# EDGAR Filing Document

**Accession Number:** 0001905379
**File Stem:** 0001206774-26-000052
**Filing Date:** 2026-1
**Character Count:** 1291159
**Document Hash:** 3f36f15001682b1e37456e848af15050
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001206774-26-000052.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001206774-26-000052

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Innovation Access Fund
- **CENTRAL INDEX KEY:** 0001905379

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23777
- **FILM NUMBER:** 26552466

**BUSINESS ADDRESS:**
- **STREET 1:** 350 MADISON AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212)716-6840

**MAIL ADDRESS:**
- **STREET 1:** 350 MADISON AVENUE
- **STREET 2:** 20TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

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

As filed with the Securities and Exchange Commission on January 22, 2026

Investment Company Act File No. 811-23777

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

**Washington, D.C. 20549** 

**FORM N-2**

☒ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** 

☒&nbsp;&nbsp;&nbsp;&nbsp; **Amendment No. 1**

**INNOVATION ACCESS FUND** 

(Exact name of Registrant as specified in Charter)

**350 Madison Avenue, 20th Floor** 

**New York, NY 10017** 

(Address of Principal Executive Office)

Registrant's Telephone Number, including Area Code: **(212) 716-6840** 

**Jennifer Shufro** 

**SilverBay Capital Management LLC** 

**350 Madison Avenue, 20<sup>th</sup> Floor** 

**New York, NY 10017** 

(Name and address of agent for service)

COPY TO:

**George M. Silfen, Esq.** 

**Alston & Bird LLP** 

**90 Park Avenue** 

**New York, NY 10016** 

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

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

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

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

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

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act of 1933 (the "Securities Act")).

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

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

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

This Registration Statement has been filed by Registrant pursuant to Section 8(b) of the Investment Company Act. However, interests in the Registrant are not being registered under the Securities Act, since such interests will be issued solely in private placement transactions which do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act. Investment in the Registrant may be made only by individuals or entities which are "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, any interest in the Registrant.

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**EXPLANATORY NOTE**

This Amendment No. 1 (the "Amendment") to the Registration Statement on Form N-2 is being filed under the Investment Company Act to supersede and replace the Registrant's Registration Statement on Form N-2/A filed on December 26, 2024 under the Investment Company Act (Accession No. 0001206774-24-001204).

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January 22, 2026

**Offering Memorandum**

**Innovation** **Access Fund**

**Shares of Beneficial Interest**

**Class A Shares**

**Class W Shares**

**Class I Shares**

A REGISTRATION STATEMENT TO WHICH THIS MEMORANDUM RELATES HAS BEEN FILED BY INNOVATION ACCESS 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 ("SHARES") OF THE FUND ARE NOT BEING REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), SINCE SUCH SHARES WILL BE ISSUED SOLELY IN PRIVATE PLACEMENT TRANSACTIONS WHICH DO NOT INVOLVE ANY "PUBLIC OFFERING" WITHIN THE MEANING OF SECTION 4(a)(2) OF THE 1933 ACT. INVESTMENT IN THE FUND MAY BE MADE ONLY BY INDIVIDUALS OR ENTITIES WHICH ARE "ACCREDITED INVESTORS" WITHIN THE MEANING OF REGULATION D UNDER THE 1933 ACT, NON U.S. PERSONS WITHIN THE MEANING OF REGULATION S UNDER THE 1933 ACT, OR IN OTHER PRIVATE PLACEMENT TRANSACTIONS EXEMPT UNDER SECTION 4(a)(2). IN ADDITION, INVESTMENT IN THE FUND MAY BE MADE ONLY BY INDIVIDUALS OR ENTITIES WHICH ARE "QUALIFIED CLIENTS" WITHIN THE MEANING OF THE INVESTMENT ADVISERS ACT OF 1940, AS AMENDED (THE "1940 ACT"). THIS MEMORANDUM DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, ANY SHARES. SHARES OF THE FUND 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. THE FUND IS AN ILLIQUID INVESTMENT. INVESTORS HAVE NO RIGHT TO REQUIRE THE FUND TO REDEEM THEIR SHARES.

The Fund is a newly-organized Delaware statutory trust that is registered under the 1940 Act, as a non-diversified closed-end management investment company. SilverBay Capital Management LLC serves as the investment adviser of the Fund (the "Adviser"). The Fund is organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that shareholders of a closed-end fund do not have the right to redeem their shares.

The Fund's investment objective is to achieve maximum capital appreciation. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its assets in securities of private and public "Innovation Companies." For these purposes, "Innovation Companies" include U.S. or foreign companies in technology or related sectors which the Adviser believes, at the time of investment, can innovate or grow more quickly compared to their competitors by deploying, implementing, or using technology or that are expected to be otherwise positively impacted by technological innovation. The Fund may invest in a variety of securities and other instruments, including common and preferred stock and other securities having equity characteristics such as convertible debt securities, warrants, options and other rights, and structured equity-linked investments, which may also have debt-like contractual or structural components. The Fund invests in privately-offered securities through direct investments in private companies or through secondary transactions (i.e., acquisitions of interests in a private company acquired from a party other than the company itself) in such private securities (the "Private Sleeve"). The Fund also invests in publicly-traded equity securities of Innovation Companies or companies that have significant exposure to Innovation Companies (the "Publicly-Traded Sleeve"). The Fund generally targets an approximate 50/50 allocation (other than cash and

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cash-related instruments) between investments in the Private Sleeve and the Publicly-Traded Sleeve. The Fund also generally expects to target an approximate 10% exposure to cash or cash-related instruments (the "Cash Portion"). Notwithstanding the aforementioned targeted percentages, the percentage mix of the Fund's portfolio among the Private Sleeve, the Publicly-Traded Sleeve and the Cash Portion may vary significantly due to a variety or combination of other factors, including available investment opportunities, the prevailing market environment, the timing of liquidity events for securities held in the Private Sleeve, the extent of repurchase offer subscriptions and fluctuations in market or fair valuations of securities held in the respective sleeves. There is no minimum amount of Fund assets required to comprise either the Public Sleeve, the Private Sleeve or the Cash Portion. Further, it is presently anticipated that the Publicly-Traded Sleeve could comprise a majority of the portfolio during the first two years (or longer) of the Fund's operations, as the Fund builds the Private Sleeve of the portfolio. Pending the investment of the proceeds pursuant to the Fund's investment objective, the Fund may invest its assets, which may be a substantial portion, in short-term, high quality debt securities, money market securities, cash or cash equivalents. Delays in investing the Fund's assets may occur because of the time typically required to identify and complete transactions in securities of private companies (which may be considerable). The Fund may not achieve its investment objective during such periods in which the Fund's assets are not substantially invested in accordance with its principal investment strategies. Depending upon market conditions and the availability of investment opportunities, the Fund may also utilize leverage as part of its investment strategy, through direct borrowings (using a credit facility or otherwise), with such borrowings not to exceed 33 ⅓ percent of the Fund's total assets (after taking into account any such borrowings). (*See* "Borrowings & Leverage Risk")

The Fund has no set term and its Shares are offered continuously on a monthly basis. Investors do not have the right to require the Fund to repurchase their Shares of beneficial interest during the life of the Fund. However, the Fund intends to offer to repurchase a limited amount of its Shares pursuant to written tenders. Specifically, commencing with the first full calendar quarter following the first investment in the Fund by investors that are not the Adviser or its affiliate (the date of such first outside investment being the "Initial Investor Commencement Date"), the Adviser intends to recommend the Board's approval of quarterly repurchase offers whereby the Fund would offer to repurchase up to an amount of Shares the aggregate value of which is equal to 4% of the net asset value of the Fund as of or prior to the end of the quarter. The Fund may cease to offer Share repurchases at any time if the Adviser determines there are not sufficient assets available. (*See* "Repurchases and Transfers of Shares"). Shares are also subject to transfer restrictions, including a requirement that Shares, other than Shares held by the Adviser or its affiliates, must be held in the investor's account with a Selling Agent (as defined on the next page) and, except for certain circumstances, may only be transferred with the Adviser's prior written consent to persons who are "Eligible Investors" (as described on page iii).

This offering memorandum (the "Offering Memorandum") sets forth concisely the information about the Fund that a prospective investor should know before investing. You are advised to read this Offering Memorandum carefully and to retain it for future reference. A statement of additional information ("SAI") dated January 22, 2026, as it may be supplemented, containing additional information about the Fund, is incorporated by reference in its entirety into this Offering Memorandum. You may request a free copy of the SAI (the table of contents of which is on page 61 of this Offering Memorandum), the Fund's annual and semi-annual reports to shareholders, and other information about the Fund, and make shareholder inquiries by writing to Innovation Access Fund, 350 Madison Avenue, 20<sup>th</sup> Floor, New York, NY 10017 or by calling collect (212) 716-6840.

**INVESTING IN SHARES INVOLVES A HIGH DEGREE OF RISK. (*SEE* "PRINCIPAL RISK FACTORS" BEGINNING ON PAGE 19.)**

**This Offering Memorandum shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there 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 Offering Memorandum. Prospective investors should not rely on any information not contained in this Offering Memorandum or the appendices hereto.**

The amount of distributions that the Fund may pay, if any, is uncertain.

The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds and borrowings.

ii

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This Offering Memorandum 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 advisors of the prospective investor receiving this document). Notwithstanding the foregoing and any other provision or statement in any offering document of the Fund, but subject to restrictions reasonably necessary to comply with federal or state securities laws, an investor (and each employee, representative or other agent of the investor) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the Fund and the offering of its Shares and all materials of any kind (including opinions or other tax analyses) that are provided to the investor relating to such tax treatment and tax structure.

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

Shares are speculative and illiquid and thus involve substantial risk of loss. The Shares are not listed on any securities exchange, and it is not anticipated that a secondary market for Shares will develop. Shares will not be redeemable at an investor's sole option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares. The Adviser or an affiliate of the Adviser may serve as the initial investor in the Fund. **Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.**

These securities are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the 1933 Act and applicable state securities laws, pursuant to registration or exemption therefrom. In making an investment decision, investors must rely upon their own examination of the Fund and the terms of the offering, including the merits and risks involved. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved the Fund's Shares or passed upon the adequacy of the disclosure in this Memorandum. Any representation to the contrary is a criminal offense.

**BREAKWATER GROUP DISTRIBUTION SERVICES, LLC**

**Distributor**

iii

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(CONTINUED FROM COVER PAGE)

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| | | | |
|:---|:---|:---|:---|
| | Class A Shares | Class W Shares | Class I Shares |
| Total Offering Amount (1) | $100000000 | $100000000 | $100000000 |
| Maximum Sales Load (2) | 2.50% | 0.00% | 0.00% |
| Minimum Sales Load (1)(2) | 0.00% | 0.00% | 0.00% |
| Proceeds to the Fund (maximum) | $100000000 | $100000000 | $100000000 |
| Proceeds to the Fund (minimum) | $97500000 | $100000000 | $100000000 |

---

(1) The minimum initial investment in the Fund by an investor for Class A and Class
W shares is $50,000, and the minimum subsequent investment must be at least $5,000.

In addition, Class W shares of the Fund are currently only available to investors whose investment in the Fund is made through an asset-based fee program sponsored by a registered broker-dealer or registered investment adviser (also known as a "wrap fee" program) and whose financial advisor recommends their investment in the Fund. Wrap fee programs are arrangements between broker-dealers, investment advisers, banks and other financial institutions (typically acting as sponsors of the programs) through which the customers of such firms receive discretionary investment advisory, execution, clearing, and custodial services in a "bundled" form. In exchange for these "bundled" services, customers pay an all-inclusive – or "wrap" – fee determined as a percentage of the assets held in the wrap fee account.

Not all investors are able to access Class W shares. Certain brokerage firms may not offer fee-based advisory programs that allow investors to access Class W shares as described above or investors may not qualify for any such program at their brokerage firms that allows such access. It is also possible that certain brokerage firms may not offer the Fund as part of any such fee-based advisory program.

In addition, Class I shares are available to both institutional investors and wrap fee accounts (which provide access to Class I shares) making an initial investment of at least $10,000,000. Subsequent investments must be at least $250,000. The stated minimum initial and subsequent investments may be reduced for certain investors as described in "The Offering" below.

