQUES AND OPERATIONS**](#a_Toc124936787) | [S-4](#a_Toc124936787) |
| [**THE ADVISER**](#a_Toc124936788) | [S-11](#a_Toc124936788) |
| [**PORTFOLIO MANAGEMENT**](#a_Toc124936789) | [S-12](#a_Toc124936789) |
| [**TAX MATTERS**](#a_Toc124936790) | [S-13](#a_Toc124936790) |
| [**ERISA AND CERTAIN OTHER CONSIDERATIONS**](#a_Toc124936791) | [S-24](#a_Toc124936791) |
| [**ADMINISTRATOR, ACCOUNTANT, AND TRANSFER AGENT**](#a_Toc124936792) | [S-25](#a_Toc124936792) |
| [**THE CUSTODIAN**](#a_Toc124936793) | [S-26](#a_Toc124936793) |
| [**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**](#a_Toc124936794) | [S-26](#a_Toc124936794) |
| [**LEGAL COUNSEL**](#a_Toc124936795) | [S-26](#a_Toc124936795) |
| [**TRUSTEES AND OFFICERS OF THE FUND**](#a_Toc124936796) | [S-26](#a_Toc124936796) |
| [**LIMITATION OF TRUSTEES' LIABILITY**](#a_Toc124936797) | [S-31](#a_Toc124936797) |
| [**PROXY VOTING**](#a_Toc124936798) | [S-32](#a_Toc124936798) |
| [**CODES OF ETHICS**](#a_Toc124936799) | [S-32](#a_Toc124936799) |
| [**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**](#a_Toc124936800) | [S-33](#a_Toc124936800) |
| [**APPENDIX A - PROXY VOTING POLICIES AND PROCEDURES**](#a_Toc124936801) | [S-35](#a_Toc124936801) |

---

**FOR ACCREDITED INVESTORS ONLY**

**THE FUND**

**General.** The Fund, which is registered under the 1940 Act as a non-diversified, closed-end management investment company, was organized as a Delaware limited partnership on October 20, 2020 and converted to a Delaware statutory trust on March 14, 2023 under Delaware law as a Delaware statutory trust under an Agreement and Declaration of Trust dated March 14, 2023 as may be amended from time to time (each, a "Declaration of Trust"). Shepherd Kaplan Krochuk, LLC serves as the Fund's investment adviser (the "Adviser" or "SKK").

**Description of Shares.** The Fund is authorized to offer shares of beneficial interest. The Fund may apply to the U.S. Securities and Exchange Commission (the "SEC") for exemptive relief from certain provisions of the 1940 Act and rules thereunder that would allow the Fund to offer additional classes of shares. The Fund may offer additional classes of shares in the future if such exemptive relief is granted.

**Voting Rights.** Each shareholder of record is entitled to one vote for each share held on the record date for the shareholder action or meeting. The Fund is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Fund and for the election of trustees of the Fund (each, a "Trustee" and collectively, the "Trustees" or the "Board") under certain circumstances. Under each Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if any Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

In addition, a Trustee may be removed by the remaining Trustees or by shareholders at a special meeting called upon written request of shareholders owning at least 10% of the outstanding shares of the Fund. In the event that such a meeting is requested, the Fund will provide appropriate assistance and information to the shareholders requesting the meeting.

Shares represent proportionate interests in the Fund's assets.

**INVESTMENT POLICIES AND PRACTICES**

The Adviser intends to invest the Fund's assets primarily through investments in a range of alternative investments and other listed and unlisted securities (collectively, "Portfolio Investments"). The investment objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the Prospectus. Certain additional investment information is set forth below.

**INVESTMENT OBJECTIVES AND RESTRICTIONS**

**Investment Objectives.** The Fund's investment objective is described in the Prospectus. The Fund's investment objective is non-fundamental, and may be changed without shareholder approval. However, the Board must approve any changes to non-fundamental investment objectives, and the Fund will notify shareholders at least 60 days prior to a material change in the Fund's investment objective.

**Fundamental Investment Restrictions.** The Fund has adopted the following restrictions that cannot be changed without approval by the holders of a "majority" of the Fund's outstanding shares, which is a vote by the holders of the lesser of: (i) 67% or more of the voting securities present in person or by proxy at a meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by

**FOR ACCREDITED INVESTORS ONLY**

proxy; or (ii) more than 50% of the outstanding voting securities. The percentage limitations contained in the restrictions and policies set forth herein apply at the time of purchase of securities.

1. The Fund may not concentrate investments in a particular industry or group of industries, as concentration is defined under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

2. The Fund may borrow money or issue senior securities (as defined under the 1940 Act), except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

3. The Fund may make loans, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

4. The Fund may purchase or sell commodities or real estate, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

5. The Fund may underwrite securities issued by other persons, except as prohibited under the 1940 Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time.

In applying the Fund's policy on concentration (i.e., investing more than 25% of its net assets in the securities of issuers primarily engaged in the same industry) described above: (i) utility companies will be divided according to their services, for example, gas, gas transmission, electric, and telephone will each be considered a separate industry; (ii) financial service companies will be classified according to the end users of their services, for example, automobile finance, bank finance, and diversified finance will each be considered a separate industry; (iii) asset-backed securities will be classified according to the underlying assets securing such securities; (iv) the Fund may invest without limitation in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities or tax-exempt obligations of state or municipal governments and their political subdivisions; (v) the Fund does not consider funds (including privately offered pooled investment vehicles, such as hedge funds, which are issued in private placements to investors that meet certain suitability standards ("Private Markets Investment Funds")) to be investments in any single industry or group of industries; and (vi) the Fund will use its reasonable best efforts to take into account the Private Markets Investment Fund's focus on particular industries.

Except for the Fund's policy with respect to borrowing, any investment restriction that involves a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after an acquisition of securities or utilization of assets and such excess results therefrom.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

**Borrowing.** The 1940 Act presently allows a fund to borrow (including pledging, mortgaging or hypothecating assets) in an amount up to 33<sup>1</sup>/<sub>3</sub>% of its total assets (including the amount borrowed) and to borrow for temporary purposes in an amount not exceeding 5% of the value of its total assets.

**FOR ACCREDITED INVESTORS ONLY**

**Senior Securities.** Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends. The 1940 Act generally prohibits funds from issuing senior securities, although it does not treat certain transactions as senior securities, such as certain borrowings, short sales, reverse repurchase agreements, firm commitment agreements and standby commitments, with appropriate earmarking or segregation of assets to cover such obligation.

Under Section 18(a) of the 1940 Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund's total assets, less all liabilities and indebtedness of the Fund other than senior securities, is at least 200% of the liquidation value of the outstanding preferred shares (i.e., the liquidation value may not exceed 50% of the Fund's total assets less all liabilities and indebtedness of the Fund other than senior securities).

**Lending.** The 1940 Act does not prohibit a fund from making loans. The Fund may make loans to corporations or other business entities. The Fund also may acquire securities subject to repurchase agreements.

**Underwriting.** Under the 1940 Act, underwriting securities involves a fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly.

**Concentration.** The SEC has defined concentration as investing 25% or more of an investment company's net assets in an industry, with certain exceptions. Securities of the U.S. government, its agencies or instrumentalities and securities backed by the credit of a U.S. governmental entity are not considered to represent industries. In the case of loan participations, both the financial intermediary and the ultimate borrower are considered issuers where the loan participation does not shift to the Fund the direct debtor/creditor relationship with the borrower. For purposes of the Fund's concentration policy, the Fund may classify and re-classify companies in a particular industry and define and re-define industries in any reasonable manner, consistent with SEC and SEC staff guidance.

**ADDITIONAL INFORMATION ON INVESTMENT INSTRUMENTS, TECHNIQUES AND OPERATIONS**

The Fund may make investments in through exchange-traded funds ("ETFs"), closed-end funds, open-end funds (mutual funds), managed futures funds or commodity pools and other publicly and privately offered pooled investment vehicles (collectively, "Investment Funds"). Additional information regarding the types of securities and financial instruments in which the Fund or the Investment Funds will seek to invest is set forth below.

**Non-U.S. Securities.** The Fund or the Investment Funds may invest in equity and fixed-income securities of non-U.S. issuers and in depositary receipts, such as American Depositary Receipts ("ADRs"), which represent an indirect interest in securities of non-U.S. issuers. Non-U.S. securities in which the Fund or an Investment Fund invests may be listed on non-U.S. securities exchanges, traded in non-U.S. over-the-counter markets, or purchased in private placements and not be publicly traded. Investments in non-U.S. securities are affected by risk factors generally not thought to be present in the U.S.

The Fund and certain Investment Funds are not required to hedge against non-U.S. currency risks, including the risk of changing currency exchange rates, which could reduce the value of non-U.S. currency denominated portfolio securities irrespective of the underlying investment. However, from time to time, the Fund or an Investment Fund may enter into forward currency exchange contracts ("forward contracts") for

**FOR ACCREDITED INVESTORS ONLY**

hedging purposes or speculative purposes to pursue its investment objective. Forward contracts are transactions involving the Fund or Investment Fund's obligation to purchase or sell a specific currency at a future date at a specified price. Forward contracts may be used by the Fund or Investment Fund for hedging purposes to protect against uncertainty in the level of future non-U.S. currency exchange rates, such as when the Fund or Investment Funds anticipate purchasing or selling a non-U.S. security. This technique would allow the Fund or Investment Funds to "lock in" the U.S. dollar price of the security. Forward contracts also may be used to attempt to protect the value of the Fund or Investment Fund's existing holdings of non-U.S. securities. There may be, however, imperfect correlation between the Fund or Investment Fund's non-U.S. securities holdings and the forward contracts entered into with respect to such holdings. Forward contracts also may be used for speculative purposes to pursue the Fund's or an Investment Fund's investment objective, such as when the Adviser or an Investment Fund manager anticipates that particular non-U.S. currencies will appreciate or depreciate in value, even though securities denominated in such currencies are not then held in the Fund's or an Investment Fund's investment portfolio.

**Commodities.** Some Investment Funds may invest directly in commodities, rather than gaining exposure to commodities markets by investing in futures contracts. Unlike financial instruments, there are costs of physical storage associated with purchasing a commodity, which would not be associated with a futures contract for the same commodity. To the extent that these storage costs relating to a commodity change while the Investment Fund is invested directly in that commodity, the value of the Investment Fund's investment in that commodity may change accordingly. The value of a commodity is subject to additional risk factors, such as drought, floods, weather, livestock disease, embargoes and tariffs, which may have a significant impact on commodity prices. These variables may create additional investment risks that subject commodity investments by an Investment Fund to greater volatility and illiquidity than traditional security investments.

**Investment Companies.** Some of the Investment Funds in which the Fund may invest include investment companies, which generally are open-end funds (mutual funds), closed-end funds, and exchange traded funds. The 1940 Act provides that the Fund may not: (1) purchase more than 3% of an investment company's outstanding shares (the "3% Limit"); (2) invest more than 5% of its assets in any single such investment company (the "5% Limit"), and (3) invest more than 10% of its assets in investment companies overall (the "10% Limit"), unless: (i) the underlying investment company and/or the Fund have received an order for exemptive relief from such limitations from the SEC; and (ii) the underlying investment company and the Fund take appropriate steps to comply with any conditions in such order.

In addition, Section 12(d)(1)(F) of the 1940 Act provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such investment company is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund has not, and is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1½%. An investment company that issues shares to the Fund pursuant to paragraph 12(d)(1)(F) shall not be required to redeem its shares in an amount exceeding 1% of such investment company's total outstanding shares in any period of less than thirty days. The Fund (or the Adviser acting on behalf of the Fund) must comply with the following voting restrictions: when the Fund exercises voting rights, by proxy or otherwise, with respect to investment companies owned by the Fund: the Fund will either seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

Further, if the Fund relies on Section 12(d)(1)(F), the Fund may further rely on Rule 12d1-3, which allows unaffiliated investment companies to exceed the 5% Limit and the 10% Limit, provided the aggregate sales

**FOR ACCREDITED INVESTORS ONLY**

loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) does not exceed the limits on sales loads established by FINRA for funds of funds.

The Fund and any "affiliated persons," as defined by the 1940 Act, may purchase in the aggregate only up to 3% of the total outstanding securities of any investment company. Accordingly, when affiliated persons hold shares of any investment company, the Fund's ability to invest fully in shares of that fund is restricted, and the Adviser must then, in some instances, select alternative investments that would not have been its first preference. The 1940 Act also provides that an investment company whose shares are purchased by the Fund will be obligated to redeem shares held by the Fund only in an amount up to 1% of the Investment Fund's outstanding securities during any period of less than 30 days. Shares held by the Fund in excess of 1% of an investment company's outstanding securities, therefore, will be considered not readily marketable securities.

The Fund may separately rely on Rule 12d1-4, which provides an exemption from the 3% Limit, 5% Limit and 10% Limit if, among other things: the Fund, the Adviser, and any person controlling, controlled by, or under common control with the Adviser (collectively, the "Fund Group") do not acquire control over an acquired fund; the Fund mirror votes shares of an acquired fund of which the Fund Group gains control due to a decrease in the acquired fund's outstanding shares; the Adviser conducts an evaluation of the complexity of the fund of funds structure and the structure's aggregate fees and expenses and determines that the fees and expenses are not duplicative; and the Fund and acquired fund enter into a fund of funds investment agreement to memorialize the terms of the arrangement (including terms that serve as a basis for the required findings).

**Hedge Funds.** Some of the Investment Funds in which the Fund may invest are "hedge funds," which are Private Funds that would be required to register as investment companies but for an exemption under section 3(c)(1) or 3(c)(7) of the 1940 Act. Hedge funds pursue very diverse strategies and are distinguished from other pooled investment products primarily by their availability to a limited number of select investors, by agreements that lock up the investors' capital for fixed periods, and by their managers' performance-based compensation. They may also be distinguished by their use of strategies beyond the scope of most mutual funds. Hedge funds are not subject to the requirements and protections of the 1940 Act. In addition, investors should be aware that hedge funds often engage in leverage, short-selling, arbitrage, hedging, derivatives, and other speculative investment practices that may significantly increase investment loss. Hedge funds are highly illiquid, are not required to provide periodic pricing or valuation information to investors, and often charge high fees that can erode investment performance. Certain hedge funds charge performance fees that may create an incentive for its manager to make investments that are riskier or more speculative than those it might have made in the absence of a performance fee. Additionally, hedge funds need not have independent boards of trustees and do not require investor approval of advisory contracts.

**Absolute Return Investments.** As discussed in the Prospectus, the Fund may invest in managed futures funds, hedge funds and other absolute return investment vehicles that are often structured as privately offered pooled investment vehicles, such as hedge funds, which are issued in private placements to investors that meet certain suitability standards ("Absolute Return Funds"). Each absolute return investment structured as a private partnership is managed by the general partner, managing member or equivalent entity of the Absolute Return Fund (the "Absolute Return Fund Manager") under the direction of the portfolio managers or investment teams selected by the Absolute Return Fund Manager. The Absolute Return Fund Managers generally employ alternative or absolute return investment strategies in the management of the Absolute Return Funds. "Absolute Return" investment strategies refer to a class of investment strategies that are managed generally without reference to the performance of equity, debt and other markets. Alternative investment strategies differ from "relative return strategies," which generally seek to outperform a corresponding benchmark equity or fixed-income index.

**FOR ACCREDITED INVESTORS ONLY**

**Special Investment Techniques.** The Fund and Investment Funds may use a variety of special investment instruments and techniques to hedge against various risks or other factors and variables that may affect the values of the Fund's (or Investment Fund's) portfolio securities. The Fund and the Investment Funds may also use these techniques, including the use of derivative transactions, for speculative purposes in pursuing their respective investment objectives. The Fund and the Investment Funds may employ different techniques over time, as new instruments and techniques are introduced or as a result of regulatory developments. Some special investment techniques that Fund may use may be considered speculative and involve a high degree of risk, even when used for hedging purposes. A hedging transaction may not perform as anticipated, and the Fund may suffer losses as a result of its hedging activities.

*Derivatives*. Generally, the Fund and certain Investment Funds may engage in transactions involving options and futures and other derivative financial instruments. Derivatives can be volatile and involve various types and degrees of risk. By using derivatives, the Fund or Investment Fund may be permitted to increase or decrease the level of risk, or change the character of the risk, to which the portfolio is exposed.

A small investment in derivatives could have a substantial impact on the Fund's or Investment Fund's performance. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant and rapid changes in the prices for derivatives. If the Fund or Investment Fund were to invest in derivatives at an inopportune time, or the Adviser or Investment Fund Manager evaluates market conditions incorrectly, the Fund's or Investment Fund's derivative investment could negatively impact the Fund's return, or result in a loss. In addition, the Fund or Investment Fund could experience a loss if its derivatives were poorly correlated with its other investments, or if the Fund was unable to liquidate a position because of an illiquid secondary market.

*Options and Futures*. The Fund and certain Investment Funds may engage in the use of options and futures contracts, so-called "synthetic" options, including options on baskets of specific securities, or other derivative instruments written by broker-dealers or other financial intermediaries. These transactions may be effected on securities exchanges or on the OTC market, or they may be negotiated directly with counterparties. In cases where instruments are purchased OTC or negotiated directly with counterparties, the Fund or Investment Funds are subject to the risk that the counterparty will be unable or unwilling to perform its obligations under the contract. These transactions may also be illiquid and, if so, it might be difficult to close out a position.

The Fund and certain Investment Funds may purchase call and put options on specific securities. The Fund may also write and sell covered or uncovered call options for both hedging purposes and to pursue the Fund's 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 price at any time before the option expires. Similarly, 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 price at any time before the option expires.

In a covered call option, the Fund or Investment Fund owns the underlying security. The sale of such an option exposes the Fund or Investment Fund to a potential loss of opportunity to realize appreciation in the market price of the underlying security during the term of the option. Using covered call options might expose the Fund or Investment Fund to other risks, as well. For example, the Fund or Investment Fund might be required to continue holding a security that the Fund might otherwise have sold to protect against depreciation in the market price of the security.

When writing options, the Fund or Investment Fund may close a position by purchasing an option on the same security with the same exercise price and expiration date as the option that it has previously written on the security. If the amount paid to purchase an option is less or more than the amount received from the sale, the Fund or Investment Fund will, accordingly, realize a profit or loss. To close out a position as a

**FOR ACCREDITED INVESTORS ONLY**

purchaser of an option, the Fund or Investment Fund would liquidate the position by selling the option previously purchased.

The use of derivatives that are subject to regulation by the CFTC by the Fund and Investment Fund could cause the Fund to be a commodity pool, which would require the Fund to comply with certain rules of the CFTC. However, the Fund intend to conduct its operations to avoid regulation as a commodity pool. The CFTC provides that a registered investment company ("RIC"), such as the Fund, may be excluded from regulation if either the "percentage-of-margin" or "net notional" test are met. The "percentage-of-margin" test requires that the Fund limit its trading, such that aggregate initial margin and premiums required to establish commodity futures, options on futures, or commodity swap positions do not exceed 5% of the liquidation value of its portfolio, including unrealized profits and losses. This test does not apply to transactions entered into for "bona fide hedging purposes" and excludes from the calculation any portion of an option that is in-the-money at the time of purchase. The "net notional" test requires that the aggregate net notional value of the Fund's commodities-related trading positions not used for bona fide hedging purposes, determined at the time its most recent position was established, does not exceed 100% of the liquidation value of its portfolio, including unrealized profits and losses. The term notional value is defined by asset class (e.g., different definitions apply to futures and swaps), as is the ability to net positions. In connection with its management of the Fund, the Adviser has claimed such an exclusion from registration as a commodity pool operator under the Commodity Exchange Act (the "CEA"). Therefore, as long as either the "percentage-of-margin" or "net notional" test is met, the Adviser is not subject to the registration and regulatory requirements of the CEA; however, if the Fund should no longer satisfy either test in the future, registration will be required.

Successful use of futures is also subject to the Adviser's ability to correctly predict movements in the relevant market. To the extent that a transaction is entered into for hedging purposes, successful use is also subject to the Adviser's ability to evaluate the appropriate correlation between the transaction being hedged and the price movements of the futures contract.

The Fund and certain Investment Funds may also purchase and sell stock index futures contracts. A stock index futures contract obligates the Fund or Investment Fund to pay or receive an amount of cash equal to a fixed dollar amount specified in the futures contract, multiplied by the difference between the settlement price of the contract on the contract's last trading day, and the value of the index based on the stock prices of the securities that comprise it at the opening of trading in those securities on the next business day. The Fund may purchase and sell interest rate futures contracts, which represent obligations to purchase or sell an amount of a specific debt security at a future date at a specific price.

*Options on Securities Indexes*. The Fund and certain Investment Funds may purchase and sell call and purchase put options on stock indexes listed on national securities exchanges or traded on the over-the-counter market for hedging or speculative purposes. A stock index fluctuates with changes in the market values of the stocks included in the index. Accordingly, successful use of options on stock indexes will be subject to the Adviser's ability to correctly evaluate movements in the stock market generally, or of a particular industry or market segment.

*Swap Agreements*. The Fund and certain Investment Funds may enter into a variety of swap agreements, including equity, interest rate and index swap agreements. The Fund is not limited to any particular form of swap agreement if the Adviser determines that other forms are consistent with the Fund's investment objectives and policies. Swap agreements are contracts entered into by two parties (primarily institutional investors) for periods ranging from a few weeks to more than a year. In a standard swap transaction, the parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional

**FOR ACCREDITED INVESTORS ONLY**

amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. Additional forms of swap agreements include (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates exceed a specified rate or "cap;" (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates fall below a specified level or "floor;" and (iii) interest rate collars, under which a party sells a cap and purchases a floor (or vice versa) in an attempt to protect itself against interest rate movements exceeding certain minimum or maximum levels.

Generally, the Fund's or Investment Fund's obligations (or rights) under a swap agreement will be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held by the parties. The risk of loss is limited to the net amount of interest payments that a party is contractually required to make. As such, if the counterparty to a swap defaults, the Fund's or Investment Fund's risk of loss consists of the net amount of payments that it is entitled to receive.

**Money Market Instruments**

The Fund may invest, for defensive purposes or otherwise, some or all of its assets in high quality fixed-income securities, money market instruments and money market mutual funds, or hold cash or cash equivalents in such amounts as the Adviser deems appropriate under the circumstances. In addition, the Fund may invest in these instruments pending allocation of its offering proceeds. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less and may include U.S. government securities, commercial paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation ("FDIC"), and repurchase agreements.

**When-Issued, Delayed Delivery and Forward Commitment Securities**

To reduce the risk of changes in securities prices and interest rates, the Fund may purchase securities on a forward commitment, when-issued or delayed delivery basis. This means that delivery and payment occur a number of days after the date of the commitment to purchase. The payment obligation and the interest rate receivable with respect to such purchases are determined when the Fund enters into the commitment, but the Fund does not make payment until it receives delivery from the counterparty. The Fund may, if it is deemed advisable, sell the securities after it commits to a purchase but before delivery and settlement takes place.

Securities purchased on a forward commitment, when-issued or delayed delivery basis are subject to changes in value based upon the public's perception of the creditworthiness of the issuer and changes (either real or anticipated) in the level of interest rates. Purchasing securities on a when-issued or delayed delivery basis can present the risk that the yield available in the market when the delivery takes place may be higher than that obtained in the transaction itself. Purchasing securities on a forward commitment, when-issued or delayed delivery basis when the Fund is fully, or almost fully invested, results in a form of leverage and may cause greater fluctuation in the value of the net assets of the Fund. In addition, there is a risk that securities purchased on a when-issued or delayed delivery basis may not be delivered, and that the purchaser of securities sold by the Fund on a forward basis will not honor its purchase obligation. In such cases, the Fund may incur a loss.

**Investment in Corporate Subsidiaries**

The Fund may invest up to 25% of its total assets in one or more U.S. entities that are taxed as corporations and are wholly-owned or controlled, directly or indirectly, by the Fund ("Corporate Subsidiaries") to

**FOR ACCREDITED INVESTORS ONLY**

primarily invest in U.S. private equity investments, including direct investments in U.S. private equity as well as U.S. private equity funds, and up to 25% of its total assets in one or more Corporate Subsidiaries that primarily invest in U.S. private oil and gas investments, including direct investments in U.S. oil and gas as well as U.S. private oil and gas funds, although each such Corporate Subsidiary may also invest in non-U.S. investments as well. The Fund will consolidate any Corporate Subsidiary for purposes of financial statements, diversification, leverage and concentration.

A Corporate Subsidiary will generally be organized as a Delaware limited liability company that has elected to be taxed as a U.S. corporation under Subchapter C of the Code. The Adviser will not receive a fee for managing the Corporate Subsidiaries, though the Fund will indirectly incur the operating expense of each Corporate Subsidiary.

For tax purposes, no more than 25% of the Fund's assets may be invested in the securities of one or more issuers (other than securities of other regulated investment companies) that the Fund controls and that are determined to be engaged in the same or similar trade or business. Under this limitation, the Fund's investments in Corporate Subsidiaries investing in private equity investments in the aggregate and its investment in Corporate Subsidiaries investing in oil and gas in the aggregate must, in each case, be limited to no more than 25% of the value of the Fund's total assets.

The Corporate Subsidiaries will be taxed as corporations and, accordingly, are subject to certain federal, state and local taxes on their income and assets.

**Investment in a REIT Subsidiary**

The Fund may invest up to 25% of its total assets in one or more wholly-owned and controlled entities that qualify as a REIT for federal income tax purposes ("REIT Subsidiary") that is also managed by the Adviser and that invests through wholly-owned special purpose companies in direct real estate properties. The Fund will consolidate any REIT Subsidiary for purposes of financial statements, diversification, leverage and concentration.

A REIT Subsidiary is organized as a Maryland corporation that is qualified as a REIT for federal income tax purposes. The REIT Subsidiary is a "wholly-owned subsidiary" of the Fund pursuant to the definition of that term in the Investment Company Act (i.e., the Fund owns 95% or more of the subsidiary's outstanding voting securities). The Fund will hold all of the common units of the REIT Subsidiary. To satisfy the "100-shareholder test" under the Internal Revenue Code of 1986, as amended (the "Code") certain persons unaffiliated with the Adviser will purchase non-voting preferred shares of the REIT Subsidiary, although such ownership will constitute less than 1% by value of the outstanding shares of the REIT Subsidiary. The Adviser will not receive a fee for managing the REIT Subsidiary, though the Fund will indirectly incur the REIT Subsidiary's operating expenses.

For tax purposes, no more than 25% of the Fund's assets may be invested in the securities of one or more issuers (other than securities of other RICs) that the Fund controls and that are determined to be engaged in the same or similar trade or business. Under this limitation, the Fund's investment in the REIT Subsidiaries must be limited to no more than 25% of the value of the Fund's total assets. This limitation might require the Fund to reduce its allocation of assets to the REIT Subsidiaries in the event that the Fund subsequently forms one or more wholly-owned subsidiaries to which it transfers its holdings of any privately offered real estate debt subject to risk of foreclosure to maintain the Fund's qualification as a RIC under Subchapter M of the Code.

To qualify as a REIT, a REIT Subsidiary must satisfy a number of requirements on a continuing basis, including requirements regarding the composition of its assets, sources of its gross income, distributions

**FOR ACCREDITED INVESTORS ONLY**

and stockholder ownership. Since certain activities, if performed by the REIT Subsidiary, may not be qualifying REIT activities under the Code, the REIT Subsidiary may form taxable REIT subsidiaries, as defined in the Code, to engage in such activities. Even if the REIT Subsidiary qualifies for taxation as a REIT, it may be subject to certain federal, state and local taxes on its income and assets, including taxes on any undistributed income, tax on income from some activities conducted as a result of a foreclosure, and state or local income, property and transfer taxes. If, for any taxable year, the REIT Subsidiary does not qualify as a REIT, all of its taxable income (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the REIT's current and accumulated earnings and profits. Dividends payable by the REIT Subsidiary to the Fund and, in turn, by the Fund to shareholders generally are not qualified dividends eligible for the reduced rates of tax.

Recent tax legislation permits a direct REIT shareholder to claim a 20% "qualified business income" deduction for ordinary REIT dividends. The Treasury Department recently released Proposed Regulations, on which taxpayers may rely pending the issuance of final regulations, that allow a RIC to pay and report "section 199A dividends" to its shareholders with respect to the RIC's qualified REIT dividends. Under the Proposed Regulations, the amount of section 199A dividends that a fund may pay and report to its shareholders is limited to the excess of the "qualified REIT dividends" that the fund receives from REITs for a taxable year over the fund's expenses allocable to such dividends. A shareholder may treat section 199A dividends received on a share of the fund as "qualified REIT dividends" if the shareholder has held the share for more than 45 days during the 91-day period beginning 45 days before the date on which the share becomes ex-dividend, but only to the extent that the shareholder is not under an obligation (under a short-sale or otherwise) to make related payments with respect to positions in substantially similar or related property. A shareholder may include 20% of the shareholder's "qualified REIT dividends" in the computation of the shareholder's "combined qualified business income amount" under Code Section 199A. Code Section 199A allows a taxpayer (other than a corporation) a deduction for a taxable year equal to the lesser of (i) the taxpayer's "combined qualified business income amount" or (ii) 20% of the excess of the taxpayer's taxable income over the taxpayer's net capital gain for the year.

**THE ADVISER**

**General.** The Adviser, located at 53 State Street, 23rd Floor, Boston, MA 02109, furnishes investment management services to the Fund, subject to the supervision and direction of the Board. Affiliates of the Adviser also manage other investment accounts. In the course of discharging its non-portfolio management duties under the advisory contract, the Adviser may delegate to affiliates.

As of December 31, 2021, the Adviser managed client assets of approximately $1,390,508,169 on a discretionary basis and $7,458,604,004 on a non-discretionary basis for a total of $8,849,112,173.

**Advisory Agreement with the Fund.** The Fund and the Adviser have entered into an investment advisory agreement (the "Advisory Agreement"). Under the Advisory Agreement, the Adviser serves as the investment adviser and makes investment decisions for the Fund.

After the initial two-year term, the continuance of the Advisory Agreement must be specifically approved at least annually, with respect to the Fund: (i) by the vote of the Trustees or by a vote of the majority of the outstanding voting securities of the Fund; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, cast in person at a meeting called for the purpose of voting on such approval. The Advisory Agreement will terminate automatically in the event of its assignment, and with respect to the Fund is terminable at any time without penalty by the Trustees or by a majority of the outstanding voting securities of the Fund, or by the Adviser on not less than

**FOR ACCREDITED INVESTORS ONLY**

30 days' nor more than 60 days' written notice to the Trust. As used in the Advisory Agreement, the terms "majority of the outstanding voting securities," "interested persons" and "assignment" have the same meaning as such terms in the 1940 Act.

**Advisory Fees Paid to the Adviser.**

*Management Fee.* In consideration of the services provided by the Adviser to the Fund, the Fund pays the Adviser a fee (the "Management Fee"), accrued daily and payable monthly, at the annual rate of 0.65% of the Fund's average daily Managed Assets. "Managed Assets" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), and calculated before giving effect to any repurchase of shares on such date. The Management Fee is paid to the Adviser out of the Fund's assets and, therefore, decreases the net profits or increases the net losses of the Fund. For the fiscal years ended December 31, 2020, December 31, 2021, and December 31, 2022, the Fund paid the Adviser advisory fees in the amount of $0, $2,322, and $18,178, respectively.

**PORTFOLIO MANAGEMENT**

This section includes information about David Shepherd and Richard Blair as the members of Adviser's investment committee (the "Investment Committee") who have ultimate responsibility for the Fund's investment system and how it operates and who are, therefore, primarily responsible for the management of the Fund's portfolio, including information about other accounts they manage, the dollar range of Fund shares they own and how they are compensated.

**Compensation.** Compensation for Messrs. Shepherd and Blair comprises a base salary with bonuses. The base salary is consistent with industry standards for each individual's level and is adjusted based on merit. Base salary is reviewed annually during performance reviews. All bonuses are based upon individual performance and overall business profitability.

**Fund Shares Owned by the Portfolio Managers.** The Fund is required to show the dollar amount range of each portfolio manager's "beneficial ownership" of shares of the Fund as of the end of the most recently completed year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act").

**Other Accounts.** In addition to the Fund, Messrs. Shepherd and Blair may also be responsible for the day-to-day advisement of certain other accounts, as indicated by the following table ("Other Accounts"). The information below is provided as of December 31, 2022, and excludes accounts where they have advisory but not discretionary authority.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Registered**<br> **Investment Companies** | **Registered**<br> **Investment Companies** | **Other Pooled**<br> **Investment Vehicles** | **Other Pooled**<br> **Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Name** | **Number of Accounts** | **Total Assets<br> (in millions)** | **Number of Accounts** | **Total Assets<br> (in millions)** | **Number of Accounts** | **Total Assets<br> (in millions)** |
| David Shepherd | 0 | $0 | 15 | $440.9 | 157 | $875.6 |
| Richard Blair | 0 | $0 | 1 | $23.0 | 0 | $0 |

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**FOR ACCREDITED INVESTORS ONLY**

**Performance-Based Advisory Fees.** Out of the accounts listed in the above table, David Shepherd advises 13 pooled investment vehicles representing $404.5 million, and Richard Blair advises one pooled investment vehicle representing $23.0 million that charge performance-based advisory fees.

**Conflicts of Interests.** Adviser-advised accounts may have overlapping investment objectives and strategies with the Fund and will invest in private markets investments similar to those targeted by the Fund. In addition, certain Adviser employees may face conflicts in their time management and commitments as well as in the allocation of investment opportunities to all clients, including the Fund. The Adviser uses reasonable efforts to ensure fairness and transparency in the allocation of limited capacity in primary partnership, secondary partnership and direct portfolio company private equity investments. The Adviser has designed the allocation process and policy to be clear and objective with the intent of limiting subjective judgment. The policy focuses on eligibility, priority, materiality, and transparency.

Notwithstanding the generality of the foregoing, when allocating any particular investment opportunity among the Fund and Other Accounts, the Adviser will take into account relevant factors, such as: (1) a client's investment objectives and model portfolio guidelines and targets, including minimum and maximum investment size requirements, (2) the composition of a client's portfolio, (3) the nature of any requirements or constraints placed on an investment opportunity (e.g., conditions imposed by a GP of an underlying fund), (4) transaction sourcing or an investor's relationship with a GP, (5) the amount of capital available for investment by a client, (6) a clients' liquidity, (7) tax implications and other relevant legal, contractual or regulatory considerations, (8) the availability of other suitable investments for a client, and (9) any other relevant limitations imposed by or set forth in the applicable offering and organizational documents of the client. There can be no assurance that the factors set forth above will result in a client, including the Fund, participating in all investment opportunities that fall within its investment objectives. In fact, until the Fund has obtained co-investment exemptive relief, only those investment opportunities that are not determined to be appropriate for Other Accounts will be made available to the Fund.

**TAX MATTERS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. The discussion is based on laws, regulations, rulings, and decisions currently in effect, all of which are subject to change (possibly with retroactive effect) or different interpretations. The discussion below does not purport to deal with all of the federal income tax consequences applicable to the Fund, or to all categories of investors, some of which may be subject to special rules. All shareholders should consult a qualified tax advisor regarding their investment in the Fund.

**Qualification and Taxation as a RIC**

The Fund intends to qualify as RIC under Subchapter M of the Code, which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income or excise tax on its investment company taxable income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements, as a RIC generally is entitled to deduct all dividends and capital gain dividends it distributes to its shareholders, even if shareholders choose to receive such distributions in stock of the Fund. It will, however, be subject to corporate income tax on any investment company taxable income or net capital gain that it does not timely distribute to its shareholders. Investment company taxable income and net capital gain of the Fund will be computed in accordance with Section 852 of the Code. Investment company taxable income is the taxable income of the Fund with certain adjustments, including exclusion of the Fund's net capital gain. Net capital

**FOR ACCREDITED INVESTORS ONLY**

gain is the excess of net long-term capital gain over net short-term capital loss and is computed by taking into account any capital loss carryforward of the Fund.

**Distribution Requirement**

The Fund is required to timely distribute at least 90% of its investment company taxable income each year to qualify as a RIC. The Fund intends to distribute all of its investment company taxable income and net capital gains in accordance with the timing requirements imposed by the Code and therefore should not be required to pay any federal income or excise taxes. Both types of distributions will be in shares of the Fund unless a shareholder elects to receive cash.

Current federal tax law requires the holder of a U.S. Treasury or other fixed-income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities will give rise to income which is required to be distributed and is taxable even though the Fund holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("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. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) 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. Market discount generally accrues in equal daily installments. 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. Under 2017 legislation commonly known as the Tax Cuts and Jobs Act (the "TCJA"), certain taxpayers must recognize items of gross income for tax purposes in the year in which the taxpayer recognizes the income for financial accounting purposes. For financial accounting purposes, market discount must be accrued currently on a constant yield to maturity basis, regardless of whether an election for tax purposes to currently accrue such discount is made. While the exact scope of this provision is not known at this time, it could cause the Fund to recognize income earlier for tax purposes than would otherwise have been the case prior to the enactment of the TJCA.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Fund may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Fund will be required to include the acquisition discount, or OID, 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. The Fund may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

If the Fund holds the foregoing kinds of securities, it may be required to distribute an amount that is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not

**FOR ACCREDITED INVESTORS ONLY**

advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

The Fund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of the Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Fund during the preceding calendar year. The Fund expects to time its distributions so as to avoid liability for this tax.

**Income and Asset Tests**

In addition to satisfying the distribution requirement, to be treated as a RIC under Subchapter M of the Code, the Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from "qualified publicly traded partnerships" and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holdings so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities of "qualified publicly traded partnerships." For these purposes, a "qualified publicly traded partnership" is a publicly traded partnership described in section 7704(b) of the Code other than a partnership 90% of the gross income of which would satisfy the 90% income test applicable to RIC, with certain modifications.

If the Fund fails to qualify as a RIC under Subchapter M in any fiscal year, it will be subject to corporate income taxes on its taxable income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

**Taxation of Shareholders**

The following discussion of tax consequences is for the general information of shareholders that are subject to tax.

Distributions of investment company taxable income generally are taxable to shareholders as ordinary income, although if the Fund satisfies certain requirements with respect to its investments in corporate stock, it may designate a portion of its distributions out of dividends received from such corporations that may be treated by non-corporate shareholders as "qualified dividends" if such shareholders satisfy certain requirements (e.g., with respect to their holding period in their Fund shares). Qualified dividends generally are taxable at the preferential rates applicable to long-term capital gains. The Fund makes no assurances regarding the portion of distributions from the Fund that may be treated as qualified dividends.

**FOR ACCREDITED INVESTORS ONLY**

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain, regardless of the length of time the shares of the Fund have been held by such shareholders.

A redemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions will be taxable as described above, whether received in additional cash or shares. Shareholders electing to receive distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the net asset value of a share on the reinvestment date.

Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year.

Under the Code, the Fund will be required to report to the Internal Revenue Service all distributions as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Code, distributions may be subject to withholding of federal income tax (currently at the rate of 24%) in the case of non-exempt shareholders who fail to furnish the Fund with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

Certain U.S. shareholders, including individuals and estates and trusts, will be subject to an additional 3.8% Medicare tax on all or a portion of their "net investment income," which should include dividends from the Fund and net gains from the disposition of shares of the Fund. U.S. shareholders are urged to consult their own tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Fund.

Shareholders of the Fund may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Fund's shares.

If the Fund's REIT investments make distributions in excess of their taxable income, due in part to available depreciation deductions, a portion of such distributions will constitute a non-taxable return of capital. Any return of capital generally will reduce the Fund's tax basis in the REIT investment but not below zero. To the extent the distributions from a particular REIT exceed the Fund's tax basis in the REIT shares, the Fund generally will recognize capital gain. Shareholders of the Fund may also receive distributions that constitute a non-taxable return of capital. Shareholders of the Fund who receive such a distribution will reduce the tax basis in their Fund shares but not below zero. To the extent that such a distribution exceeds a shareholder's tax basis in Fund shares, such shareholder generally will recognize a capital gain.

Under the TCJA, "qualified REIT dividends" (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are treated as eligible

**FOR ACCREDITED INVESTORS ONLY**

for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective tax rate of 29.6% (37% top rate applied to income after 20% deduction). The TCJA does not contain a provision permitting a RIC, such as the Fund, to pass the special character of this income through to its shareholders. However, the Treasury Department and the Internal Revenue Service (the "IRS") issued Treasury regulations permitting RICs to pass to their shareholders the special treatment of certain REIT dividends.

Each year the Fund will issue to each shareholder a statement of the federal income tax status of all distributions.

Shareholders should consult their independent tax advisors about the application of federal, state and local and foreign tax law in light of their particular situation.

**Taxation of Fund Subsidiaries**

**<u>Wholly-Owned Corporate Subsidiaries</u>**. To increase its investments in private equity and private oil and gas funds, the Fund may invest a portion of its assets in one or more entities taxable as corporations under Subchapter C of the Code that are wholly-owned, directly or indirectly, by the Fund ("Corporate Subsidiaries") that in turn invest primarily in direct investments in private equity or oil and gas or private equity or private oil and gas funds. In addition, equity securities issued by certain non-traded limited partnerships (or other "pass-through" entities, such as grantor trusts) in which the Fund invests may not produce qualifying income for purposes of determining its compliance with the 90% gross income test applicable to regulated investment companies. As a result, the Fund may form one or more wholly-owned taxable subsidiaries to make and hold certain investments in accordance with its investment objective. The dividends received from such taxable subsidiaries will be qualifying income for purposes of the 90% gross income test. In general, the amount of cash received from such wholly-owned subsidiaries will equal the amount of cash received from the limited partnerships or other pass-through entities as reduced by income taxes paid by such subsidiaries and other expenses.

*Tax-Exempt Shareholders*. A tax-exempt shareholder could 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 Internal Revenue Code Section 514(b). Furthermore, a tax-exempt shareholder may recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in 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 regulated investment companies that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in section 664 of the Internal Revenue Code) that realizes any UBTI for a taxable year, must pay 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 taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, 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 regulated investment company will be subject to a tax on that portion of its "excess inclusion income" for the taxable 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 year by the amount of the tax

**FOR ACCREDITED INVESTORS ONLY**

that relates to such shareholder's interest in the Fund. The Fund has not yet determined whether such an election will be made. CRTs and other tax-exempt investors are urged to consult their tax advisers concerning the consequences of investing in the Fund.

*Passive Foreign Investment Companies*. A passive foreign investment company ("PFIC") is any foreign corporation: (i) 75% or more of the gross income of which for the taxable year is passive income, or (ii) the average percentage of the assets of which (generally by value, but by adjusted tax basis in certain cases) that produce or are held for the production of passive income is at least 50%. Generally, passive income for this purpose means dividends, interest (including income equivalent to interest), royalties, rents, annuities, the excess of gains over losses from certain property transactions and commodities transactions, and foreign currency gains. Passive income for this purpose does not include rents and royalties received by the foreign corporation from active business and certain income received from related persons.

Equity investments by the Fund in certain PFICs could potentially subject the Fund to a U.S. federal income tax or other charge (including interest charges) on the distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example, if the Fund is in a position to and elects to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), the Fund will be required to include its share of the PFIC s income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. Alternatively, the Fund may make an election to mark the gains (and to a limited extent losses) in its PFIC holdings "to the market" as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income."

Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

*Foreign Currency Transactions*. The Fund's transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

*Master Limited Partnerships*. To qualify for master limited partner ("MLP") status, a partnership must generate at least 90% of its income from what the IRS deems "qualifying" sources, which include all manner of activities related to the production, processing or transportation of oil, natural gas and coal. MLPs, as partnership, pay no corporate tax, and the IRS deems much of the distributions paid out as a return of capital, and taxes on such distributions are deferred until the Fund sells its position therein. As partnerships, MLPs pass through the majority of their income to investors in the form of regular quarterly distributions. You as owner of the Fund are responsible for paying tax on your share of distributions received. In addition, the regular quarterly cash payments MLPs pay out are known as distributions rather than dividends. With respect to each MLP in which the Fund invests, MLP investors, and therefore you as owner of the Fund,

**FOR ACCREDITED INVESTORS ONLY**

may be subject to the state tax of each state in which the MLP has operations or does business. If a MLP is held in a tax-sheltered account, such as an IRA, the portion of the distributions designated as "ordinary income" may be considered unrelated business taxable income ("UBTI"), and subject to tax. However, UBTI is usually a small percentage of total distributions and it will not be taxed as long as the amount of this income and all other sources of UBTI does not exceed $1,000 in any year.

*Foreign Taxation*. Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes.

The ETFs in which the Fund invests may invest in foreign securities. Dividends and interest received by an ETF's holding of foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If the ETF in which the Fund invests is taxable as a RIC and meets certain other requirements, which include a requirement that more than 50% of the value of such ETF's total assets at the close of its respective taxable year consists of stocks or securities of foreign corporations, then the ETF should be eligible to file an election with the IRS that may enable its shareholders, including the Fund in effect, to receive either the benefit of a foreign tax credit, or a tax deduction, with respect to any foreign and U.S. possessions income taxes paid the by Fund, subject to certain limitations.

A "qualified fund of funds" is a RIC that has at least 50% of the value of its total interests invested in other RICs at the end of each quarter of the taxable year. If the Fund satisfied this requirement or if it meets certain other requirements, which include a requirement that more than 50% of the value of the Fund's total assets at the close of its taxable year consist of stocks or securities of foreign corporations, then the Fund should be eligible to file an election with the IRS that may enable its shareholders to receive either the benefit of a foreign tax credit, or a tax deduction, with respect to any foreign and U.S. possessions income taxes paid by the Fund, subject to certain limitations.

*Foreign Shareholders*. Capital Gain Dividends are generally not subject to withholding of U.S. federal income tax. Absent a specific statutory exemption, dividends other than Capital Gain Dividends paid by the Fund to a shareholder that is not a "U.S. person" within the meaning of the Internal Revenue Code (such shareholder, a "foreign shareholder") are subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate) even if they are funded by income or gains (such as portfolio interest, short-term capital gains, or foreign-source dividend and interest income) that, if paid to a foreign person directly, would not be subject to withholding.

A regulated investment company is not required to withhold any amounts (i) with respect to distributions (other than distributions to a foreign person (a) that does not provide a satisfactory statement that the beneficial owner is not a U.S. person, (b) to the extent that the dividend is attributable to certain interest on an obligation if the foreign person is the issuer or is a 10% shareholder of the issuer, (c) that is within a foreign country that has inadequate information exchange with the United States, or (d) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign person and the foreign person is a controlled foreign corporation) from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign person, to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders ("interest-related dividends"), and (ii) with respect to distributions (other than (a) distributions to an individual foreign person who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (b) distributions subject to special rules regarding the disposition of U.S. real property interests as described below) of net short-term capital gains in excess of net long-term capital losses to the extent such distributions are properly reported by the regulated investment company ("short-term capital gain dividends"). If the Fund invests in an underlying fund that pays such distributions to the

**FOR ACCREDITED INVESTORS ONLY**

Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign persons.

The Fund is permitted to report such part of its dividends as interest-related or short-term capital gain dividends as are eligible, but is not required to do so. These exemptions from withholding will not be available to foreign shareholders of the Fund that do not currently report their dividends as interest-related or short-term capital gain dividends.

In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders. Foreign persons should contact their intermediaries regarding the application of these rules to their accounts.

Under U.S. federal tax law, a beneficial holder of shares who is a foreign shareholder generally is not subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund or on Capital Gain Dividends unless (i) such gain or dividend is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (ii) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale or the receipt of the Capital Gain Dividend and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund or to the Capital Gain Dividend the foreign shareholder received (as described below).

Special rules would apply if the Fund were either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USPRIs, interests in real property located outside the United States, and other assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or former USRPHC.

If the Fund were a USRPHC or would be a USRPHC but for the exceptions referred to above, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable to gains realized by the Fund on the disposition of USRPIs or to distributions received by the Fund from a lower-tier regulated investment company or REIT that the Fund is required to treat as USRPI gain in its hands generally would be subject to U.S. tax withholding. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund. On and after January 1, 2012, this "look-through" USRPI treatment for distributions by the Fund, if it were either a USRPHC or would be a USRPHC but for the operation of the exceptions referred to above, to foreign shareholders applies only to those distributions that, in turn, are attributable to distributions received by the Fund from a lower-tier REIT, unless Congress enacts legislation providing otherwise.

In addition, if the Fund were a USRPHC or former USRPHC, it could be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder, in which case such foreign shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption.

**FOR ACCREDITED INVESTORS ONLY**

Whether or not the Fund is characterized as a USRPHC will depend upon the nature and mix of the Fund's assets. The Fund does not expect to be a USRPHC. Foreign shareholders should consult their tax advisors concerning the application of these rules to their investment in the Fund.

If a beneficial holder of Fund shares who is a foreign shareholder has a trade or business in the United States, and the dividends are effectively connected with the beneficial holder's conduct of that trade or business, the dividend will be subject to U.S. federal net income taxation at regular income tax rates.

If a beneficial holder of Fund shares who is a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by that beneficial holder in the United States.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its non-US status (including, in general, furnishing an IRS Form W-8BEN or substitute form). Foreign shareholders in the Fund should consult their tax advisers in this regard.

A beneficial holder of Fund shares who is a foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the federal tax on income referred to above.

*Backup Withholding*. The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. The backup withholding tax rate is currently 24%.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Tax Shelter Reporting Regulation*s. Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to the Fund's 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 Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. 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 advisers to determine the applicability of these regulations in light of their individual circumstances.

*Shareholder Reporting Obligations With Respect to Foreign Financial Assets*. Certain individuals (and, if provided in future guidance, certain domestic entities) must disclose annually their interests in "specified foreign financial assets" on IRS Form 8938, which must be attached to their U.S. federal income tax returns for taxable years beginning after March 18, 2010. The IRS has not yet released a copy of the Form 8938 and has suspended the requirement to attach Form 8938 for any taxable year for which an income tax return is filed before the release of Form 8938. Following Form 8938's release, individuals will be required to attach to their next income tax return required to be filed with the IRS a Form 8938 for each taxable year for which the filing of Form 8938 was suspended. Until the IRS provides more details regarding this reporting requirement, including in Form 8938 itself and related Treasury regulations, it remains unclear

**FOR ACCREDITED INVESTORS ONLY**

under what circumstances, if any, a shareholder's (indirect) interest in the Fund's "specified foreign financial assets," if any, will be required to be reported on this Form 8938.

*Other Reporting and Withholding Requirements*. Rules enacted in March 2010 require the reporting to the IRS of direct and indirect ownership of foreign financial accounts and foreign entities by U.S. persons. Failure to provide this required information can result in a 30% withholding tax on certain payments ("withholdable payments") made after December 31, 2013. Specifically, withholdable payments subject to this 30% withholding tax include payments of U.S.-source dividends and interest made on or after January 1, 2014, and payments of gross proceeds from the sale or other disposal of property that can produce U.S.-source dividends or interest made on or after January 1, 2015.

The IRS has issued only very preliminary guidance with respect to these new rules; their scope remains unclear and potentially subject to material change. Very generally, it is possible that distributions made by the Fund after the dates noted above (or such later dates as may be provided in future guidance) to a shareholder, including a distribution in redemption of shares and a distribution of income or gains otherwise exempt from withholding under the rules applicable to non-U.S. shareholders described above (e.g., Capital Gain Dividends, Short-Term Capital Gain Dividends and interest-related dividends, as described above) will be subject to the new 30% withholding requirement. Payments to a foreign shareholder that is a "foreign financial institution" will generally be subject to withholding, unless such shareholder enters into a timely agreement with the IRS. Payments to shareholders that are U.S. persons or foreign individuals will generally not be subject to withholding, so long as such shareholders provide the Fund with such certifications or other documentation, including, to the extent required, with regard to such shareholders' direct and indirect owners, as the Fund requires to comply with the new rules. Persons investing in the Fund through an intermediary should contact their intermediary regarding the application of the new reporting and withholding regime to their investments in the Fund.

Shareholders are urged to consult a tax advisor regarding this new reporting and withholding regime, in light of their particular circumstances.

*Shares Purchased through Tax-Qualified Plans*. Special tax rules apply to investments through defined contribution plans and other tax-qualified plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans, and the precise effect of an investment on their particular tax situation.

*FATCA*. Payments 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 on: (a) income dividends paid by the Fund and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by the Fund. 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.

**<u>REIT Subsidiary</u>**. The Fund may gain exposure to real estate by investing in a REIT Subsidiary.

**FOR ACCREDITED INVESTORS ONLY**

*Distribution requirement*. The Fund intends to distribute any income received from the REIT Subsidiary each year in satisfaction of the Fund's Distribution Requirement. Because of certain noncash expenses, such as property depreciation, the REIT Subsidiary's cash flow may exceed its taxable income. The REIT Subsidiary, and in turn the Fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. See "Tax Treatment of Portfolio Transactions—Investment in U.S. REITs" with respect to certain other tax aspects of investing in U.S. REITs. Dividends payable by the REIT Subsidiary to the Fund and, in turn, by the Fund to its shareholders, generally are not qualified dividends eligible for the reduced rates of tax.

*Taxation of the REIT Subsidiary*. The REIT Subsidiary will elect to be treated as a REIT for U.S. federal income tax purposes. To qualify as a REIT under the Code, the REIT Subsidiary must satisfy a number of requirements on a continuing basis, including requirements regarding the composition of its assets, sources of its gross income, distributions and stockholder ownership. A REIT generally may deduct dividends it distributes to its shareholders and, accordingly, is not subject to entity-level tax on the income and gain it distributes to shareholders. However, even if the REIT Subsidiary qualifies for taxation as a REIT, it may be subject to certain U.S. federal, state and local taxes on its income and assets, including taxes on any undistributed income, taxes on income from some activities conducted as a result of a foreclosure, and state or local income, franchise, property and transfer taxes, including mortgage recording taxes. To qualify as a REIT under the Code, the REIT Subsidiary must satisfy a number of requirements on a continuing basis, including requirements regarding the composition of its assets, sources of its gross income, distributions and stockholder ownership. Distributions to the Fund will generally constitute dividend income to the extent of the REIT Subsidiary's current and accumulated earnings and profits, as calculated for federal income tax purposes.

There can be no assurance that the REIT Subsidiary's qualification as a REIT for federal income tax purposes can be continued. Failure to so qualify would have a negative impact on the REIT Subsidiary's and, in turn, the Fund's income and performance, and such a negative impact could be substantial. Additionally, there may be an immediate negative impact on the REIT Subsidiary's and, in turn, the Fund's net asset value at the time of any such failure if the REIT Subsidiary is required to record a deferred tax expense as described below. If the REIT Subsidiary fails to qualify as a REIT, although the Fund will take reasonable steps to bring the REIT Subsidiary back into compliance with the REIT qualification requirements, provided that the board of directors of the REIT Subsidiary has not determined that it is no longer in the best interests of the REIT Subsidiary to continue to qualify as a REIT, there can be no assurance that the Fund will be able to do so. Subject to savings provisions for certain inadvertent failures to satisfy certain requirements noted above, which, in general, are limited to those due to reasonable cause and not willful neglect, it is possible that the REIT Subsidiary will not qualify as a REIT in any given tax year. Even if such savings provisions apply, the REIT Subsidiary may be subject to a monetary sanction or tax of $50,000 or more. If the REIT Subsidiary fails to qualify as a REIT in any taxable year and no savings provision applies, the REIT Subsidiary will be subject to U.S. federal, state and local taxes on its taxable income at regular corporate rates. Further, if the REIT Subsidiary fails to qualify as a REIT, the REIT Subsidiary's net asset value will include a deferred tax expense or asset, which will, in turn, be reflected in the net asset value of the Fund. The REIT Subsidiary's deferred tax expense or asset is based on estimates that could vary dramatically from the REIT Subsidiary's actual tax liability/benefit and, therefore, could have a material impact on the REIT Subsidiary's net asset value, and in turn, the net asset value of the Fund.

Unless entitled to relief under specific statutory provisions, the REIT Subsidiary is not eligible to make a new REIT election prior to the fifth taxable year which begins after the first taxable year for which such termination of REIT status is effective. Prior to the close of the first taxable year for which a new REIT election is effective, the REIT Subsidiary must distribute to the Fund all of its earnings and profits accumulated in a non-REIT taxable year and the Fund, in turn, would distribute any such earnings to its shareholders. It is not possible to state whether in all circumstances the REIT Subsidiary would be entitled

**FOR ACCREDITED INVESTORS ONLY**

to such statutory relief or whether the REIT Subsidiary could cure any failure to satisfy the 50% Test (as defined below) to again qualify for taxation as a REIT. Additionally, any net built-in gains on the assets held by the REIT Subsidiary at the date the REIT election again becomes effective is subject to corporate level tax if such gain is recognized during the 10-year period following the new REIT election ("net recognized built-in gains"). Net recognized built-in gains include any recognized built-in gains (i.e. the excess of the fair market value of the REIT Subsidiary's assets over its adjusted tax basis at the time of the REIT election) and any recognized built-in losses (i.e. the adjusted tax basis of the REIT Subsidiary's assets over the fair market value of such assets at the time of the REIT election). Such net recognized built-in gains are included in REIT taxable income and/or net capital gains but the amount required to be distributed by the REIT Subsidiary to the Fund, and, in turn, by the Fund to shareholders is reduced by any corporate level tax paid by the REIT Subsidiary. However, these built-in gain rules will not apply to the REIT Subsidiary upon re-electing REIT status if the REIT Subsidiary was subject to tax at regular corporate rates for a period not exceeding two taxable years, and, immediately prior to being subject to tax at regular corporate rates, was subject to tax as a REIT for a period of at least one taxable year.

*Constructive Ownership of the REIT Subsidiary*. A REIT may not be "closely held," i.e., not more than 50% of the value of the REIT's outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals or certain specified entities during the last half of any calendar year (the "50% Test"). If a REIT fails to satisfy the 50% Test, it will nevertheless be treated as satisfying the 50% Test for a taxable year in which it (i) maintains records of the maximum number of shares actually or constructively owned by each of the owners of the REIT, and (ii) does not know, or after exercising reasonable diligence would not have known, whether it failed to meet the not "closely held" requirement. Under the Code's constructive ownership rules, the REIT Subsidiary will be constructively owned by the Fund's shareholders in proportion to their share ownership in the Fund (based on the value of their Fund shares). Accordingly, whether the REIT Subsidiary is closely held depends upon the ownership of the Fund under the constructive ownership rules.

The Adviser will monitor compliance with the 50% Test by regularly reviewing the beneficial ownership of the REIT Subsidiary's shares. However, the Adviser may not have the information necessary for it to ascertain with certainty whether or not the REIT Subsidiary satisfies the 50% Test.

**<u>Possible Tax Law Changes</u>**. At the time that this SAI is being prepared, various administrative and legislative changes to the federal tax laws are under consideration, but it is not possible at this time to determine whether any of these changes will take place or what the changes might entail.

The foregoing is a general and abbreviated summary of the provisions of the Internal Revenue Code and the Treasury regulations in effect as they directly govern the taxation of the Fund and its shareholders. These provisions are subject to change by legislative and administrative action, and any such change may be retroactive. Shareholders are urged to consult their tax advisers regarding specific questions as to U.S. federal income, estate or gift taxes, or foreign, state, local taxes or other taxes.

**ERISA AND CERTAIN OTHER CONSIDERATIONS**

Persons who are fiduciaries with respect to an employee benefit plan, IRA, Keogh plan, or other arrangement subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or the Code (an "ERISA Plan") should consider, among other things, the matters described below before determining whether to invest in the Fund. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards.

**FOR ACCREDITED INVESTORS ONLY**

An ERISA Plan that proposes to invest in the Fund may be required to represent to the Board that it, and any fiduciaries responsible for such ERISA Plan's investments, are aware of and understand the Fund's investment objective; policies and strategies; that the decision to invest plan assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the ERISA Plan; and that the decision to invest plan assets in the Fund is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and the Code, as applicable.

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

Employee benefit plans or similar arrangements which are not subject to either ERISA or the related provisions of the Code may be subject to other rules governing such plans, and such plans are not addressed above; fiduciaries of employee benefit plans or similar arrangements which are not subject to ERISA, whether or not subject to the Code, should consult with their own counsel and other advisors regarding such matters.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisers regarding the consequences under ERISA and the Code of the acquisition and ownership of Shares.

**ADMINISTRATOR, ACCOUNTANT, AND TRANSFER AGENT**

PPB Capital Partners, LLC (or its designee) (the "Administrator"), located at 125 East Elm Street – Suite 200, Conshohocken, Pennsylvania 19428, serves as administrator, fund accountant, and transfer agent of the Fund. The Administrator maintains the records of each shareholder's account, answers shareholders' inquiries concerning their accounts, processes purchases and redemptions of the Fund's shares, acts as dividend and distribution disbursing agent and performs other shareholder service functions. The Administrator also provides accounting and pricing services to the Fund and assists the Adviser in monitoring Fund holdings for compliance with prospectus investment restrictions and in the preparation of periodic compliance reports. The Administrator prepares and/or supervises the preparation of tax returns, reports to shareholders of the Fund, reports to and filings with the SEC and state securities commissions, and materials for meetings of the Board.

For the performance of these services the Administrator receives a monthly fee from the Fund based on its average net assets (subject to a minimum fee per month), plus out-of-pocket expenses.

**FOR ACCREDITED INVESTORS ONLY**

**THE CUSTODIAN**

Fifth Third Bank, National Association (the "Custodian"), 38 Fountain Square Plaza, Cincinnati, OH 45202, serves as the custodian of the Fund. The Custodian holds cash, securities and other assets of the Fund as required by the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Tait, Weller & Baker LLP, Two Liberty Place, 50 S. 16th Street, Suite 2900, Philadelphia, PA 19102-2529, serves as the independent registered public accounting firm for the Fund.

**LEGAL COUNSEL**

Practus, LLP, 11300 Tomahawk Creek Pkwy, Ste 310, Leawood, KS 66211, serves as legal counsel to the Fund.

**TRUSTEES AND OFFICERS OF THE FUND**

**Board Responsibilities.** The management and affairs of the Fund are overseen by the Trustees. The Board has approved contracts, as described above, under which certain companies provide essential management services to the Fund.

The day-to-day business of the Fund, including the management of risk, is performed by third party service providers, such as the Adviser and the Administrator. The Trustees are responsible for overseeing the Fund's service providers and, thus, have oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, i.e., events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Fund. The Fund and its service providers employ a variety of processes, procedures and controls to identify various possible events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Fund's business (e.g., the Adviser is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Trustees' role in risk oversight begins before the inception of the Fund, at which time certain of the Fund's service providers present the Board with information concerning the investment objective, strategies and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, the Adviser provides the Board with an overview of, among other things, their respective investment philosophies, brokerage practices and compliance infrastructures. Thereafter, the Board continues its oversight function as various personnel, including the Fund's Chief Compliance Officer (the "Chief Compliance Officer"), as well as personnel of the Adviser and other service providers such as the Fund's independent accountants, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the services provided to the Fund by the Adviser and receives information about those services at its regular meetings. In addition, following an initial two-year term, on

**FOR ACCREDITED INVESTORS ONLY**

an annual basis, in connection with its consideration of whether to renew the Advisory Agreements, the Board meets with the Adviser to review such services. Among other things, the Board regularly considers the Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Fund's investments, including, for example, reports on the Adviser's use of derivatives in managing the Fund, if any, as well as reports on the Fund's investments in other investment companies, if any.

The Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and Fund and Adviser risk assessments. At least annually, the Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Fund's policies and procedures and those of its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Fund and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the Fund's service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. Annually, the Fund's independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board oversees Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Fund in their periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Fund's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Fund's financial reporting and the preparation of the Fund's financial statements.

From their review of these reports and discussions with the Adviser, the Chief Compliance Officer, the independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as 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. Moreover, reports received by the Trustees as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are three members of the Board, two of whom are not "interested persons" of the Fund, as that term is defined in the 1940 Act ("Independent Trustees"). Mr. Lake, an interested person of the Fund, serves as Chairman of the Board. The Fund has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Fund. The Fund made this determination in consideration of, among other things, the fact that the Independent Trustees constitute half of the Board, the fact that the chairperson of each Committee of the Board is an Independent Trustee and

**FOR ACCREDITED INVESTORS ONLY**

the amount of assets under management in the Fund. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from Fund management.

The Board has two standing committees: the Audit Committee and the Nominating Committee. The Audit Committee and Nominating Committee are each chaired by an Independent Trustee and composed of all of the Independent Trustees.

In his role as Chairman, Mr. Lake, among other things: (i) presides over board meetings; (ii) oversees the development of agendas for Board meetings; (iii) facilitates communication between the Trustees and management; and (iv) has such other responsibilities as the Board determines from time to time.

**Trustees and Officers of the Fund.** Set forth below are the names, years of birth, position with the Fund and length of time served, and the principal occupations and other directorships held during at least the last five years of each of the persons currently serving as a Trustee or officer of the Fund. There is no stated term of office for the Trustees and officers of the Fund. Unless otherwise noted, the business address of each Trustee or officer is, as applicable, SKK Access Income Fund, 125 East Elm Street – Suite 200, Conshohocken, Pennsylvania 19428.

**Trustees**

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Fund and Length of Time Served** | **Principal Occupations**<br> **in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Brendan Lake<br> (1968) | Chairman of the Board; Indefinite; Since Inception | Founder and CEO of PPB Capital Partners, LLC, an alternative investment funds platform provider (2008 to present). |  |

---

**FOR ACCREDITED INVESTORS ONLY**

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position with Fund and Length of Time Served** | **Principal Occupations**<br> **in the Past 5 Years** | **Other Directorships Held in the Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Thomas Mann<br> (1950) | Trustee; Indefinite; Since Inception | Private investor (2018 to present). | US Bank Total Fund Solution Series Trust Independent Trustee (2021 to present); Hatteras Closed End Funds Independent Director (2002 to present); Trust for Advisor Solutions (mutual fund) Independent Director (2016 to 2019) |
| Gregory Sellers<br> (1959) | Trustee; Indefinite; Since Inception | Chief Financial Officer, Chief Operating Officer, Tandem Senior Living Advisors, Inc., a sales marketing firm in the senior housing industry (2015 to present). | Hatteras Closed End Funds Independent Director (2002 to present); Trust for Advisor Solutions (mutual fund) Independent Director (2016 to 2019) |

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**Officers**

---

| | | |
|:---|:---|:---|
| **Name and Year of Birth** | **Position with Fund and Length of Time Served** | **Principal Occupations in Past 5 Years** |
| Frank Burke<br> (1974) | President and Chief Executive Officer; Since Inception | Chief Investment Officer, PPB Capital Partners, LLC, an alternative investment funds platform provider (2017 to present). |
| Marco DiMemmo<br> (1978) | Chief Financial Officer and Treasurer; Since Inception | Director, Fund Accounting and Investment, PPB Capital Partners, LLC, an alternative investment funds platform provider (2022 to present). |
| Danielle Kulp<br> (1981) | Secretary; Since Inception | Director of Legal Administration, Fintech Law, LLC (3/2023 – Present), Senior Consultant, Fund Governance Solutions, The Northern Trust Company (2/2022 - 3/2023); Paralegal, Strauss Troy Co., LPA (11/2020 - 2/2022); Paralegal, Practus, LLP (05/2019 - 11/2020); Self-employed Compliance Consultant (10/2018 - 05/2019); Director, Fund Governance Services, Foreside Financial Group (11/2016 - 10/2018). |
| Jessica Roeper<br> (1981) | Chief Compliance Officer; Indefinite; Since Inception | Senior Compliance Officer, Joot, a compliance service provider (2021 to present). |

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**Individual Trustee Qualifications.** The Fund has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Fund provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Fund, and to exercise their business judgment in a manner that serves the best interests of the Fund's shareholders. The Fund has concluded that each of the Trustees should serve as a Trustee based on their own experience, qualifications, attributes and skills as described below.

**FOR ACCREDITED INVESTORS ONLY**

Mr. Lake is the Founder and CEO of the Administrator, an alternative investment funds platform provider, and has over 25 years of experience in the financial services industry. The Fund has concluded that Mr. Lake should serve as Trustee because of the extensive experience he gained in the financial services industry, including experience in various senior management positions with financial services firms.

Mr. Mann has over 40 years of asset management and banking experience and is currently a private investor. He is a former managing director of an investment bank. The Fund has concluded that Mr. Mann should serve as Trustee because of the experience he gained in a variety of leadership roles with different asset management and banking institutions and his experience in and knowledge of the financial services industry.

Mr. Sellers has over 25 years of experience in finance, including public accounting, and has held positions in private companies as a chief financial officer and vice president of finance. He is currently the chief financial officer and chief operating officer of a sales and marketing firm in the senior housing industry. The Fund has concluded that Mr. Sellers should serve as Trustee because of the experience he gained in a variety of leadership roles with different institutions and his experience in and knowledge of accounting and the financial services industry.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the Fund.

**Board Committees.** The Board has established the following standing committees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Audit Committee**. The Board has a standing Audit Committee that is composed of each of the Independent Trustees. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: (i) recommending which firm to engage as the Fund's independent registered public accounting firm and whether to terminate this relationship; (ii) reviewing the independent registered public accounting firm's compensation, the proposed scope and terms of its engagement, and the firm's independence; (iii) pre-approving audit and non-audit services provided by the Fund's independent registered public accounting firm to the Fund and certain other affiliated entities; (iv) serving as a channel of communication between the independent registered public accounting firm and the Trustees; (v) reviewing the results of each external audit, including any qualifications in the independent registered public accounting firm's opinion, any related management letter, management's responses to recommendations made by the independent registered public accounting firm in connection with the audit, reports submitted to the Committee by the internal auditing department of the Administrator that are material to the Fund as a whole, if any, and management's responses to any such reports; (vi) reviewing the Fund's audited financial statements and considering any significant disputes between the Fund's management and the independent registered public accounting firm that arose in connection with the preparation of those financial statements; (vii) considering, in consultation with the independent registered public accounting firm and the Fund's senior internal accounting executive, if any, the independent registered public accounting firms' reports on the adequacy of the Fund's internal financial controls; (viii) reviewing, in consultation with the Fund's independent registered public accounting firm, major changes regarding auditing and accounting principles and practices to be followed when preparing the Fund's financial statements; and (ix) other audit related matters. Messrs. Mann and Sellers currently serve as members of the Audit Committee. Mr. Sellers serves as the Chair of the Audit Committee. The Audit Committee meets periodically, as necessary. The Audit Committee held one meeting prior to the date of this SAI.

**FOR ACCREDITED INVESTORS ONLY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Nominating Committee.** The Board has a standing Nominating Committee that is composed of each of the Independent Trustees. The Nominating Committee operates under a written charter approved by the Board. The principal responsibilities of the Nominating Committee include: (i) considering and reviewing Board governance and compensation issues; (ii) conducting a self-assessment of the Board's operations; (iii) selecting and nominating all persons to serve as Independent Trustees and considering proposals of and making recommendations for "interested" Trustee candidates to the Board; and (iv) reviewing shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Fund's office. Messrs. Mann and Sellers currently serve as members of the Nominating Committee. Mr. Mann serves as the Chair of the Nominating Committee. The Nominating Committee meets periodically, as necessary. The Nominating Committee did not hold any meetings prior to the date of this SAI.

**Fund Shares Owned by Board Members.** As of the date of this SAI, none of the Trustees are a Shareholder of the Fund.

**Board Compensation.** The Fund anticipates paying the following compensation to the Trustees during the Fund's initial fiscal period ending June 30, 2023:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Aggregate Compensation from the Fund** | **Pension or Retirement Benefits Accrued as Part of Fund Expenses** | **Estimated**<br> **Annual Benefits Upon Retirement** | **Total Compensation from the Fund** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Brendan Lake | $0 | N/A | N/A | &nbsp;&nbsp;$0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Thomas Mann | $10000 | N/A | N/A | &nbsp;&nbsp;$10,000 for service on one (1) board and two (2) committees |
| Gregory Sellers | $10000 | N/A | N/A | &nbsp;&nbsp;$10,000 for service on one (1) board and two (2) committees |

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**LIMITATION OF TRUSTEES' LIABILITY**

Each Declaration of Trust provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, investment adviser or principal underwriter of the Fund, nor shall any Trustee be responsible for the act or omission of any other Trustee. Each Declaration of Trust also provides that the Fund will indemnify and hold harmless its Trustees against liabilities and expenses arising out of or related to their performance of their duties as a Trustee. However, nothing in a Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence or reckless disregard of his or her

**FOR ACCREDITED INVESTORS ONLY**

duties. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**PROXY VOTING**

Investments in the Portfolio Investments do not typically convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment is substantially less than that encountered in connection with registered equity securities. On occasion, however, the Fund may receive notices or proposals from the Portfolio Investments seeking the consent of or voting by holders ("proxies"). The Fund has delegated any voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies in accordance with the Adviser's proxy voting guidelines and procedures. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund.

The Adviser will generally vote to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection of independent auditors. The Adviser will generally vote in favor of management or investor proposals that the Adviser believes will maintain or strengthen the shared interests of investors and management, increase value for investors and maintain or increase the rights of investors. On non-routine matters, the Adviser will generally vote in favor of management proposals for mergers or reorganizations and investor rights plans, so long as it believes such proposals are in the best economic interests of the Fund. In exercising its voting discretion, the Adviser will seek to avoid any direct or indirect conflict of interest presented by the voting decision. If any substantive aspect or foreseeable result of the matter to be voted on presents an actual or potential conflict of interest involving the Adviser, the Adviser will make written disclosure of the conflict to the Independent Trustees indicating how the Adviser proposes to vote on the matter and its reasons for doing so.

The Fund intends to hold its interests in the Portfolio Investments in non-voting form. Where only voting securities are available for purchase by the Fund, in all, or substantially all, instances, the Fund will seek to create by contract the same result as owning a non-voting security by entering into a contract, typically before the initial purchase, to relinquish the right to vote in respect of its investment.

Information regarding how the Adviser voted proxies related to the Fund's portfolio holdings during the 12-month period ending June 30 will be available, without charge, upon request by calling (800) 711- 9164, and on the SEC's website at <u>www.sec.gov</u>. The Adviser's proxy voting policies and procedures are attached hereto as Appendix A.

**CODES OF ETHICS**

The Board, on behalf of the Fund, has adopted a Code of Ethics pursuant to Rule 17j-1 under the 1940 Act. In addition, the Adviser has adopted Codes of Ethics pursuant to Rule 17j-1. These Codes of Ethics apply to the personal investing activities of trustees, directors, officers, and certain employees ("Access Persons"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by Access Persons. Under each Code of Ethics, Access Persons are permitted to engage in personal securities transactions, but are generally required to pre-clear their personal securities transactions, including private investments and IPOs and must report their holdings for monitoring purposes. Access Persons may engage in personal securities transactions in securities that are held by the Fund, subject to the limitations of the Codes of Ethics. Copies of these Codes of Ethics are on file with the SEC, and are available to the public.

**FOR ACCREDITED INVESTORS ONLY**

**PRINCIPAL SHAREHOLDERS AND CONTROL PERSONS**

As of December 31, 2022, and except as noted below, no persons owned of record or beneficially 5% or more of the outstanding Shares of the Fund as of that date.

---

| | |
|:---|:---|
| **Name of Owner** | **Percentage of Outstanding Shares** |
| Pacific Gate Investments, LLC | 12.02% |
| CGH Family Investments, LLC | 10.52% |
| Skystorm Holdings Corp. | 6.01% |

---

**PORTFOLIO TRANSACTIONS**

The Adviser is responsible for, makes decisions with respect to and places orders for purchases and sales of portfolio securities and other assets for the Fund, under the general supervision of the Board of Trustees. Transactions on U.S. stock exchanges involve the payment of negotiated brokerage commissions, which vary among different brokers. Transactions in the over-the-counter market are generally principal transactions with dealers and the costs of such transactions involve dealer spreads rather than brokerage commissions. With respect to over-the-counter transactions, the Adviser normally deals directly with dealers who make a market in the securities involved, except in those circumstances where better prices and execution are available elsewhere or as described below. Purchases from underwriters include a commission or concession paid by the issuer to the underwriter and principal transactions placed through broker-dealers include a spread between the bid and asked prices.

In executing portfolio transactions and selecting brokers or dealers, the Adviser will typically seek to execute portfolio transactions at prices which, under the circumstances, result in total costs or proceeds being the most favorable to the Fund. When allocating transactions to broker-dealers, the Adviser typically will consider, in determining whether a particular broker-dealer will provide best execution, all factors it deems relevant, including, but not limited to, the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, research services provided, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. The Adviser need not pay the lowest spread or commission available if it determines in good faith that the amount of commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer, viewed either in terms of the particular transaction or the Adviser's overall responsibilities as to the accounts as to which it exercises investment discretion. Research services may be in written form or through direct contact with individuals and may include quotations on portfolio securities and information on particular issuers and industries, as well as on market, economic or institutional activities, and may also include comparisons of the performance of the Fund to the performance of various indices and investments for which reliable performance data is available and similar information prepared by recognized mutual fund statistical services. The Fund recognizes that no dollar value can be placed on such research services or on execution services, such research services may or may not be useful to the Fund. Supplementary research information so received is in addition to, and not in lieu of, services required to be performed by the Adviser and does not reduce the management fee payable to the Fund. The Adviser will periodically review the commissions paid by the Fund to consider whether the commissions paid over representative periods of time appear to be reasonable in relation to the benefits inuring to the Fund.