Under certain circumstances (including where a Class A shareholder may be eligible to invest in Class W or Class I shares), and only as authorized by the Distributor or the Fund, the Fund intends to allow Class A shares to be exchanged for Class W or Class I shares, as applicable (to the extent the investor's investment meets the eligibility criteria of the class into which the exchange is sought). Any such exchange would generally not be a taxable event for U.S. federal income tax purposes.

Under certain circumstances (including where a Class W shareholder may be eligible to invest in Class A or Class I shares), and only as authorized by the Distributor or the Fund, the Fund intends to allow Class W shares to be exchanged for Class A or Class I shares, as applicable (to the extent the investor's investment meets the eligibility criteria of the class into which the exchange is sought). Any such exchange would generally not be a taxable event for U.S. federal income tax purposes.

(2) Class A share investors may be charged a sales load up to a maximum of 2.50% on
the purchase price of the Class A shares. The specific amount of the sales load is not fixed and will be determined by the investor and
its broker, dealer or other financial intermediary. (*See* "The Offering – Plan of Distribution.") Any applicable
sales load is typically charged prior to investment in the Fund such that the amount invested in the Fund is net of such sales load and
the amount of such load neither constitutes an investment by the investor nor forms part of the assets of the Fund. Any applicable sales
load is subject to the applicable limitations imposed by the rules and regulations of the Financial Industry Regulatory Authority, Inc.

In addition, Selling Agents (defined below) are not required by the Fund or Distributor to charge any sales load on Class A shares and instead may charge clients transaction fees or other transaction charges in such amounts as they may determine (which may be higher or lower than 2.50% of the invested amount). Selling Agents may impose additional or other transaction fees/charges. Transaction fees or other transaction charges will vary among Selling Agents and each Selling Agent may vary its level of charges to each investor based on such investor's total account size or on such other basis as determined by the Selling Agent. In addition, the Distributor (as defined below) or the Adviser may pay selling compensation to Selling Agents of up to 1.50% of the purchase

iv

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price of Shares for the first twelve months after the Fund's Initial Investor Commencement Date, which period may be extended in the Distributor or the Adviser's sole discretion. This compensation from the Distributor or the Adviser may be used by Selling Agents to offset the upfront sales load otherwise chargeable to the investor.

Breakwater Group Distribution Services, LLC ("Breakwater" or the "Distributor") serves as distributor of the Fund's Shares on a best efforts basis. Pursuant to the terms of its distribution agreement with the Fund, the Distributor may retain unaffiliated brokers or dealers to act as selling agents ("Selling Agents") to assist in the distribution of Shares. The Fund reserves the right to withdraw, cancel, suspend or modify the offering of Shares at any time and to reject, in its sole discretion in whole or in part, any order from an individual offeree or offerees. Shares of the Fund are expected to be generally offered for purchase once a month at a price equal to net asset value next determined after an order is accepted, plus a sales load (if applicable), except that Shares may be offered less frequently as determined by the Distributor in consultation with the Adviser, subject to Board oversight. Purchase orders for Shares sold in connection with a monthly offering must be received in proper form by the Distributor prior to the close of business (normally 5 p.m. Eastern Time) on the day of the month specified by the Distributor (typically the last business day of the month) and communicated by Selling Agents to their customers, which can be, with respect to certain Selling Agents, as many as five business days prior to the end of a month (a "Closing Time"). At each Closing Time purchase orders received in proper form and not rejected by or on behalf of the Fund will be accepted by the Fund and deposited monies will be invested in the Fund (net of the sales load, if applicable) as of the first day of the next month following submission of an investor's purchase order. A prospective investor may rescind a purchase order for Shares at any time prior to a Closing Time. The Fund generally intends to offer its Shares on a monthly basis at net asset value.

Pursuant to the distribution agreement, Class A shares of the Fund are subject to ongoing distribution and shareholder servicing fees that may be used to compensate Selling Agents for selling Shares of the Fund, marketing the Fund and providing, or arranging for the provision of, ongoing investor services and account maintenance services to investors in the Fund. These fees are accrued and paid monthly in an amount not to exceed 0.85% (on an annualized basis) of the net asset value of Class A shares of the Fund. Class W shares are not subject to any front-end sales load or ongoing distribution fee, but are subject to a servicing fee not to exceed 0.25% (on an annualized basis) of the net asset value of Class W shares. Class I shares are not subject to any front-end sales load, ongoing distribution fee or ongoing servicing fee.

Shares of the Fund may be purchased only by U.S. investors who certify to the Fund or its agents that (i) they have a net worth (in the case of a natural person, either as an individual or with assets held jointly with a spouse) of more than $2.2 million, excluding the value of the primary residence of such person as an asset, and, as a liability, certain debt, or portions thereof, secured by such property, or otherwise meet the definition of a "qualified client" under Rule 205-3 promulgated under the Investment Advisers Act of 1940, as amended and (ii) that they are an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act - such an "accredited investor" includes, among other investors, a natural person who has a net worth (or a joint net worth with that person's spouse), excluding the value of such natural person's primary residence, immediately prior to the time of purchase in excess of $1 million, or income in excess of $200,000 (or joint income with the investor's spouse in excess of $300,000) in each of the two preceding years and has a reasonable expectation of reaching the same income level in the current year, and certain legal entities with total assets exceeding $5 million (together, an "Eligible Investor"), as described more fully herein. In order to purchase Shares, a prospective investor must be an Eligible Investor and submit a completed investor certification to the Distributor or a Selling Agent prior to the Closing Time. (A form of investor certification is included in Appendix A to this Offering Memorandum, which may be modified or supplemented as necessary to comply with the certification and/or substantiation requirements of individual Selling Agents.) Shares typically may only be purchased through, and with funds drawn on, an investor's account with the Distributor or Selling Agent. Additional information regarding the process for buying Shares is set forth under "The Offering — Purchase Terms; Minimum Investment" and "Investor Qualifications and Suitability."

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**TO ALL INVESTORS**

This offering memorandum (the "Offering Memorandum") does not constitute an offer to sell or the solicitation of an offer to buy, and no sale of Shares will be made, in any jurisdiction in which the offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation or sale. No person has been authorized to make any representations concerning the Fund that are inconsistent with those contained in this Offering Memorandum. Prospective investors should rely only on information contained in this Offering Memorandum and the Fund's statement of additional information. Each prospective investor should consult his, her or its own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund for the investor. Prospective investors should read this Offering Memorandum carefully before investing and retain it for future reference.

**PRIVACY NOTICE**

An important part of our commitment to you is our respect to your right to privacy. Protecting all of the information we are either required to gather or which accumulates in the course of doing business with you is a cornerstone of our relationship with you. This Privacy Notice sets forth the policies of the Fund with respect to the collection, sharing and protection of non-public personal information of the Fund's investors, prospective investors and former investors. These policies may be changed at any time, provided that a notice of such change is given to you. Please read this Privacy Notice carefully to understand what we do.

We collect personal information about you (such as your name, address, social security or tax identification number, assets and income) in the course of doing business with you or from documents that you may deliver to us or to an agent of the Fund. We may use this information to effectively administer our customer relationship with you. It also permits us to provide efficient, accurate and responsive service, to help protect you from unauthorized use of your information and to comply with regulatory and other legal requirements. These include those related to institutional risk control and the resolution of disputes or inquiries.

We do not disclose any nonpublic, personal information about the Fund's investors, prospective investors or former investors to third parties, except as permitted or required by law. We maintain physical, electronic and procedural safeguards to protect such information, and limit access to such information to those employees who require it in order to provide services to you.

To service your account and effect transactions, we may provide your personal information to our affiliates and to non-affiliate firms (*i.e.*, companies not related by common ownership or control) that assist us in servicing your account and have a need for such information, such as a broker or administrator. We may also disclose such information to service providers and financial institutions with whom we have marketing arrangements. We require third party service providers and financial institutions with which we have marketing arrangements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them. We do not otherwise provide information about you to outside firms, organizations or individuals except to our attorneys, accountants and auditors and as permitted by law.

It may be necessary, under anti-money laundering or other laws, to disclose information about you in order to accept your purchase order. Information about you may also be released if you so direct, or if we, or an affiliate, are compelled to do so by law, or in connection with any government or self-regulatory organization request or investigation.

We are committed to upholding these privacy policies. We will notify you on an annual basis of our policies and practices in this regard and at any time that there is a material change thereto.

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| &nbsp;&nbsp;[SUMMARY OF TERMS](#a_001) | [1](#a_001) |
| &nbsp;&nbsp;[SUMMARY OF FUND EXPENSES](#a_002) | [16](#a_002) |
| &nbsp;&nbsp;[PRINCIPAL RISK FACTORS](#a_003) | [19](#a_003) |
| &nbsp;&nbsp;[ADDITIONAL RISK FACTORS](#a_004) | [35](#a_004) |
| &nbsp;&nbsp;[THE FUND](#a_005) | [37](#a_005) |
| &nbsp;&nbsp;[USE OF PROCEEDS](#a_006) | [37](#a_006) |
| &nbsp;&nbsp;[INVESTMENT PROGRAM](#a_007) | [37](#a_007) |
| &nbsp;&nbsp;[NON-PRINCIPAL FUND INVESTMENT PRACTICES AND THEIR RISKS](#a_008) | [40](#a_008) |
| &nbsp;&nbsp;[MANAGEMENT OF THE FUND](#a_009) | [41](#a_009) |
| &nbsp;&nbsp;[FEES AND EXPENSES](#a_010) | [43](#a_010) |
| &nbsp;&nbsp;[THE OFFERING](#a_011) | [45](#a_011) |
| &nbsp;&nbsp;[DESCRIPTION OF SHARES](#a_012) | [48](#a_012) |
| &nbsp;&nbsp;[CERTAIN TAX MATTERS](#a_013) | [48](#a_013) |
| &nbsp;&nbsp;[INVESTOR QUALIFICATIONS AND SUITABILITY](#a_014) | [50](#a_014) |
| &nbsp;&nbsp;[CALCULATION OF NET ASSET VALUE](#a_015) | [51](#a_015) |
| &nbsp;&nbsp;[REPURCHASES AND TRANSFERS OF SHARES](#a_016) | [54](#a_016) |
| &nbsp;&nbsp;[DISTRIBUTION POLICY](#a_017) | [56](#a_017) |
| &nbsp;&nbsp;[CONFLICTS OF INTEREST](#a_018) | [57](#a_018) |
| &nbsp;&nbsp;[GENERAL INFORMATION](#a_019) | [60](#a_019) |
| &nbsp;&nbsp;[**TABLE OF CONTENTS** OF STATEMENT OF ADDITIONAL INFORMATION](#a_020) | [61](#a_020) |
| &nbsp;&nbsp;[APPENDIX A: FORM OF INVESTOR CERTIFICATION](#a_021) | [A-1](#a_021) |

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**SUMMARY OF TERMS**

*In making an investment decision, an investor must rely upon his, her or its own examination of Innovation Access Fund (the "Fund") and the terms of the offering, including the merits and risks involved in acquiring shares of beneficial interest ("Shares") in the Fund. This is only a summary of information to consider before investing and is qualified in its entirety by the more detailed information that follows elsewhere in this offering memorandum (the "Offering Memorandum"). An investor should review the entire Offering Memorandum and statement of additional information ("SAI"), available upon request, before making a decision to purchase Shares of the Fund.*