The Board of Trustees will periodically review the Adviser's performance of its responsibilities in connection with the placement of portfolio transactions on behalf of the Fund.

**FOR ACCREDITED INVESTORS ONLY**

The Fund is required to identify the securities of its regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act) or their parent companies held by the Fund as of the close of its most recent fiscal year and state the value of such holdings. For the Fund's fiscal period ended December 31, 2022, the Fund did not hold any securities of its regular brokers or dealers or their parent companies. For the fiscal years ended December 31, 2020, December 31, 2021, and December 31, 2022, the Fund paid brokerage commissions in the amount of $0, $35,883, and $38,049, respectively.

**FOR ACCREDITED INVESTORS ONLY**

**<u>APPENDIX A - PROXY VOTING POLICIES AND PROCEDURES</u>**

SKK Access Income Fund (the "Fund") have adopted the following Proxy Voting Policy and Procedures (the "Fund's Policy"), as set forth below, in recognition of the fact that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to advance the best interests of the Fund's shareholders.

Shareholders of the Fund expect the Fund to vote proxies received from issuers whose voting securities are held by the Fund. The Fund exercises its voting responsibilities as a fiduciary, with the goal of maximizing the value of the Fund and its shareholder's investments. Shepherd Kaplan Krochuk, LLC (the "Adviser" or "SKK") will seek to ensure that proxies are voted in the best interests of the Fund and its shareholders except where the Fund may be required by law to vote proxies in the same proportion as the vote of all other shareholders (i.e., "echo vote").

1. Delegation of Proxy Voting to the Adviser

The Adviser shall vote all proxies relating to securities held by the Fund and, in that connection subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures ("Proxy Policy") adopted by the Adviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("1940 Act").

2. Disclosure of Proxy Voting Policy and Procedure in the Fund's Statement of Additional Information ("SAI") and Annual Report to Shareholders

The Fund shall include in annual report to shareholders on Form N-CSR, and in any SAI filed with the Securities and Exchange Commission ("SEC") in connection with a registration statement on Form N-1A a summary of the Proxy Policy. In lieu of including a summary of policy, the Fund may include the policy in full.

3. Material Conflicts of Interest

If (i) the Adviser knows that a vote presents a material conflict between the interests of: (a) shareholders of the Fund, and (b) the Adviser or any of affiliated persons; and (ii) the Adviser proposes to vote on the particular issue in the manner not prescribed by its Proxy Policy, then the Adviser will follow the material conflict of interest procedures set forth in the Adviser's Proxy Policy when voting such proxies.

4. Adviser and Fund CCO Responsibilities

The Fund has delegated proxy voting authority with respect to the Fund's portfolio securities to the Adviser, as set forth above. Consistent with this delegation, the Adviser is responsible for the following:

a. Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the 1940 Act, reasonably designed to ensure that the Adviser votes portfolio securities in the best interest of shareholders of the Fund owning the portfolio securities voted.

b. Providing a summary of the material changes to a proxy policy during the period covered by the Adviser CCO's annual compliance report to the Board to the Fund Chief Compliance Officer ("CCO"), and a redlined copy of such Proxy Policy as applicable.

**FOR ACCREDITED INVESTORS ONLY**

c. The Adviser CCO shall review each applicable Proxy Policy at least annually to ensure compliance with Rule 206(4)-6 under the 1940 Act, and appear reasonably designed to ensure that the Adviser votes portfolio securities in the best interest of shareholders of the Fund which owns the portfolio securities voted, as applicable.

5. Review Responsibilities

The Adviser may retain a proxy-voting service to coordinate, collect, and maintain all proxy-related information.

If the Adviser retains a proxy-voting service, the Adviser will review the Fund's voting records maintained by the service provider, select a sample of proxy votes from those submitted, and examine them against the proxy voting service files for accuracy of the votes at least annually in regard to adhering to foregoing policy guidelines.

6. Preparation and Filing of Proxy Voting Record on Form N-PX

The Fund will file its complete proxy voting record with the SEC on Form N-PX annually by August 31 of each year.

The Fund's Administrator will be responsible for the oversight and completion of the filing of Form N-PX with the SEC. The Fund's Administrator will file Form N-PX for each twelve-month period ended June 30, and the filing for each year will be made with the SEC on or before August 31 of that year.

7. Recordkeeping

Documentation of all votes for the Fund will be maintained by the Adviser through a third-party proxy voting service.

Adopted: March 15, 2023

**Part C: Other Information**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements – *not applicable.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Exhibits* 

 

[(a)(i)](ex99ai.htm) Certificate of Trust is filed herewith.

[(a)(ii)](ex99aii.htm) Agreement and Declaration of Trust is filed herewith.

[(b)](ex99b.htm) By-Laws are filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Not applicable.* 

[(d)](ex99aii.htm) Instruments Defining Rights of Shareholders – none other than the Declaration of Trust and By-laws included in the Exhibit (a)(ii) filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Not applicable.* 

 

[(g)](ex99g.htm) Investment Advisory Agreement between Registrant and Shepherd Kaplan Krochuk, LLC (the "Adviser") is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Not applicable.* 

[(j)](ex99j.htm) Form of Custody Agreement between Registrant and Fifth Third Bank, National Association is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Other Material Contracts:

[(i)](ex99ki.htm) Form of Fund Administration, Transfer Agency, and Fund Accounting Agreement between Registrant and PPB Capital Partners, LLC is filed herewith.

[(ii)](ex99kii.htm) Form of Compliance and CCO Services Agreement between the Registrant and CCO Technology, LLC (d/b/a Joot) is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Not applicable*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) *Not applicable.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) *Not applicable*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) *Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) *Not applicable*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) *Not applicable.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Code of Ethics:

[(i)](ex99ri.htm) The Code of Ethics for the Registrant is filed herewith.

[(ii)](ex99rii.htm) The Code of Ethics for the Adviser is filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) *Not applicable.* 

**Item 26. Marketing Arrangements.**

Not applicable*.*

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

---

| | |
|:---|:---|
| SEC Registration Fees | $___________ |
| Legal Fees | $___________ |
| FINRA Fees | $___________ |
| Blue Sky Fees | $___________ |
| Accounting Fees | $___________ |
| Printing Fees | $___________ |
| Total | $___________ |

---

To be provided by amendment.

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

None.

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

As of March 15, 2023

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Common Shares | 95 |

---

**Item 30. Indemnification.**

Section 2 of Article VII of the Registrant's Agreement and Declaration of Trust (the "Declaration of Trust") states that the Trust shall indemnify and advance expenses to its currently acting and former Trustees to the fullest extent that indemnification of Trustees is permitted by the Delaware Act. The Trust shall indemnify and advance expenses to its currently acting and former officers to the same extent as its Trustees and to such further extent as is consistent with law. The Board of Trustees may by By-law, resolution or agreement make further provision for indemnification of Trustees, officers, employees and agents to the fullest extent permitted by the Delaware Act. No provision of this Article VII, Section 2 shall be effective to protect or purport to protect any Trustee or officer of the Trust against any liability to the Trust or its Shareholders to which he would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein. No amendment to the Declaration of Trust shall affect the right of any person under this Section 2 based on any event, omission or proceeding prior to such amendment.

**Item 31. Business and Other Connections of Adviser.**

Information as to the managers and officers of Shepherd Kaplan Krochuk, LLC, the Registrant's investment adviser ("Adviser"), together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Adviser in the last two years, is included in its registration as an investment adviser on Form ADV (File No. 801-77736) filed under the Investment Advisers Act of 1940 and is incorporated herein by reference thereto.

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

Certain required books and records are maintained by the Registrant and the Adviser at 53 State Street, 23rd Floor, Boston, MA 02109. The other accounts, books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules promulgated thereunder, are kept by the Fund's administrator, fund accountant, and transfer agent, PPB Capital Partners, LLC, 125 East Elm Street – Suite 200, Conshohocken,

Pennsylvania 19428, or its custodian Fifth Third Bank, National Association, 38 Fountain Square Plaza, Cincinnati, OH 45202.

**Item 33. Management Services.**

Not Applicable.

**Item 34. Undertakings**

Not Applicable.

**Signatures**

Pursuant to the requirements of the Investment Company Act of 1940, the Fund has caused this Registration Statement to be signed on its behalf by the undersigned duly authorized person, in Conshohocken, Pennsylvania on March 17, 2023.

---

| | |
|:---|:---|
| SKK ACCESS INCOME FUND | SKK ACCESS INCOME FUND |
| By: | <u>/s/ Frank Burke</u> |
| Name: | Frank Burke |
| Title: | President |

---

**INDEX OF EXHIBITS**

*Exhibits*

 

[(a)(i)](ex99ai.htm) Certificate of Trust

[(a)(ii)](ex99aii.htm) Agreement and Declaration of Trust

[(b)](ex99b.htm) By-Laws

 

[(g)](ex99g.htm) Investment Advisory Agreement between Registrant and Shepherd Kaplan Krochuk, LLC

[(j)](ex99j.htm) Form of Custody Agreement between Registrant and Fifth Third Bank, National

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Other Material Contracts:

[(i)](ex99ki.htm) Form of Administration, Transfer Agency, and Fund Accounting Agreement between Registrant and PPB Capital Partners, LLC

[(ii)](ex99kii.htm) Form of Compliance and CCO Services Agreement between the Registrant and CCO Technology, LLC (d/b/a Joot)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Code of Ethics:

[(i)](ex99ri.htm) The Code of Ethics for the Registrant

[(ii)](ex99rii.htm) The Code of Ethics for the Adviser

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

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit (a)(i)** 

**STATE OF DELAWARE**

**CERTIFICATE OF TRUST**

**OF**

**SKK ACCESS INCOME FUND**

This Certificate of Trust of SKK Access Income Fund, a statutory trust that will be registered under the Investment Company Act of 1940, as amended (the "***Trust***"), is being executed and filed in accordance with the provisions of the Delaware Statutory Trust Act (12 Del. Code § 3801 et seq.) and sets forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the trust is SKK Access Income Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Registered Office and Registered Agent</u>. The Trust has and shall maintain in the State of Delaware a registered office and a registered agent for service of process. The registered office of the Trust in the State of Delaware is:

A Registered Agent, Inc.

8 The Green, Ste A

Dover, Delaware 19901

The name of the registered agent of the Trust for service of process at such location is A Registered Agent, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Registered Investment Company</u>. Prior to or within 180 days following the first issuance of beneficial interests, the Trust will become a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. § 80a-1 et seq.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Reservation of Rights</u>. The trustees of the Trust, as set forth in its governing instrument, reserve the right to amend, alter, change, or repeal any provisions contained in the Certificate of Trust, in the manner now or hereafter prescribed by statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Notice of Limitation of Liabilities of Series Pursuant to 12 Del. Code §3804(a)</u>. Notice is hereby given that the Statutory Trust is or may hereafter be constituted a series trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any particular series of the Statutory Trust shall be enforceable against the assets of such series only, and not against the assets of the Statutory Trust generally or any other series thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Effective Date</u>. This Certificate of Trust shall become effective immediately upon filing with the Office of the Secretary of State of the State of Delaware.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned, each being a Trustee of the Trust, has duly executed this Certificate of Trust as of this 14th day of March, 2023.

---

| |
|:---|
| <br>By: <u>/s/ Brendan W. Lake________</u> <br> Name: Brendan W. Lake, Trustee |
| <br>By: <u>/s/ Thomas Mann________</u> <br> Name: Thomas Mann, Trustee |
| <br>By: <u>/s/ Gregory Sellers________</u> <br> Name: Gregory Sellers, Trustee |

---

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

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit (a)(ii)**

**<u>DECLARATION OF TRUST</u>**

**of**

**SKK Access Income Fund** 

**a Delaware Statutory Trust**

**Table of Contents**

---

| | |
|:---|:---|
| [**ARTICLE I Name and Definitions**](#a_Toc90061450) | [5](#a_Toc90061450) |
| &nbsp;&nbsp;&nbsp;[Section 1. Name.](#a_Toc90061451) | [5](#a_Toc90061451) |
| &nbsp;&nbsp;&nbsp;[Section 2. Registered Agent and Registered Office; Principal Place of Business](#a_Toc90061452) | [5](#a_Toc90061452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) Registered Agent and Registered Office](#a_Toc90061453) | [5](#a_Toc90061453) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Principal Place of Business](#a_Toc90061454) | [6](#a_Toc90061454) |
| &nbsp;&nbsp;&nbsp;[Section 3. Definitions](#a_Toc90061455) | [6](#a_Toc90061455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) "1940 Act"](#a_Toc90061456) | [6](#a_Toc90061456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) "Affiliated Person"](#a_Toc90061457) | [6](#a_Toc90061457) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) "Assignment"](#a_Toc90061458) | [6](#a_Toc90061458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(d) "Board of Trustees"](#a_Toc90061459) | [6](#a_Toc90061459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(e) "By-Laws"](#a_Toc90061460) | [6](#a_Toc90061460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(f) "Certificate of Trust"](#a_Toc90061461) | [6](#a_Toc90061461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(g) "Code"](#a_Toc90061462) | [6](#a_Toc90061462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(h) "Commission"](#a_Toc90061463) | [6](#a_Toc90061463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) "Continuing Trustee"](#a_Toc90061464) | [6](#a_Toc90061464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(j) "Delaware Act"](#a_Toc90061465) | [7](#a_Toc90061465) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(k) "Declaration of Trust"](#a_Toc90061466) | [7](#a_Toc90061466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(l) "Exchange Act"](#a_Toc90061467) | [7](#a_Toc90061467) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(m) "General Liabilities"](#a_Toc90061468) | [7](#a_Toc90061468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(n) "Interested Person"](#a_Toc90061469) | [7](#a_Toc90061469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(o) "Investment Adviser" or "Adviser"](#a_Toc90061470) | [7](#a_Toc90061470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(p) "Majority Shareholder Vote"](#a_Toc90061471) | [7](#a_Toc90061471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(q) "National Financial Emergency"](#a_Toc90061472) | [7](#a_Toc90061472) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(r) "Person"](#a_Toc90061474) | [7](#a_Toc90061474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(s) "Principal Underwriter"](#a_Toc90061475) | [7](#a_Toc90061475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(t) "Series"](#a_Toc90061476) | [7](#a_Toc90061476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(u) "Shares"](#a_Toc90061477) | [8](#a_Toc90061477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(v) "Shareholder"](#a_Toc90061478) | [8](#a_Toc90061478) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(w) "Trust"](#a_Toc90061479) | [8](#a_Toc90061479) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(x) "Trust Property"](#a_Toc90061480) | [8](#a_Toc90061480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(y) "Trustee" or "Trustees"](#a_Toc90061481) | [8](#a_Toc90061481) |
| [**ARTICLE II Purpose of Trust**.](#a_Toc90061482) | [8](#a_Toc90061482) |
| [**ARTICLE III Shares**](#a_Toc90061483) | [12](#a_Toc90061483) |
| &nbsp;&nbsp;&nbsp;[Section 1. Division of Beneficial Interest](#a_Toc90061484) | [12](#a_Toc90061484) |
| &nbsp;&nbsp;&nbsp;[Section 2. Ownership of Shares](#a_Toc90061485) | [13](#a_Toc90061485) |
| &nbsp;&nbsp;&nbsp;[Section 3. Investments in the Trust](#a_Toc90061486) | [14](#a_Toc90061486) |
| &nbsp;&nbsp;&nbsp;[Section 4. Status of Shares and Limitation of Personal Liability](#a_Toc90061487) | [14](#a_Toc90061487) |
| &nbsp;&nbsp;&nbsp;[Section 5. Power of Board of Trustees to Change Provisions Relating to Shares](#a_Toc90061488) | [14](#a_Toc90061488) |
| &nbsp;&nbsp;&nbsp;[Section 6. Establishment and Designation of Series](#a_Toc90061489) | [15](#a_Toc90061489) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) Assets Held with Respect to a Particular Series](#a_Toc90061490) | [15](#a_Toc90061490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Liabilities Held with Respect to a Particular Series](#a_Toc90061491) | [16](#a_Toc90061491) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(c) Dividends, Distributions, Redemptions and Repurchases](#a_Toc90061492) | [16](#a_Toc90061492) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(d) Voting](#a_Toc90061493) | [18](#a_Toc90061493) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(e) Equality](#a_Toc90061494) | [18](#a_Toc90061494) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(f) Fractions](#a_Toc90061495) | [18](#a_Toc90061495) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(g) Exchange Privilege](#a_Toc90061496) | [19](#a_Toc90061496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(h) Combination of Series](#a_Toc90061497) | [19](#a_Toc90061497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(i) Elimination of Series](#a_Toc90061498) | [19](#a_Toc90061498) |
| &nbsp;&nbsp;&nbsp;[Section 7. Indemnification of Shareholders](#a_Toc90061499) | [19](#a_Toc90061499) |
| [**ARTICLE IV The Board of Trustees**](#a_Toc90061500) | [19](#a_Toc90061500) |
| &nbsp;&nbsp;&nbsp;[Section 1. Number, Election and Tenure](#a_Toc90061501) | [19](#a_Toc90061501) |
| &nbsp;&nbsp;&nbsp;[Section 2. Effect of Death, Resignation, Removal, etc., of a Trustee](#a_Toc90061502) | [20](#a_Toc90061502) |
| &nbsp;&nbsp;&nbsp;[Section 3. Powers](#a_Toc90061503) | [20](#a_Toc90061503) |
| &nbsp;&nbsp;&nbsp;[Section 4. Chairman of the Trustees](#a_Toc90061504) | [22](#a_Toc90061504) |
| &nbsp;&nbsp;&nbsp;[Section 5. Payment of Expenses by the Trust](#a_Toc90061505) | [22](#a_Toc90061505) |
| &nbsp;&nbsp;&nbsp;[Section 6. Payment of Expenses by Shareholders](#a_Toc90061506) | [22](#a_Toc90061506) |
| &nbsp;&nbsp;&nbsp;[Section 7. Ownership of Trust Property](#a_Toc90061507) | [23](#a_Toc90061507) |
| &nbsp;&nbsp;&nbsp;[Section 8. Service Contracts](#a_Toc90061508) | [23](#a_Toc90061508) |
| [**ARTICLE V Shareholders' Voting Powers and Meetings**](#a_Toc90061514) | [24](#a_Toc90061514) |
| &nbsp;&nbsp;&nbsp;[Section 1. Voting Powers](#a_Toc90061515) | [24](#a_Toc90061515) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[Section 2. Meetings](#a_Toc90061516) | [25](#a_Toc90061516) |
| &nbsp;&nbsp;&nbsp;[Section 3. Quorum and Required Vote](#a_Toc90061517) | [25](#a_Toc90061517) |
| &nbsp;&nbsp;&nbsp;[Section 4. Shareholder Action by Written Consent without a Meeting](#a_Toc90061518) | [25](#a_Toc90061518) |
| &nbsp;&nbsp;&nbsp;[Section 5. Record Dates](#a_Toc90061519) | [25](#a_Toc90061519) |
| &nbsp;&nbsp;&nbsp;[Section 6. Derivative Actions](#a_Toc90061520) | [25](#a_Toc90061520) |
| &nbsp;&nbsp;&nbsp;[Section 7. Additional Provisions](#a_Toc90061521) | [26](#a_Toc90061521) |
| [**ARTICLE VI Net Asset Value, Distributions and Redemptions**](#a_Toc90061522) | [26](#a_Toc90061522) |
| &nbsp;&nbsp;&nbsp;[Section 1. Determination of Net Asset Value, Net Income and Distributions](#a_Toc90061523) | [26](#a_Toc90061523) |
| &nbsp;&nbsp;&nbsp;[Section 2. Redemptions at the Option of a Shareholder](#a_Toc90061524) | [27](#a_Toc90061524) |
| &nbsp;&nbsp;&nbsp;[Section 3. Redemptions at the Option of the Trust](#a_Toc90061529) | [28](#a_Toc90061529) |
| [**ARTICLE VII Compensation and Limitation of Liability of Officers and Trustees**](#a_Toc90061530) | [28](#a_Toc90061530) |
| &nbsp;&nbsp;&nbsp;[Section 1. Compensation](#a_Toc90061531) | [28](#a_Toc90061531) |
| &nbsp;&nbsp;&nbsp;[Section 2. Indemnification and Limitation of Liability](#a_Toc90061532) | [29](#a_Toc90061532) |
| &nbsp;&nbsp;&nbsp;[Section 3. Officers and Trustees' Good Faith Action, Expert Advice, No Bond or Surety](#a_Toc90061536) | [29](#a_Toc90061536) |
| &nbsp;&nbsp;&nbsp;[Section 4. Insurance.](#a_Toc90061537) | [30](#a_Toc90061537) |
| [**ARTICLE VIII Miscellaneous**](#a_Toc90061538) | [30](#a_Toc90061538) |
| &nbsp;&nbsp;&nbsp;[Section 1. Liability of Third Persons Dealing with Trustees.](#a_Toc90061539) | [30](#a_Toc90061539) |
| &nbsp;&nbsp;&nbsp;[Section 2. Dissolution of Trust or Series](#a_Toc90061540) | [30](#a_Toc90061540) |
| &nbsp;&nbsp;&nbsp;[Section 3. Merger and Consolidation; Conversion](#a_Toc90061541) | [31](#a_Toc90061541) |
| &nbsp;&nbsp;&nbsp;[Section 4. Reorganization](#a_Toc90061544) | [31](#a_Toc90061544) |
| &nbsp;&nbsp;&nbsp;[Section 5. Amendments](#a_Toc90061545) | [32](#a_Toc90061545) |
| &nbsp;&nbsp;&nbsp;[Section 6. Filing of Copies, References, Headings](#a_Toc90061546) | [32](#a_Toc90061546) |
| &nbsp;&nbsp;&nbsp;[Section 7. Applicable Law](#a_Toc90061547) | [33](#a_Toc90061547) |
| &nbsp;&nbsp;&nbsp;[Section 8. Provisions in Conflict with Law or Regulations](#a_Toc90061548) | [33](#a_Toc90061548) |
| &nbsp;&nbsp;&nbsp;[Section 9. Statutory Trust Only](#a_Toc90061551) | [33](#a_Toc90061551) |
| &nbsp;&nbsp;&nbsp;[Section 10. Fiscal Year](#a_Toc90061552) | [34](#a_Toc90061552) |

---

**AGREEMENT AND DECLARATION OF TRUST**

**OF**

**<u>SKK Access Income Fund</u>**

AGREEMENT AND DECLARATION OF TRUST made as of the 14th day of March, 2023, by the Trustee hereunder, and by the holders of Shares issued hereunder, if any, as hereinafter provided.

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 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 business trust in accordance with the provisions of the Delaware Statutory Trust Act of 2002 (12 <u>Del. C.</u> §3801, <u>et seq.</u>), as from time to time amended and including any successor statute of similar import (the "DSTA"), and the provisions hereinafter set forth.

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

**ARTICLE I**

**<u>Name and Definitions</u>**

Section 1. <u>Name</u>.

The name of the Trust hereby created is "SKK Access Income Fund" 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; Principal Place of Business.</u>

&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;(b) <u>Principal Place of Business</u>. The principal place of business
of the Trust is 125 East Elm Street – Suite 200, Conshohocken, PA 19428, 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;(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;(b) " <u>Affiliated Person</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;(c) " <u>Assignment</u> " shall have the meaning given in the 1940
Act, as modified by or interpreted by any applicable order or orders of the Commission or any rules or regulations adopted or interpretive
releases of the Commission thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(d) " <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;(e) " <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;(f) " <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;(g) " <u>Code</u> " shall mean the Internal Revenue Code of 1986,
as amended, and the rules and regulations thereunder;

&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;(i) " <u>Continuing Trustee</u> " means (i) each of Brendan Lake,
Thomas Mann, and Gregory Sellers (collectively, the "Current Trustees"), (ii) trustees whose nomination for election by the
Trust's Shareholders or whose election by the trustees to fill vacancies on the board of trustees is approved by a majority of the Current
Trustees then serving on the board of trustees or (iii) any successor trustees whose nomination for election by the Shareholders or whose
election by the trustees to fill vacancies is approved by a majority of Continuing Trustees or the successor Continuing Trustees then
in office. Notwithstanding anything to the contrary herein, this definition of "Continuing Trustee" can only be amended by
a written instrument signed by a majority of the Continuing Trustees then in office;

&nbsp;&nbsp;&nbsp;&nbsp;(j) The " <u>Delaware Act</u> " refers to Chapter 38 of Title 12 of
the Delaware Code entitled "Treatment of Delaware Statutory Trusts," as it may be amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(k) " <u>Declaration of Trust</u> " shall mean this Agreement and
Declaration of Trust, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(l) " <u>Exchange Act</u> " means the Securities Exchange Act of 1934,
and the rules and regulations promulgated thereunder and exemptions granted therefrom, both as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(m) " <u>General Liabilities</u> " shall have the meaning given it in Article III, Section 6(b)
of this Declaration Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(n) " <u>Interested Person</u> " shall have the meaning given it in
Section 2(a)(19) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(o) " <u>Investment Adviser</u> " or " <u>Adviser</u> "
shall mean a party furnishing services to the Trust pursuant to any contract described in Article IV, Section 8(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;(p) " <u>Majority Shareholder Vote</u> " shall have the same meaning
as the term "vote of a majority of the outstanding voting securities" is given in the 1940 Act, as modified by or interpreted
by any applicable order or orders of the Commission or any rules or regulations adopted or interpretive releases of the Commission thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;(q) " <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 of an official ruling by the Commission, the determination of the Board of Trustees shall be conclusive);

&nbsp;&nbsp;&nbsp;&nbsp;(r) " <u>Person</u> " shall include natural persons, corporations,
partnerships, limited partnerships, statutory trusts and foreign statutory trusts, trusts, limited liability companies, associations,
joint ventures, estates, custodians, nominees and any other individual or entity in its own or any representative capacity, any syndicate
or group deemed to be a person under Section 14(d)(2) of the Exchange Act, and governments and agencies and political subdivisions thereof,
in each case whether domestic or foreign;

&nbsp;&nbsp;&nbsp;&nbsp;(s) " <u>Principal Underwriter</u> " shall have the meaning given
to it in Section 2(a)(29) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;(t) " <u>Series</u> " means a series of Shares of the Trust established
in accordance with the provisions of Article III, Section 6;

&nbsp;&nbsp;&nbsp;&nbsp;(u) " <u>Shares</u> " shall mean the transferable units of beneficial
interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as
whole Shares; "Shares" also means (1) any preferred shares which may be issued from time to time, and (2) if more than one
Series or Class of Shares is authorized by the Trustees, the transferable units of beneficial interest (including fractions of Shares
as well as whole Shares) into which each Series or Class of shares shall be divided from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;(v) " <u>Shareholder</u> " means as of any particular time the holders
of record of outstanding Shares of the Trust, at such time;

&nbsp;&nbsp;&nbsp;&nbsp;(w) " <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;(x) " <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 Article IX, Section 2 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;(y) " <u>Trustee</u> " or " <u>Trustees</u> " shall refer
to the person or persons who are Continuing Trustees and all other persons who may from time to time be duly elected or appointed and
have qualified to serve as Trustees in accordance with the provisions hereof, in each case so long as such person shall continue in office
in accordance with the terms of this Declaration, and reference herein to a Trustee or the Trustees shall refer to such person or persons
in his or her or their capacity as Trustees hereunder.

**ARTICLE II<br> <u>Purpose of Trust</u>**

The purpose of the Trust is to conduct, operate and carry on the business of a registered 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;(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 securities and other instruments
or property of every nature and kind, including, without limitation, all types of bonds, debentures, stocks, preferred stocks, negotiable
or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase
agreements, bankers' acceptances, shares or interests in open-end or closed-end investment companies or other pooled investment
vehicles, 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;(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;(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;(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;(e) To exercise powers and right of subscription or otherwise which in any manner
arise out of ownership of securities;

&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 sub-custodian
or a nominee or nominees or otherwise or to authorize the custodian or a sub-custodian 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;(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;

&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;(i) To compromise, arbitrate 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;(j) To enter into joint ventures, general or limited partnerships and any other
combinations or associations;

&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;(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;

&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;(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;(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;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(q) To borrow funds or other property or otherwise obtain credit or utilize
leverage in the name of the Trust exclusively for Trust purposes and in connection therewith issue notes or other evidence of indebtedness
and to mortgage and pledge the Trust Property or any part thereof to secure any or all of such indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;(r) 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;(s) To employ as custodian of any assets of the Trust one or more banks, trust
companies or companies that are members of a national securities exchange or such other entities as the Commission may permit as custodians
of the Trust, subject to any conditions set forth in this Declaration of Trust or in the By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;(t) To employ auditors, counsel or other agents of the Trust, subject to any
conditions set forth in this Declaration of Trust or in the By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;(u) To interpret the investment policies, practices, or limitations of any Series
or Class;

&nbsp;&nbsp;&nbsp;&nbsp;(v) To establish separate and distinct Series with separately defined investment
objectives and policies and distinct investment purposes, and with separate Shares representing beneficial interests in such Series, and
to establish separate classes, all in accordance with the provisions of this Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(w) To allocate, to the fullest extent permitted by the Delaware Act, assets, liabilities and expenses of
the Trust to a particular Series and liabilities and expenses to a particular class or to apportion the same between or among two or more
Series or classes, provided that any liabilities or expenses incurred by a particular Series or class shall be payable solely out of the
assets belonging to that Series or class as provided for in this Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;(x) To engage in any other lawful act or activity in which a statutory trust
organized under the Delaware Act may engage subject to the requirements of the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;(y) 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 Trust may pursue its investment program and any other powers as set forth in this Article II either directly or indirectly through one or more subsidiary vehicles at the discretion of the Trustees or by operating in a master-feeder structure.

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<br> <u>Shares</u>**

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, unless otherwise determined by the Trustees. 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 6 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) and in such form as may be fixed from time to time pursuant to the direction of the Board of Trustees.

The Board of Trustees may hold as treasury shares, reissue for such consideration and on such terms as they may determine, or cancel, at their discretion from time to time, any Shares of any Series reacquired by the Trust. Shares held in the treasury shall not, until reissued, confer any voting rights on the Trustees, nor shall such Shares be entitled to any dividends or other distributions declared with respect to the Shares. 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. 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 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; <u>provided</u>, <u>however</u>, 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, <u>provided</u> that before adopting any such amendment without Shareholder approval, the Board of Trustees shall determine 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; <u>provided</u>, <u>however</u>, 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 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</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 Section 6, unless otherwise provided in the resolution establishing such Series, shall have the following relative rights and preferences:

&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 "General Assets"), 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.

&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 "General Liabilities")
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
that 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 unless an express provision to the contrary has been incorporated in the written contract
or other document establishing the claimant relationship.

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;(c) <u>Dividends, Distributions, Redemptions and Repurchases</u>. Notwithstanding
any other provisions of this Declaration of Trust, including, without limitation, Article VI, 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 Section 7 of this Article III, 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. Shares of the Trust may be repurchased or redeemed from or tendered to the Trust in any manner and on such terms as determined by the Trustees that is not prohibited by the 1940 Act. Except as otherwise provided in this Declaration of Trust, no Shareholder or other person holding Shares or portion thereof shall have the right to tender to the Trust for redemption or repurchase their Shares or any portion thereof. The Board may, from time to time and in its complete and exclusive discretion and on such terms and conditions as it may determine, cause the Trust to offer to repurchase Shares or portions thereof from Shareholders, including the Investment Adviser or any of its affiliates, pursuant to written tenders. In determining whether to cause the Trust to offer to repurchase Shares or portions thereof from Shareholders pursuant to written tenders, the Board may consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. whether any Shareholders have requested to tender Shares or portions thereof
to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the liquidity of the Trust's assets (including fees and costs associated
with withdrawing from its investments, including investments in unregistered pooled investment vehicles);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the investment plans and working capital requirements of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the relative economies of scale of the tenders with respect to the size
of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the history of the Trust in repurchasing Shares or portions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. the availability of information as to the value of the Trust's investments,
including investments in unregistered pooled investment vehicles;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. the anticipated tax consequences of any proposed repurchases of Shares or
portions thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the recommendations of the Investment Adviser.

The Board shall cause the Trust to repurchase Shares or portions thereof pursuant to written tenders only on terms fair to the Trust and to all Shareholders (including persons holding Shares acquired from Shareholders), as applicable. The fair value, selection and quantity of securities or other property paid or delivered as all or part of the repurchase price for Shares shall be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation, underlying investment vehicle or other Person in transferring securities selected for delivery as all or part of any payment in kind.

Repurchases of Shares or portions thereof by the Trust may be payable in non-interest bearing promissory notes, unless the Board, in its discretion, determines otherwise, or, in the discretion of the Board, in securities (or any combination of securities and cash) of equivalent value. All such repurchases shall be subject to any and all conditions as the Board may impose and shall be effective as of a date set by the Board after receipt by the Trust of all eligible written tenders of Shares or portions thereof. The amount due to any Shareholder whose Shares or portion thereof is repurchased shall be equal to the net asset value of such Shareholder's Shares as of the effective date of repurchase. In the discretion of the Board, the Trust may impose repurchase fees and early withdrawal charges on repurchases of Shares consistent with the 1940 Act.

The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the requirements of any taxing authority.

&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. 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 Share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Equality</u>. 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;(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;(g) <u>Exchange Privilege</u>. The Board of Trustees shall have the authority
to provide that the holders of Shares of any Series shall have the right to exchange said Shares for Shares of one or more other Series
in accordance with such requirements and procedures as may be established by the Board of Trustees, and in accordance with the 1940 Act
and the rules and regulations thereunder. The Trustees shall have the authority to establish procedures and requirements, in accordance
with the 1940 Act, if applicable, and disclosed to Shareholders, that provide for the automatic conversion of Shares of any Class for
or into Shares of one or more other Classes of the Trust at their respective net asset values to facilitate the auction process for Shares
on the NASDAQ Private Market Alternatives Platform.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Combination of Series</u>. The Board of Trustees shall have the authority,
without the approval of the Shareholders of any Series unless otherwise required by applicable law, to combine the assets and liabilities
held with respect to any two or more Series into assets and liabilities held with respect to a single Series.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Elimination of Series</u>. At any time that there are no Shares
outstanding of any particular Series or class previously established and designated, the Board of Trustees may by resolution of a majority
of the then Board of Trustees abolish that Series or class and rescind the establishment and designation thereof.

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 out 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; <u>provided</u>, <u>however</u>, 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<br> <u>The Board of Trustees</u>**

Section 1. <u>Number, Election and Tenure</u>.

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 Continuing Trustees then in office or by resolution approved at a duly constituted meeting

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 Board of Trustees shall manage the business of the Trust, 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 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 sub-custodians 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 Article V, Section 5 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 Article III, Section 6 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.

The Trustees who are not interested persons of the Trust shall have the authority to hire employees and to retain advisers and experts necessary to carry out their duties.

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 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, 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>Chairman of the Trustees</u>.

The Trustees shall appoint one of their number to be Chairman of the Board of Trustees. The Chairman shall preside at all meetings of the Trustees, shall be responsible for the execution of policies established by the Trustees and the administration of the Trust, and may be (but is not required to be) the chief executive, financial and/or accounting officer of the Trust.

Section 5. <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 6. <u>Payment of Expenses by Shareholders</u>.

The Trust's custodian, transfer, dividend disbursing, shareholder servicing or similar agent impose fees directly on individual shareholders for certain services requested by the shareholder ("Service Charges"). The Board of Trustees shall have the power to assist the Trust's custodian, transfer, dividend disbursing, shareholder servicing or similar agent in the collection of Service Fees by setting off such Service Charges due from a Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of Shares in the account of

such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such Service Charges due from such Shareholder.

Section 7. <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 8. <u>Service Contracts.</u>

&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;(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.

&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;(d) The fact that:

&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;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;(e) Every contract referred to in this Section 8 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<br> <u>Shareholders' Voting Powers and Meetings</u>**

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 Share. Shareholders shall not be entitled to cumulative voting in the election of Trustees or on any other matter. Shareholders may vote Shares in person or by proxy. A proxy may be given in writing. The Bylaws may provide that proxies may also, or may instead, be given by an electronic or telecommunications device or in any other manner.

Section 2. <u>Meetings</u>.

The Board of Trustees may set forth in the By-Laws or elsewhere the requirements for the conduct of meetings of the Board of Trustees and any committee of the Trustees, including requirements as to notice of meetings, quorum for meetings, voting and actions taken by written consent.

Section 3. <u>Quorum and Required Vote</u>.

The provisions regarding the constitution of a quorum and the required vote for actions taken at meetings of the Shareholders shall be set as provided in the By-Laws.

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 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>Derivative Actions</u>.

No Shareholder shall have the right to bring or maintain any action, proceeding, claim, or suit ("<u>Action</u>") on behalf of the Trust or any Series or class of Shares or Shareholders (a)(i) unless such Shareholder is a Shareholder at the time such Action is commenced and such Shareholder

continues to be a Shareholder throughout the duration of such Action and (a)(ii)(1) at the time of the transaction or event underlying such Action, such Shareholder was a Shareholder or (2) such Shareholder's status as a Shareholder devolved upon the Shareholder by operation of law or pursuant to the terms of this Declaration of Trust from a person who was a Shareholder at the time of the transaction or event underlying such Action and (b) without first making demand on the Trustees requesting the Trustees to bring or maintain such Action and such demand has the support of Shareholders owning a majority of the outstanding class or Series of Shares affected by the proposed Action. Such demand shall not be excused under any circumstances, including allegations or claims of interest on the part of the Trustees, unless the plaintiff makes a specific showing that irreparable non-monetary injury to the Trust or Series or class of Shares or Shareholders would otherwise result. Such demand shall be mailed to the Secretary at the Trust's principal office and shall set forth with particularity the nature of the proposed Action and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees who are not Interested Persons of the Trust (the "Independent Trustees") shall consider such demand. In their sole discretion, the Independent Trustees may decide to bring, maintain, or settle such Action or to not bring, maintain, or settle such Action, or may submit the matter to a vote of Shareholders of the Trust or a Series or class thereof, as appropriate. Any decision by the Independent Trustees to bring, maintain, or settle such Action, or to submit the matter to a vote of Shareholders, shall be binding upon all Shareholders who will be prohibited from maintaining a separate competing Action relating to the same subject matter. Any decision by the Independent Trustees not to bring or maintain an Action on behalf of the Trust or a Series or class shall be subject to the right of the Shareholders to vote on whether or not such Action should or should not be brought or maintained as a matter presented for Shareholder consideration pursuant to the provisions of the By-Laws regarding Shareholder requested special meetings; and the vote of Shareholders required to override the Independent Trustees' decision and to permit the Shareholder(s) to proceed with the proposed Action shall be 75 percent of the outstanding Shares of the Trust or 75 percent of the outstanding Shares of the Series or class affected by the proposed Action, as applicable.

Section 7. <u>Additional Provisions</u>.

The By-Laws may include further provisions for Shareholders' votes, meetings and related matters.

**ARTICLE VI**

**<u>Net Asset Value, Distributions and Redemptions</u>**

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; <u>provided</u>, <u>however</u>, 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.

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.

Section 2. <u>Redemptions at the Option of a Shareholder</u>.

Unless otherwise provided in the prospectus of the Trust relating to the Shares, as such prospectus may be amended from time to time ("<u>Prospectus</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust may purchase such Shares as are offered by any Shareholder for
redemption upon the presentation of a proper instrument of transfer, together with a request directed to the Trust or a Person designated
by the Trust, that the Trust purchase such Shares in accordance with the fundamental policies of the Series issuing the Shares and such
other procedures for redemption as the Board of Trustees may from time to time authorize; and the Trust will pay therefor the net asset
value thereof, in accordance with the By-Laws and applicable law. Payment for said Shares shall be made by the Trust to the Shareholder
within seven days after the date on which the request is received in proper form. The obligation set forth in this Section 2 is
subject to the provision that in the event that any time the New York Stock Exchange (the " <u>Exchange</u> ") is closed for
other than weekends or holidays, or if permitted by the Rules of the Commission during periods when trading on the Exchange is restricted
or during any National Financial Emergency which makes it impracticable for the Trust to dispose of the investments of the applicable
Series or to determine fairly the value of the net assets held with respect to such Series or during any other period permitted by order
of the Commission for the protection of investors, such obligations may be suspended or postponed by the Board of Trustees. If certificates
have been issued to a Shareholder, any such request by such Shareholder must be accompanied by surrender of any outstanding certificate
or certificates for such Shares in form for transfer, together with such proof of the authenticity of signatures as may reasonably be
required on such Shares and accompanied by proper stock transfer stamps, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments for Shares so redeemed by the Trust shall be made in cash, except
payment for such Shares may, at the option of the Board of Trustees, or such officer or officers as it may duly authorize in its complete
discretion, be made in kind or partially in cash and partially in kind. In case of any payment in kind, the Board of Trustees, or
its delegate, shall have absolute discretion as to what security or securities of the Trust shall be

distributed in kind and the amount of the same; and the securities shall be valued for purposes of distribution at the value at which they were appraised in computing the then current net asset value of the Shares, provided that any Shareholder who cannot legally acquire securities so distributed in kind by reason of the prohibitions of the 1940 Act or the provisions of the Employee Retirement Income Security Act ("<u>ERISA</u>") shall receive cash. Shareholders shall bear the expenses of in-kind transactions, including, but not limited to, transfer agency fees, custodian fees and costs of disposition of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Payment for Shares so redeemed by the Trust shall be made by the Trust as
provided above within seven days after the date on which the redemption request is received in good order; provided, however, that if
payment shall be made other than exclusively in cash, any securities to be delivered as part of such payment shall be delivered as promptly
as any necessary transfers of such securities on the books of the several corporations whose securities are to be delivered practicably
can be made, which may not necessarily occur within such seven day period. Moreover, redemptions may be suspended in the event of
a National Financial Emergency. 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;(d) The right of Shareholders to receive dividends or other distributions on
Shares shall be determined by the Board of Trustees as provided in Section 3 of Article IV. The right of any Shareholder of the
Trust to receive dividends or other distributions on Shares redeemed and all other rights of such Shareholder with respect to the Shares
so redeemed by the Trust, except the right of such Shareholder to receive payment for such Shares, shall cease at the time as of which
the purchase price of such Shares shall have been fixed, as provided above.

Section 3. <u>Redemptions at the Option of the Trust</u>.

The Board of Trustees may, from time to time, without the vote or consent of the Shareholders, and subject to the 1940 Act, redeem Shares or authorize the closing of any Shareholder account, subject to such conditions as may be established by the Board of Trustees.

**ARTICLE VII**

**<u>Compensation and Limitation of Liability of<br> Officers and Trustees</u>**

Section 1. <u>Compensation</u>.

Except as set forth in the last sentence of this Section 1, the Board of Trustees may, from time to time, fix a reasonable 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;(a) The Trust shall indemnify and advance expenses to its currently acting and
former Trustees to the fullest extent that indemnification of Trustees is permitted by the Delaware Act. The Trust shall indemnify and
advance expenses to its currently acting and former officers to the same extent as its Trustees and to such further extent as is consistent
with law. The Board of Trustees may by By-law, resolution or agreement make further provision for indemnification of Trustees, officers,
employees and agents to the fullest extent permitted by the Delaware Act. No provision of this Article VII, Section 2 shall be effective
to protect or purport to protect any Trustee or officer of the Trust against any liability to the Trust or its Shareholders to which he
would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly
set forth herein. No amendment to the Declaration of Trust shall affect the right of any person under this Section 2 based on any event,
omission or proceeding prior to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 Trustee or officer, as applicable, shall not be personally liable therefor, except as described in the last
sentence of the first paragraph of this Section 2 of this Article VIII.

Section 3. <u>Officers and Trustees' 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<br> <u>Miscellaneous</u>**

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>Dissolution of Trust or Series</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 may be dissolved at any time by vote of a majority of the Shares of that Series or by the Board of Trustees by written notice to the Shareholders of that Series.

Upon dissolution of the Trust (or a particular Series, as the case may be), the Trustees shall (in accordance with § 3808 of the DSTA) pay or make reasonable provision to pay all claims and obligations of each Series (or the particular Series, 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 of the Trust (or the particular Series, 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 of the Trust (or the particular Series, 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 of the Trust (or the particular Series, as the case may be) shall be distributed to the Shareholders of such Series, ratably according to the number of Shares of such Series held by the several Shareholders on the record date for such dissolution distribution.

Section 3. <u>Merger and Consolidation; Conversion</u>.

&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 business 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 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 business
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;(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 business 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; <u>provided</u>, 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; <u>provided</u>, <u>further</u>, 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 business 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 business trust or trusts (or series thereof).

Section 4. <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, business 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 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. Without limiting the generality of the foregoing, this provision may be utilized to permit the Trust or any Series to pursue its investment program through one or more subsidiary vehicles or to operate in a master-feeder structure.

Section 5. <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 Continuing 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 13 of the By-Laws.

Section 6. <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 any Shareholder may

inspect it. 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 7. <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 business trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a business trust.

Section 8. <u>Provisions in Conflict with Law or Regulations</u>.

&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;(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 9. <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 business 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 10. <u>Fiscal Year</u>.

The fiscal year of the Trust shall end on a specified date as set forth in the By-Laws, provided, however, that the Trustees may, without Shareholder approval, change the fiscal year of the Trust.

IN WITNESS WHEREOF, the Trustee named below does hereby make and enter into this Declaration of Trust as of the date first above written.

________________________

Sole Trustee

## Ex-99.(B)

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit (b)** 

**By-Laws**

**of**

**SKK ACCESS INCOME FUND** 

**ARTICLE 1**<br> <u>Agreement and Declaration of Trust; Offices</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Agreement and Declaration of Trust</u>. These By-Laws shall be subject to the Agreement and Declaration of Trust, as from time to time in effect (the "Declaration of Trust"), of the SKK Access Income Fund , the Delaware statutory trust established by the Declaration of Trust (the "Trust").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Offices</u>. The Trust may maintain one or more other offices, including its principal office, in or outside of Delaware, in such cities as the Trustees may determine from time to time. Unless the Trustees otherwise determine, the principal office of the Trust shall be located in Conshohocken, Pennsylvania.

**ARTICLE 2**<br> <u>Board of Trustees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Regular Meetings</u>. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees may from time to time determine, provided that notice of the first regular meeting following any such determination shall be given to absent Trustees. A regular meeting of the Trustees may be held without call or notice immediately after and at the same place as any meeting of the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Special Meetings</u>. Special meetings of the Trustees may be held at any time and at any place designated in the call of the meeting when called by the President or the Treasurer or by two or more Continuing Trustees, sufficient notice thereof being given to each Trustee by the Secretary or an Assistant Secretary or by the officer or the Trustees calling the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Notice</u>. It shall be sufficient notice to a Trustee of a special meeting to send notice by mail at least forty-eight hours before the meeting addressed to the Trustee at his or her usual or last known business or residence address or to give notice to him or her in person or by telephone, electronic mail, or facsimile at least twenty-four hours before the meeting. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. Neither notice of a meeting nor a waiver of a notice need specify the purposes of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.4 <u>Quorum and Voting</u>. At all meetings of the Board of Trustees, the presence of a majority of the Trustees then in office shall constitute a quorum for the transaction of business by the Board. In the absence of a quorum, a majority of the Trustees present may adjourn the meeting, from time to time, until a quorum shall be present. The action of a majority of Trustees present at a meeting at which a quorum is present shall be the action of the Board of Trustees, unless (1) the concurrence of a greater proportion is required for such action by law, by the Declaration of Trust or by these By-Laws or (2) the concurrence of the Continuing Trustees is required for such action, in which case the action of a majority of Continuing Trustees present at a meeting at which a majority of the Continuing Trustees is present shall be the action of the Board of Trustees. If enough Trustees have withdrawn from a meeting to leave less than a quorum but the meeting is not adjourned, the action of a majority of Trustees, which is not less than the number necessary to approve the matter if a quorum were constituted, shall be the action of the Board of Trustees, unless the concurrence of a greater proportion is required for such action by applicable statute or by the Declaration of Trust or these By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Participation by Telephone</u>. One or more of the Trustees or of any committee of the Trust may participate in a meeting thereof by means of a conference telephone or similar Communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting except as otherwise provided by the Investment Company Act of 1940, as amended (the "1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Action by Consent</u>. Any action required or permitted to be taken at any meeting of the Trustees or any committee thereof may be taken without a meeting, if a written consent of such action is signed by a majority of the Trustees then in office or a majority of the members of such committee, as the case may be, and such written consent is filed with the minutes of the proceedings of the Trustees or such committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Powers</u>. Except as otherwise provided by law, by the Declaration or by these Bylaws, the business and affairs of the Trust shall be managed under the direction of, and all the powers of the Trust shall be exercised by or under authority of, its Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Election</u>. Unless all nominees for Trustee are approved by a majority of the Continuing Trustees, the affirmative vote of the holders of at least 75% of the outstanding Shares of the Trust entitled to be voted shall be required to elect a Trustee. If all nominees for Trustee are approved by a majority of the Continuing Trustees, a plurality of all the votes cast at a meeting at which a quorum is present shall be sufficient to elect a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Vacancies and Newly Created Trusteeships</u>. Any Trustee elected to fill a vacancy shall hold office for the remainder of the full term of the Trusteeship in which the vacancy occurred and until a successor is elected and qualifies.

**ARTICLE 3**<br> <u>Officers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Enumeration and Qualification</u>. The officers of the Trust shall be a President, a Chief Compliance Officer, a Treasurer, a Secretary and such other officers, including Vice Presidents, if any, as the Trustees from time to time may in their discretion elect. The Trust also may have such agents as the Trustees from time to time may in their discretion appoint. Any officer may be, but need not be, a Trustee or shareholder. The same person may hold any two or more offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Election</u>. The President, the Treasurer and the Secretary shall be elected annually by the Trustees. The Chief Compliance Officer must be appointed by the Trustees, including a majority of the independent Trustees, as defined in the 1940 Act (the "Independent Trustees"). Other officers, if any, may be elected or appointed by the Trustees at any time. Vacancies in any office may be filled at any time, provided, however, that filling a vacancy in the office of Chief Compliance Officer must be approved by the Trustees, including a majority of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Tenure</u>. The officers shall hold office for one year and until their respective successors are chosen and qualified, or in each case until he or she sooner dies, resigns, is removed or becomes disqualified. Each officer shall hold office and each agent shall retain authority at the pleasure of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Powers</u>. Subject to the other provisions of these By-Laws, each officer shall have, in addition to the duties and powers herein and in the Declaration of Trust set forth, such duties and powers as are commonly incident to the office occupied by him or her as if the Trust were organized as a Delaware business corporation and such other duties and powers as the Trustees may from time to time designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>President</u>. Unless the Trustees otherwise provide, the President, or in the absence of the President, any Trustee chosen by the Trustees, shall preside at all meetings of the shareholders and of the Trustees. The President shall be the chief executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Chief Compliance Officer.</u> The Chief Compliance Officer of the Trust will be responsible for administering its compliance policies and procedures, shall have sufficient authority and independence within the organization to compel others to adhere to the compliance policies and procedures, shall report directly to the Board of Trustees, shall annually furnish a written report on the operation of the compliance policies and procedures to the Board of Trustees and shall perform such other duties as prescribed by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Treasurer</u>. The Treasurer shall be the chief financial and accounting officer of the Trust, and shall, subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian,

investment adviser or manager, or transfer, shareholder servicing or similar agent, be in charge of the valuable papers, books of account and accounting records of the Trust, and shall have such other duties and powers as may be designated from time to time by the Trustees or by the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Secretary</u>. The Secretary shall record all proceedings of the shareholders and the Trustees in books to be kept therefor, which books or a copy thereof shall be kept at the principal office of the Trust. In the absence of the Secretary from any meeting of the shareholders or Trustees, an assistant secretary, or if there be none or if he or she is absent, a temporary secretary chosen at such meeting shall record the proceedings thereof in the aforesaid books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Resignations and Removals</u>. Any Trustee or officer may resign at any time by written instrument signed by him or her and delivered to the President or the Secretary and to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. The Trustees may remove any officer elected by them with or without cause, provided, however, that removal of the Chief Compliance Officer will require approval of the Trustees, including a majority of the Independent Trustees. Except to the extent expressly provided in a written agreement with the Trust, no Trustee or officer resigning and no officer removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal.

**ARTICLE 4**<br> <u>Committees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>General</u>. The Trustees, by vote of a majority of the Trustees then in office, may elect from their number an Executive Committee or other committees and may delegate thereto some or all of their powers except those which by law, by the Declaration of Trust, or by these By-Laws may not be delegated. Except as the Trustees may otherwise determine, any such committee may make rules for the conduct of its business, but unless otherwise provided by the Trustees or in such rules, its business shall be conducted so far as possible in the same manner as is provided by these By-Laws for the Trustees themselves. All members of such committees shall hold such offices at the pleasure of the Trustees. The Trustees may abolish any such committee at any time. Any committee to which the Trustees delegate any of their powers or duties shall keep records of its meetings and shall report its action to the Trustees. The Trustees shall have power to rescind any action of any committee, but no such rescission shall have retroactive effect.

**ARTICLE 5**<br> <u>Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>General</u>. The Trustees and officers shall render reports at the time and in the manner required by the Declaration of Trust or any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from time to time be required by the Trustees.

**ARTICLE 6**<br> <u>Fiscal Year</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>General</u>. The fiscal year of the Trust shall be fixed by, and shall be subject to change by, the Trustees.

**ARTICLE 7**<br> <u>Seal</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>General</u>. If required by applicable law, the seal of the Trust shall consist of a flat-faced die with the word "Delaware", together with the name of the Trust and the year of its organization cut or engraved thereon, but, unless otherwise required by the Trustees, the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.

**ARTICLE 8**<br> <u>Execution of Papers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>General</u>. Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner, all deeds, leases, contracts, notes and other obligations made by the Trustees shall be signed by the President, any Vice President, the Secretary or by the Treasurer and need not bear the seal of the Trust.

**ARTICLE 9**<br> <u>Issuance of Share Certificates</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Share Certificates</u>. In lieu of issuing certificates for shares, the Trustees or the transfer agent may either issue receipts therefor or may keep accounts upon the books of the Trust for the record holders of such shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates for such shares as if they had accepted such certificates and shall be held to have expressly assented and agreed to the terms hereof.

The Trustees may at any time authorize the issuance of share certificates. In that event, each shareholder shall be entitled to a certificate stating the number of shares owned by him, in such form as shall be prescribed from time to time by the Trustees. Such certificate shall be signed by the President or a Vice-President and by the Treasurer or Assistant Treasurer. Such signatures may be facsimiles if the certificate is signed by a transfer agent, or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall cease to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he were such officer at the time of its issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Loss of Certificates</u>. In case of the alleged loss or destruction or the mutilation of a share certificate, a duplicate certificate may be issued in place thereof, upon such terms as the Trustees shall prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Issuance of New Certificate to Pledgee</u>. In the event certificates have been issued, a pledgee of shares transferred as collateral security shall be entitled to a new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security, and the name of the pledgor shall be stated thereon, who alone shall be liable as a shareholder, and entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Discontinuance of Issuance of Certificates</u>. The Trustees may at any time discontinue the issuance of share certificates and may, by written notice to each shareholder, require the surrender of share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of shares in the Trust.

**ARTICLE 10**

<u>Dealings with Trustees and Officers</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>General</u>. Any Trustee, officer or other agent of the Trust may acquire, own and dispose of shares of the Trust to the same extent as if he were not a Trustee, officer or agent; and the Trustees may accept subscriptions to shares or repurchase shares from any firm or company in which he is interested.

**ARTICLE 11**<br> <u>Shareholders</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Meetings</u>. A meeting of the shareholders of the Trust shall be held whenever called by the Trustees, whenever election of a Trustee or Trustees by shareholders is required by the provisions of Section 16(a) of the 1940 Act for that purpose or whenever otherwise required pursuant to the Declaration of Trust. Any meeting shall be held on such day and at such time as the President or the Trustees may fix in the notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Record Dates</u>. For the purpose of determining the shareholders who are entitled to vote or act at any meeting or any adjournment thereof, or who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time fix a time, which shall be not more than 120 days before the date of any meeting of shareholders or the date for the payment of any dividend or of any other distribution, as the record date for determining the shareholders having the right to notice of and to vote at such meeting and any adjournment thereof

or the right to receive such dividend or distribution, and in such case only shareholders of record on such record date shall have such right, notwithstanding any transfer of shares on the books of the Trust after the record date; or without fixing such record date the Trustees may for any such purposes close the register or transfer books for all or any part of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Voting</u>. Unless otherwise provided by the Declaration of Trust, at a meeting of Shareholders each whole Share shall be entitled to one vote on each matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. To be approved, adopted, or authorized at a meeting of Shareholders, a matter must receive in the event it has been approved by a majority of the Continuing Trustees the affirmative vote of a majority of all the votes cast at the meeting at which a quorum is present or, in the event it has not been so approved by the Continuing Trustees, the affirmative vote of at least 75% of the outstanding Shares of the Trust entitled to be voted at the meeting at which a quorum is present, provided in each event, however, more or fewer votes cast may be required to approve any matter if so provided by the Declaration of Trust, these By-Laws, or any applicable statute. The vote upon any question shall be by ballot whenever requested by any person entitled to vote, but, unless such a request is made, voting may be conducted in any way approved by the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Inspectors</u>. The Continuing Trustees, in advance of any meeting, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. If an inspector or inspectors are not so appointed or if appointed not deemed appropriate by the chairman of the meeting, the chairman of the meeting may at any time appoint one or more new or replacement inspectors. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Continuing Trustees or by the chairman of the meeting. Each inspector so appointed shall first subscribe an oath or affirmation to execute faithfully the duties of inspector at such election with strict impartiality and according to the best of his or her ability, and shall after the election make a certificate of the result of the vote taken. No candidate at the meeting for the office of Trustee shall be appointed such inspector.

Subject to the direction and supervision of the chairman of the meeting, the inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, determine the result, and do such acts as are proper to conduct the election or vote with fairness to all Shareholders. Each such report shall be in writing and certified by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the certified report of a majority shall be the report of the inspectors. The determination of such inspector or inspectors as to the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, the form, validity and effect of proxies or ballots, all challenges and questions arising in connection with the right to vote, the count or tabulation of all votes, ballots or consents, and all other matters upon which their certificate would be based shall be deemed final and conclusive, and such inspectors' determinations shall not be subject to challenge or review prior to or following the issuance of their certificate, unless such challenge or review is approved by the vote of a majority of the Continuing Trustees. If no challenge or review is so approved, all documents of whatever kind and nature relating to any matters upon which the certificate could be based may be discarded by the officers of the Trust in their sole discretion after 30 days of issuance of the inspectors' certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Validity of Proxies, Ballots</u>. In an uncontested matter or uncontested election of a Trustee or Trustees, a Shareholder may cast the votes entitled to be cast by the Shares owned of record by the Shareholder in person or by proxy executed by the Shareholder or the Shareholder's duly authorized agent in any manner not prohibited by law. In the event of a proposal by anyone other than the Continuing Trustees is submitted to a vote of the Shareholders of the Trust, or in the event of any proxy contest or proxy solicitation or proposal in opposition to any proposal by the officers or Trustees of the Trust, Shares may be voted only by written proxy or in person at a meeting. Unless a proxy provides otherwise, it shall not be valid more than eleven months after its date. At every meeting of the Shareholders, all proxies shall be received and taken in charge of and all ballots shall be received and canvassed by the Secretary of the Trust or the person acting as secretary of the meeting before being voted, who shall decide all questions touching the qualification of voters, the validity of the proxies and the acceptance or rejection of votes, unless an inspector of election has been appointed for the meeting in which event such inspector of election shall decide all such questions as provided in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Organization and Conduct of Shareholders' Meetings</u>. Every meeting of Shareholders shall be conducted by an individual appointed by the Continuing Trustees to be chairman of the meeting or, in the absence of such appointment, by the Chairman of the Board of Trustees or, in the case of a vacancy in the office or absence or unwillingness of the Chairman of the Board of Trustees, by one of the following officers present at the meeting: the Vice Chairman of the Board of Trustees, if there be one, the President, the Vice Presidents in their order of rank or seniority, or, in the absence of such officers, a chairman chosen by the Shareholders by the vote of a majority of the votes cast by Shareholders present in person or by proxy. The Secretary, or, in the Secretary's absence, an Assistant Secretary, or in the absence of both the Secretary and Assistant Secretaries, a person appointed by the Board of Trustees or, in the absence of such appointment, a person appointed by the chairman of the meeting shall act as secretary. In the event that the Secretary presides at a meeting of the Shareholders, an Assistant Secretary, or in the absence of Assistant Secretaries, an individual appointed by the Board of Trustees or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of Shareholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations, and procedures and take such action as, in the discretion of such chairman, are appropriate, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to Shareholders of record of the Trust, their duly authorized proxies, and other such individuals as the chairman of the meeting may determine; (c) requiring proof of identification and ownership as a Shareholder of record or authorization as proxy; (d) limiting participation at the meeting on any matter to Shareholders of record of the Trust entitled to vote on such matter, their duly authorized proxies, and other such individuals as the chairman of the meeting may determine; (e) limiting the time allotted to questions or comments by participants; (f) maintaining order and security at the meeting; (g) removing any Shareholder or any other individual who refuses to comply with meeting procedures, rules, or guidelines as set forth by the chairman of the meeting; and (h) recessing or adjourning the meeting to a later date and time and place announced at the meeting. Unless otherwise determined by the chairman of the meeting, meetings of Shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

**ARTICLE 12**

<u>Indemnification and Advancement of Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>General</u>. To the maximum extent permitted by the Delaware Act and, to the extent applicable, the 1940 Act, the Trust shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, shall pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a current or former Continuing Trustee, officer, or employee of the Trust and who is made a party to the proceeding by reason of his or her service in that capacity or (b) any individual who, while a Continuing Trustee, officer, or employee of the Trust and at the request of the Trust, serves or has served in a similar capacity for another entity and who is made a party to the proceeding by reason of his or her service in that capacity. The Trust may, with the approval of its Board of Trustees, provide such indemnification and advance for expenses to a Continuing Trustee who served a predecessor of the Trust in any of the capacities described in (a) or (b) above and to any officer, or employee of a predecessor of the Trust.

Neither the amendment nor repeal of this Article, nor the adoption or amendment of any other provision of the By-Laws or Declaration of Trust inconsistent with this Article, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal, or adoption.

No provision of this Article 12 shall be effective to protect or purport to protect any Continuing Trustee, officer, or employee of the Trust against liability to the Trust or its Shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

**ARTICLE 13**<br> <u>Amendments to the By-Laws; Severability</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Amendment</u>. Except as otherwise expressly provided in these By-Laws, the Continuing Trustees shall have the exclusive power to adopt, alter or repeal any provision of these By-Laws and to make new By-Laws.

These By-Laws may be amended or repealed, in whole or in part, by a majority of the Continuing Trustees then in office at any meeting of the Trustees, or by one or more writings signed by such a majority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Severability</u>. If any provision of these By-Laws, or the application thereof to any person or entity or any circumstance, is invalid or unenforceable, (i) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision, and (ii) the remainder of these By-Laws and the application of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

## Ex-99.(G)

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit (g)** 

**INVESTMENT MANAGEMENT AGREEMENT**

AGREEMENT made as of March 17, 2023, by and between SKK Access Income Fund, a Delaware statutory trust (the "Fund"), and Shepherd Kaplan Krochuk, LLC, a Delaware limited liability company (the "Investment Manager").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company; and

WHEREAS, the Fund desires to retain the Investment Manager to furnish certain investment advisory and portfolio management services to the Fund, and the Investment Manager desires to furnish such services;

NOW THEREFORE, in consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is hereby agreed between the parties hereto as follows:

1. The Fund hereby employs the Investment Manager to manage the investment and reinvestment of its assets, including the regular furnishing of advice with respect to the Fund's portfolio transactions subject at all times to the control and oversight of the Fund's Board of Trustees (the "Investment Advisory Services"), for the period and on the terms set forth in this Agreement. The Investment Manager hereby accepts such employment and agrees during such period to render the Investment Advisory Services and, if requested, any other services contemplated herein and to assume the obligations herein set forth, for the compensation herein provided. The Investment Manager shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way, or otherwise be deemed an agent of the Fund.

2. The Fund assumes and shall pay all the expenses required for the conduct of its business including, but not limited to:

a. expenses borne indirectly through the Fund's investments in funds (including privately offered pooled investment vehicles, such as hedge funds, which are issued in private placements to investors that meet certain suitability standards ("Private Markets Investment Funds")), including, without limitation, any fees and expenses charged by the managers of the Private Markets Investment Funds (such as management fees, performance, carried interests or incentive fees or allocations, monitoring fees, property management fees, and redemption or withdrawal fees);

b. all costs and expenses directly related to portfolio transactions and positions for the Fund's accounts, such as direct and indirect expenses associated with the Fund's investments in Private Markets Investment Funds (whether or not consummated), and enforcing each Fund's rights in respect of such investments;

c. fees of the Investment Manager;

d. fees and commissions in connection with the purchase and sale of portfolio securities for the Fund;

e. costs, including the interest expense, of borrowing money;

f. fees and premiums for the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance;

g. taxes levied against the Fund and the expenses of preparing tax returns and reports;

h. auditing fees and expenses;

i. legal fees and expenses (including reasonable fees for legal services rendered to the Fund by the Investment Manager or its affiliates);

j. salaries and other compensation of (1) any of the Fund's officers and employees who are not officers, trustees, members or employees of the Investment Manager or any of its affiliates, and (2) the Fund's chief compliance officer to the extent determined by those trustees of the Fund who are not interested persons of the Investment Manager or its affiliates (the "Independent Trustees");

k. fees and expenses incidental to trustee and shareholder meetings of the Fund, the preparation and mailings of proxy material, prospectuses, and reports of the Fund to its shareholders, the filing of reports with regulatory bodies, and the maintenance of the Fund's legal existence;

l. costs of the listing (and maintenance of such listing) of the Fund's shares on stock exchanges, and the registration of shares with Federal and state securities authorities;

m. payment of dividends;

n. costs of stock certificates;

o. fees and expenses of the Independent Trustees;

p. fees and expenses for accounting, administration, bookkeeping, broker/dealer record keeping, clerical, compliance, custody, dividend disbursing, fulfillment of requests for Fund information, proxy soliciting, securities pricing, registrar, and transfer agent services (including costs and out-of-pocket expenses payable to the Investment Manager or its affiliates for such services);

q. costs of necessary office space rental and Fund web site development and maintenance;

r. costs of membership dues and charges of investment company industry trade associations;

s. such non-recurring expenses as may arise, including, without limitation, reorganizations, tender offers, liquidations, actions, suits or proceedings affecting the Fund and the legal obligation which the Fund may have to indemnify its officers and trustees or settlements made;

t. all costs and expenses associated with the operation and ongoing registration of the Fund, including, without limitation, all costs and expenses associated with the repurchase offers, offering costs, and the costs of compliance with any applicable Federal or state laws;

u. costs and charges related to electronic platforms through which investors may access, complete and submit subscription and other Fund documents or otherwise facilitate activity with respect to their investment in the Fund; and

v. such other types of expenses as may be approved from time to time by the Fund's Board of Trustees.

The Fund will reimburse the Investment Manager for any of the above expenses that it pays on behalf of the Fund.

3. The Investment Manager shall supply the Fund and the Board of Trustees with reports and statistical data, as reasonably requested. In addition, if requested by the Fund's Board of Trustees, the Investment Manager or its affiliates may provide services to the Fund such as, without limitation, accounting, administration, bookkeeping, broker/dealer record keeping, clerical, compliance, custody, dividend disbursing, fulfillment of requests for Fund information, proxy soliciting, securities pricing, registrar, and transfer agent services. Any reports, statistical data, and services so requested, or approved by the Board of Trustees, and supplied or performed will be for the account of the Fund and the costs and out-of-pocket charges of the Investment Manager and its affiliates in providing such reports, statistical data or services shall be paid by the Fund, subject to periodic reporting to and examination by the Independent Trustees.

4. The services of the Investment Manager are not to be deemed exclusive, and the Investment Manager shall be free to render similar services to others in addition to the Fund so long as its services hereunder are not impaired thereby.

5. The Investment Manager shall create and maintain all necessary books and records in accordance with all applicable laws, rules and regulations, including but not limited to records required by Section 31(a) of the 1940 Act and the rules thereunder, as the same may be amended from time to time, pertaining to the Investment Advisory Services and other services, if any, performed by it hereunder and not otherwise created and maintained by another party pursuant to a written contract with the Fund. Where applicable, such records shall be maintained by the Investment Manager for the periods and in the places required by Rule 3la-2 under the 1940 Act. The books and records pertaining to the Fund which are in the possession of the Investment Manager shall be the property of the Fund and shall be surrendered promptly upon the Fund's request, and the Fund shall have access to such books and records at all times during the Investment Manager's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be promptly provided by the Investment Manager to the Fund or the Fund's authorized representatives. The Investment Manager shall keep confidential any information obtained in connection with its duties hereunder provided, however, if the Fund has authorized and directed certain disclosure or if such disclosure is expressly required or lawfully requested by applicable Federal or state regulatory authorities or otherwise, the Fund shall reimburse the

Investment Manager for its expenses in connection therewith, including the reasonable fees and expenses of the Investment Manager's outside legal counsel.

6. For the Investment Advisory Services provided to the Fund pursuant to this Agreement, the Fund will pay to the Investment Manager and the Investment Manager will accept as full compensation therefor, a fee, payable on or before the tenth (10th) day of each calendar month, at the annual rate of 0.65% of the Fund's Managed Assets (as defined below). Such fees shall be reduced as required by expense limitations imposed upon the Fund by any state in which shares of the Fund are sold. Reductions shall be made at the time of each monthly payment on an estimated basis, if appropriate, and an adjustment to reflect the reduction on an annual basis shall be made, if necessary, in the fee payable with respect to the last month in any calendar year of the Fund. The Investment Manager shall within ten (10) days after the end of each calendar year refund any amount paid in excess of the fee determined to be due for such year.

7. If this Agreement shall become effective subsequent to the first day of a month, or shall terminate before the last day of a month, the Investment Manager's compensation for such fraction of the month shall be determined by applying the foregoing percentage to the Fund's Managed Assets during such fraction of a month (calculated on an average daily basis if such fraction of a month is less than a week) and in the proportion that such fraction of a month bears to the entire month.

8. "Managed Assets" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), and calculated before giving effect to any repurchase of shares on such date.

9. The Investment Manager shall direct portfolio transactions to broker/dealers for execution on terms and at rates which it believes, in good faith, to be reasonable in view of the overall nature and quality of services provided by a particular broker/dealer, including brokerage and research services. Subject to the foregoing and applicable laws, rules and regulations, the Investment Manager may also allocate portfolio transactions to broker/dealers that remit a portion of their commissions as a credit against Fund expenses. With respect to brokerage and research services, the Investment Manager may consider in the selection of broker/dealers brokerage or research provided and payment may be made of a fee higher than that charged by another broker/dealer which does not furnish brokerage or research services or which furnishes brokerage or research services deemed to be of lesser value, so long as the criteria of Section 28(e) of the Securities Exchange Act of 1934, as amended, or other applicable laws are met. Although the Investment Manager may direct portfolio transactions without necessarily obtaining the lowest price at which such broker/dealer, or another, may be willing to do business, the Investment Manager shall seek the best value for the Fund on each trade that circumstances in the market place permit, including the value inherent in on-going relationships with quality brokers. To the extent any such brokerage or research services may be deemed to be additional compensation to the Investment Manager from the Fund, it is authorized by this Agreement. The Investment Manager may place brokerage for the Fund through an affiliate of the Investment Manager, provided that such brokerage be undertaken in compliance with applicable law. The Investment Manager's fees under this

Agreement shall not be reduced by reason of any commissions, fees or other remuneration received by such affiliate from the Fund.

10. Subject to and in accordance with the Certificate of Trust, as amended (the "Charter"), Declaration of Trust and Bylaws of the Fund and similar documents of the Investment Manager, it is understood that trustees, officers, agents and shareholders of the Fund are or may be interested in the Fund as trustees, officers, shareholders and otherwise, that the Investment Manager is or may be interested in the Fund as a shareholder or otherwise and that the effect and nature of any such interests shall be governed by law and by the provisions, if any, of said Charter, Declaration of Trust or Bylaws of the Fund or similar documents of the Investment Manager.

11. This Agreement shall become effective upon the date hereinabove written and, unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the above written date. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (a) by a vote of a majority of the Trustees of the Fund or by vote of the holders of a majority of the Fund's outstanding voting securities of the Fund as defined in the 1940 Act and (b) by a vote of a majority of the Trustees of the Fund who are not parties to this Agreement, or interested persons of such party. This Agreement may be terminated without penalty at any time either by vote of the Board of Trustees of the Fund or by a vote of the holders of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Investment Manager, or by the Investment Manager on 60 days' written notice to the Fund. This Agreement shall immediately terminate in the event of its assignment.

12. The Investment Manager shall not be liable to the Fund or any shareholder of the Fund for any error of judgment or mistake of law or for any loss suffered by the Fund or the Fund's shareholders in connection with the matters to which this Agreement relates, but nothing herein contained shall be construed to protect the Investment Manager against any liability to the Fund or the Fund's shareholders by reason of a loss resulting from willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of obligations and duties under this Agreement.

13. The Investment Manager shall not be liable for delays or errors occurring by reason of circumstances beyond its control, including but not limited to acts of civil or military authority, national emergencies, work stoppages, fire, flood, catastrophe, acts of God, insurrection, war, riot, or failure of communication or power supply. In the event of equipment breakdowns beyond its control, the Investment Manager shall take reasonable steps to minimize service interruptions but shall have no liability with respect thereto. Notwithstanding anything herein to the contrary, the Investment Manager shall have in place at all times a reasonable disaster recovery plan and program.

14. As used in this Agreement, the terms "interested person," "assignment," and "majority of the outstanding voting securities" shall have the meanings provided therefor in the 1940 Act, and the rules and regulations thereunder.

15. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, provided, however, that nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or regulation promulgated thereunder.

16. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, with respect to the subject hereof whether oral or written. If any provision of this Agreement shall be held or made invalid by a court or regulatory agency, decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement may be amended at any time, but only by written agreement between the Investment Manager and the Fund, which amendment has been authorized by the Board, including the vote of a majority of the Independent Trustees and, where required by the 1940 Act, the shareholders of the Fund.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

---

| | |
|:---|:---|
| SKK ACCESS INCOME FUND | SKK ACCESS INCOME FUND |
| By: | _________________________________ |
|  | Frank Burke, President |
| Shepherd Kaplan Krochuk, LLC | Shepherd Kaplan Krochuk, LLC |
| By: | _________________________________ |
|  | David Shepherd, Manager |

---

## Ex-99.(J)

**Exhibit (j)**

![](ex99j001.jpg)

**Custody Agreement**

This Custody Services Agreement (collectively with all schedules, exhibits, amendments, and addenda hereto, this "Agreement") is made by and between **Fifth Third Bank, National Association**, 38 Fountain Square Plaza, MD 1090C7, Cincinnati, OH 45202 ("Fifth Third" or "Custodian"), and the undersigned company ("Company"), and is made effective as of the date assets are first received by Fifth Third. Alternatively, if Fifth Third already holds the assets, this Agreement is effective upon the date this Agreement is executed by both client and Fifth Third.

Custodian and Company hereby agree as follows:

**W I T N E S S E T H:**

WHEREAS, the Company desires that the Securities and cash of each of the investment portfolios identified in Exhibit A hereto (such investment portfolios are individually referred to herein as a "Fund" and, collectively, as the "Funds"), be held and administered by the Custodian pursuant to this Agreement; and

WHEREAS, the Company is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Custodian represents that it is a bank having the qualifications prescribed in Section 26(a)(i) of the 1940 Act;

NOW, THEREFORE, in consideration of the mutual agreements herein made, the Company and the Custodian hereby agree as follows:

**ARTICLE I**

**DEFINITIONS**

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

1.1 "<u>Account(s)</u>" means the custodial account maintained by the Custodian pursuant to this Agreement established in the name of and on behalf of the Company.

1.2 "<u>Applications</u>" means, collectively, the CAD Application, the Online Channel Access Agreement and the Channel Service Schedule Investment Advisor.

1.3 "<u>Authorized Person</u>" means any Officer or other person duly authorized by resolution of the Board to give Oral Instructions and Written Instructions on behalf of the Company and named in such resolutions of the Board, certified by an Officer, as may be received by the Custodian from time to time.

1.4 "<u>Bank</u>" means Fifth Third Bank, National Association.

1.5 "<u>Bank Services</u>" means services and products the Custodian or its affiliates provide to the Company that can be accessed through the Applications.

1.6 "<u>Board</u>" means the Company's board of directors or board of trustees, as applicable, and the directors or trustees from time to time serving under the Company's then-current organizational documents.