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| **The Fund** | The Fund is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified closed-end management investment company. The Fund is only offered to investors that are: (i) "accredited investors" within the meaning of Regulation D under the Securities Act of 1933, as amended (the "1933 Act") and (ii) "qualified clients" within the meaning of the 1940 Act (together, an "Eligible Investor"). The Fund is a specialized investment vehicle that may be referred to as a registered private investment fund. The Fund is similar to an unregistered private investment fund in that Shares will be sold in private placements, and will be subject to restrictions on transfer.<br>SilverBay Capital Management LLC, a Delaware limited liability company that is registered as an investment adviser with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the investment adviser of the Fund (the "Adviser"). The Adviser is controlled by its sole member, Alkeon Capital Management, LLC ("Alkeon"), which is registered with the SEC as an investment adviser. In light of the relationship between the Adviser and Alkeon, references to the Adviser should be understood to include Alkeon (to the extent applicable), particularly since SilverBay's personnel are all employees of Alkeon. Mr. Panayotis ("Takis") Sparaggis, the controlling person and Chief Investment Officer of Alkeon, is the lead member of the Adviser's Global Investment Team. Mr. Sparaggis serves as the Fund's principal portfolio manager (the "Portfolio Manager"). Alkeon's venture capital Investment Team assists Mr. Sparaggis in his role as the Fund's principal Portfolio Manager. |
| **Investment Objective and<br> Principal Investment Strategies** | The Fund's investment objective is to achieve maximum capital appreciation.<br>The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its assets in securities of private and public "Innovation Companies." For these purposes, "Innovation Companies" include U.S. or foreign companies in the technology or related sectors which the Adviser believes, at the time of investment, can innovate or grow more quickly compared to their competitors by deploying, implementing or using technology or that are expected to be otherwise positively impacted by technological innovation. The Fund may invest in a variety of securities and other instruments, including common and preferred stock (including IPO securities and shares of exchange-traded funds that are registered under the 1940 Act ("ETFs")) and other securities having equity characteristics such as convertible debt securities, warrants, stock, index and ETF options (call and put options) and other rights, and structured equity-linked investments which may also have debt-like contractual or structural components (e.g., instruments that pay PIK interest).<br>The Fund invests in privately-offered securities through direct investments in private companies or through secondary transactions (i.e., acquisition of interest in a private company acquired from a party other than the company itself) in such private securities (the "Private Sleeve"). The Fund also invests in publicly-traded equity securities of Innovation Companies or companies that have significant exposure to Innovation Companies (the "Publicly-Traded Sleeve"). The Fund generally targets an approximate 50/50 allocation (other than cash and cash-related instruments) between investments in the Private Sleeve and the Publicly-Traded Sleeve. The Fund also generally expects <br>|

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to target an approximate 10% exposure to cash or cash-related instruments (the "Cash Portion"). Notwithstanding the aforementioned targeted percentages, the percentage mix of the Fund's portfolio among the Private Sleeve, the Publicly-Traded Sleeve and the Cash Portion may vary significantly due to a variety or combination of other factors, including available investment opportunities, the prevailing market environment, the timing of liquidity events for securities held in the Private Sleeve and fluctuations in market or fair valuations of securities held in the respective sleeves. There is no minimum amount of Fund assets required to comprise either the Public Sleeve, the Private Sleeve or the Cash Portion. Further, it is presently anticipated that the Publicly-Traded Sleeve could comprise a majority of the portfolio during the first two years (or longer) of the Fund's operations as the Fund builds the Private Sleeve of the portfolio. The Fund anticipates that various portfolio companies could, at some point, undergo an initial public offering (IPO). If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Fund's investment to decrease significantly. Even after an IPO, shares may still be restricted, and may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. (*See* "IPO Securities Risk").<br>With respect to the Publicly-Traded Sleeve, the Fund may also seek to achieve its objective by effecting short sales of securities of Innovation Companies when the Adviser believes that the market price of a security is above its estimated intrinsic or fundamental value. The Fund may use total return swaps or options to gain long or short investment exposures in lieu of purchasing or selling an equity security directly. In comparison to certain direct long or short transactions, these transactions can sometimes offer more advantageous financing costs and/or a more efficient means of gaining exposure to certain foreign markets where direct investment may be restricted or cost prohibitive. The use of swaps exposes the Fund to counterparty credit risk and leverage risk. (*See* "Principal Risk Factors — Counterparty Credit Risk" on page 24 and "Borrowings & Leverage Risk" beginning on page 24). Within the Publicly-Traded Sleeve, the Fund may also may enter into or write options (including options on ETFs and indices) to adjust or hedge its exposure to equity markets. Short sales, swaps, and the use of leverage (either directly or through securities lending) are considered speculative investment practices and involve certain risks. (*See* "Principal Risk Factors —Borrowings & Leverage Risk" beginning on page 24). In addition, the Fund, as a result of certain short sale transactions, may recognize short term capital gain, which will be passed through to investors as ordinary income. (For a more detailed discussion of the tax consequences of short sale transactions, *see* "Certain Tax Matters — Taxation of Short Sales.")<br>In implementing the Fund's investment strategy, the Adviser expects to utilize a bottom-up, fundamentally driven, research intensive process. For long positions, the Adviser generally seeks to identify portfolio companies that are believed to have improving fundamentals and competitive advantages over peers.<br>Pending the investment of the proceeds pursuant to the Fund's investment objective, the Fund may invest its assets, which may be a substantial portion, in short-term, high quality debt securities, money market securities, cash or cash equivalents. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash to meet operational needs. Delays in investing the Fund's assets may occur because of the time typically required to identify and complete transactions in securities of private companies (which may be considerable). The Fund may not achieve its investment objective during such periods in which the Fund's assets are not substantially invested in accordance with its principal investment strategies. (For example, such period is expected to first occur during the Fund's first year and may reoccur one or more times following the Fund's launch.)<br>Depending upon market conditions and the availability of investment opportunities, the Fund may also utilize leverage as part of its investment strategy, through direct borrowings (using a credit facility or otherwise), with such borrowings not to exceed 33 ⅓ percent of the Fund's total assets (after taking into account any such borrowings). (*See* "Borrowings.") <br>

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| Investments in the Private Sleeve may be sold following a portfolio company undergoing an initial public offering or another transaction that results in the Fund's investment becoming a publicly-traded security (although the Fund may continue to hold such publicly-traded security until the Adviser, in its discretion, determines disposition of such security should be made consistent with advancing the Fund's investment objectives). Investments may also be disposed as a result of other portfolio company realization events, such as a private sale or merger with a privately-held company. Investments in the Publicly-Traded Sleeve may be sold under several circumstances, such as when the Adviser believes the investment's target value is realized, the instrument's fundamentals deteriorate, more attractive investment alternatives are identified, or when it wishes to raise cash. |
| **The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment.** |

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| **Non-Principal Investment <br> Practices** | There are no limits on the types of securities in which the Fund may take positions, the types of positions it may take, the concentration of its investments in companies, industries or market sectors or subsectors. The Adviser has broad discretion to use any securities trading or investment techniques, whether or not contemplated by the investment strategy described above. From time to time and not as part of its principal strategies, the Fund may also utilize other derivatives (such as options, forwards, futures) to hedge investments and market exposures of the Fund. In addition, there are inherent limitations in describing any investment strategy due to its complexity, confidentiality and indefinite nature. The Adviser intends to pursue the investment objective described above and will generally follow the outlined investment strategy as long as such strategy is in accordance with the Fund's investment objective and may also formulate new approaches to carry out the overall objective of the Fund (i.e., the achievement of maximum capital appreciation). |
| **Term** | The Fund's term is perpetual, except that the Fund may be terminated as provided in the Amended and Restated Declaration of Trust of the Fund. |
| **Borrowings** | The Fund is authorized to borrow money for investment purposes. Borrowings by the Fund will not exceed 33 ⅓ percent of the Fund's total assets. Borrowing for investment purposes (a practice known as "leverage") is a speculative investment practice and involves certain risks. The Fund currently expects to employ leverage up to 15 percent of the Fund's total assets, primarily through direct borrowing from banks and/or prime brokers. (*See* "Principal Risk Factors — Borrowings & Leverage Risk" beginning on page 24.) |
| **Management of the Fund** | The Board of Trustees of the Fund (the "Board") has overall responsibility for the oversight of the management and operations of the Fund. It has delegated responsibility for management of the Fund's day-to-day operations to the Adviser. (*See* "Management of the Fund.") |
| **The Adviser** | The Adviser, SilverBay Capital Management LLC, a Delaware limited liability company, serves as the investment adviser of the Fund. Pursuant to an investment advisory agreement with the Fund (the "Advisory Agreement"), the Adviser is responsible for: (i) developing and implementing the Fund's investment program, (ii) managing the Fund's investment portfolio and making all decisions regarding the purchase and sale of investments for the Fund, and (iii) providing various management and administrative services to the Fund. The Adviser is controlled by Alkeon who serves as the Adviser's Managing Member. Alkeon personnel, acting on behalf of SilverBay, provide the services to the Fund called for under the Advisory Agreement. The Adviser and Alkeon provide investment advice for certain other investment funds or other accounts (the "Other Accounts"). Alkeon employs its innovation strategy (the "Innovation Strategy") for the Fund as well  |

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as for certain Other Accounts. Alkeon manages the remaining Other Accounts (which, from time to time, include Alkeon's own proprietary accounts or other accounts or funds that are owned primarily or exclusively by its affiliates, officers, employees or other personnel) using different strategies. Alkeon's other investment strategies have generally similar investment objectives and may have overlapping positions, but they target different portfolio risk and return characteristics. For a detailed discussion regarding conflicts of interest, see "Conflicts of Interest – Participation in Investment Opportunities".<br>Mr. Sparaggis, the Fund's principal Portfolio Manager, also manages other accounts in accordance with an investment strategy that is similar to that of the Fund.<br>

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| **Management Fee & Incentive Fee** | In consideration of services provided by the Adviser, the Fund pays the Adviser a monthly management fee computed at the annual rate of 1.25% of the Fund's net assets held by the Fund as of the beginning of each month (the "Management Fee"). The Adviser will waive the Management Fee for the first twelve months after the Fund's Initial Investor Commencement Date, which period may be extended in the Adviser's sole discretion. The Fund also pays the Adviser a performance-based incentive fee (the "Incentive Fee") promptly after the end of each fiscal year of the Fund. The Incentive Fee is determined as of the end of the fiscal year in an amount equal to 15% of the amount by which the Fund's net profits for all Fiscal Periods (as defined below), ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account (as described below), without duplication for any Incentive Fees paid during such fiscal year.<br>The Fund also pays the Adviser the Incentive Fee in the event a Fiscal Period is triggered in connection with a share repurchase offer by the Fund, as described below.<br>For purposes of calculating the Incentive Fee, net profits means the amount by which: (a) the net assets of the Fund as of the end of a Fiscal Period, increased by the dollar amount of shares of the Fund repurchased during the Fiscal Period (excluding shares to be repurchased as of the last day of the Fiscal Period after determination of the Incentive Fee) and by the amount of dividends and other distributions paid to shareholders during the Fiscal Period and not reinvested in additional shares (excluding any dividends and other distributions to be paid as of the last day of the Fiscal Period), exceeds (b) the net assets of the Fund as of the beginning of the Fiscal Period, increased by the dollar amount of shares of the Fund issued during the Fiscal Period (excluding any shares issued in connection with the reinvestment of dividends and other distributions paid by the Fund). Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund, determined in accordance with the valuation and accounting policies and procedures of the Fund. "Fiscal Period" means each twelve month period ending on the Fund's fiscal year-end (or such other period ending on the Fund's fiscal year-end in the event the Fund's fiscal year is changed), provided that whenever the Fund conducts a share repurchase offer, the period of time from the last Fiscal Period-end through the effective date of the repurchase offer also constitutes a Fiscal Period.<br>(Upon termination of the Advisory Agreement, the Fund will pay the Incentive Fee to the Adviser as if the date of effectiveness of such termination is the end of the Fund's fiscal year.) In the event that an Incentive Fee is payable with respect to a Fiscal Period that is not the Fund's fiscal year-end due to the Fund's share repurchases, the Incentive Fee will be determined as if the end of such Fiscal Period were the end of the Fund's fiscal year, and only that portion of the Incentive Fee that is proportional to the Fund's assets paid in respect of such share repurchases (not taking into account any proceeds from any contemporaneous issuance of shares of the Fund, by reinvestment of dividends and other distributions or otherwise) will be paid to the Adviser for such Fiscal Period. Since the Fund may conduct repurchase offers every fiscal quarter, Fiscal Periods could be triggered (and, therefore, a portion of the Incentive Fee, if any, would be payable to the Adviser) up to four times each fiscal year. For purposes of determining the Fund's net asset value, <br>|

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the Incentive Fee is calculated and accrued monthly as an expense of the Fund (as if each month-end NAV is the NAV for the end of the Fund's fiscal year).<br>The Incentive Fee will be payable for a Fiscal Period only if there is no positive balance in the Fund's loss carryforward account for the applicable Fiscal Period. The loss carryforward account is an account that will have an initial balance of zero upon commencement of the Fund's operations and, thereafter, will be credited as of the end of each Fiscal Period with the amount of any net loss of the Fund for that Fiscal Period and will be debited with the amount of any net profits of the Fund for that Fiscal Period, as applicable. This is sometimes known as a "high water mark." (*See* "Fees and Expenses — Incentive Fee.")<br>The Incentive Fee presents certain risks that are not present in investment funds without incentive fees, and the application of the Incentive Fee may not correspond to a particular shareholder's experience in the Fund because net profits are calculated on a Fund level and not a shareholder level. (*See* "Principal Risk Factors —Incentive Fee Risk" beginning on page 26.) In addition, although the aggregate fees payable by the Fund to the Adviser are similar to those of private investment funds, they are significantly higher than those paid by most registered investment companies.<br>

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| **The Offering** | The Fund generally intends to offer its Shares on a monthly basis at net asset value ("NAV").<br>Class A shares are subject to a maximum sales load of up to 2.50% and distribution and shareholder servicing fees may not exceed 0.85% (on an annualized basis) of the net asset value of Class A shares of the Fund (such fees, the "Distribution and Shareholder Servicing Fees").<br>Shares of the Fund are expected to be generally offered for purchase on a monthly basis in a continuous offering at their net asset value per share, plus (if applicable), a sales load of up to 2.50% of the purchase price (as described below), except that Shares may be offered less frequently as determined by the Distributor in consultation with the Adviser. In addition, Selling Agents (defined below) are not required by the Fund or Distributor to charge any sales load on Class A shares and instead may charge clients transaction fees or other transaction charges in such amounts as they may determine (which may be higher or lower than 2.5% of the invested amount). Shares will be issued at the net asset value per share next computed after acceptance of an order to purchase Shares. The Fund's net asset value per share will be circulated to Selling Agents (as defined below) offering Shares of the Fund.<br>The minimum initial investment in the Fund by an investor is $50,000 for Class A shares. Subsequent investments must be at least $5,000. The minimum investment requirements may be reduced or waived for investments by personnel of the Adviser and its affiliates, and members of their immediate families, and as may be determined by the Board.<br>In addition to Class A shares, the Fund offers (i) Class W shares, which are offered to investors whose investment in the Fund is made through an asset-based fee program sponsored by a registered broker-dealer or its affiliated investment adviser (also known as a "wrap fee" program) and whose financial advisor recommends their investment in the Fund, and (ii) Class I shares, which are offered to both institutional investors and wrap fee accounts (which provide access to Class I shares) making an initial investment of at least $10,000,000. The stated minimum initial and subsequent investments may be reduced for certain investors as described in "The Offering" below. Class W shares are not subject to any front-end sales load or ongoing distribution fee, and are subject to a servicing fee not to exceed 0.25% (on an annualized basis) of the net asset value of Class W shares. Class I shares are not subject to any front-end sales load, ongoing distribution fee or ongoing servicing fee. |

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Not all investors are able to access Class W shares. Certain brokerage firms may not offer fee-based advisory programs that allow investors to access Class W shares as described above or investors may not qualify for any such program at their brokerage firms that allows such access. It is also possible that certain brokerage firms may not offer the Fund as part of any such fee-based advisory program.<br>Further, the decision by investors to invest in the Fund through Class W shares must be made on a case by case basis after careful discussion with the investor's financial advisor to determine whether Class W shares are most appropriate for the investor, such determination to be based both on economic and non-economic factors.<br>Under certain circumstances (including where a Class A shareholder may be eligible to invest in Class W or Class I shares), and only as authorized by the Distributor or the Fund, the Fund intends to allow Class A shares to be exchanged for Class W or Class I shares, as applicable (to the extent the investor's investment meets the eligibility criteria of the class into which the exchange is sought). Any such exchange would generally not be a taxable event for U.S. federal income tax purposes.<br>Under certain circumstances (including where a Class W shareholder may be eligible to invest in Class A or Class I shares), and only as authorized by the Distributor or the Fund, the Fund intends to allow Class W shares to be exchanged for Class A or Class I shares, as applicable (to the extent the investor's investment meets the eligibility criteria of the class into which the exchange is sought). Any such exchange would generally not be a taxable event for U.S. federal income tax purposes.<br>Shares may be purchased through, and with funds drawn on, an investor's account. In order to purchase Shares, a prospective investor must be an Eligible Investor and submit a completed investor certification to the Distributor or a Selling Agent. (A form of investor certification is included in Appendix A to this Offering Memorandum, which may be modified or supplemented as necessary to comply with the certification and/or substantiation requirements of individual Selling Agents.) The Fund reserves the right to reject, in its sole discretion, any request to purchase Shares of the Fund at any time. The Fund also reserves the right to suspend or terminate the offering of Shares at any time.<br>

Additional information regarding the share purchase process is set forth under "Investor Qualifications and Suitability."<br>Breakwater Group Distribution Services, LLC ("Breakwater" or the "Distributor") serves as distributor of the Shares on a best efforts basis, pursuant to the terms of the Distributor's distribution agreement with the Fund, and may retain unaffiliated brokers or dealers to act as selling agents ("Selling Agents") to assist in the distribution of Shares. Alkeon, the sole member of the Adviser, is a non-managing member of Breakwater. The Adviser (or its affiliates) may also enter into agreements with registered investment advisers to allow them to transact in Class W shares and Class I shares on behalf of their clients (such registered investment advisers shall also be deemed "Selling Agents" as the context requires herein).<br>Selling Agents are entitled to charge a sales load to each investor on the purchase price of Class A Shares of up to 2.50%. The specific amount of the sales load paid is not fixed and will be determined by the investor and its Selling Agent. Any applicable sales load is expected to be waived for the Adviser and its affiliates, including its personnel and members of their immediate families. Any applicable sales load is typically charged prior to investment in the Fund such that the amount invested in the Fund is net of such sales load and the amount of such load neither constitutes an investment by the investor nor forms part of the assets of the Fund. The Selling Agents' receipt of the sales load is subject to the applicable limitations imposed by the rules and regulations of the Financial Industry Regulatory Authority, Inc. <br>

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|  | Selling Agents are not required by the Fund or Distributor to charge any sales load on Class A shares and instead may charge clients transaction fees or other transaction charges in such amounts as they may determine (which may be higher or lower than 2.50% of the invested amount). Selling Agents may impose additional or other transaction fees/charges. Transaction fees or other transaction charges will vary among Selling Agents and each Selling Agent may vary its level of charges to each investor based on such investor's total account size or on such other basis as determined by the Selling Agent.<br>In addition, the Distributor (or the Adviser) may pay selling compensation to Selling Agents of up to 1.50% of the purchase price of Shares for the first twelve months after the Fund's Initial Investor Commencement Date, which period may be extended in the Distributor or the Adviser's sole discretion. This compensation from the Distributor or the Adviser may be used by Selling Agents to offset the upfront sales load otherwise chargeable to the investor. |
| **Fund Expenses** | The Fund bears all expenses incurred in its business and operations, other than those borne by the Adviser or by the Distributor pursuant to their agreements with the Fund, including, but not limited to: all investment related expenses (*e.g.*, costs and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with investments, transfer taxes and premiums, taxes withheld on foreign income, 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); interest expenses and other borrowing costs; the fees and expenses of performing research, risk analysis and due diligence, including third party background checks and the expenses of other third party consultants; expenses of computing the Fund's net asset value, including any equipment or services obtained for the purpose of valuing the Fund's investment portfolio, including appraisal and valuation or related consulting services provided by third parties engaged by or on behalf of the Fund; the Management Fee; the Incentive Fee; the Distribution and Shareholder Servicing Fees; any non-investment related interest expense; networking and sub-transfer agency expenses; organizational and offering expenses (including blue sky or other similar jurisdictional registration fees and governmental and self-regulatory agency filing fees); Fund filing and related compliance expenses, fees and disbursements of any attorneys and accountants engaged by the Fund, including, without limitation, legal costs associated with investments or potential investments not made (i.e., "dead deals"); investor communication expenses; audit and tax preparation fees and expenses; administrative and related trade reconciliation expenses and fees; custody fees and expenses; insurance costs; fees and travel-related expenses of members of the Board who are not employees of the Adviser or any affiliate of the Adviser; and any extraordinary expenses. The Fund and the Adviser have also entered into an Expense Limitation Agreement, pursuant to which the Adviser (or its affiliate) has agreed to pay or absorb the ordinary operating expenses of the Fund so as to ensure that the Fund's annual expense ratio, excluding: (i) the Management Fee; (ii) the Incentive Fee; (iii) any Distribution and Shareholder Servicing Fees for Class A Shares or servicing fees for Class W Shares; (iv) any acquired fund fees and expenses; (v) transactional costs associated with consummated and unconsummated transactions, including legal costs and brokerage commissions, associated with the acquisition, disposition and maintenance of investments by the Fund; (vi) any interest expense; (vii) taxes; (viii) dividend and interest expenses relating to any short sales; and (ix) extraordinary expenses (expenses resulting from events and transactions that are distinguished by their unusual nature or by the infrequency of their occurrence), does not exceed 0.75% per annum for each class (the "Expense Limitation"). In consideration of the Adviser's agreement to limit the Fund's expenses, the Adviser may recoup amounts waived or reimbursed for a period not to exceed three years from the month in which they were waived or reimbursed. Recoupment will be made only to the extent it does not cause the Fund's ordinary operating expenses to exceed: (1) the Expense Limitation in effect at the time the expense was paid or absorbed; and (2) the Expense Limitation in effect at the |

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|  | time of recapture. The Expense Limitation Agreement will remain in effect through the later of December 31, 2028 or 48 months from the Initial Investor Commencement Date, unless sooner terminated at the sole discretion of the Board. The Adviser, in its discretion, may also determine to reimburse or waive any additional expenses of the Fund at any time. (*See* "Fees and Expenses — Other Fees and Expenses of the Fund.") |
| **Investor Qualifications** | Shares of the Fund may be purchased only by U.S. investors who certify to the Fund or its agents that (i) they have a net worth (in the case of a natural person, either as an individual or with assets held jointly with a spouse) of more than $2.2 million, excluding the value of the primary residence of such person as an asset, and, as a liability, certain debt, or portions thereof, secured by such property, or otherwise meet the definition of a "qualified client" under Rule 205-3 promulgated under the Investment Advisers Act of 1940, as amended and (ii) that they are an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act – such an "accredited investor" includes, among other investors, a natural person who has a net worth (or a joint net worth with that person's spouse), excluding the value of such natural person's primary residence, immediately prior to the time of purchase in excess of $1 million, or income in excess of $200,000 (or joint income with the investor's spouse in excess of $300,000) in each of the two preceding years and has a reasonable expectation of reaching the same income level in the current year, and certain legal entities with total assets exceeding $5 million (together, an "Eligible Investor"). (A form of investor certification is included in Appendix A to this Offering Memorandum, which may be modified or supplemented as necessary to comply with the certification and/or substantiation requirements of individual Selling Agents.) Shares typically may be held only through a Selling Agent. |
|  | <br> So long as an investor continues to satisfy the definition of "Eligible Investor" in the then-effective Offering Memorandum of the Fund at the time of such investor's initial investment in the Fund, such investor may keep its assets in the Fund and make additional investments in the Fund, subject to applicable minimums, even if the investor does not satisfy the definition of "Eligible Investor" in the Fund's currently effective Offering Memorandum. However, existing investors who are purchasing additional Shares will be required to submit a new investor certification each time they purchase additional Shares certifying that they continue to satisfy the investor qualification standard in place at the time of their initial investment. (*See* "Investor Qualifications and Suitability.") |
| **Investor Suitability** | **An investment in the Fund involves substantial risks and is not necessarily suitable for all eligible investors.** Prior to making an investment decision, you should: (i) consider the suitability of this investment with respect to your investment objectives and personal situation, (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs, and (iii) consult with your broker, dealer or other financial advisor to determine whether an investment in the Fund is suitable for your risk profile. (*See* "Investor Qualifications and Suitability.") |
| **Unlisted Closed-End Structure; Transfer Restrictions and Highly Limited Liquidity** | The Fund is organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that shareholders of a closed-end fund do not have the right to redeem their Shares. An investment in the Fund is suitable only for investors who have no need for liquidity in their investment. Investors, therefore, must bear the financial risks of this investment for an indefinite period, potentially for the entire life of the Fund.<br>Withdrawals will not generally be permitted, except to the extent required to comply with applicable laws. Shareholders will not be able to sell, assign, transfer, pledge or otherwise dispose of or encumber all or any of their Shares without the prior written consent of the Adviser, which may be withheld in the Adviser's sole discretion. A shareholder that |