1.7 "<u>Book-Entry System</u>" means a system of tracking ownership of securities where no certificate is given to investors.

Classification: Restricted

---

| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

1.8 "<u>Business Day</u>" means any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Company computes the net asset value of the Fund.

1.9 "<u>Channel Access Application</u>" means the then-current Access Channels and Channel Services made available to the Company by the Custodian.

1.10 "<u>Channel Access System</u>" means the overall concept or program, including the then-current systems, computers and communication facilities made available to the Company, which enables access to, and online management of, Bank Services.

1.11 "<u>Channel Access Interface</u>" means the methodology by which the Company uses the Channel Access Application to create an online connection to the Channel Access System, which will allow the Company to give Instructions and perform Transactions from a remote location.

1.12 "<u>Channel Services</u>" means the then-current access made available by the Custodian for the Company to give Instructions and perform Transactions pursuant to an Online Channel Access Agreement, which must be entered into separately between Custodian and the Company.

1.13 "<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

1.14 "<u>Commodity Futures Trading Commission</u> ("CFTC") means an independent U.S. federal agency established by the Commodity Futures Trading Commission Act of 1974.

1.15 "<u>Corporate Action Information</u>" means all information communicated to the Company related to Corporate Actions.

1.16 "<u>Corporate Actions</u>" means any actions undertaken by or relating to an issuer of Securities that has an effect upon the Company or a Fund including, without limitation, the inception of Court Actions.

1.17 "<u>Custody Account</u>" means any account in the name of the Fund, which is provided for in Section 3.2 below.

1.18 "<u>Company Profile Schedule</u>" means Schedule B, Part A and Part B or a certain Company Profile Schedule (Including Account Disclosures and Consents) form subsequently executed by Company and delivered to Custodian in which Company provides certain information and makes certain elections.

1.19 "<u>Deposits</u>" has the same meaning as provided in the Federal Deposit Insurance Act, 12 U.S. Code § 1813(l), and refers to those Deposits held by Fifth Third Bank, National Association.

1.20 "<u>DTC</u>" means the Depository Trust Corporation.

1.21 "<u>E-Sign Act</u>" means United States Electronic Signatures in Global and National Commerce Act, P.L. 106-229.

1.22 "<u>Eligible Foreign Custodian</u>" means an entity that is incorporated or organized under the laws of a country, other than the United States, and that is a Qualified Foreign Bank (an organization entitled to certain exemptions from the nonbanking activities restrictions of the Bank Holding Company Act of 1956 [12 U.S.C. § 1841 et seq.], including for certain limited commercial and industrial activities in the United States) or a majority-owned direct or indirect subsidiary of a U.S. bank or bank-holding company.

1.23 "<u>FDIC</u>" means Federal Deposit Insurance Corporation.

1.24 "<u>FINRA</u>" means The Financial Industry Regulatory Authority.

1.25 "<u>Foreign Depository</u>" means (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each Eligible Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940, as amended, identified to the Company from time to time, and (d) the respective successors and nominees of the foregoing.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

---

| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

1.26 "<u>Institutional Delivery System (IDS)</u>" means a trade confirmation and affirmation system provided by the DTC.

1.27 "<u>Instruction(s)</u>" means, collectively, Written Instructions and Oral Instructions, in a form and format acceptable to the Custodian, submitted by the Company and successfully received by the Custodian through the Applications or otherwise, which comply with all applicable requirements of the Custodian and the terms of this Agreement, which requests that a task be performed on behalf of the Company.

1.28 "<u>Interfaces</u>" means, collectively, the CAD Interface and the Channel Access Interface.

1.29 "<u>Investment Advisor</u>" means a person or business regulated by the Securities and Exchange Commission that provides investment advice or counsel, and is governed by the Investment Advisors Act of 1940.

1.30 "<u>Manuals</u>" means on-line or printed user manuals that describe the process and assist with the use of the Applications.

1.31 "<u>Offeror</u>" means a person or entity making a proposal to enter into a contract.

1.32 "<u>Officer</u>" means the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Company.

1.33 "<u>Online Channel Access Agreement</u>" is a separate agreement that may be entered into between the Company and the Custodian, which provides the Company access to various websites or portals as well as direct access to, and management of, Bank Services provided by the Custodian.

1.34 "<u>Options Clearing Corporation</u>" means an organization established in 1972 to process and guarantee the transactions in options that take place on the organized exchanges.

1.35 "<u>Oral Instructions</u>" means Instructions orally transmitted to and accepted by the Custodian because such instructions are: (i) reasonably believed by the Custodian to have been given by an Authorized Person, (ii) recorded and kept among the records of the Custodian made in the ordinary course of business and (iii) orally confirmed by the Custodian.

1.36 "<u>Proper Instructions</u>" means Oral Instructions or Written Instructions. Proper Instructions may include recurring or continuous event only if they are written instructions.

1.37 "<u>Property</u>" means the property listed on a certain receipt(s) or as indicated on the confirmation separately supplied by the Custodian to the Company in connection with this Agreement, which may include, without limitation, common and preferred stocks, bonds, debentures, notes, money market instruments or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for any of the foregoing, or evidencing any other rights or interests therein. Administrative Assets and Shadow Posted Assets are not Property of the Account.

1.38 "<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, other money market instruments 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 has the facilities to clear and to service.

1.39 "<u>Securities Depository</u>" means The Depository Trust Company and (provided that the Custodian shall have received a copy of a resolution of the Board, certified by an Officer, specifically approving the use of such clearing agency as a depository for the Fund) any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities and Exchange Act of 1934 (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.

1.40 "<u>Shares</u>" means the units of beneficial interest issued by the Company, including without limitation, units of beneficial interest in a Fund.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

---

| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

1.41 "<u>Specified Country</u>" means each country listed on Schedule A attached hereto and each country, other than the United States, constituting the primary market for a security with respect to which the Company has given settlement instruction to the Custodian.

1.42 "<u>System(s)</u>" means, collectively, the CAD System and the Channel Access System.

1.43 "<u>Transactions</u>" means the Custodian's performance of certain tasks pursuant to Instructions.

1.44 "<u>Company ID</u>" means a Company-specific user identification code.

1.45 "<u>Voluntary Corporate Actions</u>" means those Corporate Actions for which security holders are entitled or required to make an election or decision among alternative courses of action such as, among other things, certain tender offers, conversions, distributions or exchanges that are voluntary by their terms.

1.46 "<u>Voluntary Election Instructions</u>" means those messages timely delivered from the Company to the Custodian through the CAD System unambiguously identifying the Company's election or decision among alternative courses of action triggered by the occurrence of a Voluntary Corporate Action.

1.47 "<u>Written Instructions</u>" means (i) written communications actually received by the Custodian and signed by one or more persons as the Board shall have from time to time authorized, or (ii) communications by telex or any other such system from a person or persons reasonably believed by the Custodian to be Authorized, (iii) communications transmitted electronically through the Institutional Delivery System (IDS), or (iv) communications transmitted through the use of Applications, as more fully set forth in Exhibit B, or any other similar electronic instruction system acceptable to Custodian and approved by resolutions of the Board, a copy of which, certified by an Officer, shall have been delivered to the Custodian.

**ARTICLE II**

**APPOINTMENT OF THE CUSTODIAN**

2.1 <u>Appointment</u>. The Company and Fund(s) hereby constitutes and appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Company at any time during the period of this Agreement, provided that such Securities or cash at all times shall be and remain the property of the Company.

2.2 <u>Acceptance</u>. The Custodian hereby accepts appointment as such custodian and agrees to perform the duties thereof as hereinafter set forth and in accordance with the 1940 Act as amended. Except as specifically set forth herein, the Custodian shall have no liability and assumes no responsibility for any non-compliance by the Company or a Fund of any laws, rules or regulations.

2.3 <u>Scope of Services</u>. The Custodian may make changes to the services pursuant to this Agreement and/or the Fee Agreement based upon, but not limited to: technological developments; legislative, regulatory, third party Depository or sub custodian operational changes; or the introduction of new services by the Custodian. The Custodian will notify the Company of any changes to this Agreement that will affect the Company at least 30 days prior to the effective date of such changes.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

---

| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

2.4 <u>Foreign Custody</u>. If applicable and or necessary the Custodian hereby accepts the delegation of responsibilities with respect to each Specified Country and agrees in performing the responsibilities as a foreign custody manager to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Company's assets would exercise. The Custodian shall provide to the Board at such times as reasonable and appropriate based on the circumstances of the Company and any of the Company's foreign custody arrangements, written reports notifying the Board of the placement of assets of the Company with a particular Foreign Depository within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of such Company with any Foreign Depository. Under U.S. federal law, any part of a Fund kept by either the Custodian or any sub-custodians or Depositories in foreign locations (outside of the U.S.) is not insured by the FDIC. In the event of the liquidation of the Custodian, any sub-custodian, or any Depository, foreign branch deposits have a lesser preference than U.S. deposits, and such foreign deposits are subject to cross-border risks.

2.5 <u>Data Security</u>. The Company will cause all persons using the Applications, or otherwise, to treat all applicable user and authorization codes, passwords and authentication keys with extreme care, and it will establish internal control and safekeeping procedures to restrict the availability of the same to persons duly authorized to give Instructions. The Company acknowledges that it has the sole responsibility to assure that only persons duly authorized use the Applications and that the Custodian shall not be responsible nor liable for any hack of the Custodian's systems using any Company log-in or account information or for any other unauthorized use thereof.

2.6 <u>SEC Shareholder Communications Disclosure</u>. The Securities and Exchange Commission (SEC) has adopted a rule that requires the Custodian, as holder of securities, to contact the Company, the beneficial owner having authority to vote those securities, to determine whether the Company would like the Custodian to provide the Company's name, address and share position to companies whose shares the Custodian holds for the Company's benefit. With respect to Securities and Exchange Commission Rule 14b-2 under the U.S. Shareholder Communications Act, regarding disclosure of beneficial owners to issuers of securities, unless the Company objects on the Customer Profile Schedule, or to the Custodian elsewhere in writing, the Custodian will release said information to requesting companies.

**ARTICLE III**

**CUSTODY OF CASH AND SECURITIES**

3.1 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Company, except Securities maintained in a Securities Depository or Book-Entry System, shall bphysically segregated from other Securities and non-cash property in the possession of the Custodian and shall be identified as subject to this Agreement.

3.2 <u>Custody Account</u>. The Custodian shall open and maintain in its trust department a custody account in the name of the Company, 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 Company that are delivered to it.

3.3 <u>Appointment of Agents</u>. In its discretion, the Custodian may appoint, and at any time remove, any domestic bank or trust company that has been approved by the Board, which approval shall not be unreasonably withheld, and is qualified to act as a custodian under the 1940 Act, as sub-custodian to hold Securities and cash of the Company and to carry out such other provisions of this Agreement as it may determine, and may also open and maintain one or more banking accounts with such a bank or trust company (any such accounts to be in the name of the Custodian and subject only to its draft or order), provided, however, that the appointment of any such agent shall not relieve the Custodian of any of its obligations or liabilities under this Agreement.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

---

| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

3.4 <u>Appointment of Foreign Agents</u>. Except as may otherwise be agreed upon in writing, Assets of the Company shall, when required, at all times be maintained in custody of a Foreign Depository. With respect to holding the Company assets with an Eligible Foreign Custodian, it is expressly understood and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian will endeavor, to the extent feasible, to hold securities in the country or other
jurisdiction in which the principal trading market for such Securities is located, where such Securities are to be presented for
cancellation and/or payment and/or registration, or where such Securities are acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cash which is maintained in a foreign country will be in any currency which may be legally held
in such country and may be held in non-interest bearing accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreign Depositories may hold Securities in central securities depositories or clearing agencies
in which such participates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise agreed to in writing by the parties hereto or otherwise required by local law
or practice, Securities deposited with a Foreign Depository will be held in a single account in the name of the Custodian or its
designee sub-custodian as custodian or trustee for its customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Settlement of and payment for Securities received for, and delivered from the Company may be made
in accordance with the customary or established securities trading or securities processing practices and procedures in the jurisdiction
or market in which the transaction occurs, including without limitation, the delivery of Securities to a purchaser, broker, dealer
or their prospective agents either against a receipt for future payment or without any payment (so-called "free delivery");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company is solely responsible for the payment of and the reclamation, where applicable, of taxes.
The Custodian will, however, cooperate with the Company in connection with the Company's payment or reclamation of taxes
and shall make the necessary filings in connection with obtaining tax exemptions and tax reclamations, which are available to the
Company.

3.5 <u>Delivery of Assets to the Custodian</u>. The Company shall deliver, or cause to be delivered, to the Custodian all of the Company's applicable Securities, cash and other assets, including (a) all payments of income, payments of principal and capital distributions received by the Company with respect to such Securities, cash or other assets owned by the Company at any time during the period of this Agreement, and (b) all cash received by the Company for the issuance, at any time during such period, of shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

3.6 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Company in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to a deposit of Securities of the Company in any Securities Depository or Book-Entry System,
the Company shall deliver to the Custodian a resolution of the Board, certified by an Officer, authorizing and instructing the
Custodian on an on-going basis to deposit in such Securities Depository or Book-Entry System all Securities eligible for deposit
therein and to make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with
its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities,
loans of Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities of the Company 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.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

---

| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian and the Custodian's account on the books of the Book-Entry System
and Securities Depository as the case may be, with respect to Securities of the Company maintained in a Book-Entry System or Securities
Depository shall, by Book-Entry, or otherwise identify such Securities as belonging to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by the Company for a 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 such Company. If Securities sold by the Company 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 Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon request, the Custodian shall provide the Company with copies of any report (obtained by the
Custodian from a Book-Entry System or Securities Depository in which Securities of any Fund is kept) on the internal accounting
controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision in this Agreement, the Company hereby represents and warrants, which representations and
warranties shall be continuing and shall be deemed to be reaffirmed upon any delivery of a certificate or any giving of Oral Instructions,
Instructions, or Written Instructions, as the case may be, that the Company or its investment adviser has determined that the custody
arrangements of each Foreign Depository provide reasonable safeguards against the custody risks associated with maintaining assets
with such Foreign Depository within the meaning of Rule 17f-7 under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the
Company for any loss or damage to the Company resulting (i) from 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 appointed pursuant to Section 3.3
or 3.4 above or any of its or their employees, or (ii) from failure of the Custodian or any such sub-custodian to enforce effectively
such rights as it may have against a Book-Entry System or Securities Depository. At its election, the Company shall be subrogated
to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person
for any loss or damage to the Company arising from the use of such Book-Entry System or Securities Depository, if and to the extent
that the Company has been made whole for any such loss or damage.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

---

| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

3.7 <u>Disbursement of Moneys from Custody Accounts</u>. Upon receipt of Proper Instructions, the Custodian shall disburse moneys from the Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purchase of Securities for the Company but only upon compliance with Section 4.1 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 appointed pursuant to Section 3.3 or 3.4 above) of such Securities registered as provided
in Section 3.10 below 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 3.6 above; (ii) in the case of options on Securities,
against delivery to the Custodian (or such 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
such sub-custodian) of evidence of title thereto in favor of the Company or any nominee referred to in Section 3.10 below; and
(iv) in the case of repurchase or reverse repurchase agreements entered into between the Company and a bank, which is a member
of the Federal Reserve System, or between the Company 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 for the account of the Company with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the conversion, exchange or surrender, as set forth in Section 3.8(f) below,
of Securities owned by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the payment of any dividends or capital gain distributions declared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In payment of the redemption price of Shares as provided in Article V below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the payment of any expense or liability incurred by the Company, including but not limited to
the following payments for the account of a Company: interest taxes administration, investment management, investment advisory,
accounting, auditing, transfer agent, custodian, trustee and legal fees; and other operating expenses of the Company; in all cases,
whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement among the Company, 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 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For transfer in accordance with the provisions of any agreement among the Company, 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 Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking
institution (including the Custodian), which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any other proper purposes, but only upon receipt, in addition to Proper Instructions, of a
copy of a resolution of the Board, certified by an Officer, specifying the amount and purpose of such payment, declaring such purpose
to be a proper corporate purpose, and naming the person or persons to whom such payment is to be made.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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3.8 <u>Delivery of Securities from Custody Accounts</u>. Upon receipt of Proper Instructions, the Custodian shall release and deliver Securities from a Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the sale of Securities for the account of a Fund but only against receipt of payment therefore
in cash, by certified or cashier's check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance
with the provisions of Section 3.6 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To an Offeror's depository agent in connection with tender or other similar offers for Securities
of a Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the issuer thereof or its agent (i) for transfer into the name of the Company, the Custodian or any sub-custodian appointed
pursuant to Section 3.3 or 3.4 above, or of any nominee or nominees of any of the foregoing, or (ii) for exchange for a different
number of certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any
such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the broker selling Securities, for examination in accordance with the "street delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
or readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant
to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation
of depository receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of payment therefore pursuant to any repurchase or reverse repurchase agreement entered
into by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Upon the exercise of warrants, rights or similar Securities, provided, however, that in any such
case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For delivery in connection with any loans of Securities of a Fund, but only against receipt of
such collateral as the Company shall have specified to the Custodian in Proper Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For delivery as security in connection with any borrowings by the Company on behalf of a Fund requiring
a pledge of assets by such Fund, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization
of the Company or a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For delivery in accordance with the provisions of any agreement among the Company, 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 Company on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For delivery in accordance with the provisions of any agreement among the Company (on behalf of
a 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 Company (on behalf of a Fund); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For any other proper corporate purposes, but only upon receipt, in addition to Proper Instructions,
of a copy of a resolution of the Board, certified by an Officer, specifying the Securities to be delivered, setting forth the purpose
for which such delivery is to be made, declaring such purpose to be a proper corporate purpose, and naming the person or persons
to whom delivery of such Securities shall be made.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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3.9 <u>Actions Not Requiring Proper Instructions</u>. Unless otherwise instructed by the Company, the Custodian shall with respect to all Securities held for a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 7.4 below, collect on a timely basis all income and other payments to which
the Company is entitled either by law or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 7.4 below, collect on a timely basis the amount payable upon all Securities which
may mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of the Company, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as Custodian, any necessary declarations or certificates of ownership under the federal
income tax laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports
to the Internal Revenue Service ("IRS") and to the Company at such time, in such manner and containing such information
as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for a Fund, either directly or, with respect to Securities held therein, through a Book-Entry
System or Securities Depository, all rights and similar securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary
details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and assets of
the Company.

3.10 <u>Registration and Transfer of Securities</u>. All Securities held for a 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 for the account of the Company on behalf of a Fund, if eligible therefore. All other Securities held for the Company may be registered in the name of the Company on behalf of such Fund, the Custodian, or any sub-custodian appointed pursuant to Section 3.3 above, or in the name of any nominee of any of them, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof; provided, however, that such Securities are held specifically for the account of the Company on behalf of a Fund. The Company 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 hereinabove referred to or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of a Fund.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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3.11 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain, by Company, complete and accurate records with respect to Securities,
cash or other property held for the Company, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. journals or other records of original entry containing an itemized daily record in detail of all
receipts and deliveries of Securities and all receipts and disbursements of cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. ledgers (or other records) reflecting Securities in transfer, Securities in physical possession,
monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions
of such collateral), dividends and interest received, and dividends receivable and interest accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. canceled checks and bank records related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall keep such other books and records of the Company as the Company shall reasonably
request, or as may be required by the 1940 Act, including, but not limited to those necessary to comply with Section 3.1 and Rule
31a-1 and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Company and in compliance
with rules and regulations of the Securities and Exchange Commission, (ii) be the property of the Company 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 Company and employees or agents of the Securities and Exchange Commission, and (iii) if required to be maintained
by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian agrees to comply with all Company obligations requiring the examination of the Securities
and investments held in the Account, which conduct of such examinations are the responsibility of the Company. The Company acknowledges
and agrees that it must comply with all legal requirements for annual, semi-annual, and any other required examinations by an independent
public accountant.

3.12 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Company with a daily activity statement by Fund and a summary of all transfers to or from the Custody Account on the day following such transfers. At least monthly and from time to time, the Custodian shall furnish the Company with a detailed statement, by Fund, of the Securities and moneys held for the Company under this Agreement. Express or tacit approval of such statement or report implies acceptance of the various entries listed therein and approval of any reservations made by the Custodian. Thereafter, the Company assumes the responsibility to correct any and all errors.

3.13 <u>Other Reports by the Custodian</u>. The Custodian shall provide the Company with such reports as the Company may reasonably request from time to time on the internal accounting controls and procedures for safeguarding Securities, which are employed by the Custodian or any sub-custodian appointed pursuant to Section 3.3 or 3.4 above.

3.14 <u>Proxies</u>. The Custodian, with respect to all Securities, however registered, shall cause the proxy voting rights to be exercised by the Company or its designee. With respect to securities issued outside of the United States, at the request of the Company, the Custodian or it's agent will provide the Company or it's designee with access of global proxy services (the cost of which will be paid by the Company). Other than providing access to such provider of global proxy services, the Custodian or its agent shall have no obligation with respect to voting such proxies.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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3.15 <u>Information on Corporate Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian will promptly notify the Company of Corporate Actions limited to those Securities
registered in nominee name and to those Securities held at a Depository or sub-custodian acting as agent for the Custodian. The
Custodian will be responsible only if the notice of such Corporate Actions is published by Xcitek, DTC, or received by first class
mail from the transfer agent. For market announcements not yet received and distributed by the Custodian's services, the
Company will inform its custody representative with appropriate instructions. The Custodian will, upon receipt of the Company's
response within the required deadline, affect such action for receipt or payment for the Company. For those responses received
after the deadline, the Custodian will affect such action for receipt or payment, subject to the limitations of the agent(s) affecting
such actions. The Company shall review all Corporate Action Information made available to the Company by the Custodian via the
CAD System. The Company may elect not to provide Voluntary Election Instructions in response to a Voluntary Corporate Action. The
Custodian has no duty to ensure that the Company provides a response or Voluntary Election Instructions in response to a Voluntary
Corporate Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian will promptly notify the Company for put options only if the notice is received by
first class mail from the agent. The Company will provide or cause to be provided to the Custodian with all relevant information
contained in the prospectus for any security which has unique put/option provisions and provide the Custodian with specific tender
instructions at least ten business days prior to the beginning date of the tender period.

3.16 <u>Securities Class Action Services</u>. The Custodian will only provide notification of any class action to the Company. Custodian's reporting will be based on its actual knowledge of securities that the Company has deposited with the Bank during the term of the current Custody Agreement. Securities held by the Company elsewhere or not in the account at the time the Bank began to provide custody services are deemed to be outside of the actual knowledge of Fifth Third. The Custodian will have no responsibility to file claims on behalf of the Company.

3.17 <u>Lien or Charge</u>. Except as explicitly agreed by the Company as set forth herein, no Securities or other investments held in the Account will be subject to any lien or charge in favor of the Custodian.

**ARTICLE IV**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

4.1 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Company, Written Instructions shall be delivered to the Custodian, specifying (a) the name of the issuer or writer of such Securities, and the title or other description thereof, (b) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (c) the date of purchase and settlement, (d) the purchase price per unit, (e) the total amount payable upon such purchase, and (f) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by a Fund pay out of the moneys held for the account of such 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 a Fund, if in the relevant Custody Account there is insufficient cash available to settle the purchase of Securities in the Fund.

4.2 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In each and every case where payment for the purchase of Securities for a Fund is made by the Custodian in advance of receipt for the account of the Fund of the Securities purchased but in the absence of specific Proper Instructions to so pay in advance, the Custodian shall be liable to the Fund for such Securities to the same extent as if the Securities had been received by the Custodian.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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4.3 <u>Sale of Securities</u>. Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying (a) the name of the issuer or writer of such Securities, and the title or other description thereof, (b) the number of shares, principal amount (and accrued interest, if any), or other units sold, (c) the date of sale and settlement (d) the sale price per unit, (e) the total amount payable upon such sale, and (f) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Company 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.

4.4 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.3 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 practices and procedures in the foreign or domestic jurisdiction in which the transaction occurs, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Company 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 of the foregoing.

4.5 <u>Payment for Securities Sold, Etc</u>. In its sole discretion and from time to time, the Custodian may credit the relevant 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 Company, and (iii) income from cash, Securities or other assets of the Company. Any such credit shall be conditional upon actual receipt by the 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 Company to use funds so credited to its Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Custody Account.

4.6 <u>Advances by the Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Company or its designee to facilitate the settlement of a Company transaction on behalf of a Fund in its Custody Account. In consideration of the services to be rendered pursuant to this agreement, the Company shall pay the Custodian in accordance with the Fee Schedule annexed hereto as Exhibit C. A compensating balance arrangement will be in place for each Custody Account for the Company. Cash balance credits will be calculated daily in the Custody Account for each Fund. The monthly aggregate cash balance credit will offset the monthly aggregate overdraft balances. The net aggregate credit or overdraft balance amount will be applied to the monthly custody fee invoice for each Fund. No more than one months' custody fee can be offset by any month's net cash balance credit.

4.7 <u>Non-Advisory Role</u>. In relation to this Agreement, the Custodian does not recommend any particular advisory service or products, nor does Custodian offer any such advice regarding the nature, potential value, or suitability of any particular security or investment strategy. The Company acknowledges that all purchases, sales, investments, Instructions and Transactions are initiated and performed independently by the Company at the Company's sole risk. The Company further acknowledges that, unless an investment consists of an insured deposit account maintained at Custodian, no such purchases, sales, investments, Instructions or Transactions will be insured or guaranteed by the Custodian or any governmental or regulatory agency. The Company agrees that the Custodian provides no service in relation to, and therefore has no duty or responsibility to, the following: (i) question Instructions or make any suggestions to the Company regarding such Instructions; (ii) supervise or make recommendations with respect to investments or the retention of cash and Securities; (iii) advise the Company regarding any default in the payment of principal or income of any Security; or (iv) evaluate or report to the Company regarding the financial condition of any broker, agent or other party to which the Custodian is instructed to deliver cash and Securities or cash. The Custodian is permitted to rely upon Instructions from an investment advisor, if such investment advisor is designated in writing by the Company, to provide Instructions to disburse cash from the Company if such Instructions are given in connection with or in accordance with Securities trading activity. Any other Instructions to disburse cash from the Company's account must come from an Authorized Person, but excluding any investment advisor designated by the Company. No investment advisor will have any authority to provide the Custodian with any instruction to disburse cash from the Company's account on behalf of the Company except as contemplated above.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**ARTICLE V**

**REDEMPTION OF SHARES**

From such funds as may be available for the purpose in the relevant Custody Account, and upon receipt of Proper Instructions specifying that the funds are required to redeem Shares, the Custodian shall wire each amount specified in such Proper Instructions to or through such bank as the Company may designate with respect to such amount in such Proper Instructions. Upon effecting payment or distribution in accordance with proper Instruction, the Custodian shall not be under any obligation or have any responsibility thereafter with respect to any such paying bank.

**ARTICLE VI**

**SEGREGATED ASSETS**

Certain Fund Transactions (e.g., when-issued securities, delayed delivery transactions, and reverse repurchase agreements) require the Fund to segregate liquid assets sufficient to cover the future liability involved in these transactions. The Fund's Investment Advisor will instruct the custodian to segregate those assets on the custodian's books. The Custodian need not physically segregate the assets. The Custodian may note on its books that the selected assets are "segregated." The Advisor will review the value of the segregated assets and will instruct the Custodian to place additional assets in the Segregated Asset status if the value of the assets falls below the commitment value of the Fund. The Custodian will provide internet report access to authorized representatives of the Advisor. The Advisor will review the Custodian's report for compliance.

**ARTICLE VII**

**CONCERNING THE CUSTODIAN**

7.1 <u>Standard of Care</u>. The Custodian shall be held to the exercise of reasonable care in carrying out its obligations under this Agreement, and shall be without liability to the Company for any loss, damage, cost, expense (including attorneys' fees and disbursements), liability or claim unless such loss, damages, cost, expense, liability or claim arises from gross negligence, bad faith or willful misconduct on its part or on the part of any sub-custodian appointed pursuant to Section 3.3 above. The Custodian will not be liable for special incidental or punitive damages. 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 Company of any action taken or omitted by the Custodian pursuant to advice of counsel. The Custodian shall not be under any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations thereunder, the provisions of the Company's charter documents or by-laws, or its investment objectives and policies as then in effect.

With respect to each Foreign Depository, Custodian shall exercise reasonable care, prudence, and diligence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide the Fund with an analysis of the custody risks associated with maintaining assets with the Foreign Depository, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to monitor such custody risks on a continuing basis and promptly notify the Fund of any material
change in such risks. The Fund acknowledges and agrees that such analysis and monitoring shall be made on the basis of, and limited
by, information gathered from sub-custodians or through publicly available information otherwise obtained by the Custodian, and
shall not include any evaluation of Country Risks. As used herein the term "Country Risks" shall mean with respect
to any Foreign Depository:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the financial infrastructure of the country in which it is organized,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. such country's prevailing settlement practices,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. nationalization, expropriation or other governmental actions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. such country's regulation of the banking or securities industry,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. currency controls, restrictions, devaluations or fluctuations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. market conditions, which affect the order execution of securities transactions or affect the value
of securities.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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7.2 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Company 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.

7.3 <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.

7.4 <u>Limitation on Duty to Collect</u>. The 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 Company if such Securities are in default or payment is not made after due demand or presentation.

7.5 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument received by it in writing, orally, electronically, by facsimile, by email, by bank wire, or by other means, and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Oral Instructions and/or any Written Instructions actually received by it pursuant to this Agreement, so long as the Custodian believes in good faith that such Instructions have been given by an Authorized Person or agent acting on behalf of the Company. The Custodian is further authorized to rely and act upon Instructions transmitted electronically through the Applications, the Institutional Delivery System (IDS) as may then be available through DTC, a customer data entry system acceptable to the Custodian, or any other similar electronic instruction system acceptable to the Custodian. The Custodian will not be liable for any failure to execute Instructions or failure to receive Securities due to incorrect, incomplete, conflicting or untimely instructions. The Custodian, in its discretion, is authorized to accept and act upon Instructions from the Company, whether given orally by telephone or otherwise (including the Custodian's callback procedures where applicable), which the Custodian in good faith believes to be genuine. The Custodian's records will be conclusive as to the content of any such Instruction, regardless of whether confirmation is received. The Custodian has established cut-off times for receipt of Instructions, which shall be made available to the Company. If the Custodian receives an Instruction after its established cut-off time, the Custodian shall attempt to act upon the Instruction on the day requested if the Custodian deems it practicable to do so or otherwise as soon as practicable after that day.

7.6 <u>Confidential Records</u>. The Custodian shall treat all records and information relating to the Company as confidential, except that it may disclose such information after prior approval of the Company, such approval not to be unreasonably withheld. The Custodian will be authorized to disclose any information regarding the Company that is required to be disclosed by any law, governmental regulation or court order in effect without having received the Company's prior approval. The Custodian acknowledges that the records and information relating to the Company and its accounts may include sensitive information, which may consist of information from the Company concerning its former, current or prospective clients. Such information may include but is not limited to non-public, personally identifiable information as defined in data protection laws or regulations, including without limitation Title V of the Gramm-Leach-Bliley Act (Pub. L. 106-102). The Custodian agrees to use commercially reasonable means including data security policies and procedures that are designed to assure the security and confidentiality of such information and to prevent unauthorized access to or disclosure thereof.

7.7 <u>Express Duties Only</u>. The Custodian shall have no duties or obligations whatsoever except such duties and obligations as are specifically set forth in this Agreement, and no covenant or obligation shall be implied in this Agreement against the Custodian.

7.8 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information, by the Company, to the entity or entities appointed by the Company to keep the books of account of the Company and/or compute the value of the assets of the Company. The Custodian shall take all such reasonable actions as the Company may from time to time request to enable the Company to obtain, from year to year, favorable opinions from the Company's independent accountants with respect to the Custodian's activities hereunder in connection with (a) the preparation of the Company's report on Form N-1A and Form N-SAR and any other reports required by the Securities and Exchange Commission, and (b) the fulfillment by the Company of any other requirements of the Securities and Exchange Commission.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**ARTICLE VIII**

**INDEMNIFICATION**

8.1 <u>Indemnification</u>. The Company shall indemnify and hold harmless the Custodian and any sub-custodian appointed pursuant to Section 3.3 or 3.4 above, and any nominee of the Custodian or of such sub-custodian from and against any loss, damage, cost, expense (including attorneys' fees and disbursements), liability (including, without limitation, liability arising under the Securities Act of 1933, the 1934 Act, the 1940 Act, and any state or foreign securities and/or banking laws) or claim arising directly or indirectly (a) from the fact that Securities are registered in the name of any such nominee, or (b) from any action or inaction by the Custodian or such sub-custodian (i) at the request or direction of or in reliance on the advice of the Company, or (ii) upon Proper Instructions, or (c) generally, from the performance of its obligations under this Agreement or any sub-custody agreement with a sub-custodian appointed pursuant to Section 3.3 or 3.4 above or, in the case of any such sub-custodian, from the performance of its obligations under such custody agreement, provided that neither the Custodian nor any such sub-custodian shall be indemnified and held harmless from and against any such loss, damage, cost, expense, liability or claim arising from the Custodian's or such sub-custodian's gross negligence, bad faith or willful misconduct.

8.2 <u>Indemnity to be Provided</u>. If the Company requests the Custodian to take any action with respect to Securities, which may, in the opinion of the Custodian, result in the Custodian or its nominee becoming liable for the payment of money or incurring liability of some other form, the Custodian shall not be required to take such action until the Company shall indemnify and have provided a separate agreement to indemnify the Custodian in an amount and form satisfactory to the Custodian.

**ARTICLE IX**

**FORCE MAJEURE**

Neither the Custodian nor the Company 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; sabotage; strikes; pandemics; epidemics; riots; power failures; computer failure; any quarantines or closures ordered by governmental entities or agencies; 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 the Custodian in the event of a failure or delay shall use its best efforts to ameliorate the effects of any such failure or delay. Notwithstanding the foregoing, the Custodian shall maintain sufficient disaster recovery procedures to minimize interruptions.

**ARTICLE X**

**EFFECTIVE PERIOD; TERMINATION**

10.1 <u>Effective Period</u>. This Agreement shall become effective as of the date first set forth above and shall continue in full force and effect until terminated as hereinafter provided.

10.2 <u>Termination</u>. Either party hereto may terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination, which shall be not less than ninety (90) days after the date of the giving of such notice. If a successor custodian shall have been appointed by the Board, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (a) 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 Company and held by the Custodian as custodian, and (b) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Company at the successor custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement. The Company 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 in the State of Ohio or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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10.3 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Company on or before the date of termination specified pursuant to Section 10.2 above, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which is (a) a "Bank" as defined in the 1940 Act, (b) has aggregate capital, surplus and undivided profits as shown on its then most recent published report of not less than $25 million, and (c) is doing business in New York, New York, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Company at such bank or trust company all Securities of the Company 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. If, after reasonable inquiry, the Custodian cannot find a successor custodian as contemplated in this Section 10.3, then the Custodian shall have the right to deliver to the Company all Securities and cash then owned by the Company and to transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the Company. Thereafter, the Company shall be deemed to be its own custodian with respect to the Company and the Custodian shall be relieved of all obligations under this Agreement.

**ARTICLE XI**

**COMPENSATION OF THE CUSTODIAN**

In consideration of the services to be rendered pursuant to this Agreement, the Company shall pay the Custodian in accordance with the Fee Schedule annexed hereto as Exhibit C, which Fee Schedule may be amended by the Custodian from time to time upon thirty (30) days' prior written notice to the Company. Any objections, corrections, or adjustments to a bill must be raised within 12 months of the billing date. After the 12-month period, all bills will be considered final.

In addition, the Company shall be responsible for and shall reimburse the Custodian for all costs and expenses incurred by the Custodian in connection with this Agreement, including (without limiting the generality of the foregoing) all brokerage fees and costs and transfer taxes incurred in connection with the purchase, sale or disposition of the Property, and all income taxes or other taxes of any kind whatsoever which may be levied or assessed under existing or future laws upon or in respect to the Property, and all other similar expenses related to the administration of the Accounts incurred by the Custodian in the performance of its duties hereunder (including reasonable attorney's fees and expenses).

Fees and reimbursement for costs and expenses shall be paid monthly. The Custodian will submit an itemized statement to the Company each month. In the event the Custodian does not receive such payment within sixty (60) days of the date of such statement, the Custodian is hereby authorized to debit the Cash Accounts for such fees, costs and expenses.

**ARTICLE XII**

**LIMITATION OF LIABILITY AND WARRANTIES**

12.1 OTHER THAN THE EXPRESS WARRANTIES (IF ANY) MADE IN THIS AGREEMENT, THE CUSTODIAN DISCLAIMS ALL WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE APPLICATIONS, AND ALL PRODUCTS AND SERVICES PROVIDED HEREUNDER. Without limiting the foregoing, the Custodian shall not be liable for lost profits, lost business or any incidental, consequential or punitive damages (whether or not arising out of circumstances known or foreseeable by the Custodian) suffered by the Company, its clients or customers, or any third party in connection with any of the products or services made available hereunder. The Custodian's liability under this Agreement shall in no event exceed an amount equal to the lesser of (i) actual monetary damages incurred by the Company or (ii) an amount not to exceed one-half of the net fees paid to the Custodian within the prior three calendar months immediately preceding the date on which the Custodian received a written notice from the Company regarding such damages. In no event shall the Custodian be liable for any matter beyond its reasonable control, or for damages or losses wholly or partially caused by the Company, or its employees or agents, or for any damages or losses, which could have been avoided or limited by the Company giving prompt written notice to the Custodian. The Company shall bring no cause of action, regardless of form, more than one year after the cause of action arose.

12.2 The Custodian represents and warrants that (i) assuming execution and delivery of this Agreement by the Company, this Agreement is the Custodian's legal, valid and binding obligation, and (ii) it has full power and authority to enter into and has taken all necessary Corporate Action to authorize the execution of this Agreement.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

12.3 The Company represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has full authority and power, and has obtained all necessary authorizations and consents, to
deposit and control the cash and securities in the accounts, to use the Custodian as its custodian in accordance with the terms
of this Agreement, and to borrow money (either short term or intraday borrowings in order to settle transactions prior to receipt
of covering funds), grant a lien over cash and securities, and enter into foreign exchange transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assuming execution and delivery of this Agreement by the Custodian, this Agreement is the Company's
legal, valid and binding obligation, enforceable against the Company in accordance with its terms and it has full power and authority
to enter into and has taken all necessary corporate action to authorize the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has not relied on any written representation made by the Custodian or any person on its behalf,
and acknowledges that this Agreement sets out to the fullest extent the duties of the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the cash and securities deposited in the Company's accounts are not subject to any encumbrance
or security interest whatsoever and the Company undertakes that, so long as liabilities are outstanding, it shall not create or
permit to subsist any encumbrance or security interest over such cash and securities or cash.