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|  | transfers its Shares will be required to bear all costs and expenses (including legal fees) incurred by the Adviser and the Fund in connection with such transfer.<br>Investors do not have the right to require the Fund to repurchase their Shares during the life of the Fund. In addition, the Fund has no plans to list its Shares on any securities exchange and there will be no secondary market on which to sell Shares. Although the Fund intends to make limited quarterly offers to repurchase its Shares, there can be no assurance that the Fund will repurchase all Shares that are tendered by a shareholder in connection with any repurchase offer. |
| **Repurchase Offers** | Shares are not redeemable and a shareholder has no right to require the Fund to redeem its Shares. In an effort to provide limited liquidity for investors commencing with the first full calendar quarter following the Initial Investor Commencement Date, the Adviser intends to recommend to the Fund's Board that the Fund make quarterly offers to repurchase its Shares in an amount equal up to the value of 4% of the then net asset value of the Fund as of such quarter end. There can be no assurance that the Fund will make such repurchase offers, nor that shareholders tendering Shares for repurchase in any offer will have all of their tendered Shares repurchased by the Fund. The Fund may cease to offer Share repurchases at any time if the Adviser determines there are not sufficient assets available. In addition, an early repurchase fee (the "Early Repurchase Fee") of 2.00% of the NAV of the Shares being repurchased by the Fund, payable to the Fund, will be charged with respect to the repurchase of a shareholder's Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Shares. (*See* "Repurchases and Transfers of Shares").<br>If a repurchase offer is oversubscribed by shareholders who tender Shares for repurchase, the Fund will repurchase only a *pro rata* portion of the Shares tendered by each shareholder. As a result, to have the remaining portion repurchased, the shareholder would have to subscribe to one or more future repurchase offers. There is no guarantee that such offer(s) will be made, or that such future offer(s) will be undersubscribed or otherwise large enough to accommodate the repurchase of the remaining portion of Shares. |

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|  | <br> The Adviser expects that, under the procedures applicable to the repurchase of Shares, Shares will generally be valued for purposes of determining their repurchase price as of a date approximately 35 days after the date by which shareholders must submit a repurchase request. The value of Shares can change significantly between this repurchase request deadline and the pricing date for the repurchase offer, i.e., approximately 35 days later.<br>If during any consecutive 24-month period, the Fund does not engage in a tender offer in which the Fund accepts 100% of properly tendered Shares (a "Qualifying Tender"), the Fund will not make any new investments that would comprise the Private Sleeve so as to reserve investable assets to satisfy future tender requests until a Qualifying Tender occurs. (*See* "Repurchases and Transfers of Shares – Failure to Hold Qualifying Tender.") |
| **Distribution Policy** | Dividends will be paid annually on the shares in amounts representing substantially all of the Fund's net investment income, if any, earned each year. Payments on shares will vary in amount depending on investment income received and expenses of operation. It is likely that many of the companies in which the Fund invests will not pay any dividends, and this, together with the Fund's relatively high expenses, means that the Fund is unlikely to have income or pay dividends. The Fund is not a suitable investment if you require regular dividend income.<br>In addition, substantially all of any taxable net capital gain realized on investments will be paid to shareholders at least annually.<br>Dividends and capital gain distributions to shareholders will be automatically reinvested unless the Fund is otherwise instructed by the shareholder through its broker, dealer or other financial intermediary. |

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| **Principal Risk Factors** | An investment in the Fund involves a high degree of risk. There can be no assurance that the Fund's investment objective will be achieved. In particular, the Fund's investments in private companies, use of leverage and derivative transactions can, in certain circumstances, result in significant losses to the Fund. The value of the Fund's investments can be reduced by unsuccessful investment strategies, poor selection of equity securities, poor economic growth, pronounced market volatility, and political and legal developments. The Fund may also be adversely affected by business continuity issues for companies and markets, including as a result of diseases/virus epidemics and pandemics, such as COVID-19; cybersecurity issues, including disruptions to company operations, national and local elections and power supply and generation; natural disasters and ecological damage; and other factors including terrorism and war such as in the Ukraine and the Middle East.<br>Investments in public and private companies involve significant risks, including risk of a total loss of capital. The risks associated with investments in public and private companies arise from several factors, including but not limited to: market risk, the potential for limited diversification, the use of leverage and highly limited liquidity (in the case of private companies). Further risks include:<br>*General and Investment Risks* |

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● Market risks—including political, regulatory, market, economic and social developments and developments that impact specific economic sectors, industries or segments of the market—can affect : (i) the value of the Fund's investments in portfolio companies, which may become more difficult to value; (ii) the timing of realizations; (iii) the availability of credit; and (iv) the length of time investments are held. In addition, turbulence and reduced liquidity in financial markets may negatively affect portfolio companies, which could adversely affect the Fund. These risks may be magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide. In addition, because of the Fund's investments in securities in the Publicly-Traded Sleeve, the value of the Fund's portfolio will be affected by daily movements in the prices of publicly-traded equity securities. These price movements may result from factors affecting individual companies, industries or the securities markets as a whole. Individual companies may report poor results or be negatively affected by industry, regulatory and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, stock markets can be volatile, and stock prices can thus change drastically. This market risk will affect the Fund's share price, which will fluctuate as the values of the Fund's investment securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time.

● The Fund's Private Sleeve investment portfolio will consist of securities issued by privately held companies, and operating results for such companies in a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses.

● The Fund's Private Sleeve may invest in securities of venture investments across different stages, which may be more or less risky (or offer less potential reward) and result in or contribute to significant losses or missed profits to the Fund.

● The
Fund expects to have significant exposure to Innovation Companies in the technology or technology related sectors which may subject the
Fund to greater risk and volatility than if investments had been made in issuers in a broader range of sectors. Investing in securities
of Technology Companies involves additional risks. These risks include: limited operating histories of many Technology Companies; rapidly
changing technologies and products which may quickly become obsolete;

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|  | cyclical patterns in information technology spending which may result in inventory write-offs, cancellation of orders and operating losses; scarcity of management, engineering and marketing personnel with appropriate technological training; the possibility of lawsuits related to technological patents; changing investors' sentiments and preferences with regard to investments in Technology Companies (which are generally perceived as risky) with their resultant effect on the price of underlying securities; and volatility in the U.S. and foreign stock markets which may disproportionately affect the prices of securities of Technology Companies and thus may cause the Fund's performance to experience substantial volatility. The Fund may thus be subject to these and other risks associated with Technology Companies to a much greater extent than a fund that may not emphasize these investments. |
| ● | The Fund's investments in privately-held portfolio companies are priced in the absence of a readily available market and thus are priced based on determinations of fair value, which are subject to inherent uncertainty and may prove to be inaccurate. |
| ● | The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. |
| ● | Warrants and rights may be considered more speculative than certain other types of equity-like securities. |
| ● | The Fund may invest in securities of non-U.S. issuers, including those in emerging markets, thereby exposing the Fund to special risks caused by foreign political, social and economic factors, including exposure to currency fluctuations, less liquidity, less developed and less efficient trading markets, political instability and less developed legal and auditing standards. A decline in the value of the currencies in which the Fund investments are denominated against the U.S. dollar will result in a decrease in the Fund's net asset value. Accordingly, the performance of the Fund could be adversely affected by such currency fluctuations. |
| ● | Although leverage can increase investment returns if the Fund earns a greater return on the investments purchased with borrowed funds than it pays for the use of those funds, the use of leverage will decrease investment returns if the Fund fails to earn as much on investments purchased with borrowed funds as it pays for the use of those funds. The use of leverage will therefore magnify the impact of changes in the value of investments held by the Fund on the Fund's net asset value and thus can increase the volatility of the Fund's net asset value per share. |
| ● | Following its initial investment in a given portfolio company, the Fund may decide to provide additional funds to such portfolio company or may have the opportunity to increase its investment in a successful portfolio company. There is no assurance that the Fund will make follow-on investments or that the Fund will have sufficient funds to make all or any of such investments. |

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● The Fund may receive from a portfolio company an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of.

● The business of identifying and structuring investments of the types contemplated by the Fund is competitive, and involves a high degree of uncertainty. No assurance can be given that the Adviser will be able to complete attractive investments, or that it will be able to invest fully the total capital contributed by shareholders. The Fund is registered as an investment company under the 1940 Act, which may limit its investment flexibility compared to a fund that is not so registered.

● The
Fund will depend on the Adviser's ability to select, allocate and reallocate effectively the Fund's assets and on portfolio
company management teams with respect to the

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|  | operations and performance of its portfolio companies. The success of the Fund is thus substantially dependent on the Adviser and portfolio companies and their continued employment of certain respective key personnel. The Fund has not fully identified the potential investments that it will make with capital contributed by Fund shareholders. It may take a significant amount of time to draw down fully this capital and the capital may not be fully drawn. |
| ● | The Fund may effect short sales of securities when the Adviser believes that the market price of a security is above its estimated intrinsic or fundamental value. The Fund may also effect short sales for hedging purposes. A short sale involves selling a security the Fund does not own in anticipation that the security's price will decline. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Positions in stocks sold short are more risky than long positions (purchases) in stocks because the maximum loss on a stock purchased is limited to the amount paid for the stock plus the transaction costs, where in the case of a short sale, there is no limit on the loss that may be incurred. (*See* "Principal Risk Factors — Risk of Short Sales" beginning on page 23.) |
| ● | Utilizing short-selling transactions, derivative instruments and hedging strategies of the type the Fund may use might not perform as intended or expected, resulting in higher realized losses and unforeseen cash needs. In addition, these transactions depend on the performance of various counterparties. Due to the challenging conditions in the financial markets, these counterparties may fail to perform, thus rendering the Fund's transactions ineffective, which would likely result in significant losses to the Fund. (*See* "Principal Risk Factors — Counterparty Credit Risk" on page 24.) |
| ● | Swaps and certain options and other custom derivative or synthetic instruments are subject to the risk of non-performance by the counterparty to such instrument, including risks relating to the financial soundness and creditworthiness of the counterparty. The prices of derivative instruments can be highly volatile. In addition, derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in derivatives could have a large impact on the Fund's performance. (*See* "Principal Risk Factors – Derivatives Risk" on page 24 and "Options Risk" on page 24.) |
| ● | The Fund may purchase shares of ETFs and effect short sales of these shares as well as trade in options on ETFs. |
| ● | Certain private portfolio companies provide financial information only on a periodic basis (e.g., quarterly) or not at all (e.g., secondaries) to the Adviser or its valuation agents. The fair valuations of such companies' securities and other Fund portfolio holdings, as of the end of each month, can vary dramatically from the time the Fund's NAV was last determined and/or from the last time the portfolio company provided financial information to the Adviser or its affiliates. As a result, the Fund's NAV month-to-month, can fluctuate, potentially significantly, and investors, depending on which month they invest in the Fund (or which quarter they participate in a repurchase offer), can purchase Shares (or have their Shares repurchased) at significantly different NAVs. |
| ● | Investing alongside one or more other parties in an investment (*i.e.*, as a co-investor) involves risks that may not be present in investments made by lead or sponsoring private equity investors. |

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 *Structural Risks*

In light of the foregoing risks, an investment in Shares of the Fund should be considered a highly speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment. (*See* "Principal Risk Factors" and "Additional Risk Factors" for a more complete description of the risk factors to which the Fund is subject.)<br>

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|  | **No guarantee or representation is made that the investment program of the Fund will be successful or that the Fund will achieve its investment objective.** |
| **Conflicts of Interest** | The investment activities of the Adviser and its affiliates for their own accounts and for other accounts they manage, some of which have generally similar investment strategies, give rise to conflicts of interest that may disadvantage the Fund. (*See* "Conflicts of Interest.") |

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|:---|:---|
| **Valuation** | The value of the net assets of Shares of the Fund (or NAV) is determined as of the last business day of each month as of the close of regular business of the New York Stock Exchange in accordance with the procedures set forth below or as may be determined from time to time pursuant to policies established by the Board.<br>The Fund values any securities for which market quotations are "readily available" (including those held in the Publicly-Traded Sleeve) at market value. (*See* "Calculation of Net Asset Value" on page 45.) All other securities (which are expected to comprise a substantial portion of the Fund's investments) and other assets are valued at "fair value" as determined in good faith by the Board. The Board has approved procedures pursuant to which the Fund will value its investments (the "Procedures"). The Board has designated the Adviser as the Valuation Designee, pursuant to Rule 2a-5 under the 1940 Act, and has assigned to the Adviser general responsibility for determining, in accordance with the Procedures, the value of the Fund's investments, subject to the requirements of the 1940 Act and the rules promulgated thereunder.<br>With respect to valuation of portfolio investments in private securities (i.e., securities not traded on an established securities exchange or not reported through NASDAQ or comparable established non-U.S. over-the-counter trading system), the Adviser's Valuation Committee meets at least quarterly to review valuation memoranda and materials for each such investment and determines, in good faith, the fair value methodology for each such investment. In making such good faith determination, the Valuation Committee expects to generally rely on one or more third-party valuation specialists, and the Valuation Committee and/or the third-party valuation specialists may analyze a variety of materials, including: materials prepared by the Adviser, issuer or third-party valuation specialists; the issuer's financial results and projections; publicly traded comparable companies, precedent transactions in the market and comparable private transactions (when available); valuation modeling analyses; as well as other factors and may consider valuation methodologies consistent with industry practices, including but not limited to: comparisons to prices from secondary market transactions; venture capital financings; public offerings; purchase or sales transactions; as well as analysis of financial ratios and valuation metrics of an issuer that issued such private securities to peer companies that are public, analysis of an issuer's most recent financial statements and forecasts, and the markets in which the issuer does business, and other relevant factors.<br>The fair valuation arrived at for each privately offered investment using the foregoing quarterly process is subject to change/update for purposes of determining each subsequent month-end Fund NAV (until the next quarterly fair valuation is determined). Specifically, in making a good faith determination each month whether and to what extent the most recent quarter-end fair value of an investment requires a subsequent adjustment to arrive at the updated month-end NAV, the Valuation Committee expects also to generally rely on one or more third-party valuation specialists. Further, the Valuation Committee and/or the third-party valuation specialists may consider a number of factors, such as an investment's latest round of financing, operating performance, market-based performance multiples, announced capital markets activity and any other relevant information. |

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| **Taxation** | The Fund intends to elect to be treated and to qualify annually as a RIC under Subchapter M of the Code. As such, the Fund will generally not be subject to federal income tax on its taxable income and gains that it distributes to shareholders. The Fund intends to distribute its income and gains in a way that it will not be subject to a federal excise tax on certain undistributed amounts. Fund dividends and capital gains distributions, if any, are taxable to most investors, whether or not they are reinvested in Shares of the Fund. (*See* "Certain Tax Matters" and, in the SAI, "Tax Aspects.") |
| **Fiscal Year** | The Fund's fiscal year ends on each September 30. The Fund's tax year for federal income tax purposes also ends on each September 30. |
| **Administrator** | BNY Mellon Investment Servicing (US) Inc. ("BNYMIS"), located at 600 Colonial Center Parkway, Lake Mary, Florida 32746, serves as the Fund's administrator and provides various administrative and accounting services necessary for the operations of the Fund. |

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|:---|:---|
| **Custodian** | The Bank of New York Mellon, located at 240 Greenwich Street, New York, NY 10286, serves as the custodian for the Fund's assets and is responsible for maintaining custody of the Fund's cash and investments and for retaining sub-custodians to maintain custody of foreign securities held by the Fund. |
| **Transfer Agent** | BNYMIS serves as transfer agent and registrar with respect to Shares of the Fund. |
| **Legal Counsel** | Alston & Bird LLP, 90 Park Avenue, New York, NY 10016, serves as U.S. legal counsel to the Fund. The firm does not represent potential investors with respect to their investment in the Fund. |
| **Reports to Shareholders** | As soon as practicable after the end of each taxable year, shareholders will receive such information as is necessary for them to complete their income tax or information returns, along with any other tax information required by law.<br>The Fund sends unaudited semi-annual and audited annual reports to shareholders within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. |

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**SUMMARY OF FUND EXPENSES**

The following table illustrates the expenses and fees that the Fund expects to incur and that shareholders can expect to bear.

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| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class W** | **Class I** |
|  | **Shares** | **Shares** | **Shares** |
| **Shareholder Transaction Expenses** | | | |
| Maximum Sales Load |  |  |  |
| (as a percentage of offering price)<sup>(1)</sup> | 2.50% | 0% | 0% |
| Early Repurchase Fee<sup>(2)</sup> | 2.00% | 2.00% | 2.00% |
| Dividend Reinvestment and Cash Purchase Plan Fees<sup>(3)</sup> | 0% | 0% | 0% |

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| | | | |
|:---|:---|:---|:---|
| **Annual Expenses<sup>(4)</sup>** |  |  |  |
| (as a percentage of net assets attributable to Shares) |  |  |  |
| Management Fee<sup>(5)</sup> | 1.25% | 1.25% | 1.25% |
| Incentive Fee<sup>(6)(7)</sup> | 0.0% | 0.0% | 0.0% |
| Distribution and/or Shareholder Servicing Fees<sup>(8)</sup> | 0.85% | 0.25% | 0.0% |
| Interest Payments on Borrowed Funds<sup>(9)</sup> | 0.02% | 0.02% | 0.02% |
| Other Expenses<sup>(10)</sup> | 0.25% | 0.25% | 0.25% |
| **Total Annual Expenses** | 2.37% | 1.77% | 1.52% |
| Less Fee Waiver/Expense Reimbursement<sup>(5)(11)</sup> | 0.0% | 0.0% | 0.0% |
| **Total Annual Expenses after Fee Waiver/Expense Reimbursement** | 2.37% | 1.77% | 1.52% |

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<sup>(1)</sup> In connection with initial and additional investments, investors in Class A shares may be charged a sales load of up to 2.50% of the amounts transmitted in connection with their purchases of Shares. Class W shares and Class I shares are not subject to any front-end sales load. In addition, Selling Agents are not required by the Fund or Distributor to charge any sales load on Class A shares and instead may charge clients transaction fees or other transaction charges in such amounts as they may determine (which may be higher or lower than 2.50% of the invested amount). Selling Agents may impose additional or other transaction fees/charges. Transaction fees or other transaction charges will vary among Selling Agents and each Selling Agent may vary its level of charges to each investor based on such investor's total account size or on such other basis as determined by the Selling Agent. (*See* "The Offering — Plan of Distribution.")

<sup>(2)</sup> A 2.00% early repurchase fee will be assessed to any shareholder that has Shares repurchased at any time prior to the day immediately preceding the one-year anniversary following such shareholder's purchase of such Shares. (*See* "Repurchases and Transfers of Shares.") This Early Repurchase Fee would not be applicable unless and until the Fund commences a share repurchase program, which is not expected to occur until after the first full calendar quarter following the Initial Investor Commencement Date.

<sup>(3)</sup> The Fund does not currently expect to charge fees under its Dividend Reinvestment Plan and the Fund does not presently maintain a Cash Purchase Plan.

<sup>(4)</sup> Amount assumes estimated average net assets of $300,000,000 during the Fund's first twelve months. Expenses are estimated. There can be no assurance that the Fund will achieve its estimated net asset level. Actual expenses will depend principally on the Fund's level of net assets, which will be affected by the number of Shares the Fund sells in this offering.

<sup>(5)</sup> The Fund pays the Adviser a monthly Management Fee computed at the annual rate of 1.25% of the Fund's net assets held by the Fund as of the beginning of the month. The Adviser will waive the Management Fee for the first twelve months after the Fund's Initial Investor Commencement Date (the "Management Fee Waiver"), which period may be extended in the Adviser's sole discretion.

<sup>(6)</sup> The Fund pays the Adviser a performance-based Incentive Fee promptly after the end of each fiscal year of the Fund. The Incentive Fee is determined as of the end of the fiscal year in an amount equal to 15% of the amount by which the Fund's

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net profits for all Fiscal Periods (as defined herein), ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account, without duplication for any Incentive Fees paid during such fiscal year. The Fund also pays the Adviser the Incentive Fee in the event a Fiscal Period is triggered in connection with a share repurchase offer by the Fund. In such event, only that portion of the Incentive Fee that is proportional to the Fund's assets paid in respect of such share repurchases (not taking into account any proceeds from contemporaneous issuance of shares of the Fund, by reinvestment of dividends and other distributions or otherwise) will be paid to the Adviser for such Fiscal Period. For purposes of determining the Fund's net asset value, the Incentive Fee is calculated and accrued monthly as an expense of the Fund (as if each month-end NAV is the NAV for the end of a fiscal year). (*See* "Fees and Expenses — Incentive Fee.")

<sup>(7)</sup> No Incentive Fee is shown in the table as the Fund has not yet commenced operations and no performance return has been assumed. As described above, the Incentive Fee will vary based on the Fund's performance for each Fiscal Period. For example, if the Fund were to have positive performance in a given year (including for each Fiscal Period end triggered by repurchase offers prior to the fiscal year end), the amount shown for Incentive Fee would be a positive amount and, depending on the extent of the positive performance, that amount could be significant. Accordingly, the table is not in any way intended to predict the future performance of the Fund nor does it predict the level of future Incentive Fees to be paid, if any.

<sup>(8)</sup> Class A shares of the Fund will be subject to ongoing distribution and shareholder servicing fees that may be used to compensate Selling Agents for selling Shares of the Fund, marketing the Fund and providing, or arranging for the provision of, ongoing investor services and account maintenance services to investors in the Fund. These will be accrued and paid monthly in an amount not to exceed, in the aggregate, 0.85% (on an annualized basis) of the net asset value of Class A shares of the Fund. Class W shares are not subject to distribution fees but are subject to ongoing shareholder servicing fees. These will be accrued and paid monthly in an amount not to exceed, in the aggregate, 0.25% (on an annualized basis) of the net asset value of Class W shares of the Fund. Class I shares are not subject to such ongoing distribution and shareholder servicing fees. (*See* "Fees and Expenses — Distribution and Shareholder Servicing Fees.")

<sup>(9)</sup> The Fund anticipates borrowing funds as permitted under the limitations of the 1940 Act to make investments. The costs associated with such borrowing will be borne by shareholders through their ownership of Fund Shares. The interest expense shown in the table is an estimate based on the Adviser's historical experience in implementing an investment strategy similar to that of the Fund. However, the actual amount may vary depending on a variety of factors, including market conditions.

<sup>(10)</sup> "Other Expenses" shown in the table are an estimate based on expected offering proceeds of $300,000,000. Other expenses include, among other things, organization and offering expenses, administration fees, transfer agency fees, legal fees, the independent auditor's fees, and fees payable to the Independent Trustees. The Fund's annual expense ratio will increase or decrease over time as the Fund's asset level decreases or increases, respectively, and as actual Fund expenses may vary.