12.4 The Company is an entity organized under the laws of the state in which it was formed, and is in good standing and registered to do business therein and in all legally-required jurisdictions. The obligations of the Company entered into in the name of the Company or on behalf thereof by any member of the Board, Officers, employees or agents are made not individually, but in such capacities, and are not binding upon any member of the Board, Officer, employee, agent or shareholder of the Company or the funds personally, but bind only the assets of the Company, and all persons dealing with any of the funds of the Company must look solely to the assets of the Company belonging to such Fund for the enforcement of any claims against the Company.

**ARTICLE XIII**

**NOTICES**

Unless otherwise specified herein, all demands, notices, instructions, and other communications to be given hereunder shall be in writing and shall be sent or delivered to the address set forth after its name herein below:

**To the Company:** **SKK Access Income Fund**

Attention: Brendan Lake

Telephone: 484-278-4017

Facsimile:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**To the Custodian:** | Fifth Third Bank, National Association<br> Global Securities Services<br>Mail Drop 1090CC<br>38 Fountain Square Plaza<br>Cincinnati, Ohio 45263<br>Telephone: 513-534-4300<br>Facsimile: 513-534-7264 |

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or at such other address as either party shall have provided to the other by notice given in accordance with this Article XIII. Writing shall include transmission by or through teletype, facsimile, central processing unit connection, on-line terminal and magnetic tape.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**ARTICLE XIV**

**MISCELLANEOUS**

14.1 <u>Governing Law.</u> This Agreement will be governed by and construed according to the laws of the State of Ohio. The parties hereby consent to service of process, personal jurisdiction, and venue in the state and federal courts located in Cincinnati, Hamilton County, Ohio, and select such courts as the exclusive forum with respect to any action or proceeding brought to enforce any liability or obligation under this Agreement provided, however, that the parties agree that all questions regarding the validity of electronic signatures, contracts, and other records and to electronic delivery of notices and records of transactions shall be governed by the E-Sign Act or, to the extent applicable, by the laws of the State of Ohio, including the Ohio Uniform Transactions Act, found at O.R.C. § 1306.01-23., et seq.

14.2 <u>Electronic Signatures</u>. The parties agree that this Agreement, including any amendments or corresponding documents related hereto, unless prohibited by law, may be electronically signed, which is defined as an electronic sound, symbol or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record. The parties agree that the electronic signatures appearing on this Agreement and any corresponding documents related hereto, are the same as handwritten signatures for purposes of validity, enforcement, and admissibility, and shall be deemed an original. Notwithstanding any other provision in this Agreement to the contrary, the parties hereby agree to the use of electronic signatures on contracts and other records, to electronic delivery of notices, and records of transactions.

14.3 <u>Insurance</u>. The Company acknowledges that the Custodian shall not be required to maintain any insurance coverage specifically for the benefit of the Company. The Custodian will, however, provide summary information regarding its own general insurance coverage to the Company upon written request.

14.4 <u>USA Patriot Act Disclosure</u>. Section 326 of the USA Patriot Act requires the Custodian to implement reasonable procedures to verify the identity of any person that opens a new account with it. Accordingly, the Company acknowledges that Section 326 of the USA Patriot Act and the Custodian's identity verification procedures require the Custodian to obtain information which may be used to confirm the Company's identity including without limitation the Company's name, address and organizational documents. The Company may also be asked to provide information about its financial status such as its current audited and unaudited financial statements. The Company agrees to provide the Custodian with and consents to the Custodian obtaining from third parties any such identifying and financial information required as a condition of opening an account with or using any service provided by the Custodian.

14.5 <u>Compliance With OFAC</u>. The Company warrants that neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC"); and the Company agrees that it will not directly or indirectly use the proceeds of the Account to lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person or entity currently the subject of any sanctions administered by OFAC.

14.6 <u>FDIC Insurance for Beneficial Owners</u>. The Custodian may determine that the Company has opened an Account holding Property which may include, in whole or in part, Deposits on behalf of the beneficial owner(s) of the funds in the Account (for example, as an agent, nominee, guardian, executor, custodian or funds held in some other capacity for the benefit of others), and that those beneficial owners may be eligible for "pass-through" insurance from the FDIC. This means the Deposits held in the Account could qualify for more than the standard maximum deposit insurance amount (currently $250,000 per depositor in the same ownership right and capacity). The Custodian may determine that this Account holding Deposits may have transactional features (such as accounts with check writing capability and/or the use of debit cards) as defined in § 370.2(j) of the FDIC's Rules and Regulations at https://www.fdic.gov/regulations/laws/rules/2000-9200.html#fdic2000part370.2. In order to comply with § 370.5(a), the Company, as the Account holder must be able to provide a record of the interests of the beneficial owner(s) in accordance with the FDIC's requirements as specified below. Following these procedures may minimize the delay that these depositors may face when accessing their FDIC-insured funds. The FDIC has published a guide that describes the process to follow and the information the Company will need to provide in the event the Custodian fails. In addition, the FDIC published an addendum to the guide, section VIII, which is a good resource to understand the FDIC's alternative recordkeeping requirements for pass-through insurance. The addendum sets forth the expectations of the FDIC to demonstrate eligibility for pass-through insurance coverage of any deposit accounts or deposits, including those with transactional features. The addendum will provide information regarding the records the Company should keep on the beneficial owners of the funds, identifying information for those owners, and the format in which to provide the records to the FDIC upon the Custodian's failure. That information can be accessed on the FDIC's website at https://www.fdic.gov/deposit/deposits/brokers/part-370-appendix.html. The Company agrees to cooperate fully with Custodian and the FDIC in connection with determining the insured status of funds in such accounts at any time. In the event of the Custodian's failure, the Company agrees to provide the FDIC with the information described above in the required format within 24 hours of the Custodian failure for all accounts with transactional features and any other accounts to which the Company will need rapid access. As soon as the FDIC is appointed, a hold may be placed on the Company's account so that the FDIC can conduct the deposit insurance determination; that hold will not be released until the FDIC obtains the necessary data to enable the FDIC to calculate the deposit insurance. The Company understands and agrees that the Company's failure to provide the necessary data to the FDIC may result in a delay in receipt of insured funds and legal claims against the Company from the beneficial owners of the funds in the account. If the Company does not provide the required data, the Company's Account may be held or frozen until the information is received, which could delay when the beneficial owners would receive funds. Notwithstanding other provisions in this Agreement, this Section survives after the FDIC is appointed as the Custodian's receiver and the FDIC is considered a third party beneficiary of this Section.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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14.7 <u>Independent Contractor</u>. This Agreement is not a contract of employment and nothing contained in this Agreement shall be construed to create the relationship of joint venture, partnership, or employment between the parties.

14.8 <u>References to the Custodian</u>. The Company shall not circulate any printed matter, which contains any reference to the Custodian without the prior written approval of the Custodian, excepting printed matter contained in the prospectus, or statement of additional information or its registration statement for the Company and such other printed matter as merely identifies the Custodian as custodian for the Company. The Company shall submit printed matter requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for printing.

14.9 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

14.10 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, and representations regarding the subject matter of this Agreement. From time to time, Custodian may amend, add to, or change the terms of this Agreement, provided that such modification does not create new obligations for the Company and does not materially diminish any services provided by Custodian (unless as mandated by state or federal law, regulation or agency). The Custodian will give the Company notice of an amendment by any reasonable means permitted by law, including electronic notice. Any amendments will be effective on the date indicated in the notice; provided, that if an effective date is not indicated, the effective date will be thirty (30) calendar days from the date the notice was sent or posted. If the Company does not wish to be bound by any amendment to this Agreement, the Company may close the Account before the effective date of such amendment. The Company's continued use of the Account after the effective date shall be deemed acceptance and agreement to the amendment. A change in Custodian's interest rates or security or operating procedures does not constitute an amendment of this Agreement, and Custodian may effect such changes at any time without prior notice to the Company. Provided further, the Company may execute a new Customer Profile Schedule which will be effective upon the Company's delivery to Custodian and Custodian's acceptance of the new Customer Profile Schedule. This Agreement is for the benefit of, and may be enforced only by, Custodian and Company and their respective successors and permitted transferees and assignees, and is not for the benefit, of and may not be enforced by, any third party. Notwithstanding any other provision in this Agreement, this document may be amended in writing with the consent of both parties.

14.11 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts and by the parties hereto on separate counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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14.12 <u>Severability</u>. If any provision of this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired thereby.

14.13 <u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written consent of the other party hereto.

14.14 <u>Headings</u>. The headings of sections in this Agreement are for convenience of reference only and shall not affect the meaning or construction of any provision of this Agreement.

[S*ignature Page Follows*]

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed and delivered in its name and on its behalf by its representatives thereunto duly authorized, all as of the day and year first above written.

[*Signature Page to Custody Agreement*]

"Company" Name of Legal Entity: <u>SKK Access Income Fund</u> <br> <u>Tax ID of Business </u> <u>921556891</u>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Authorized Signature: | &nbsp;&nbsp;/s/ Brendan Lake | &nbsp;&nbsp;Print<br> Name: | &nbsp;&nbsp;Brendan Lake |
| &nbsp;&nbsp;Title:<br>| &nbsp;&nbsp;Founder and CEO | &nbsp;&nbsp;Date: | &nbsp;&nbsp;March 16, 2023 |

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FIFTH THIRD BANK:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Authorized Signature: | &nbsp;&nbsp;/s/ Kimberly Lawhead | &nbsp;&nbsp;Print<br> Name: | &nbsp;&nbsp;Kimberly Lawhead |
| &nbsp;&nbsp;Title:<br>| &nbsp;&nbsp;Officer | &nbsp;&nbsp;Date: | &nbsp;&nbsp;March 17, 2023 |

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Investments and investment services are offered through or are made available by one or more of Fifth Third Bancorp's indirect subsidiaries. Investments and Investment Services:

Are Not FDIC Insured <u>Offer No Bank Guarantee</u> <u>May Lose Value</u>

<u>Are Not Insured By Any Federal Government Agency</u> <u>Are Not A Deposit</u>

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**<u>EXHIBIT A</u>**

**TO THE CUSTODY AGREEMENT BETWEEN**

**SKK Access Income Fund**

**AND FIFTH THIRD BANK**

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| | |
|:---|:---|
| NAME OF FUND | DATE |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Authorized Signature: | &nbsp;&nbsp;/s/ Brendan Lake | &nbsp;&nbsp;Print<br> Name: | &nbsp;&nbsp;Brendan Lake |
| &nbsp;&nbsp;Title:<br>| &nbsp;&nbsp;Founder and CEO | &nbsp;&nbsp;Date: | &nbsp;&nbsp;March 16, 2023 |

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FIFTH THIRD BANK:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Authorized Signature: | &nbsp;&nbsp;/s/ Kimberly Lawhead | &nbsp;&nbsp;Print<br> Name: | &nbsp;&nbsp;Kimberly Lawhead |
| &nbsp;&nbsp;Title:<br>| &nbsp;&nbsp;Officer | &nbsp;&nbsp;Date: | &nbsp;&nbsp;March 17, 2023 |

---

Investments and investment services are offered through or are made available by one or more of Fifth Third Bancorp's indirect <br> subsidiaries. Investments and Investment Services:

Are Not FDIC Insured <u>Offer No Bank Guarantee</u> <u>May Lose Value</u> <br> <u>Are Not Insured By Any Federal Government Agency</u> <u>Are Not A Deposit</u>

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**<u>EXHIBIT B</u>**

**TO THE CUSTODY AGREEMENT BETWEEN**

**SKK Access Income Fund**

**AND FIFTH THIRD BANK\}}**

The terms and conditions of this Exhibit B apply (to the extent they are applicable based upon the Company's election) to the Company electing to subscribe to the Applications as specified herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In consideration of the fees and charges paid by the Company in connection with using the services pursuant to this Agreement, Custodian hereby grants a nonexclusive and nontransferable license during the term of this Agreement to the Company to use the Applications subject to any separate agreements required by the Custodian, including but not limited to the Manuals or Online Channel Access Agreement. The Company acknowledges that the Custodian retains full exclusive ownership of the Applications and the Company shall not grant any license or right to use the Applications without the prior written consent of Custodian, which consent may be withheld in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Use of the Applications requires the Company to obtain proper identification codes. The Company may request establishment on the applicable Application of the Company ID to be used by the Company and its employees when accessing the applicable Application via the applicable Interface. The Company ID setup and standard maintenance will be performed at Custodian's convenience and in accordance with Custodian's general timeframes and scheduling. The Company shall provide Custodian with prompt written notice of all the Company IDs that are no longer active should be deleted and/or should otherwise be changed. Although not obligated to, Custodian reserves the right at its option and without notice to suspend the password on a the Company ID or deactivate and/or delete any the Company ID if it has not successfully logged on to the applicable System in a sixty day period (or other interval determined from time to time by Custodian), if it has shown suspicious activity or if Custodian determines that there is or may be a violation of Custodian's then current security procedures or standards involving the applicable System or the Company's access to the same. Custodian reserves the right (but shall not have any obligation) to request that the Company designate in writing those employees or agents of the Company who may authorize establishment of the Company IDs on the applicable System. However, the Company shall be solely responsible for any unauthorized access to the applicable System and the Company's data therein via the applicable Interface where such access includes but is not limited to theft, unauthorized the Company, employee or agent access, action taken on behalf of the Company or at the request of the Company's employees or agents (even if not authorized) and/or failure to notify Custodian in writing and independently verify suspension of a password on a the Company ID or inactivation and/or deletion of a the Company ID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In addition to the covenants and obligations of the Company stated elsewhere in this Agreement, the Company further acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon
 the termination of this Agreement, the Company shall, at its own cost and expense, deliver
 any printed versions of any manuals, documentation or writings, along with any copies
 thereof, pertaining to the use of the Applications or the Interfaces to a location designated
 by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Company will cause all persons utilizing the Interfaces to treat all applicable user
 and authentication codes and passwords with extreme care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Custodian
 is hereby irrevocably authorized to act in accordance with and rely upon Instructions
 received by it through the Interfaces. The Company shall be solely responsible for the
 quality, accuracy, and adequacy of all information and Instructions supplied to Custodian
 via the Interfaces or otherwise provided to Custodian hereunder, and Custodian shall
 not be liable for any damage, loss or expense whatsoever resulting to the Company or
 its customers as a result of the lack of quality, inaccuracy or inadequacy of such information
 other than as may arise from a defect in the Interfaces or the Applications involving
 Custodian's receipt of such information. The Company will establish and maintain
 adequate audit controls to monitor the quality and delivery of such data.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Company shall comply with all federal, state and local laws and regulations applicable
 to its business operations or to the Company as a result of this Agreement and will acquire
 all the rights and licenses deemed necessary by Custodian for Custodian to interface
 with the Company, or vice versa, and for Custodian to provide the services contemplated
 under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 Company shall be solely responsible for all record keeping as may be required of it under
 any federal, state or local laws and regulations. Except as hereinafter provided or as
 may be required under any federal, state or local laws and regulations, Custodian shall
 not be obligated to retain any records of any services performed hereunder for a period
 beyond seven calendar days after delivery of the records to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Company agrees to the following general provisions related to the Applications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Except
 for the Applications themselves, the Company shall obtain and maintain at its own cost
 and expense all equipment and services, including but not limited to its computer systems,
 communications services, Internet access accounts, dedicated line or direct dial-up equipment
 necessary for the Company to access and utilize the Applications via the Interfaces.
 Custodian shall not be responsible for the reliability or availability of any such equipment
 or services including but not limited to any third party access providers. The Company
 further agrees to obtain and utilize computer systems and communications equipment, which
 meet the minimum specifications for using the Interfaces and the Applications, set forth
 in this Agreement, the Manuals, or the Online Channel Access Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Company acknowledges that neither the services pursuant to this Agreement nor any information
 provided to the Company by the Custodian through the Applications is intended to supply
 tax, investment or legal advice. Although the Applications may provide information that
 may lead to recommendations about how and where to invest and what to buy, none of these
 recommendations are developed or endorsed by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Company agrees to pay all taxes of whatever nature including, but not limited to, any
 income, franchise, sale, use, property, transfer, excise and other taxes now or hereafter
 imposed by any governmental body or agency upon the Company's accessing the Applications
 via the Interfaces and the Company's use of the services pursuant to this Agreement,
 but excluding any taxes payable by Custodian on the receipt of fees under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Company assumes full responsibility for the consequences of any and all use, misuse or
 unauthorized use of the Applications, the Interfaces, the Manuals, or the services pursuant
 to this Agreement whether by the Company's personnel or others who gain access
 as provided to the Company, lawfully or unlawfully, to the Applications, the Interfaces,
 the Manuals, or the services pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Custodian
 shall not be obligated to act upon, or be liable for failure to act upon, any Instruction,
 Transaction, or modification or cancellation thereof received by Custodian via the Interfaces
 that is not performed in accordance with the Manuals, the Online Channel Access Agreement
 and/or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The
 Company shall not copy or modify, or by its action or inaction permit to be copied or
 modified, the Applications or any other part of the Interfaces, whether in printed or
 computer data form. The Company agrees to abide by all copyright laws regarding the use
 and possession of the Applications and all other related software applications associated
 with the Interfaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The
 Company hereby represents, acknowledges and agrees that it is fully informed of the protections
 and risks associated with the various methods of transmitting Instructions to Custodian
and that there may be more secure methods of transmitting Instructions to Custodian than the method(s) selected by the Company
hereunder. The Company hereby agrees that the security procedures (if any) to be followed in connection with the Company's
transmission of Instructions via the Interfaces provide to the Company a commercially reasonable degree of protection in light
of the Company's particular needs and circumstances.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. In
 the event the Interfaces are provided by or through one or more third parties (e.g.,
 through the Internet access provider, a third party carrier, etc.), the Company acknowledges
 and agrees that Custodian shall have no responsibility or liability whatsoever for any
 actions or inactions of such third parties, including, but not limited to, inability
 to access the Applications, interruption in access to the Applications, or error or inaccuracies
 in data received by the Company. Not limiting the generality of the foregoing, Custodian's
 only obligation will be to make available the Applications in accordance with Custodian's
 usual and customary standards in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Services
 pursuant to this Agreement provided via the Applications shall be provided via the applicable
 CAD Interface or Channel Access Interface in accordance with the terms, conditions and
 procedures contained in this Agreement, in the of relevant Manuals, or in the Online
 Channel Access Agreement, as applicable and which, if applicable, are incorporated herein
 by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The
 Company will seek to resolve errors, which may result from its use of the Systems, including
 errors as to its customers and will provide, promptly upon request, any information not
 otherwise restricted which is requested in connection with such errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Custodian
 and the Company shall maintain knowledgeable personnel and procedures to resolve disputes
 between and among any of the parties connected with the Applications. Such disputes would
 be those relating to the proper and timely receipt and delivery of Instructions, Account
 information, Corporate Action information or Voluntary Election Instructions, including
 but not limited to, disputes arising out of the failure of any of the parties in connection
 with the Company's use of the Applications or the Company's violation of
 the provisions contained in the Manuals, Online Channel Access Agreement, or any applicable
 law or regulation. The Company shall be solely responsible for compliance with all applicable
 federal, state and local statutes, rules and regulations relating to error resolution,
 if any.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

**<u>EXHIBIT C</u>**

**<u>FEE SCHEDULE</u>**

\*\*This page intentionally left blank. Attach client initialed fee agreement to the end of this document, noting any BRC approved discounts.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**<u>SCHEDULE A</u>**

**FIFTH THIRD BANK**

**GLOBAL CUSTODY NETWORK**

**COUNTRIES AND SUB-CUSTODIANS**

**FOR**

**SKK Access Income Fund**

---

| | |
|:---|:---|
| **COUNTRY** | **SUB-CUSTODIAN** |
| Argentina | Banco Rio de la Plata, SA |
| Australia | Commonwealth Bank of Australia, Ltd. |
| Austria | Bank Austria AG |
| Bangladesh | Standard Chartered Bank |
| Belgium | Banque Bruxelles Lambert |
| Bermuda | The Bank of Bermuda |
| Botswana | SCMB (Stanbic Bank Botswana) |
| Brazil | The Bank of Boston |
| Bulgaria | ING Bank Sofia |
| Canada | Royal Bank of Canada |
| Chile | The Bank of Boston |
| China | Standard Chartered Bank |
| Colombia | Cititrust |
| Croatia | Privredna Banka |
| Cyprus | Bank of Cyprus |
| Czech Republic | Ceskoslovenska Obchodni Bank |
| Denmark | Den Danske Bank |
| EASDAQ | Banque Bruxelles Lambert |
| Ecuador | Citibank |
| Egypt | Citibank |
| Estonia | Hansabank |
| Euromarkets | Euroclear |
| Finland | Merita Bank, Ltd. |
| France | Banque Paribas |
| Germany | Dresdner Bank |
| Ghana | SCMB (Merchant Bank of Ghana Ltd.) |
| Greece | Paribas, Athens |
| Hong Kong | Hongkong and Shanghai Banking Corp. |
| Hungary | Citibank Budapest |
| Iceland | Landsbanki |

---

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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| | |
|:---|:---|
| India | State Bank of India |
| Indonesia | Hongkong and Shanghai Banking Corp. |
| Ireland | Allied Irish Banks Plc. |
| Israel | Bank Leumi LE- Israel B.M. |
| Italy | Banca Commerciale Italiana |
| Ivory Coast | Societe Generale de Banques en Cote d'Ivoire |
| Japan | Bank of Tokyo Mitsubishi Ltd. |
| Jordan | The British Bank of Middle East |
| Kenya | SCMB (Stanbic Bank of Kenya Ltd) |
| Latvia | Societe Generale |
| Lebanon | The British Bank of the Middle East |
| Lithuania | Vilniaus Bankas |
| Luxembourg | Banque Internationale a Luxembourg |
| Malaysia | Hongkong Bank Malaysia Berhad |
| Mauritius | Hongkong and Shanghai Banking Corp. |
| Mexico | Banco Nacional de Mexico |
| Morocco | Banque Commerciale du Maroc |
| Namibia | SCMB (Stanbic Bank Nambia Ltd.) |
| Netherlands | Mees Pierson |
| New Zealand | ANZ Banking Group Ltd. |
| Nigeria | SCMB (Stanbic Bank Nigeria Ltd.) |
| Norway | Den Norske Bank |
| Oman | The British Bank of the Middle East) |
| Pakistan | Standard Chartered Bank |
| Peru | Citibank NA |
| Philippines | Hongkong and Shanghai Banking Corp |
| Poland | Bank Handlowy W Warszawie |
| Portugal | Banco Comercial Portugues |
| Romania | ING Bank- Bucharest Branch |
| Russia (Min Fin only) | Bank for Foreign Trade |
| Russia (Equities & Bonds) | Unexim Bank |
| Russia (Equities) | Credit Suisse First Bonston Ltd- Moscow |
| Singapore | Development Bank of Singapore |
| Slovakia | Ceskoslovenska Obchodna Banka |
| Slovenia | Banka |
| South Africa | Standard Bank of South Africa |
| South Korea | Standard Chartered Bank |
| Spain | Banco Bilbao Vizcaya |
| Sri Lanka | Standard Chartered Bank |

---

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

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| | |
|:---|:---|
| Swaziland | SCMB (Stanbic Bank Swaziland Ltd) |
| Sweden | Skandinaviska Enskilda Banken |
| Switzerland | Union Bank of Switzerland |
| Taiwan | Hongkon and Shanghai Banking Corp. |
| Thailand | Standard Chartered Bank |
| Tunisia | Banque Internationale Arabe de Tunisie |
| Turkey | Ottoman Bank |
| Ukraine | Bank Ukraina |
| United Kingdom | The Bank of New York |
| Uruguay | BankBoston |
| Venezuela | Citibank NA |
| Zambia | SCMB (Stanbic Bank Zambia LTd) |
| Zimbabwe | SCMB (Stanbic Bank Zimbabwe Ltd) |

---

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

**<u>Schedule B – Company Profile Schedule</u>**

**Part A – Elections**

---

| | |
|:---|:---|
| **Additional Account Services to be used, which may require additional Agreements** | **Additional Account Services to be used, which may require additional Agreements** |
| No | Clearwater Analytics |
| No | Pledged Accounting Services |
|  | Segregated Global Account |
| No | Accounting Interface |
| No | BankSafe Only Account |
| No | Securities Lending |
|  | Planned Giving Services (Gift Wrap) |
|  | Retirement Plan Distributions (Paying Agent) |
|  | Fund Track |
| No | FAS 157 or GASB 72 Information Reporting Confirm Year End: |
|  | GlobeTax Enhanced Services (Limited Services are standard) |
|  | Other (Describe): |

---

---

| |
|:---|
| &nbsp;&nbsp;**SEC Shareholder Communications Disclosure** (All accounts must complete) |
| &nbsp;&nbsp;The Securities and Exchange Commission (SEC) has adopted a rule that requires Fifth Third Bank, as holder of securities, to contact Customer, the beneficial owner having authority to vote those securities, to determine whether Customer would like Fifth Third Bank to provide Customer's name, address and share position to companies whose shares Fifth Third Bank holds for Customer's benefit. If Customer does not object, Fifth Third Bank will release the above information to requesting companies and Customer will receive annual and quarterly reports, proxies, and other corporate communications directly from these companies. These companies are prohibited from using Customer's name and address for any purpose other than corporate communications. If Customer does object to such release or to the receipt of shareholder information, Fifth Third Bank will not release Customer's shareholder status to requesting companies. |

---

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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X <u>Customer objects to Fifth Third Bank releasing Customer's name to companies.</u> <br>   <u>Customer does not object to Fifth Third Bank releasing Customer's name to companies.</u>

---

| |
|:---|
| &nbsp;&nbsp;**Cash Management** |
| &nbsp;&nbsp;For Non-ERISA Accounts where Fifth Third Bank does not have sole investment discretion: The cash management vehicle selected during discussion with Fifth Third Bank is indicated below. If a cash management vehicle is not selected during discussion with Fifth Third Bank, the customer hereby directs the use of the Federated Government Obligations Fund Premier (Ticker: GOFXX ACI: 99FEDGOP6). |
| &nbsp;&nbsp;Entities that are required to complete a W-8 must select a non-sweep investment during discussions with Fifth Third Bank OR if choosing a Sweep vehicle may only elect BankSafe. |
| &nbsp;&nbsp;For ERISA or IRA accounts, where Fifth Third does not have sole investment discretion: The cash management vehicle selected during discussion with Fifth Third Bank is indicated below. If a cash management vehicle is not selected during discussion with Fifth Third Bank, the customer hereby directs the use of the Federated Government Obligations Fund Premier (Ticker: GOFXX ACI: 99FEDGOP6). |
| &nbsp;&nbsp;BankSafe Information: Fifth Third Bank maintains a deposit account product called BankSafe for which Fifth Third Bank may receive compensation. The BankSafe interest rate paid is at least the calculated average using the seven day yield for three specific high quality, government money market mutual funds. BankSafe Premium may be available to accounts with balances of at least $1,000,000 held in BankSafe. The interest rate for BankSafe Premium includes an additional bonus rate, which at times may be 0%. The BankSafe Oversight Council may make changes to the governmental money market funds periodically. Fifth Third Bank may use BankSafe and BankSafe Premium funds to support other bank products and receives compensation based on the difference in the interest rate earned on those other bank products and the BankSafe rate. BankSafe is an FDIC insured investment and is considered a demand deposit account for FDIC insurance purposes. The selection of a cash sweep vehicle is made below. |
| &nbsp;&nbsp;Deposit and credit products provided by Fifth Third Bank, National Association. |
| &nbsp;&nbsp;Member FDIC. ![](ex99j006.jpg) Equal Housing Lender. |

---

**Cash Management Election (Select one option only)**

SWEEP Vehicle: Invest/Withdraw from the following cash management option: Intraday Sweep  

DDA Interface: Intraday Sweep  

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

INTRADAY SWEEP Vehicle: Invest/Withdraw from the following cash management option: Intraday Sweep  

MANUAL SWEEP Vehicle: Intraday Sweep  

Daily Settlement via Wire: Intraday Sweep  

Net Settlement as directed by Customer: Intraday Sweep  

&nbsp;&nbsp;**Note: If this Custody Agreement is for an omnibus account and a retail fund is selected for the sweep vehicle, a Natural Citizen Form will be required to disclose that the account is eligible for a retail fund.**

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

---

| | |
|:---|:---|
| | **Proxy Communication (Select one below)** |
|  | Banksafe Only |
|  | &nbsp;&nbsp;*(Customer is not required to indicate an authorized individual to vote proxies)* |
|  | &nbsp;&nbsp;Forward proxies to the Investment Manager/Advisor indicated on the Authorized Signer document if proxy voting is selected (individuals may be named on another document supplied by the Investment Manager/Advisor). This only applies to accounts with an Investment Manager/Advisor. Accounts managed by the client will follow one of the 2 other options below. |
| &nbsp;&nbsp;X | &nbsp;&nbsp;Forward all proxies to the "Company Contacts" selected on the Authorized Signer document, and the client will vote, execute and mail all proxies. to the address specified in the proxy voting materials. |
|  | &nbsp;&nbsp;Forward all proxies to our proxy service provider indicated in the "Other Party Contacts" on the Authorized Signer document (individuals may be named on another document supplied by the Investment Manager/Advisor), at the mailing address and contact information below to be executed and voted on our behalf: |
|  | **Proxy Service Provider Information (Company Name, Contact Name, Address, Phone and Email)** |

---

/s/ Brendan Lake

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

---

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| |
|:---|
| **Selection of Cost Basis Write Down Method** |
| Fifth Third Bank is required to identify the cost basis of certain covered securities and to report the cost basis of such securities sold in certain accounts. We are required to report the holding period for those securities as to whether they are short or long term in addition to the gross proceeds of sales to the IRS. As an account owner of an account at Fifth Third Institutional Services, you have the right to select the method used to identify the cost basis when securities are traded. |

---

---

| | | |
|:---|:---|:---|
| **FOR CUSTODY ACCOUNTS, DIRECTED TRUSTS, OR OTHER ACCOUNTS FOR WHICH FIFTH THIRD BANK DOES NOT HAVE SOLE INVESTMENT DISCRETION ("NON-MANAGED ACCOUNTS") ONLY;** Below, please select the Cost Basis Write Down method you would prefer to use when selling securities in this account. If no selection is made below, the current default method for your type of account will be used. For information on the default for your type of account, please contact your Relationship Manager. Should you desire to use a different cost basis for an individual transaction or change the method in the future, you may do so by contacting your Relationship Manager. | **FOR CUSTODY ACCOUNTS, DIRECTED TRUSTS, OR OTHER ACCOUNTS FOR WHICH FIFTH THIRD BANK DOES NOT HAVE SOLE INVESTMENT DISCRETION ("NON-MANAGED ACCOUNTS") ONLY;** Below, please select the Cost Basis Write Down method you would prefer to use when selling securities in this account. If no selection is made below, the current default method for your type of account will be used. For information on the default for your type of account, please contact your Relationship Manager. Should you desire to use a different cost basis for an individual transaction or change the method in the future, you may do so by contacting your Relationship Manager. | **FOR CUSTODY ACCOUNTS, DIRECTED TRUSTS, OR OTHER ACCOUNTS FOR WHICH FIFTH THIRD BANK DOES NOT HAVE SOLE INVESTMENT DISCRETION ("NON-MANAGED ACCOUNTS") ONLY;** Below, please select the Cost Basis Write Down method you would prefer to use when selling securities in this account. If no selection is made below, the current default method for your type of account will be used. For information on the default for your type of account, please contact your Relationship Manager. Should you desire to use a different cost basis for an individual transaction or change the method in the future, you may do so by contacting your Relationship Manager. |
| X | First In First Out | Maximum Gain Minimum Loss |
| | Last In First Out | Minimum Gain Maximum Loss |
| | Average Write Down | Maximum Loss Minimum Gain |
| | | Minimum Loss Maximum Gain |

---

/s/ Brendan Lake

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**<u>Schedule B – Company Profile Schedule</u>**

**Part B – Disclosures and Consents**

**<u>Cash Management Practices</u>**

In the event a transaction requested by the Client results in an overdraft in the available income or principal cash balance in the account, Fifth Third Bank may, in its sole discretion, withhold subsequent cash balances received from the investments until such time as Fifth Third Bank has recouped costs incurred due to the overdraft. (Note: Overdraft policy does not apply to ERISA and Non-ERISA retirement plans.)

**<u>Mutual Fund Fee Sharing Arrangements</u>**

Mutual funds not managed or associated with Fifth Third Bank or its affiliates, may be used as an investment vehicle. Fifth Third Bank or its affiliates may receive compensation for certain services provided to these funds from time to time. Descriptions of these fees are contained in the respective mutual fund prospectus or are available upon request. In certain circumstances and for all ERISA accounts, revenue sharing will be returned to the account.

**<u>Broker Confirmations</u>**

Fifth Third Bank will render monthly or quarterly statements of receipts and disbursements together with a statement listing the market value of all assets held under the terms of this Agreement. Client expressly waives Client's right under Federal Reserve Board Regulation H to receive copies of broker/dealer confirmations on all securities trading on this account. Upon Client's request, however, Fifth Third Bank will make available at no additional cost, a Transaction Advice Statement in the form of a broker/dealer confirmation.

**<u>Unlawful Internet Gambling Enforcement Act Notification</u>**

Commercial/Business Customers. Restricted transactions are prohibited from being processed through any Fifth Third Bank account or relationship. A restricted transaction includes, but is not limited to, any transaction or transmittal involving any credit, funds, instrument, or proceeds that any person engaged in the business of betting or wagering knowingly accepts, in connection with the participation of another person in unlawful Internet gambling. It includes credit or the proceeds or extension of credit (including credit extended by use of a credit card); electronic fund transfers or funds transmitted by or through a money transmitting business; or a check, draft or similar instrument that is drawn on or payable at or through any financial institution. Unlawful Internet gambling means to place, receive, or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received, or otherwise made.

**<u>Fee Schedule Acknowledgement</u>**

Client acknowledges that Client has received the Schedule of Fees currently in effect for Client's account(s), including a schedule of fees for any special services that may be provided on Client's behalf.

**<u>Fifth Third Privacy Policy</u>**

As a client of Fifth Third Bank you must receive a copy of the "Privacy Policy for Consumers" when opening an account. Fifth Third may make changes to these notices from time to time. Privacy policies are available to you at https;//www.53.com/content/fith-third/en/privacy-security.html or by searching Privacy at www.53.com.

**<u>Soft Dollar Arrangements</u>**

When appropriate under its discretionary authority and consistent with its duty to seek best execution, Fifth Third Bank directs trades for client accounts to brokers who provide the firm with brokerage and research services. Section 28(e) of the Securities Exchange Age of 1934 ("Exchange Act") provides a safe harbor to money managers who use the commission dollars of their advised accounts to obtain investment research and brokerage services ("soft dollars"), provided that certain conditions are met. Such conditions allow an adviser money manager to pay more than the lowest available commission for brokerage services if it determines in good faith that: (1) the brokerage and research services fall within the definitions set forth in the Exchange Act; (2) the brokerage and research services provide lawful and appropriate assistance in the investment decision-making process; and (3) the commission paid is reasonable in relation to the brokerage and research services provided. The receipt of brokerage and research services in exchange for soft dollars benefits Fifth Third Bank by allowing it to supplement its own research and analysis activities, to receive the views and information from research experts, and to gain access to persons having special expertise on certain companies, industries, areas of the economy, and market factors. Such brokerage and research services are provided to Fifth Third Bank in connection with its investment decision-making responsibilities and they enhance the firm's capability to discharge those responsibilities. Brokerage and research services acquired with soft dollars include, but are not limited to: written and oral reports on the economy, industries, sectors and individual company or issuers; appraisals and analysis relating to markets and economic factors; statistical information, accounting and tax considerations; political analyses; reports on legal developments affecting portfolio securities; information on technical market actions; credit analysis; on-line quotations, trading techniques, and other trading systems; risk measurements; analyses of corporate responsibility issues; research related on-line news services; seminars; on-set visits; asset allocation software; pricing; indices data; and financial and market database services.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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Fifth Third Bank selects brokers based on an assessment of their ability to provide quality executions and its belief that the research, information, and other eligible services provided by these brokers benefit client accounts. It is not possible to place a precise dollar value on the special executions or on the brokerage and research services Fifth Third Bank receives from brokers. Accordingly, brokers selected by the firm are paid commissions for effecting portfolio transactions for client accounts that may be in excess of amounts other brokers would have charged for effecting similar transactions.

The use of client commissions to pay for research and brokerage services presents Fifth Third Bank with a potential conflict of interest because it receives a benefit that it does not have to pay for from its resources, and it could be incented to select brokers based on receiving brokerage and research services rather than receiving the most favorable execution price. In addition, Fifth Third Bank shares brokerage and research services obtained with soft dollars with our Registered Investment Adviser affiliates which may benefit from such research without contributing to the commissions with which such research was acquired. Our Registered Investment Adviser affiliates also share certain information, including third-party research, with us even though our clients may not have contributed to the commissions that helped produce or acquire such information. Also, analysts and portfolio managers in the Equity and Fixed Income Departments across Fifth Third Bank and our Registered Investment Adviser affiliates may share investment ideas and strategies exclusive to their respective firms or departments, which may be paid for with soft dollars generated by that firm or department. We believe that, in the aggregate and over time, sharing the research and brokerage products and services benefit our clients and assist us in fulfilling our overall duty to our clients.

Selected products or services provided by brokers have administrative, marketing, or other uses and do not constitute brokerage research services within the meaning of the Exchange Act. These are referred to as "mixed-use" products and services. Fifth Third Bank evaluates mixed-use products and services and attempts to make a reasonable allocation of the cost of these products or services according to the intended purpose, including the number of users or the amount of time that different functions utilize the product or service. A conflict of interest can arise in allocating the cost of mixed-use items between research and non-research products and services. The portion of a product or service attributable to eligible brokerage or research services will be paid through brokerage commissions generated by client transactions, the remaining cost of the product or service will be paid by Fifth Third Bank from its own resources.