<sup>(11)</sup> The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "Expense Limitation Agreement") described in detail under "Fees and Expenses," pursuant to which the Adviser (or its affiliate) has agreed to pay or absorb the ordinary operating expenses of the Fund so as to ensure that the Fund's annual expense ratio, excluding: (i) the Management Fee; (ii) the Incentive Fee; (iii) any Distribution and Shareholder Servicing Fees for Class A Shares or servicing fees for Class W Shares; (iv) any acquired fund fees and expenses; (v) transactional costs associated with consummated and unconsummated transactions, including legal costs and brokerage commissions, associated with the acquisition, disposition and maintenance of investments by the Fund; (vi) any interest expense; (vii) taxes; (viii) dividend and interest expenses relating to any short sales; and (ix) extraordinary expenses (expenses resulting from events and transactions that are distinguished by their unusual nature or by the infrequency of their occurrence), does not exceed 0.75% per annum for each class (the "Expense Limitation"). The Expense Limitation Agreement will remain in effect through the later of December 31, 2028 or 48 months from the Initial Investor Commencement Date, unless sooner terminated at the sole discretion of the Board. In consideration of the Adviser's agreement to limit the Fund's expenses, the Adviser may recoup amounts waived or reimbursed for a period not to exceed three years from the month in which they were waived or reimbursed. Recoupment will be made only to the extent it does not cause the Fund's ordinary operating expenses to exceed: (1) the Expense Limitation in effect at the time the expense was paid or absorbed; and (2) the Expense Limitation in effect at the time of recapture. The Adviser, in its discretion, may also determine to reimburse or waive any additional expenses of the Fund at any time.

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**Example**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
| Class A: |  |  |  |  |
| You would pay the following expenses (including the Incentive Fee) on a $1,000 investment, assuming a 5% annual return and a sales load of 2.50%: | $56 | $120 | $187 | $364 |
| Class W: |  |  |  |  |
| You would pay the following expenses (including the Incentive Fee) on a $1,000 investment, assuming a 5% annual return: | $27 | $82 | $141 | $299 |
| Class I: |  |  |  |  |
| You would pay the following expenses (including the Incentive Fee) on a $1,000 investment, assuming a 5% annual return: | $25 | $76 | $130 | $278 |

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The purpose of the above table is to help a holder of Shares understand the fees and expenses that such holder would bear directly or indirectly. The example assumes a 5% annual return and thus the payment of any Incentive Fee assumes such return. The dollar amounts in the example could be significantly higher if the Fund's net profits significantly exceed 5%. The Fund may also pay organizational and offering costs in connection with the initial private offering of the Shares of the Fund. The organizational expenses are recorded as they are incurred, while the offering expenses will be amortized over the first twelve months of the Fund's operations. The Fund's offering costs and organizational expenses are borne by the Fund's shareholders as an expense of the Fund. The example reflects the application of the Management Fee Waiver for year 1 and application of the Expense Limitation Agreement for years 1 through 4.

**The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown in the example.** For a more complete description of the various costs and expenses, *see* "Fees and Expenses." Moreover, the Fund's actual rate of return/distributions may be greater or less than the hypothetical 5% return shown in the example.

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**PRINCIPAL RISK FACTORS**

**Innovation Access Fund (the "Fund") is a speculative investment and an investment in the Fund's Shares of beneficial interest ("Shares") entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved. In particular, the Fund's investments in private companies can result in significant losses to investors who purchase Shares.**

**<u>General and Investment Risks</u>**

*General*

All securities investments risk the loss of capital. Shareholders may experience a significant decline in the value of their investment. Prospective shareholders should invest only if they can sustain a complete loss of their investment. To the extent that the Fund makes substantial investments in securities of a single issuer or issuers in a single sector, the risk of any investment decision is increased. In addition, the value of the Fund's investments can be reduced by unsuccessful investment strategies, poor selection of equity securities, poor economic growth, pronounced market volatility, and political, regulatory and legal developments. Further, the Fund's use of leverage can result in magnified losses to the Fund. Shareholders could lose some or all of their investment. The Fund may also be adversely affected by business continuity issues for companies and markets, including as a result of pandemics; cybersecurity issues, including disruptions to company operations, national and local elections and power supply and generation; and natural disasters and ecological damage.

The large-scale invasion of Ukraine by Russia in February 2022 resulted in sanctions and market disruptions, including declines in regional and global stock markets, unusual volatility in global commodity markets and significant devaluations of Russian currency. The extent and duration of the military action are impossible to predict but could be significant. Market disruption caused by the Russian military action, and any counter measures or responses thereto (including international sanctions, a downgrade in a country's credit rating, purchasing and financing restrictions, boycotts, tariffs, changes in consumer or purchaser preferences, cyberattacks and espionage) could continue to have severe adverse impacts on regional and/or global securities and commodities markets, including markets for oil and natural gas. These impacts may include reduced market liquidity, distress in credit markets, further disruption of global supply chains, increased risk of inflation, and limited access to investments in certain international markets and/or issuers. In addition, the current conflict in the Middle East and terrorist acts may cause significant volatility in the markets and/or market disruptions. These developments and other related events could negatively impact Fund performance.

**Market and Environment Risk**

General economic or market conditions may adversely affect the investments made by the Fund. In addition, a downturn or contraction in the global economy or in the capital markets, or in certain industries or geographic regions thereof, may restrict the availability of suitable investment opportunities for the Fund and/or the opportunity to liquidate any such investments, each of which could prevent the Fund from meeting its investment objective. A general economic downturn could also result in the diminution or loss of the investments made by the Fund.

Consequences of a severe worldwide economic downturn that may adversely affect the Fund include, among other things:

● a potential lack of available credit, lack of confidence in the financial sector and reduced business activity, all which could materially and adversely affect the Fund and economic conditions generally. The longer these conditions persist, the greater the probability that these factors could have an adverse effect on the Fund's financial results and continued viability;

● a significant decline in the equity markets which may reduce the value of the Fund's portfolio securities; and

The Fund is subject to the risk that geopolitical events may disrupt securities markets and adversely affect global economies and markets generally. War, terrorism and related geopolitical events have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets generally. The Fund may also be adversely affected by business continuity issues for companies and markets, including as a result of pandemics; cybersecurity issues, including disruptions to company operations, national and local elections and power supply and

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generation; natural disasters and ecological damage; and other factors including terrorism and war such as in the Ukraine and the Middle East. Those events, as well as other changes in foreign and domestic political and economic conditions could also adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment and other factors affecting the value of the Fund's investments, timing of investment realizations, availability of credit and length of time investments are held. At such times, the Fund's exposure to the risks described elsewhere in this Offering Memorandum can increase and it may be difficult for the Fund to implement its investment program for a period of time.

**Technology Company Securities Risk**

Under normal market conditions, the Fund may maintain a significant exposure to the equity securities of companies which derive a major portion of their revenue directly or indirectly from business lines which benefit, or are expected to benefit from, technological events, advances or products ("Technology Companies"). Investing in securities of Technology Companies involves additional risks. These risks include: limited operating histories of many Technology Companies; rapidly changing technologies and products which may quickly become obsolete; cyclical patterns in information technology spending which may result in inventory write-offs, cancellation of orders and operating losses; scarcity of management, engineering and marketing personnel with appropriate technological training; the possibility of lawsuits related to technological patents; changing investors' sentiments and preferences with regard to investments in Technology Companies (which are generally perceived as risky) with their resultant effect on the price of underlying securities; and volatility in the U.S. and foreign stock markets which may disproportionately affect the prices of securities of Technology Companies and may cause the Fund's performance to experience substantial volatility. The Fund may thus be subject to these and other risks associated with Technology Companies to a much greater extent than a fund that may not emphasize these investments.

The Adviser's definition of "Technology Companies" (as indicated above) covers companies in a broader range of industries and sectors than those that are more commonly considered Technology Companies. As a result, the Fund's portfolio and performance may not resemble those of funds that are concentrated in more traditional Technology Companies.

**Private Companies Risk**

Operating results for private companies in a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses.

Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Adviser may not have timely or accurate information about the business, financial condition and results of operations of the private companies in which the Fund invests. There is risk that the Fund may invest on the basis of incomplete or inaccurate information, which may adversely affect the Fund's investment performance. Private companies in which the Fund may invest may have limited financial resources, shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Typically, investments in private companies are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be no assurance that the Fund will be able to realize the value of private company investments in a timely manner.

Private companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company. The Fund may hold a substantial number of non-controlling positions in the private companies in which it invests. As a result, the Fund is subject to the risk that a company may make business decisions with which the Fund disagrees, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways that are adverse to the Fund's interests. Due to the lack of liquidity of such private investments, the Fund may not be able to

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dispose of its investments in the event it disagrees with the actions of a private portfolio company and may therefore suffer a decrease in the value of the investment. In addition, these investments are subject to valuation risk as they will be fair valued which is subject to inherent uncertainty and thus, there is significant uncertainty that the Fund can realize such investments at value. At times the Fund may be the majority investor in a portfolio company. In that event, the Fund may take actions in a manner that could disadvantage the minority investors in such portfolio company. There is an increased risk that a minority investor could bring a claim in respect of such actions, which may adversely impact the Fund's investment, whether or not such claims are successfully defended.

Investments in late-stage private companies involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. The Fund may not be able to sell such investments when the Adviser deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company's public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Fund from selling its shares of these companies for a period of time. Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Fund's investment to decrease significantly. Even after an IPO, shares may still be restricted, and may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. For example, Rule 144A under the Securities Act provides an exemption from the registration requirements of the Securities Act for the resale of certain restricted securities to qualified institutional buyers, such as the Fund. However, an insufficient number of qualified institutional buyers interested in purchasing the Rule 144A-eligible securities that the Fund holds could affect adversely the marketability of certain Rule 144A securities, and the Fund might be unable to dispose of such securities promptly or at reasonable prices. If adverse market conditions develop during this period, the Fund might obtain a less favorable price than the price that prevailed when the Fund decided to sell. The Fund may be unable to sell restricted and other illiquid investments at opportune times or prices.

*Venture Capital Investments*

The Fund expects to make "venture capital" investments in private companies which are subject to significant additional risks, including that the venture capital investments typically have limited operating history, are attempting to develop or commercialize unproven technologies or to implement novel business plans or are not otherwise developed sufficiently to be self-sustaining financially or to become public. The public market for startup and emerging growth companies is volatile. Such volatility may adversely affect the development of portfolio companies, the ability of the Fund to dispose of investments, and the value of investment securities on the date of sale or distribution by the Fund. In particular, the receptiveness of the public market to initial public offerings by the Fund's portfolio companies may vary dramatically from period to period. An otherwise successful portfolio company may yield poor investment returns if it is unable to consummate an initial public offering at the proper time. Even if a portfolio company effects a successful public offering, the portfolio company's securities may be subject to contractual "lock-up," securities law or other restrictions, which may, for a material period of time, prevent the Fund from disposing of such securities. Although these investments may offer the opportunity for significant gains, such investments involve a high degree of business and financial risk that can result in substantial losses, which risks generally are greater than the risks of investing in public or private companies that may be at a later stage of development. There can be no guarantee that any portfolio company investment will result in a liquidity event via public offering, merger, acquisition or otherwise. Generally, the investments made by the Fund will be illiquid and difficult to value, and there will be little or no collateral to protect an investment once made.

*Secondary Investments*

The Fund expects to acquire shares or interests in private companies from other shareholders ("Secondary Shares"). When the Fund purchases Secondary Shares, it may have little or no direct access to financial or other information from the issuers of those securities. As a result, the Fund is dependent upon the relationships and contacts of the Adviser and its investment professionals to obtain the information to perform research and due diligence and to monitor the investments in Secondary Shares after they are made. There can be no assurance that the Adviser will be able to acquire adequate information on which to make its investment decision with respect to any Secondary Share purchases, or that the information it is able to obtain is accurate or complete. Any failure to obtain full and complete information regarding the issuers of such shares could cause the Fund to lose part or all of its investment in Secondary Shares.

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In addition, while the Adviser may believe the ability to acquire Secondary Shares or sell the Fund's own private securities as Secondary Shares may provide valuable opportunities for liquidity, there can be no assurance that there will be a market or liquidity for buying or selling Secondary Shares. The prices of Secondary Shares may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may result in an inability for the Fund to acquire Secondary Shares at an attractive price or realize the full value on the sale of private securities held by the Fund as Secondary Shares. In addition, wide swings in market prices, which are typical of irregularly traded securities, could cause significant and unexpected declines in the value of the Fund. Further, prices in private secondary marketplaces, where limited information is available, may not accurately reflect the true value of the securities sold in that market, and may overstate an issuer's actual value, which may cause the Fund to realize future losses on its investment in a private issuer.