**<u>GlobeTax Services Fees (Foreign Tax Withholding Reclamation)</u>**

As part of your investment strategy, the account may invest in global (foreign) securities through the use of American Depository Receipts (ADRs) and/or Canadian shares. Income generated from these investments may be subject to the withholding of foreign taxes prior to being paid into your account. In order to recover a portion of the withholding, Fifth Third Bank has engaged Globe Tax Services, Inc. (GlobeTax), a worldwide leader in cross-border withholding tax recovery, for those recovery services. All accounts are being automatically enrolled in the basic level of foreign tax reclamation services offered by GlobeTax. GlobeTax charges a fee of 6% of the benefit received per beneficial owner for the basic level of services. As a part of GlobeTax's services, please note that personal/corporate information on the owner's or beneficial interest holders will be shared with the particular foreign taxing authority where the claim is being filed. GlobeTax offers an enhanced level of services for those accounts that may need additional support for recovery services. You may contact your Relationship Manager if you want to evaluate the enhanced services and fees associated with the enhanced services.

**<u>Loans to Trust or Investment Management Accounts</u>**

A conflict of interest may exist when Fifth Third Bank, as lender, makes a loan to the grantor of a revocable trust or to the principal of an investment management account, where the assets of the account securing the loan are managed by Fifth Third Bank, because the Bank may optimize the account's investment performance to ensure that the Bank, as lender, has sufficient loan collateral to protect the Bank. In order to address this potential conflict, lending from Fifth Third Bank to revocable trusts and/or investment management accounts is isolated from the fiduciary area of the Bank. Lending arrangements such as these are established in coordination with the commercial and/or private bank lending departments of Fifth Third Bank to protect against such conflict.

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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| | |
|:---|:---|
| **Company Tax ID: 921556891** | **Company Name: SKK Access Income Fund** |

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**<u>Important Information About Opening an Account</u>**

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

**<u>Acknowledgement:</u>**

By signing this Investment Management Agreement, the customer confirms that the information provided in this Schedule B - Customer Profile Schedule, including Part A and Part B is accurate and complete and consents to the use of the cash management vehicle elected above of the default absent an election. The client consents to the shareholder communication selected in Schedule B Part B unless Fifth Third is notified otherwise in writing.

For Bank Use Only (Account Opening Document Review)

/s/ Kimberly Lawhead

Authorized Signer's Resolution Fifth Third Bank National Association Classification: Restricted June 2022

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

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit (k)(i)**

**MASTER FUND SERVICES AGREEMENT**

This Agreement (the "**Master Services Agreement**" or "**Agreement**"), dated as of March 15, 2023, is between **SKK Access Income Fund** (the "**Fund**"), a Delaware statutory trust, and **PPB Capital Partners, LLC** ("**Service Provider**"), a Delaware limited liability company.

This Agreement is intended to replace in its entirety any earlier dated services agreement between Service Provider and the Fund with respect to the Portfolio(s) set forth in Addendum A attached hereto and any other such services agreement with respect to any fund set forth in Addendum A shall be deemed terminated upon the effectiveness of this Agreement.

**<u>Background</u>**

The Fund will be a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and it desires that Service Provider perform certain services for each of its Portfolio(s) listed on Addendum A (individually referred to herein as a "**Fund**"). Service Provider is willing to perform such services on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the promises and agreements of the parties contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

**<u>Terms and Conditions</u>**

1. Retention of Service Provider

The Fund retains Service Provider to act as the service provider on behalf of the Fund for the services set forth in each addendum to this Agreement (each, an "**Addendum**") selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Service Provider accepts such engagement to perform or delegate the selected Services.

⌧ Fund Accounting Addendum (Addendum B)

⌧ Fund Administration Addendum (Addendum C)

⌧ Transfer Agent and Shareholder Servicing Addendum (Addendum D)

Each selected Addendum is incorporated by reference into this Agreement.

The Fund and Service Provider hereby acknowledge that, in order to carry out the services set forth in each Addendum, Service Provider must necessarily rely on the provision of data or other information from third parties, including, but not limited to, investment adviser(s), sub-advisers, prime brokers, custodians, legal counsel, and independent accountants. The Fund and Service Provider therefore agree that, in the event of a third party's refusal or inability to provide such data or other information as is necessary to carry out Service Provider' services under

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this Agreement or any Addendum, Service Provider will not be in breach of this Agreement for its failure to provide the service(s) to the extent that Service Provider' failure to provide such service(s) was a result of the third party's refusal or inability to provide such data or other information as was necessary for Service Provider to carry out the service(s).

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1*** Service Provider shall furnish at its own expense the executive, supervisory, clerical personnel and office
space necessary to perform its obligations under this Agreement. Service Provider shall also pay all compensation of any officers of the
Fund who are affiliated persons of Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2*** Subject to Section 19, the Fund assumes and shall pay or cause to be paid all other expenses of the Fund
not otherwise allocated under this Section 2, including, without limitation, organization costs, taxes, expenses for legal and auditing
services, the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information,
proxy statements and related materials, all expenses incurred in connection with issuing and redeeming shares, the costs of custodial
services, the cost of initial and ongoing registration or qualification of the shares under federal and state securities laws, fees and
out-of-pocket expenses of each Trustee of the Fund (each a "**Trustee**" and collectively, the "**Trustees** ")
who are not affiliated persons of Service Provider or the investment adviser(s) to the Fund, insurance premiums, interest, brokerage costs,
litigation and other extraordinary or nonrecurring expenses, and all fees and charges of investment advisers to the Fund.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1*** The Fund shall pay for the Services to be provided by Service Provider under this Agreement in accordance
with, and in the manner set forth in, the fee letter set forth in attached Addendum E (the "**Fee Letter** "), which may
be amended from time to time with the written consent of all parties hereto. The Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2*** If this Agreement becomes effective subsequent to the first day of a month, Service Provider' compensation
for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees
as set forth in the applicable Fee Letter. If this Agreement terminates before the last day of a month, Service Provider' compensation
for that part of the month in which the Agreement is in effect shall be equal to a full calendar month's worth of fees as calculated
in a manner consistent with the calculation of the fees as set forth in the applicable Fee Letter. The Fund shall promptly pay Service
Provider' compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3*** In the event that the U.S. Securities and Exchange Commission (the "**SEC** "), Financial
Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other regulator or self-regulatory authority adopts regulations
and requirements relating to the payment of fees to service providers or which would result in any material increases in costs to provide
the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such
requirements and provide for additional compensation for Service Provider as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4*** In the event that any fees are disputed, the Fund shall, on or before the due date, pay all undisputed
amounts due hereunder and notify Service Provider in writing of any disputed fees that it is

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disputing in good faith. Payment for such disputed fees shall be due on or before the tenth business day after the day on which the Fund and Service Provider resolve the applicable dispute.

**4.** **Reimbursement of Expenses** 

In addition to paying Service Provider the fees described in each Fee Letter, the Fund agrees to reimburse Service Provider for its actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1*** Reasonable travel and lodging expenses incurred by officers and employees of Service Provider in connection
with attendance at meetings of the Fund's Board of Trustees (the "**Board**") or any committee thereof and shareholders'
meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2*** All freight and other delivery charges incurred by Service Provider in delivering materials on behalf
of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3*** All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred
by Service Provider in communication with the Fund, the Fund's investment adviser(s) or custodian, counsel for the Fund, counsel
for the Fund's independent Trustees, the Fund's independent accountants, dealers or others as required for Service Provider
to perform the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4*** The cost of obtaining primary and secondary security market quotes and any securities data from pricing
agents approved by the Fund, including but not limited to the cost of fair valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5*** The cost of electronic or other methods of storing records and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6*** All fees and expenses incurred in connection with any licensing of software, subscriptions to databases,
custom programming or systems modifications, in each case to the extent required to provide any special reports or services requested
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7*** Any expenses Service Provider shall incur at the direction of an officer of the Fund thereunto duly authorized
other than an employee or other affiliated person of Service Provider who may otherwise be named as an authorized representative of the
Fund for certain purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9*** Any additional expenses reasonably incurred by Service Provider in the performance of its duties and obligations
under this Agreement other than those described in Section 2.1.

**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1*** Service Provider shall maintain and keep current the accounts, books, records and other documents relating
to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as defined under Rule
38a-1 under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2 Ownership of Records***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Service Provider agrees that all such books, records, and other data (except computer programs and procedures)
developed to perform the Services (collectively, "**Client Records**") shall be the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Service Provider agrees to provide the Client Records of the Fund upon reasonable request, and to make
such books and records available for inspection by the Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Service Provider agrees to furnish to the Fund, at the expense of the Fund, all Client Records in the
electronic or other medium in which such material is then maintained by Service Provider as soon as practicable after any termination
of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Service Provider shall promptly turn over to the
Fund or, upon the written request of the Fund, destroy the Client Records maintained by Service Provider pursuant to this Agreement. If
Service Provider is required by applicable law, rule, or regulation to maintain any Client Records, it will provide the Fund with copies
as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3*** Service Provider agrees to keep confidential all Client Records, which shall for all purposes be Confidential
Information of the Fund under Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4*** If Service Provider is requested or required to divulge such information by duly constituted authorities
or court process, Service Provider shall, unless prohibited by law, promptly notify the Fund of such request(s) so that the Fund may seek
an appropriate protective order.

**6.** **Subcontracting** 

Service Provider may, with notice to the Fund's management, subcontract with any entity or person concerning the provision of the Services; provided, however, that Service Provider shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and provided further that Service Provider shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor as if such acts were its own.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1*** This Agreement shall become effective as of the date first written above with respect to the Fund in
existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund commences operation) (the
" **Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2*** Each Addendum shall become effective as of the date first written in the Addendum with respect to the
Fund in existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund commences operation)
(collectively with the Agreement Effective Date, the "**Addendum Effective Date** ").

**8.** **Term** 

This Agreement shall continue in effect with respect to the Fund, unless earlier terminated by either party with respect to a Fund as provided under this Section 8.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1***  ***Initial Term.*** The initial term for the Fund is as defined in the applicable Fee Letter (the
" **Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2***  ***Renewal Terms.*** A renewal term for the Fund is as defined in the applicable Fee Letter (a
" **Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3***  ***Termination.*** A party may terminate this Agreement with respect to the Fund under the following
circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* Subject to Section 8.3(D), during the Initial Term or a Renewal Term
of a Fee Letter, a party (the "**Terminating Party**") may only terminate the Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a material breach of this Agreement by the Non-Terminating Party that has not been cured or remedied within
30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Non-Terminating Party takes a position regarding compliance with Federal Securities Laws (as defined
under the 1940 Act) that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days' prior written
notice of such disagreement, and the parties fail to come to agreement on the position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a final and un-appealable judicial, regulatory, or administrative ruling or order in which the Non-Terminating
Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Fund ceases to be registered under the 1940 Act and/or is liquidated; 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;(5) the authorization or commencement of, or involvement by way of pleading, answer, consent, or acquiescence
in, a voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Fund demands services that are beyond the scope of this Agreement
and any incorporated Addendum, and the parties cannot agree on appropriate terms relating to such out-of-scope services, Service Provider
may terminate this Agreement with respect to the Fund upon 60 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement with respect to a Fund at the end
of the Initial Term or a Renewal Term by providing written notice of termination to the other party at least 90 days prior to the end
of the Initial Term or then-current Renewal Term.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination with respect to the Fund, other than termination under Section
8.3.A-C or 8.3.F, is deemed an "**Early Termination**" and shall be subject to an "**Early Termination Fee** "
payable by the Fund or, at the direction of the Fund's Board of Trustees, the Fund's investment adviser, as described in the
applicable Fee Letter. Any Early Termination Fee shall not be duplicative with fees paid through the end of the month in which service
was terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Transition.* Upon termination of this Agreement with respect to the Fund, Service Provider will
cooperate with any reasonable request of the Fund to affect a prompt transition to a new service provider selected by the Fund. Service
Provider shall be entitled to collect from the Fund, or at the direction of the board of the Fund from the adviser to the Fund, the compensation
described in each applicable Fee Letter through the end of the month in which Services are terminated. Service Provider shall also be
entitled to collect from the Fund as to which Service Provider' services are being terminated, in addition to any applicable Early
Termination Fee, (1) the amount of all of Service Provider' cash disbursements reasonably made for services in connection
with Service Provider' activities in effecting such termination, including without limitation, the delivery to the Fund or its designees
the Fund's property, records, instruments, and documents, and (2) a post-termination de-conversion services of $25,000 per Fund.
The de-conversion fee does not include any fees charged by existing vendors (e.g., Envision Financial Services), the new servicer, proxy
fees, legal fees or audit fees, which shall be borne by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Liquidation.* Upon termination of this Agreement with respect to the Fund due to the liquidation
of the Fund, Service Provider shall be entitled to collect from the Fund the compensation described in each applicable Fee Letter through
the end of the month in which services are terminated. Service Provider shall also be entitled to collect from the applicable investment
adviser for the Fund as to which Service Provider' services are being terminated (1) the amount of all of Service Provider'
cash disbursements reasonably made for services in connection with Service Provider' activities in effecting such termination,
including without limitation, the delivery to the Fund or its designees the Fund's property, records, instruments, and documents,
and (2) a liquidation fee for post-termination liquidation services of $15,000 per Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* *Final Payment.* Any unpaid compensation, reimbursement of expenses, or Early Termination Fee is
due to Service Provider within 15 calendar days of the termination date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause shall
not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

**9.** **Additional Classes of Shares** 

In the event that the Fund establishes one or more classes of shares after the Agreement Effective Date, each such class of shares shall become a class of shares of the Fund (if applicable), under this Agreement and shall be added to Addendum A, but in each case only upon approval of this agreement on behalf of the Fund, by the Board.

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**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in
this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its duties
and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for any damages,
losses or costs arising directly or indirectly out of such party's failure to perform its duties under this Agreement to the extent
such damages, losses or costs arise directly or indirectly out of its willful misfeasance, bad faith, gross negligence in the performance
of its duties, or reckless disregard of its obligations and duties hereunder; provided, however, that the Fund shall not have any liability
for any failure to perform its duties hereunder caused in any way by an employee or other affiliated person of Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2 Limits of Liability***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Service Provider shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing Services or duties pursuant to any instruction, notice, or other instrument that Service Provider
reasonably believes to be genuine and to have been signed or presented by a duly authorized representative of the Fund or any Fund (other
than by an employee or other affiliated person of Service Provider);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating under its own initiative, in good faith and in accordance with the standard of care set forth
herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using valuation information provided by the Fund's approved third-party pricing service(s) or the
investment adviser(s) to the Fund for the purpose of valuing a Fund's portfolio holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever caused
by events beyond Service Provider' reasonable control; 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;(5) any error, action or omission by the Fund (other than an error, action or omission caused by an employee
or other affiliated person of Service Provider) or other past or current service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Service Provider may apply to the Fund at any time for instructions and may consult with counsel for the
Fund, counsel for the Fund's independent Trustees, and with accountants and other experts with respect to any matter arising in
connection with Service Provider' duties or the Services. Service Provider shall not be liable or accountable for any action taken
or omitted by it in good faith in accordance with such instruction or with the reasonable opinion of such counsel, accountants, or other
experts qualified to render such opinion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A copy of the Fund's Agreement and Declaration of Trust is on file with the Secretary of the **State of Delaware**, and notice is hereby given that this Agreement is executed on behalf of the Fund and not the Trustees individually
and that the obligations of this Agreement are not binding upon any of the Trustees, officers or shareholders individually but are binding
only upon the assets and property of the Fund and Service Provider shall look only to the assets of the Fund for the satisfaction of such
obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Service Provider shall not be held to have notice of any change of authority of any officer, agent,
representative or employee of any of the Fund's investment advisers or any of the Fund's other service providers until receipt
of written notice thereof from the investment adviser or other service provider. As used in this Agreement, the term "**investment adviser**" includes all sub-advisers or person performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The Board has and retains primary responsibility for oversight of 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 (the "**Internal Revenue Code** "), the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations of the Fund relating
to the portfolio investments as set forth in the prospectus and statement of additional information. Service Provider' monitoring
and other functions hereunder shall not relieve the Board of its primary responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***F.*** **In no event shall either party be liable to the other for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or the other party was advised of the possibility thereof. The parties acknowledge that the other parts of this agreement are premised upon the limitation stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3 Indemnification***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the
other party, including its trustees or directors, officers, employees, and other agents (collectively, the "**Indemnitees** "),
and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs,
charges, expenses (including attorney fees and investigation expenses) (collectively, "**Losses**") arising directly or
indirectly out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above unless such Losses were
caused in part by the Indemnitees' own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined
below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities thereunder; and (3)
any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement; provided, however, that in each case
neither party shall have any obligation to indemnify the other party for any Losses caused by the other party's willful misfeasance,
bad faith or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding the foregoing provisions, the Fund shall indemnify Service Provider for Service Provider'
Losses arising from circumstances under Section 10.2.A; provided,

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however, that the Fund shall not have any obligation to indemnify Service Provider hereunder for Losses arising under Section 10.2.A that were caused by Service Provider' willful misfeasance, bad faith or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon the assertion of a claim for which either party may be required to indemnify the other, the party
seeking indemnification shall promptly notify the other party of such assertion and shall keep the other party advised with respect to
all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party
seeking indemnification in the defense of such claim or to defend against said claim in its own name or in the name of the other party.
The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be
required to indemnify it except with the other party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4*** The provisions of this Section 10 shall survive termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, pandemics, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, or (unless such failures are within Service Provider' reasonable control) failure of the mails, transportation, communication, or power supply. Losses resulting in part by a breach of Section 12.3(a)-(c) will not be deemed hereunder to be beyond the reasonable control of Service Provider.

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1 Joint Representations.*** Each party represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It is a corporation, partnership, trust, or other entity duly organized and validly existing in good standing
under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To the extent required by Applicable Law (defined below), it is duly registered, and any of its personnel
performing services on its behalf under this Agreement will be registered, with all appropriate regulatory agencies or self-regulatory
organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For the duties and responsibilities under this Agreement, it is currently and will continue to abide by
all applicable federal and state laws, including without limitation federal and state securities laws; regulations, rules, and interpretations
of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations governing
the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It has duly authorized the execution and delivery of this Agreement and the performance of the transactions,
duties, and responsibilities contemplated by the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever, in the course of performing its duties under this Agreement, it determines that a violation
of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage
of time could occur, and such violation of Applicable Law is likely to have a material adverse effect on its representations, warranties
or obligations under this Agreement, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2 Representations of the Fund*.** The Fund represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1) as of the close of business on the Agreement Effective Date, the Fund that is then in existence has
authorized unlimited shares, and (2) no shares of the Fund will be offered to the public until the Fund's registration statement
under the Securities Act of 1933, as amended (the "**Securities Act** "), and the 1940 Act has been declared or becomes
effective.

AZ

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To the knowledge of the Trust and the Fund, the Trust's Agreement and Declaration of Trust (the
" **Declaration of Trust** "), Bylaws, and registration statement are true and accurate and will remain true and accurate
at all times during the term of this Agreement in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each of the employees of Service Provider that serve or has served at any time as an officer of the Fund,
including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall be covered by the Fund's Directors &
Officers/Errors & Omissions insurance policy (the "**Policy**") and shall be subject to the provisions of the Fund's
Declaration of Trust and Bylaws regarding indemnification of its officers. The Fund shall provide Service Provider with proof of current
coverage, including a copy of the Policy, and shall notify Service Provider immediately should the Policy be cancelled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Any officer of the Fund shall be considered an individual who is authorized to provide Service Provider
with instructions and requests on behalf of the Fund (an "**Authorized Person**") (unless such authority is limited in
a writing from the Fund and received by Service Provider) and has the authority to appoint additional Authorized Persons, to limit or
revoke the authority of any previously designated Authorized Person, and to certify to Service Provider the names of the Authorized Persons
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.3 Representations of the Service Provider.*** Service Provider represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It will maintain compliance policies and procedures (a "**Compliance Program**") that are
reasonably designed to prevent violations of the Federal Securities Laws (as defined in

10 **\|** Page

Rule 38a-1 of the 1940 Act) with respect to Service Provider' services under this Agreement, will provide certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by 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;*(B)* It shall develop and maintain a plan for recovery from force majeure events consistent with the plan then
generally in effect across Service Provider' client base, which plan shall include contractual arrangements with appropriate parties
making reasonable provision for emergency use of electronic data processing equipment (the "**DRBCP** "). During the term
of this Agreement, the DRBCP shall not be modified in a manner that would be reasonably likely to impair the responsiveness of Service
Provider or the implementation of such DRBCP, or to materially reduce Service Provider' business continuity or preparation for a
disaster recovery event (including as to testing and reporting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* It shall develop and maintain policies and procedures designed to protect the security of Confidential
Information (defined below) received pursuant to this Agreement ()"**Data Security Policies** "). During the term of this
Agreement, the Data Securities Policies shall not be modified in a manner that would be reasonably likely to materially reduce the security
of Confidential Information provided to Service Provider hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It will promptly notify the Fund in writing if it: (i) is served with or otherwise receives a formal notice
of investigation from a regulatory body with jurisdiction over Service Provider, or if Service Provider receives a judgment with respect
to any regulatory matter before or by any court, public board or body (including, without limitation, federal or state regulators) (an
" **Oversight Body**") related in any manner to services of the type provided to the Fund hereunder; or (ii) receives a
deficiency letter from an Oversight Body citing Service Provider for potential violations of any Applicable Laws (each such notice of
investigation, final judgment or deficiency letter, a "**Regulatory Notice** "). Service Provider will, no later than the
next meeting of the Board, provide the Fund with a written summary of material legal matters in such Regulatory Notice and, to the extent
applicable, Service Provider' response(s) thereto. In responding to any requests from an Oversight Body, Service Provider will take
reasonable steps to maintain the confidentiality of any Confidential Information of the Fund provided to the Oversight Body (e.g., requesting
confidentiality pursuant to appropriate provisions under the Freedom of Information Act and similar acts or laws), and will maintain and
provide to the Fund on request copies of any records provided to an Oversight Body pertaining to the Fund, unless such disclosure would
constitute a violation of Applicable Laws.

**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term
of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry. Upon request,
a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains.
Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2***  ***Notice of Claims.*** As it relates to the Services provided under this Agreement, each party
shall notify the other party of any material claims against the notifying party under such insurance,

11 **\|** Page

whether or not the party is covered by insurance, and, if requested by the non-notifying party, the notifying party shall aggregate and disclose all outstanding claims against the notifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.3***  ***Notice of Termination.*** A party shall promptly notify the other party should any of the
notifying party's insurance coverage be canceled or reduced. Such notification shall include the date of change and the reasons
therefore.

**14.** **Information Provided By The Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Fund will
furnish to Service Provider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies of the Agreement and Declaration of Trust and of any amendments thereto, certified by the proper
official of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the Fund's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified copies of resolutions of the Board covering the approval of this Agreement, authorization of
a specified officer of the Fund to execute and deliver this Agreement and authorization for specified officers of the Fund to instruct
Service Provider thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a list of all the officers of the Fund, together with specimen signatures of those officers who are authorized
to instruct Service Provider in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the Trust's registration statement on Form N-2 and all amendments thereto filed with the SEC pursuant
to the Securities Act and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the Trust's notification of registration under the 1940 Act on Form N-8A as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* an accurate current list of shareholders of the Fund, if applicable, showing each shareholder's
address of record, number of shares owned and whether such shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* copies of the current plan of distribution adopted by the Fund under Rule 12b-1 under the 1940 Act for
the Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies of the current investment advisory agreement and current investment sub-advisory agreement, if
applicable, for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies of the current underwriting agreement for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* contact information for the Fund's service providers, including but not limited to, the Fund's
administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance officer; and

12 **\|** Page

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* a copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the 1940 Act.

The parties will deem such documents delivered if they are publicly available to Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2 After the Agreement Effective Date.*** After the Agreement Effective Date, the Fund will furnish to Service Provider any amendments to the items listed in Section 14.1. The parties will deem such documents delivered if they are publicly available to Service Provider.

**15.** **Compliance with Law** 

The Fund assumes full responsibility for the preparation, contents, and distribution of each prospectus of a Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended; provided, however, that the foregoing shall not eliminate any liability of Service Provider under Section 10.1.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1***  ***Definition of Confidential Information.*** The term "**Confidential Information** "
shall mean all information that either party discloses (a "**Disclosing Party**") to the other party (a "**Receiving Party** "), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential, proprietary,
or relates to clients or shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any information concerning technology, such as systems, source code, databases, hardware, software, programs,
applications, engaging protocols, routines, models, displays, and manuals;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any unpublished information concerning research activities and plans, customers, clients, shareholders,
strategies and plans, costs, operational techniques;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any unpublished financial information, including information concerning revenues, profits and profit margins,
and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer Information (as defined below).

 

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally or marked appropriately.

Notwithstanding the foregoing, the following information shall not be deemed to be Confidential Information: (a) information that was in the public domain at or subsequent to the time such Confidential Information was communicated to the Receiving Party by the Disclosing Party through no fault of the Receiving Party; (b) information that was received form a source independent of Disclosing Party and rightfully in the Receiving Party's possession free of any obligation of confidence at or subsequent to the time such Confidential Information was

13 **\|** Page

communicated to the Receiving Party by the Disclosing Party; and (c) information that was developed by the Receiving Party or its employees, as the case may be, independently of and without reference to any Confidential Information communicated to the Receiving Party by the Disclosing Party.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive
property of the Fund. "**Customer Information**" shall mean all non-public, personally identifiable information as defined
by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board
Regulation P) (collectively, the "**GLB Act** ").

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3 Treatment of Confidential Information***

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each party agrees that at all times during and after the terms of this Agreement, it shall use, handle,
collect, maintain, and safeguard Disclosing Party's Confidential Information in accordance with (1) the confidentiality and non-disclosure
requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in
effect now or in the future.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Each party agrees that:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Receiving Party will hold all Disclosing Party's Confidential Information it obtains in strictest
confidence and will use and permit use of Disclosing Party's Confidential Information solely for the purposes of this Agreement;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without limiting the foregoing, the Receiving Party shall apply at least the same degree of reasonable
care used for its own confidential and proprietary information to avoid disclosure or use of Disclosing Party's Confidential Information
under this Agreement;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Receiving Party may disclose or provide access only to its responsible employees or agents who have
a need to know and are under adequate confidentiality agreements or arrangements, and the Receiving Party or its employees may make copies
of Disclosing Party's Confidential Information only to the extent reasonably necessary to carry out the obligations under this Agreement;
and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use
and will cooperate with the Disclosing Party to protect all proprietary rights in any of Disclosing Party's Confidential Information.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination
of the Agreement.

 ****

14 **\|** Page

**17.** **Press Release** 

Within the first 60 days of the Agreement Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Service Provider; provided that Service Provider must obtain the Fund's prior written consent prior to publication of such release, which consent may only be reasonably denied by the Fund.

**18.** **Non-Exclusivity** 

The services of Service Provider rendered to the Fund are not deemed exclusive. Except to the extent necessary to perform Service Provider' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Service Provider' right, or the right of any of Service Provider' managers, officers or employees who also may be a trustee, officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19. Limitation of Trustee and Fund Liability**

It is expressly agreed that the obligations of the Fund under this Agreement shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Fund, personally, but bind only the Fund. The execution and delivery of this Agreement have been authorized by the Trustees of the Fund and signed by an officer of the Fund, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Fund. The assets and liabilities of the Fund are separate and distinct from the assets and liabilities of each other Fund and no Fund shall be liable for or charged for any debt, obligation or liability of any other Fund. If a matter relates only to a particular Fund, that Fund shall be solely responsible for all liabilities connection with such matter, and Service Provider agrees to look solely to the assets of such Fund for the payment or performance thereof.

**20.** **Arbitration** 

To the extent permitted by law, in the event of a dispute between or among the parties relating to or arising out of this Agreement or the relationship of the parties hereto, the parties will submit the matter to arbitration in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA. The parties further agree that any contract, agreement or understanding between a party and its designees hereunder shall contain a provision binding the designee to the terms of this Arbitration Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1*** Arbitration will be held in accordance with the rules and regulations of the Code of Arbitration Procedure
adopted by FINRA, except (a) in the event that FINRA is unwilling to accept jurisdiction of the matter, such arbitration will be held
in accordance with the rules and regulations of the American Arbitration Association under the Commercial Arbitration Procedures then
in effect, and (b) in the event that a non-party to this Agreement brings an arbitration relating to or arising out of this Agreement,
then the entire dispute shall be arbitrated in Louisville, Kentucky, and the parties and their designees agree to submit to the jurisdiction
of such arbitration forum. In the event that (x) a non-party initiates a judicial proceeding relating to, or arising out of, this Agreement,
and (y) such claim cannot be compelled to arbitration, and (z) a party or its designee asserts a claim against another party or its designee
in connection with such proceeding, then the entire dispute shall be

15 **\|** Page

litigated in that court, and the parties and their designees agree to submit to the jurisdiction of the court in that judicial proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2*** If the arbitration is brought by a party, the number of arbitrators will be three, and they will be selected
in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA, or American Arbitration Association
under the Commercial Arbitration Procedures then in effect, as appropriate. To the extent possible, the arbitrators shall be attorneys
specializing in securities law. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16, to the exclusion
of state laws inconsistent therewith, and judgment upon the award may be entered in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.3*** The parties and their respective designees will each bear their own expenses, including legal and expert
fees, if any, with respect to the arbitration. The arbitrator will designate the party and/or designee to bear the costs of the arbitration
forum and arbitrator's fees or the respective amounts of such costs to be borne by each party and/or their designees. Any costs
or fees, including attorney's fees, involved in enforcing the award shall be fully assessed against and paid by the party and/or
designee resisting or preventing enforcement of the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.4*** Nothing in this Section 20 will prevent the parties from resorting to judicial proceedings or otherwise
for injunctive relief to prevent or limit irreparable harm or injury to such a party.

**21.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile, electronic mail, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1 If to the Fund:***

SKK Access Income Fund

Attn: Frank Burke

c/o PPB Capital Partners

125 E. Elm Street – Suite 200

Conshohocken, PA 19428

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2 If to Service Provider:***

 ****

PPB Capital Partners, LLC

Attn: Brendan Lake

125 E. Elm Street – Suite 200

Conshohocken, PA 19428

E-mail: fab@ppbadvisors.com

16 **\|** Page

**22.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.1***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other
documents incorporated by reference express the entire understanding of the parties and supersede any other agreement between them relating
to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.2***  ***Conflicts.*** In the event of any conflict between this Agreement and any Appendices or Addendum
thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.3***  ***Amendments.*** The parties may only amend or waive all or part of this Agreement by written
amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.4 Assignments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except as provided in this Section 22.4, this Agreement and the rights and duties hereunder shall not
be assignable by either of the parties except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The terms and provisions of this Agreement shall become automatically applicable to any investment company
that is the successor to the Fund because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Unless the Agreement is terminated in accordance with Section 8 of this Agreement, Service Provider may,
to the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate,
parent, subsidiary or to the purchaser of substantially all of its business, provided that Service Provider provides to the Fund at least
30 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective
successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.5***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the State
of Delaware and the applicable provisions of the 1940 Act. 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.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.6***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience
only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.7***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each
of which when executed shall be deemed to be an original, but such counterparts shall together constitute the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.8***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in
conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected by such
determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular
part, term or provisions held to be illegal or invalid.

17 **\|** Page

***Signatures are located on the next page.***

18 **\|** Page

The parties duly executed this Agreement as of March 15, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **SKK Access Income Fund** |  | **PPB Capital Partners, LLC** |
| <br>**By:** | <br>____________________ | <br>**By:** | <br>____________________ |
| <br> **Name:** | <br> Frank Burke | <br> **Name:**  | Brendan W. Lake |
| <br> **Title:** | <br> President | <br> **Title:**  | <br> Chief Executive Officer |

---

19 **\|** Page

**ADDENDUM A**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated March 15, 2023**

**<u>Fund Portfolio(s)</u>**

SKK Access Income Fund

**ADDENDUM B**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated March 15, 2023**

**<u>Fund Accounting Addendum</u>**

This Fund Accounting Addendum, dated March 15, 2023, is between SKK Access Income Fund (the "**Fund**"), on behalf of the Portfolio(s) listed on Addendum A to the Master Services Agreement, dated March 15, 2023, and PPB Capital Partners, LLC ("**Service Provider**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Accounting Services</u>**

**1.** **Performance of Daily Accounting Services** 

Service Provider shall perform the following accounting services daily the Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1*** calculate the net asset value per share utilizing prices obtained from the sources described in subsection
1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2*** obtain security prices from independent pricing services, or if such quotes are unavailable, then obtain
such prices from the Fund's fair value committee or investment adviser, or the investment adviser's designee, as approved
by the Fund's Board of Trustees (hereafter referred to as "**Board** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3*** verify and reconcile with the Fund's custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4*** compute, as appropriate, the Fund's net income and realized capital gains, dividend payables, dividend
factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5*** review daily the net asset value calculation and dividend factor (if any) for the Fund prior to release
to shareholders, check and confirm the net asset values and dividend factors for reasonableness and deviations, and distribute net asset
values and/or yields to NASDAQ and such other entities as directed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6*** determine unrealized appreciation and depreciation on securities held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7*** accrue income of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8*** amortize premiums and accrete discounts on securities purchased at a price other than face value, if requested
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9*** update fund accounting system to reflect rate changes, as received/obtained by Service Provider, on variable
interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10*** record investment trades received in proper form from the Fund or its authorized agents on the industry
standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11*** calculate the Fund's expenses based on instructions from the Fund's administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12*** accrue expenses of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13*** determine the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions
and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14*** provide accounting reports in connection with the Fund's regular annual audit and other audits and
examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15*** provide such periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16*** prepare and maintain the following records upon receipt of information in proper form from the Fund or
its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record; (4) purchase and sales-portfolio
securities journals; (5) subscription and redemption journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) daily
expense accruals; (10) daily income accruals, (11) securities and monies borrowed or loaned and collateral therefore; (12) foreign currency
journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17*** provide information typically supplied in the investment company industry to companies that track or report
price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.18.*** assist the Fund's independent registered public accounting firms with the preparation and filing
of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.19.*** research and calculate the qualified dividend rate for income and short-term capital gain distributions
and assist in the production of supplemental tax information letters for the Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.20.*** calculate for the Fund share class, as applicable, accruals of shareholder servicing fees and/or distributions
fees under Rule 12b-1 under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.21.*** cooperate with, and take all reasonable actions in the performance of its duties under this Agreement,
to ensure that all necessary information is made available to the Fund's independent public accountants in connection with any audit
or the preparation of any report requested by the Fund.

**2.** **Additional Accounting Services** 

Service Provider shall also perform the following additional accounting services for the Fund.

Addendum B Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1***  ***Financial Statements.*** Service Provider may provide monthly (or as frequently as may reasonably
be requested by the Fund's investment adviser) a set of Financial Statements for the Fund. For purposes of this Fund Accounting
Addendum, "**Financial Statements**" include the following: (A) Statement of Assets and Liabilities; (B) Statement of Operations;
(C) Statement of Changes in Net Assets; (D) Financial Highlights; (E) Security Purchases and Sales Journals; and (F) Fund Holdings Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.***  ***Other Information.*** Provide accounting information for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* federal and state income tax returns and federal excise tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the Fund's reports with the SEC on Forms N-CEN, N-PORT, N-CSR, and 24f-2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* registration statements on Form N-1A and other filings relating to the registration of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Service Provider's monitoring of the Fund's status as a regulated investment company under
Subchapter M of the Internal Revenue Code, as amended (the "**Internal Revenue Code** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* annual audit by the Fund's independent accountants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* examinations performed by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.***  ***Other Services*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* as appropriate, compute the Fund's yields, total return, expense ratios, and portfolio turnover
rate, and any other financial ratios required by regulatory filings.

**3.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1*** Service Provider may provide additional special reports upon the request of the Fund's investment
adviser, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports being
made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** Service Provider may provide such other similar services with respect to a Fund as may be reasonably requested
by the Fund, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such services
being provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** For special cases, the parties hereto may amend the procedures or services set forth in this Agreement
as may be appropriate or practical under the circumstances, and Service Provider may conclusively assume that any special procedure or
service which has been approved by the Fund does not conflict with or violate any requirements of its Agreement and Declaration of Trust
or then current prospectuses, or any rule, regulation or requirement of any applicable regulatory body.

Addendum B Page 3 of 4

**4.** **Tax Matters** 

Service Provider does not provide tax advice. Nothing in the Master Services Agreement or this Fund Accounting Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

**5.** **Forms N-CEN and N-PORT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1*** If Service Provider also provides fund administration to the Fund, Service Provider will prepare and file
with the SEC the reports on Forms N-CEN and N-PORT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2*** If Service Provider does not provide fund administration to the Fund, Service Provider will provide the
fund administrator with accounting information for Forms N-CEN and N-PORT.

 ****

The parties duly executed this Fund Accounting Addendum as of March 15, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **SKK Access Income Fund** |  | **PPB Capital Partners, LLC** |
| <br>**By:** | <br>____________________ | <br>**By:** | <br>____________________ |
| <br> **Name:** | <br> Frank Burke | <br> **Name:**  | Brendan W. Lake |
| <br> **Title:** | <br> President | <br> **Title:** | <br> Chief Executive Officer |

---

Addendum B Page 4 of 4

**ADDENDUM C**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated March 15, 2023**

**<u>Fund Administration Addendum</u>**

This Addendum, dated March 15, 2023, is between SKK Access Income Fund (the "**Fund**"), on its own behalf and on behalf of the Portfolio(s) listed in Addendum A to that certain Master Services Agreement dated March 15, 2023, and PPB Capital Partners, LLC ("**Service Provider**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Administration Services</u>**

**1.** **Regulatory Reporting** 

Service Provider shall provide the Fund with regulatory reporting services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** prepare, in consultation with Fund counsel, and supervise the filing of annual updates to prospectuses
and statements of additional information in the Fund's registration statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** prepare and file with the SEC (i) the reports for the Fund on Forms N-CSR, N-PORT, and N-CEN; (ii) Form
N-PX, and (iii) all required notices or other filings pursuant to Rule 24f-2 under, or Section 17(g) of, the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** prepare such reports, notice filing forms and other documents (including reports regarding the sale and
redemption of shares of the Fund as may be required in order to comply with federal and state securities law) as may be necessary or desirable
to make notice filings relating to the Fund's shares with state securities authorities, monitor the sale of Fund shares for compliance
with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient
to enable the Fund to make a continuous offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** cooperate with, and take all reasonable actions in the performance of its duties under this Agreement,
to ensure that the necessary information is made available to the SEC or any other regulatory authority in connection with any regulatory
audit of the Fund or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** Provide Pre-quarterly board meeting services including organizing and leading planning sessions, such
as preparing materials and meeting agenda, and distributing board books, provide quarterly board meeting services including preparation
and drafting of meeting minutes and drafting of resolutions, to be reviewed by Fund cousel.

**2.** **Shareholder Communications** 

Service Provider shall develop and prepare, with the assistance of the Fund's investment adviser(s) and other service providers, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the printing and mailing of prospectuses, notices and other reports to Fund shareholders.

**3.** **Corporate Governance** 

Service Provider shall provide the following services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** provide individuals reasonably acceptable to the Fund's Board of Trustees (the "**Board** ")
to serve as officers of the Fund, who will be responsible for the management of certain of the Fund's affairs as determined and
under supervision by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions
insurance policies for the Fund in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the
Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** maintain the Fund's governing documents and any amendments thereto, including the Agreement and
Declaration of Trust, By-laws and minutes of the Board and committee meetings.

**4.** **Other Services** 

Service Provider shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Fund; and shall provide such other services as the Fund may reasonably request that Service Provider perform consistent with its obligations under the Master Services Agreement and this Fund Administration Addendum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** administer contracts on behalf of the Fund with, among others, the Fund's investment adviser(s),
distributor, custodian, transfer agent and fund accountant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** assist the Fund's investment adviser(s) and the Fund's Chief Compliance Officer in monitoring
the Fund for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in
the Fund's then current prospectus or statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** perform all reasonable and customary administrative services and functions of the Fund to the extent such
administrative services and functions are not provided to the Fund by other agents of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** furnish advice and recommendations with respect to other aspects of the business and affairs of the Fund,
as the Fund and Service Provider shall determine desirable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** prepare and maintain the Fund's operating budget to determine proper expense accruals to be charged
to the Fund in order to calculate its daily net asset value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** prepare, or cause to be prepared, expense and financial reports, including Fund budgets, expense reports,
pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections on a periodic basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** calculate performance data of the Fund, including the Fund's
yields, total return, expense ratios and portfolio turnover rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** assist the Fund's independent registered public accounting firms with the preparation and filing
of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** research and calculate the qualified dividend rate for income and short-term capital gain distributions
and produce supplemental tax information letters for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.10.*** advise the Fund and its Board on matters concerning the Fund and its affairs including making recommendations
regarding dividends and distributions;

Addendum C Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.11.*** monitor the Fund's status as a regulated investment company under Subchapter M of the Internal Revenue
Code, as amended (the "**Internal Revenue Code** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.12.*** calculate the allocation of Fund expenses as instructed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.13.*** administer the accumulation and disbursement for the Fund share class, as applicable, of amounts to be
paid by the Fund as shareholder servicing fees and/or distributions fees under Rule 12b-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.14.*** administer all disbursements for a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.15.*** upon request, assist the Fund in the evaluation and selection of other service providers, such as independent
public accountants, printers and EDGAR providers.

For special cases, the parties hereto may amend the procedures or services set forth in this Agreement as may be appropriate or practical under the circumstances, and Service Provider may conclusively assume that any special procedure or service which has been approved by the Fund does not conflict with or violate any requirements of its Agreement and Declaration of Trust or then current prospectuses, or any rule, regulation or requirement of any regulatory body.

**5. Liquidity Risk Management Program**.

Service Provider will maintain the fund's Liquidity Risk Management Program ("LRMP") which meets the requirements of Rule 22e-4 under the 1940 Act. In connection with the foregoing, Service Provider shall provide the following services:

**Implementation Phase.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Help develop and implement the Fund's written LRMP.

**Ongoing Services (as applicable).** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide daily monitoring under the LRMP and provide a LRMP Administrator

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare monthly and quarterly reporting and the annual report to the Board, including collecting and incorporating
any investment adviser prepared reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide data from the Fund's books and records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Monitor the Fund's highly liquid investment minimum, if applicable, and the Fund's level of
illiquid investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assist with arranging Board notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assist in the preparation of Form N-LIQUID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Add adviser's liquidity risk discussion to shareholder reports.

**6.** **Tax Matters** 

Service Provider does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

**7.** **Legal Representation** 

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Service Provider will not be obligated to provide legal representation to the Fund, including by attorneys that are employees of Service Provider. The Fund acknowledges that in-house Service Provider attorneys exclusively represent Service Provider and rely on outside counsel retained by the Fund to review all services

Addendum C Page 3 of 4

provided by in-house Service Provider attorneys and to provide independent judgment on the Fund's behalf. The Fund acknowledges that because no attorney-client relationship exists between in-house Service Provider attorneys and the Fund, any information provided to Service Provider attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances. Service Provider represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

The parties duly executed this Fund Administration Addendum as of March 15, 2023.

---

| | | | |
|:---|:---|:---|:---|
|  | **SKK Access Income Fund** |  | **PPB Capital Partners, LLC** |
| <br>**By:** | <br>____________________ | <br>**By:** | <br>____________________ |
| <br> **Name:** | <br> Frank Burke | <br> **Name:**  | Brendan W. Lake |
| <br> **Title:** | <br> President | <br> **Title:** | <br> Chief Executive Officer |

---

Addendum C Page 4 of 4

**ADDENDUM D**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated March 15, 2023**

**<u>Transfer Agent and Shareholder Services Addendum</u>**

This Addendum, dated March 15, 2023, is between SKK Access Income Fund (the "**Fund**"), on its own behalf and on behalf of the Portfolio(s) listed on Addendum A to that certain Master Services Agreement, dated March 15, 2023, and PPB Capital Partners, LLC ("**Service Provider**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Service Provider shall provide the Fund with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process shareholder purchase, redemption, exchange, and transfer orders in accordance with conditions
set forth in the applicable Fund's prospectus(es) applying all applicable redemption or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set up of account information, including address, account designations, dividend and capital gains options,
taxpayer identification numbers, banking instructions, automatic investment plans, systematic withdrawal plans and cost basis disposition
method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934, as
amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue quarterly statements for shareholders, interested parties, broker firms, branch offices and registered
representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act as a service agent and process income dividend and capital gains distributions, including the purchase
of new shares, through dividend reimbursement and appropriate application of backup withholding, non-resident alien withholding and Foreign
Account Tax Compliance Act ()"**FATCA**") withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the
total number of shares of the Fund which are authorized, based upon data provided to it by the Fund, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012), as required;

Addendum E - Trust Services Fee Letter Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** prepare and produce all tax forms and mail to shareholders (1099R, 1099Div, 5498), Coordinate and test
electronic filings to the IRS using FIRE system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer and perform all other customary services of a transfer agent, including, but not limited to,
answering routine customer and dealer inquiries regarding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process all standing instruction orders (Automatic Investment Plans ()"**AIPs**") and Systematic
Withdrawal Plan ()"**SWPs** ")) including the debit of shareholder bank information for automatic purchases.

**2.** **Shareholder Information Services** 

Service Provider shall provide the Fund with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make information available to shareholder servicing unit and other remote access units regarding trade
date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing
material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond as appropriate to all inquiries and communications from shareholders relating to shareholder accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Regulatory Reporting.*** Service Provider agrees to provide reports to the federal and applicable
state authorities, including the SEC, and to the Fund's Auditors. Applicable state authorities are those governmental agencies located
in states in which the Fund is registered to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***IRS Reporting.*** Service Provider will prepare and distribute appropriate Internal Revenue
Service ()"**IRS**") forms for shareholder income and capital gains (including the calculation of qualified income), sale
of fund shares, distributions from retirement accounts and education savings accounts, fair market value reporting on IRAs, contributions,
rollovers and conversions to IRAs and education savings accounts and required minimum distribution notifications and issue tax withholding
reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Market Timing Reports.*** Service Provider will provide quarterly market timing reports for
the Fund these are reviewed daily as part of the serving teams responsibilities.

**4.** **Anti-Money Laundering Services**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***  ***AML Compliance Officer*** . Service Provider agrees to provide an officer or employee of the
Service Provider to serve as the Fund's AML Compliance Officer subject to approval by the Fund's Board of Trustees. The AML
Compliance Officer will carry out the role and responsibilities of Fund's AML Compliance Program (the "**AML Program** ")
and will endeavor to provide an annual third-party report on the operation of the Fund's AML Program.

Addendum E - Trust Services Fee Letter Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***  ***Delegated AML Services and Reporting*** . Service Provider agrees to accept delegation of the
following elements of the Fund's AML Program with respect to direct shareholders of the Fund: (i) no cash policy; (ii) screening
for prohibited shareholders; (iii) customer identification program; (iv) customer due diligence; (v) correspondent account due diligence
(vi) suspicious activity monitoring and reporting; (vii) information sharing compliance (viii) "travel rule" recordkeeping
(ix) anti-money laundering training and (x) anti-money laundering related record keeping (collectively, the "**AML Delegated Duties** ").
Service Provider will provide quarterly board reporting on the foregoing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.***  ***Limitation on Delegation*** . The Fund acknowledges and agrees that in accepting the delegation
hereunder, Service Provider is agreeing to perform only the AML Delegated Duties, as may be amended from time to time, and is not undertaking
and shall not be responsible for any other aspect of the AML Program or for the overall compliance by the Fund with the Bank Secrecy Act,
as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 ("USA PATRIOT Act") and the regulations thereunder (collectively, the "**AML Regulations**") or for any
other matters that have not been delegated hereunder. Additionally, the parties acknowledge and agree that the Transfer Agent shall only
be responsible for performing the AML Delegated Duties with respect to the ownership of, and transactions in, shares in the Fund for which
Service Provider maintains the applicable Shareholder records (*e.g.,* direct shareholders).

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.***  ***Consent to Examination*** . In connection with the performance by Service Provider of the Delegated
AML Services, Service Provider understands and acknowledges that the Fund remains responsible for assuring compliance with the AML Regulations,
and that the records the Service Provider maintains for the Fund relating to the AML Program may be subject, from time to time, to examination
and/or inspection by federal regulators in order that the regulators may evaluate such compliance. Service Provider hereby consents to
such examination and/or inspection and agrees to cooperate with such federal examiners in connection with their review. For purposes of
such examination and/or inspection, Service Provider will use its best efforts to make available, during normal business hours and on
reasonable notice all required records and information for review by such examiners.

**5.** **Dealer/Load Processing** 

For the Fund with a share class that charges a sales load (either front-end or back-end), Service Provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** provide reports for tracking rights of accumulation and purchases made under a Letter of Intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** account for separation of shareholder investments from transaction sale charges for purchase of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** calculate fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** track sales and commission statistics by dealer and provide for payment of commissions on direct shareholder
purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** applying appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent Deferred
Sales Charges ()"**CDSCs**") automatically during trade processing.

**6.** **Shareholder Account Maintenance** 

For each direct shareholder account, Service Provider agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** maintain all shareholder records for each account in the Fund;

Addendum E - Trust Services Fee Letter Page 3 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.*** as dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the
Fund's custodian of the estimated amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders
any funds to which they are entitled by reason of any dividend or distribution and in the case of shareholders entitled to receive additional
shares of the Fund by reason of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and
mail to such shareholders a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.*** issue customer statements on a scheduled cycle, and provide duplicate second- and third-party copies if
required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.4.*** record shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.5.*** maintain account documentation files for each shareholder.

**7.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Service Provider shall perform other services for the Fund that are mutually agreed upon in a writing
signed by the parties for mutually agreed fees, if any, and all out-of-pocket expenses incurred by Service Provider; provided, however
that the Fund may retain third parties to perform such other services. These services may include performing internal audit examination;
mailing the annual reports of the Fund; preparing an annual list of shareholders; custom reporting; and mailing notices of shareholders'
meetings, proxies, and proxy statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** For special cases, the parties hereto may amend the procedures or services set forth in this Agreement
as may be appropriate or practical under the circumstances, and Service Provider may conclusively assume that any special procedure or
service which has been approved by the Fund does not conflict with or violate any requirements of its Agreement and Declaration of Trust
or then current prospectuses, or any rule, regulation or requirement of any applicable regulatory body.

**8.** **National Securities Clearing Corporation Processing** 

Should the Fund choose to become registered under the Securities Act, the Service Provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** process accounts through Networking and the purchase, redemption, transfer and exchange of shares in such
accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the National Securities Clearing Corporation (the "**NSCC** ")
on behalf of NSCC's participants, including the Fund), in accordance with, instructions transmitted to and received by Service Provider
by transmission from NSCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions
of authorized persons, as hereinafter defined on the dealer file maintained by Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.*** issue instructions to the Fund's custodian for the settlement of transactions between the Fund and
NSCC (acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.*** provide account and transaction information from the affected Fund's records on an appropriate computer
system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.*** maintain shareholder accounts through Networking.

**9.** **Tax Matters** 

Service Provider does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

Addendum E - Trust Services Fee Letter Page 4 of 4

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

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit 99(k)(ii)**

![](ex99kii001.jpg)

Board of Trustees

SKK Access Income Fund

125 E. Elm Street, Suite 200

Conshohocken, PA 19428

---

| | |
|:---|:---|
| **Re:** | **Fund Chief Compliance Officer Services** |

---

Dear Board of Trustees:

Thank you for providing Joot with the opportunity to provide Chief Compliance Officer services for the SKK Access Income Fund and SKK Access Income Tender Fund (the "Trust"). This letter identifies the scope of the proposed services and our fee for such services; it is also structured as an engagement letter so that if you choose to accept the terms, it can govern the arrangement between the Trust and Joot.

Throughout this document, the terms "we" or "our" refers to CCO Technology, LLC (d/b/a Joot), and the terms "you" or "client" refer to the Trust.

**<u>Terms and Conditions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Scope of Engagement** 

&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. ***Services***. The list of chief compliance officer ("CCO") services that we will provide to you are listed on Exhibit 1. We based this list of services on the applicable regulatory requirements. Joot will provide a qualified individual to be named as CCO for the engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The engagement will begin on the date of the 15(c) meeting of the Trust (the "Effective Date") and continue for successive two-year periods from the date of approval by the Board, unless terminated, without penalty, (i) by a majority of the Independent Trustees of the Trust at any time upon written notice to Joot, or (ii) by Joot upon 60 days' prior written notice. Joot agrees that, if it terminates this engagement, it will assist the Independent Trustees in their search for a replacement CCO.

Page 1 of 6

&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. Our engagement will conclude on the last day of the month in which we render our final bill. After completion of such services, we will have no continuing obligation to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation and Expenses** 

&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 fee schedule for the proposed services is listed on Exhibit 2. **The one-time organization fee is due December 5, 2022 and the engagment for Annual Fund CCO Services fees will begin on the first day of the month in which the fund of the Trust becomes opertaionally effective**.

&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. Joot will bill for its services at the beginning of the month, and payment is due within 15 days of receipt of the invoice. If you want to dispute any fees or expeneses, you agree to pay all undisputed amounts due and notify Joot in writing of any disputed fees or expenses.

&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. In addition to the compensation described in Section 3.a. and Exhibit 2, Joot shall be reimbursed for its reasonable out-of-pocket expenses in providing services under this Agreement (e.g., travel expenses for board meetings and due diligence visits).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Amendments and Assignments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The parties may amend this engagement at any time with a written agreement signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A party may assign this agreement to a third party upon 60 days' written notice to the non-assigning party. Upon assignment, the terms of this letter shall be automatically applicable to any successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Books and records** 

&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. Joot shall maintain and keep current the books and records relating to the services, as required by applicable law and the Trust policies and procedures, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Trust's Compliance Policies and Procedures
adopted by the Trust pursuant to Rule 38a-1 that are in effect, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Copies of materials provided by Joot to the Board of
Trustees, in connection with their approval of any amendments to the Trust's Compliance Policies and Procedures under Rule
38a-1, and written reports provided to the Board of Trustees pursuant to paragraph Rule 38a-1 for at least five years after the
end of the fiscal year in which the documents were provided, the first two years in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any records prepared by Joot documenting the Trust's
annual review of the Compliance Policies and Procedures pursuant to Rule 38a-1 for at least five years after the end of the fiscal
year in which the annual review was conducted, the first two years in an easily accessible place.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust shall maintain insurance coverage that covers the duties and responsibilities of the CCO (who shall be named as an officer of the Trust) in providing the services under this Agreement. The Trust shall notify Joot should any of its insurance coverage be canceled or reduced. Such notification shall include the date of change and the reasons therefor. Joot shall notify the Trust of any material claims which respect to services performed under this Agreement, whether or not they may be covered by insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Confidentiality** 

&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. "Confidential Information" means and includes (whether identified as confidential, and whether in writing) any business and technical information that a party maintains as confidential and proprietary and which is disclosed to the other party, except as and to the extent otherwise specifically provided herein. More specifically, "Confidential Information" shall mean all information concerning or proprietary to a party including, but not limited to, ideas, techniques, processes, methods, concepts, drawings, designs, descriptions, specifications, works of authorship, patent applications or other filings, trade secrets, product lists, product submission lists, business relationships, data (including any personal information of any customers or other individuals), know-how, formulas, photographs, documents, all forms of software and electronic media, equipment, research, development, and business and financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. "Confidential Information" shall not include any information which (i) was publicly known and made generally available in the public domain prior to the time of disclosure; (ii) becomes publicly known and made generally available after disclosure through no action or inaction of the receiving party; (iii) is already in the possession of the receiving party at the time of disclosure; (iv) is obtained by the receiving party from a third party without a breach of such third party's obligations of confidentiality; (v) is independently developed by the receiving party without use of or reference to the disclosing party's Confidential Information; or (vi) is required by law to be disclosed by the receiving party, provided that the receiving party gives the disclosing party prompt written notice of such requirement prior to such disclosure and provides assistance in obtaining an order protecting the information from public disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. During the engagement, Joot will accumulate materials related to services. Some of these materials will constitute Confidential Information. Joot agrees to use commercially reasonable means to protect such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Each party agrees not to use Confidential Information of the other party for its benefit without the express written consent of the other party. Each party agrees not to disclose any Confidential Information of the other party to any person or entity, except as required by applicable law.

Page 3 of 6

&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. All confidential information is provided "as is." Neither party makes any warranties—express, implied, or otherwise—regarding the accuracy, completeness, or performance of any confidential information provided to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust agrees to indemnify Joot and hold it harmless from all actions, claims, damages, costs, and reasonable legal fees (collectively, "Losses") arising directly or indirectly from any action or omission that Joot takes (1) at the request or on the direction of the Trust and its officers and Trustees; (2) reliance by Joot on any reasonable advice from the Trust or its authorized representatives; or (3) on its own initiative, in good faith and in accordance with a reasonable standard of care, in connection with Joot's performance under this Agreement..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Miscellaneous** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This agreement constitutes the entire agreement between the parties and supersedes all previous drafts, agreements, arrangements, and understandings between them, whether written or oral, relating to its subject matter.

&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. Failure to exercise, or any delay in exercising, any right or remedy provided under this agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict any further exercise of that or any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any notice or other communication required to be given under this letter, shall be in writing and shall be delivered personally, or sent by pre-paid post, or by commercial courier, or by electronic mail to each party required to receive the notice or communication at its address as outlined in the signature page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Nothing in this letter is intended or shall be deemed to establish any partnership or joint venture between any of the parties, constitute any party the agent of another party, nor authorize any party to make or enter into any commitments for or on behalf of any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This letter and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed by Ohio law.

I hope this explanation of the structure of our relationship will be helpful to you. You understand that the terms and conditions of this letter and its exhibits constitute the terms under which Joot proposes to undertake the engagement. If you find the proposed terms and conditions acceptable, please execute and return a copy of this letter to my attention.

***The signatures located on the next page.***

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---

| |
|:---|
| Regards, |
| ![](ex99kii002.jpg) |
| Charles Black |
| Managing Director and Head of Compliance Services Joot |

---

The undersigned accepts and agrees to the terms of this letter.

---

| | |
|:---|:---|
| By: | ![](ex99kii003.jpg) |
| Name: | Brendan W. Lake |
| Title: | Chairman of the Board |
| Dated: | 3/15/2023 |

---

Page 5 of 6

**<u>Exhibit 1 – Scope of Services _</u>**

Joot will provide the following fund CCO compliance services:

1. Joot will provide an individual with the requisite background
and familiarity with the Federal Securities Laws (as defined in Rule 38a-1) to serve as the CCO and to administer the Trust's
policies and procedures adopted pursuant to Rule 38a-1, and CCO cannot be replaced by Joot without prior approval by a majority
of the Board's Independent Trustees.

2. Joot will review and recommend changes, if necessary,
to the Trust's current written policies and procedures that are reasonably designed to prevent violation of the Federal
Securities Laws (as defined in Rule 38a-1) by the Trust, including policies and procedures that provide for the oversight of compliance
by each investment adviser, principal underwriter, administrator, and transfer agent of the Trust.

3. The CCO shall provide at least annually, or more often
as the Board of Trustees reasonably requests, a written report to the Board that addresses, at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;a. The operation of the policies and procedures of the Trust
and each investment adviser, principal underwriter, administrator, and transfer agent of the Trust, and any material changes made
to those policies and procedures since the date of the last report; and

&nbsp;&nbsp;&nbsp;&nbsp;b. Each Material Compliance Matter (as defined in Rule 38a-1)
that occurred since the date of the last report.

4. The CCO shall, no less frequently than annually, meet
separately with the Trust's Independent Trustees, and shall make himself or herself available to participate in the Trust's
quarterly meetings, and shall provide a written summary of compliance matters for the relevant quarterly period.

5. The CCO shall cooperate with an examination or investigation
and take all reasonable actions in the performance of his/her duties under this Agreement, to ensure that the necessary information
is made available to the Securities and Exchange Commission or any other regulatory authority in connection with any regulatory
examination or investigation of the Trust.

Page 6 of 6

## Ex-99.(R)(I)

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit (r)(i)**

**SKK Access Income Fund** 

**CODE OF ETHICS**

**Effective: March 2023**

**CODE OF ETHICS**

Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") addresses conflicts of interest that arise from personal trading activities of investment company personnel. In particular, Rule 17j-1 prohibits fraudulent, deceptive or manipulative acts by such personnel in connection with their personal transactions in securities held or to be acquired by the investment company. The Rule also requires an investment company to adopt a code of ethics containing provisions reasonably necessary to prevent fraudulent, deceptive or manipulative acts and requires certain persons to report their personal securities transactions to the investment company.

This Code of Ethics has been adopted by the Board of Trustees of the SKK Access Income Fund (the "Trust"). It is based on the principle that the trustees and officers of the Trust owe a fiduciary duty to the Trust's shareholders to conduct their affairs, including their personal securities transactions, in such a manner as to avoid (1) serving their own personal interests ahead of the shareholders, (2) taking advantage of their position, and (3) any actual or potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Definitions

As used in this Code of Ethics, the following terms shall have the following meanings:

⮚ "Access person" shall mean any trustee or officer of the Trust. It shall also mean any consultant to the Trust or trustees who has access to the same information as a trustee or officer of the Trust.

⮚ "Adviser" shall mean an investment adviser and/or sub-advisor to a series of the Trust.

⮚ "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

---

| | |
|:---|:---|
| ⮚ | "Beneficial ownership" shall have the same meaning as in Rule 16a-1(a)(2) for the purposes of Section 16 of the Securities Exchange Act of 1934. Generally, a person is considered the beneficial owner of securities if the person has a pecuniary interest in the securities and includes securities held by members of the person's immediate family1 sharing the same household, or other persons if, by reason of any contract, understanding, relationship, agreement or other arrangement, the person obtains from such securities benefits substantially equivalent to those of ownership. |

---

---

| | |
|:---|:---|
| ⮚ | "Disinterested person" shall mean a trustee of the Trust who is not an "interested person" of the Trust within the meaning of Section 2(a)(19) of the 1940 Act (a "Independent Trustee") and any consultant to the Trust or the trustees to the extent the consultant's access to information regarding the Trust and any series of the Trust is limited to the same information as an Independent Trustee. |

---

---

| | |
|:---|:---|
| ⮚ | "Investment Personnel of a Fund or of a Fund's investment adviser" means: (a) Any employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund, or (b) Any natural person who controls the Fund or Adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund. |

---

⮚ "Fund" shall each existing and future series established by the Trust.

---

| | |
|:---|:---|
| ⮚ | "Security" shall have the same meaning set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include: shares of any registered open-end investment company (other than the Fund or any exchange-traded fund); direct obligations of the U.S. Government; bankers' acceptances; bank certificates of deposit; commercial paper; and high-quality short-term debt instruments, including repurchase agreements. |

---

---

| | |
|:---|:---|
| ⮚ | A "security held or to be acquired by the Fund" shall mean (1) any security which, within the most recent fifteen (15) days, is or has been held by the Fund or is being or has been considered by the Fund or the Adviser for purchase by the Fund, or (2) any option to purchase or sell, and any security convertible into or exchangeable for, any such security. |

---

⮚ "Transaction" shall mean any purchase, sale or any type of acquisition or disposition of securities, including the writing of an option to purchase or sell securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prohibition on Certain Actions

Trustees and officers of the Trust shall not, in connection with the purchase or sale, directly or indirectly, by such person of a security held or to be acquired by a Fund:

⮚ Employ any device, scheme or artifice to defraud the Fund;

⮚ Make any untrue statement of a material fact to the Trust or to omit to state a material fact necessary in order to make the statements made to the Trust, in light of the circumstances under which they are made, not misleading;

⮚ Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

⮚ Engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Code of Ethics of Adviser

All trustees and officers of the Trust who are also directors, officers or employees of the Adviser are subject to the Code of Ethics of the Adviser, which is incorporated by reference herein. Such trustees and officers of the Trust will fulfill their reporting obligations of this Code of Ethics by following the reporting requirements of the Adviser's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Quarterly Reporting of Securities Transactions

Each trustee and officer, other than a Disinterested person, shall file with the Chief Compliance Officer of the Trust (or his or her designee) no later than ten (10) days after the end of each calendar quarter, all personal transactions in securities for that quarter. All reports will be reviewed by the Chief Compliance Officer of the Trust. A Disinterested person shall be required to file such reports only with respect to transactions where such person knows, or in the course of fulfilling his or her duties should have known, that during the 15-day period immediately preceding or following the date of a transaction in a security by the person such security was purchased or sold by the Fund or the purchase or sale of the security by the Fund is or was considered by the Fund or the Adviser. A trustee or officer need not make these reports if the report would duplicate information contained in broker trade confirmations or account statements actually received by the Chief Compliance Officer of the Trust with respect to the trustee or officer in the required time period, if all of the information required is contained in the broker trade confirmations or account statements or in the

records of the Trust or the Adviser. An access person need not make a quarterly report with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Initial and Annual Reporting of Holdings

Each trustee and officer, other than a Disinterested person, shall file with the Chief Compliance Officer of the Trust, no later than ten (10) days after he or she becomes a trustee or officer, an initial holdings report listing all securities (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person) beneficially owned by such person as of the date he or she became a trustee or officer. On an annual basis, not later than January 30 of each year, each trustee and officer, other than a Disinterested person, shall file with the Chief Compliance Officer of the Trust, certification of compliance with this Code of Ethics which report shall also include a listing all securities beneficially owned by such person; such report must be current as of a date no more than thirty (30) days before the report is submitted. Any such initial or annual report shall set forth the following information: (1) the title, number of shares and principal amount of each security in which the trustee or officer had any direct or indirect beneficial ownership; (2) the name of any broker, dealer or bank which maintains an account in which any securities of which the trustee or officer has or had direct or indirect beneficial ownership were held; and (3) the date that the report is submitted. A trustee or officer need not make these reports if the report would duplicate information contained in broker trade confirmations or account statements actually received by the Chief Compliance Officer of the Trust with respect to the trustee or officer in the required time period, if all of the information required under this Section 5 is contained in the broker trade confirmations or account statements or in the records of the Trust or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disclaimer of Beneficial Ownership

A trustee or officer may include in any report required under Sections 4 or 5, a disclaimer as to the beneficial ownership in any securities covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Review of Reports; Sanctions

The Chief Compliance Officer of the Trust shall review the reports required under this Code and shall report material violations of the Code at least quarterly to the Board of Trustees. If any trustee or officer violates any provisions set forth in this Code of Ethics, the Board of Trustees shall impose such sanctions as it deems appropriate including, but not limited to, a letter of censure or termination of employment, censure, fines, or to the extent possible freezing of one's personal account or securities in that account for a specified time frame.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Reporting to Board of Trustees

(a.) At least once each year, the Chief Compliance Officer of the Trust shall provide the Board of Trustees with a written report that (1) describes issues that arose during the previous year under this Code of Ethics including, but not limited to, information about material violations and sanctions imposed in response to those material violations, and (2) certifies to the Board of Trustees that the Trust has adopted procedures reasonably necessary to prevent its Access Persons from violating this Code of Ethics.

(b.) At least once each year, the Chief Compliance Officer of the Trust shall provide the Board of Trustees with a written report from the Trust's Adviser that (1) describes any issues arising under

the Adviser's code of ethics since the last report to the board of trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations, and (2) certifies that the Adviser has adopted procedures reasonably necessary to prevent access persons from violating its codes of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Notification of Reporting Obligation

The Chief Compliance Officer of the Trust shall identify all persons who are required to make the reports required under Sections 4 and 5 and shall inform those persons of their reporting obligation. Each Access Person of the Trust shall be required to acknowledge that he or she has received a copy of, has read and fully understands and will comply with, this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Restrictions on Trading

Investment Personnel of a Fund or its Adviser must obtain approval from the Chief Compliance Officer of the Trust or the Chief Compliance Officer of the Fund's Adviser before directly or indirectly acquiring beneficial ownership in any securities in: (A) an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to SEC reporting obligations under the 1934 Act; or (B) an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2) or section 4(6) or pursuant to rule 504, rule 505, or rule 506 under the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Retention of Records

The Trust shall maintain the following records, for the time periods and in the manner set forth below, at its principal place of business:

⮚ A copy of this Code of Ethics and each code of ethics previously in effect for the Trust at any time within the past five years, must be maintained in an easily accessible place.

⮚ A record of any violation of the Trust's Code of Ethics, and any action taken as a result of the violation, must be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs.

⮚ A copy of each report required to be made by an officer or trustee pursuant to this Code of Ethics must be maintained for at least five years after the end of the fiscal year in which the report is made, the first two years in an easily accessible place.

⮚ A record of all persons, currently or within the past five years, who are or were required to make reports under Sections 4 and 5, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place.

⮚ A copy of each report required to be made by the Chief Compliance Officer of the Trust to the Board of Trustees pursuant to Section 8 must be maintained for at least five years after the end of the fiscal year in which the report is made, the first two years in an easily accessible place.

⮚ A record of any decision, and the reasons supporting the decision, to approve the acquisition by investment personnel of securities under Section 10, for at least five years after the end of the fiscal year in which the approval is granted.

## Ex-99.(R)(Ii)

**[SKK Access Income Fund N-2](skk_n2-031723.htm)**

**Exhibit (r)(ii)**

![](ex99codeth001.jpg)

Code of Ethics 2

**Table of Contents**

**Table of Contents** 2

Statement of General Policy 3

Definitions 3

Standard of Business Conduct 4

Pre-Approval of Investments 5

Investment Reporting Requirements 5

Reporting Requirements 5

1. Initial Holdings Report 5

2. Annual Holdings Report 6

3. Quarterly Transaction Reports 6

4. Exempt Reporting 6

Violations of the Code of Ethics 6

Acknowledgment 7

Attestation 8

Code of Ethics 3

**Statement of General Policy**

This Code of Ethics ("Code") has been adopted by Shepherd Kaplan Krochuk LLC (SKK), Shepherd Kaplan LLC (SK), and Peak Capital Management LLC (PCM) (together as "us", "we", "our", or "the Firms") and is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act").

This Code establishes standards of business conduct that are required for all supervised persons of the Firms. The standards of business conduct are designed to reflect the fiduciary obligations of the Firms and their supervised persons.

***Supervised persons are urged to seek the advice of a member of the Shepherd Kaplan Krochuk Risk Committee about any questions regarding the Code or application of the Code to their individual circumstances.***

**Definitions**

For the purpose of this Code, the following definitions shall apply:

**"Access Person"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i. Any of the Firms' supervised persons:

&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. Who has access to nonpublic information regarding any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund, 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;B. Who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ii. To the extent that providing investment advice is deemed to constitute the Firms' primary business, all of their directors, officers and partners are presumed to be access persons.

**"Automatic Investment Plan"** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic investment plan includes a dividend reinvestment plan.

"**Beneficial Ownership"** is interpreted in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (15 U.S.C. 78p) and the rules and regulations thereunder in determining whether a person has beneficial ownership of a security. Any report required by paragraph (b) of Rule 204A-1 under the Investment Advisers Act of 1940 may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates.

"CCO" means the Chief Compliance Officer of SKK/SK. The Firm has designated Bruce Goodman for both SKK and SKK as the CCO.

"CCO – PCM" means the Chief Compliance Officer of PCM. The Firm has designated Pete DiLorenzo as the PCM CCO.

"Compliance Personnel" means members of the Risk Committee (rcmembers@sk-llc.com).

Code of Ethics 4

**"Federal Securities Laws"** is defined in the rule as the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Commission under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the Commission or the Department of the Treasury.

**"Fund"** means an investment company registered under the Investment Company Act.

**"Initial Public Offering"** or **"IPO"** means 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.

"**Limited Offering"** means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(2)(a) or section 4(a)(5) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

**"Purchase"** or **"Sale"** of a security includes, among other things, the writing of an option to purchase or sell a security.

**"Reportable Fund"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any fund for which we serve as an investment adviser as defined in section 2(a)(20) of the Investment Company Act of 1940 (i.e., in most cases we must be approved by the fund's board of directors before we can serve); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any fund whose investment adviser or principal underwriter controls us, is controlled by us, or is under common control with us. For purposes of this section, control has the same meaning as it does in section 2(a)(9) of the Investment Company Act of 1940.

"**Reportable Security"** means a security as defined in section 202(a)(18) of the Advisers Act (15 U.S.C. 80b- 2(a)(18)), except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i. Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short- term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iii. Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iv. Shares issued by open-end funds other than reportable funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are reportable funds.

**''Supervised person''** means any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser.

**Standard of Business Conduct**

Section 206 of the Advisers Act makes it unlawful for the Firms to employ any device, scheme or artifice to defraud any client or prospective client, or to engage in fraudulent, deceptive or manipulative practices.

Code of Ethics 5

Supervised persons must comply with the rules in this Code of Ethics, their fiduciary duties to clients, and applicable Federal securities Laws. Our fiduciary duties to clients require that we act with good faith and in the best interests of clients.

As a trustworthy fiduciary, the Firms and their supervised persons have five major responsibilities when it comes to clients. They are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. provide investment advice in the clients' best interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. to act with utmost good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. to provide full and fair disclosure of all material facts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. to employ reasonable care to avoid misleading clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. not to engage in any activity in conflict with the interest of clients, unless such conflict is
disclosed and mitigated to the extent required by law, as applicable.

***If you have any questions, please consult with a member of the Risk Committee.***

**Pre-Approval of Investments**

Access persons must use ComplySci to obtain approval prior to directly or indirectly acquiring beneficial ownership in any security in an initial public offering or in a limited offering. Private placements in SKK private funds by access persons are deemed to be pre-approved immediately prior to the time that transactions are executed.

***If you have any questions, please consult with a member of the Risk Committee.***

**Investment Reporting Requirements**

**Reporting Requirements**

Every access person is required to submit for review by the Risk Committee their initial and annual holdings reports and their quarterly transaction reports. These reports must contain the information described below.

&nbsp;&nbsp;&nbsp;&nbsp;1. Initial Holdings Report

Every access person is required to use ComplySci to submit the initial holdings report within ten (10) days of becoming an access person. The report must contain, at a minimum, the following information:

● The title and type of reportable security, and as applicable the exchange ticker 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.

● The name of any broker, dealer, or bank with which the access person maintains an account in which any reportable securities are held for the access person's direct or indirect benefit.

● The date that the report is submitted by the access person.

The information submitted must be current as of a date no more than 45 days prior to becoming an access person of SKK, SK, or PCM.

Code of Ethics 6

&nbsp;&nbsp;&nbsp;&nbsp;2. Annual Holdings Report

Every access person is required to use ComplySci to submit a report at least once each 12-month period on a date the Firms selects. The report must contain the same information required in the initial holdings report described above. The information submitted must be current as of a date no more than 45 days prior to the date such annual report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reports

Every access person is required to submit via ComplySci a transaction report no later than 30 days after the end of each calendar quarter. Reports must cover, at a minimum, all transactions during the quarter and must contain, at a minimum, the below information about each transaction involving a reportable security in which the access person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

● The date of the transaction, the title, and as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and principal amount of each reportable security involved;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the security at which the transaction was effected;

● The name of the broker, dealer or bank with or through whom the transaction was effected; and

● The date the access person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;4. Exempt Reporting

An access person is not required to submit a report with respect to:

● Reportable securities held in accounts added to ComplySci and for which the Firms receive direct feeds from brokers;

● Reportable securities held in accounts over which the person had no direct or indirect influence or control;

● Transactions effected pursuant to an automatic investment plan;

● A transaction or holding report if the report would duplicate information contained in broker trade confirmations or account statements that SKK holds in its records so long as the Firm receives the confirmations or statements no later than 30 days after the end of the applicable calendar quarter.

***If you have any questions, please consult with a member of the Risk Committee.***

**Violations of the Code of Ethics**

Improper conduct on the part of any employee puts the Firms' and personnel at risk. Therefore, while managers and senior management ultimately have supervisory responsibility and authority, these individuals cannot stop or remedy misconduct unless they know about it.

Supervised persons must report violations of the Code of Ethics promptly to the CCO, the CCO – PCM, and/or to the Risk Committee.

Code of Ethics 7

**Acknowledgment**

We are required to provide each supervised person with a copy of the Code and of any subsequent amendments. All supervised persons must acknowledge their receipt of the Code and any amendments.

***If you have any questions, please consult with a member of the Risk Committee.***

Code of Ethics 8

**Attestation**

I have received a complete copy of the Firms' Code of Ethics (revised as of November 2021). I agree to abide by all of its provisions. Among other things, I will pre-clear personal securities transactions (if required), submit reports of my transactions in reportable securities each quarter, and submit reports of my securities holdings at least once each 12-month period.

**Signature**

**Name**

**Date**

## Cover

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March 17, 2023

**<u>VIA EDGAR</u>**

Securities and Exchange Commission<br> Filing Desk<br> 100 F Street, N.E.<br> Washington, D.C. 20549

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| | |
|:---|:---|
| **Re:** | **Registration Statement filed on Form N-2 under the Investment Company Act of 1940 (the "1940 Act") for SKK Access Income Fund (the "Fund") (File No. 811-23856)** |

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Ladies and Gentlemen,

Enclosed herewith for filing on behalf of the Fund, please find the Fund's Registration Statement filed on Form N-2 under the 1940 Act.

If you have any questions concerning the foregoing, please contact me at (917) 805-1818 or john.ramirez@practus.com.

Sincerely,

<u>/s/ John F. Ramírez</u>

John F. Ramírez

Partner

Practus, LLP

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