Investments in private companies, including through private secondary marketplaces, also entail additional legal and regulatory risks that expose participants to the risk of liability due to the imbalance of information among participants and participant qualification and other transactional requirements applicable to private securities transactions, the non-compliance with which could result in rescission rights and monetary and other sanctions. The application of these laws within the context of private secondary marketplaces and related market practices are still evolving, and, despite efforts to comply with applicable laws, the Fund could be exposed to liability. The regulation of private secondary marketplaces is also evolving. Additional state or federal regulation of these markets could result in limits on the operation of or activity on those markets. Conversely, deregulation of these markets could make it easier for investors to invest directly in private companies and affect the competitiveness for such investments. Private companies may also increasingly seek to limit secondary trading in their stock, such as through contractual transfer restrictions, and provisions in company charter documents, investor rights of first refusal and co-sale and/or employment and trading policies further restricting trading. To the extent that these or other developments result in reduced trading activity and/or availability of private company shares, the Fund's ability to find investment opportunities and to liquidate investments could be adversely affected.

**Publicly Traded Equity Securities Risk**

Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. Common stocks of companies that operate in certain sectors or industries tend to experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. For example, publicly traded equity securities of private equity funds and private equity firms tend to experience greater volatility than other companies in the financial services industry and the broader equity markets. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. A common stock 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 common stock 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. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

**Innovation Company Securities**

Under normal market conditions, the Fund will maintain a significant exposure to the equity securities of companies which the Adviser, at the time of investment, believes can innovate or grow more quickly compared to their competitors by deploying, implementing, or using technology or that are expected to be otherwise positively impacted by technological innovation ("Innovation Companies"). Investing in securities of Innovation Companies involves additional risks. These risks include: limited operating histories of many Innovation Companies; rapidly changing technologies and products which may quickly become obsolete; cyclical patterns in information technology spending which may result in inventory write-offs, cancellation of orders and operating losses; scarcity of management, engineering and marketing personnel with appropriate

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technological training; the possibility of lawsuits related to technological patents; changing investors' sentiments and preferences with regard to investments in Innovation Companies (which are generally perceived as risky) with their resultant effect on the price of underlying securities; and volatility in the U.S. and foreign stock markets which may disproportionately affect the prices of securities of Innovation Companies and may cause the Fund's performance to experience substantial volatility. The Fund may thus be subject to these and other risks associated with Innovation Companies to a much greater extent than a fund that may not emphasize these investments.

The Adviser's definition of "Innovation Companies" (as indicated above) covers companies in a broader range of industries and sectors than those that are more commonly considered Technology Companies. As a result, the Fund's portfolio and performance may not resemble those of funds that are concentrated in more traditional Technology Companies.

*Sector Concentration Risk*

The Fund's investments may nonetheless be concentrated in one or more sectors covering Innovation Companies, including technology and technology-related sectors (such as biotech). Investments in the same sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. Thus, the Fund may be more susceptible to risk of loss from events adversely affecting a particular sector in which the Fund focuses. Certain Technology Companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, these companies are strongly affected by worldwide technological developments, and their products and services may not be economically successful or may quickly become outdated.

**Valuation Risk**

The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued at prices that the Fund is unable to obtain upon sale.

A significant portion of the Fund's assets are expected to consist of securities of private companies for which there are no readily available market quotations and thus their valuation is subject to inherent uncertainty and conflicts of interest. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Fund at fair value as determined pursuant to policies and procedures approved by the Board. In determining fair value, the Adviser is required to consider all appropriate factors relevant to value and all indicators of value available to the Fund. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. There are inherent uncertainties associated with the determination of fair value. The most relevant information may often be provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated.

The value at which the Fund's investments can be liquidated may differ, sometimes significantly, from the valuations assigned by the Fund. In addition, the timing of liquidations may also affect the values obtained on liquidation. The Fund typically holds privately placed securities for which no public market exists. There can be no guarantee that the Fund's investments could ultimately be realized at the Fund's valuation of such investments. This could adversely affect the Fund, new shareholders and shareholders whose Shares are repurchased.

Determination of the value of the Fund's portfolio impacts the calculation of the Management Fee, the Distribution and Shareholder Servicing Fees and determination of the price at which the Shares will be offered and repurchased. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and expenses shareholders will pay and the number of Shares or amount of proceeds from the repurchase of Shares an investor will receive upon investing in the Fund or having their Shares repurchased by the Fund. The Fund expects to generally accept purchases of Shares as of the first business day of each month. The number of Shares a shareholder will receive will be based on the Fund's most recent net asset value, which will be calculated for the last business day of the preceding month (*i.e.*, one business day prior to date on which the Fund will accept purchases). Similarly, for repurchase offers, the proceeds a shareholder will receive from participating in a repurchase offer will be based on the Fund's net asset value for that quarter end, which will be calculated for the last business day of the month of then-expiring quarter. The Adviser generally expects to receive information for certain Fund investments, such as private companies, on a quarterly basis only and on a significant delay. The Adviser does not expect to receive updated information intra quarter for such investments, which may impact the

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Adviser's valuation determinations. A subsequent decrease in the valuation of the Fund's investments after a subscription (or repurchase) could potentially disadvantage subscribing investors to the benefit of pre-existing shareholders (or, in the case of a repurchase, potentially advantage shareholders participating in a repurchase offer relative to shareholders not participating), and a subsequent increase in the valuation of the Fund's investments after a subscription (or repurchase) could potentially disadvantage pre-existing shareholders to the benefit of subscribing investors (or, in the case of a repurchase, potentially disadvantage shareholders participating in a repurchase offer relative to shareholders not participating). For more information regarding the Fund's calculation of its net asset value, *see* "Calculation of Net Asset Value."

**Convertible Securities Risk**

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

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

**Risk of Equity Securities**

The Fund invests in publicly-traded and privately issued "equity securities," which, for these purposes, means common and preferred stocks (including investments in initial public offerings or "IPOs"), convertible securities, stock and index options (call and put options), warrants and rights. Thus, the value of the Fund's portfolio will be affected by movements in the prices of equity securities. These price movements may result from factors affecting individual companies, industries or the securities markets as a whole. Individual companies may report poor results or be negatively affected by industry, regulatory and/or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, stock markets can be volatile at times, and stock prices can change drastically. This market risk will affect the Fund's share price, which will fluctuate as the values of the Fund's investment securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time.

In addition, special risks are associated with investments in IPO securities including a limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the issuer, and limited operating history. These factors may contribute to substantial price volatility for the shares of these companies. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing market prices. In addition, some companies in IPOs are involved in relatively new industries or lines of business, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or the near-term prospect of achieving them.

Convertible securities also carry unique risks. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). Therefore, the investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The conversion value of a

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convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security is increasingly influenced by its conversion value. A convertible security generally sells at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income or preferred security, as applicable. The Fund may invest in structured equity-linked instruments which have debt like components and are subject to various risks as noted above with respect to convertible debt securities and equity securities generally. They are also subject to risks similar to certain derivative instruments which are described below under "Derivatives Risk" and "Counterparty Credit Risk"

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

The use of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The Fund may buy and sell call and put options (including index options), including options on currencies. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund's losses are potentially unlimited.

With respect to stock options or index options, the sale of a covered call option exposes the Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security (owned by the Fund) or Fund market exposure or to possible continued holding of a security or market exposure that might otherwise have been sold or reduced to protect against depreciation in the market price. The sale of a covered put option exposes the Fund during the term of the option to a decline in price of the underlying security while depriving the Fund of the opportunity to invest the cash or liquid securities that are required to be placed in a segregated account in order to engage in a covered put option. In addition, when options are purchased over-the-counter, the Fund bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. (*See* "Principal Risk Factors — Counterparty Credit Risk" on page 24.) These options may also be illiquid and, in such cases, the Fund may have difficulty closing out its position. Over-the-counter options purchased and sold by the Fund may also include options on baskets of specific securities.

Finally, warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of equity-like securities. In addition, the values of warrants and rights do not necessarily change with the value of the underlying securities or commodities and these instruments cease to have value if they are not exercised prior to their expiration dates.

**Warrants and Rights Risk**

Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle the holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of equity-like securities. In addition, the values of warrants and rights do not necessarily change with the value of the underlying securities and these instruments cease to have value if they are not exercised prior to their expiration dates.

**Foreign Investment Risk**

The Fund may invest without limitation in securities of foreign issuers and in depositary receipts. The Adviser defines "foreign issuers" as companies that derive a majority of their revenue or profits from foreign businesses, investments or sales, or that have a substantial portion of their operations or assets abroad. Since there are companies that may be legally organized or have principal offices located in the U.S. that derive a majority of their revenue or profits from foreign businesses, investments or sales, or that have a substantial portion of their operations or assets abroad, such companies are also considered to be "foreign issuers" for these purposes.

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Risk factors affecting foreign investments include, but are not limited to, the following: varying custody and settlement practices; difficulty in pricing; potentially less information about issuers of foreign securities; potentially less governmental regulation and supervision over the issuance and trading of securities than in the U.S.; the unavailability of financial information regarding the foreign issuer or the difficulty of interpreting financial information prepared under foreign accounting standards; less liquidity and more volatility in foreign securities markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes; adverse political, social or diplomatic developments; limitations on the movement of funds or other assets of the Fund between different countries; difficulties in invoking legal process abroad and enforcing contractual obligations; and the difficulty of assessing economic trends in foreign countries.

Other risks of investing in foreign securities include changes in currency exchange rates (in the case of securities that are not denominated in U.S. dollars) and currency exchange control regulations or other foreign or U.S. laws or restrictions, or devaluations of foreign currencies. A decline in the exchange rate would reduce the value of certain of the Fund's foreign currency denominated portfolio securities irrespective of the performance of the underlying investment. In addition, the Fund may incur costs in connection with conversion between various currencies. The Fund may also invest in companies located in, or doing business in, emerging or less developed countries. These investments are typically subject to the foregoing risks to a much greater degree than investments in developed countries and thus, investments in less developed countries could potentially increase volatility of the Fund's net asset value. There is no limit on the amount of the Fund's assets that may be invested in companies located or doing business in emerging market countries.

*Brexit.* The departure of the United Kingdom (UK) from the European Union (EU) single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking effect on December 31, 2020. Given the size and importance of the UK's economy, the longer-term impact of Brexit or any further potential devolution of the EU on the UK and European economies and the broader global economy could be significant, resulting in significant currency fluctuations, and/or otherwise adversely affect international markets or other cross-border co-operation arrangements (whether economic, tax, fiscal, legal, regulatory or otherwise) for the foreseeable future beyond the date of the UK's withdrawal from the EU, which may adversely affect the value of your investment in the Fund.

*Eurozone Investment Risk.* The Fund may invest directly or indirectly from time to time in European companies and assets and companies and assets that may be affected by the Eurozone economy. Ongoing concerns regarding the sovereign debt of various Eurozone countries, including the potential for investors to incur substantial write-downs, reductions in the face value of sovereign debt and/or sovereign defaults, as well as the possibility that one or more countries might leave the EU or the Eurozone create risks that could materially and adversely affect Fund investments. Sovereign debt defaults and EU and/or Eurozone exits could have material adverse effects on the Fund's investments in European companies and assets, including, but not limited to, the availability of credit to support such companies' financing needs, uncertainty and disruption in relation to financing, increased currency risk in relation to contracts denominated in Euros and wider economic disruption in markets served by those companies, while austerity and/or other measures introduced to limit or contain these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. Legal uncertainty about the funding of Euro- denominated obligations following any breakup or exits from the Eurozone, particularly in the case of investments in companies and assets in affected countries, could also have material adverse effects on the Fund. Were any other member state to decide to withdraw from the EU, that could exacerbate such uncertainty and instability and may present similar and/or additional potential risks to Fund investments in European issuers.

**Emerging Markets Risk**

The Fund may invest in companies in so-called "emerging markets" (or lesser developed countries, including countries that may be considered "frontier" markets). Such investments are particularly speculative and entail all of the risks of investing in securities of foreign issuers but to a heightened degree. Investments in the securities of issuers domiciled in countries with emerging markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed markets, such as (i) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (ii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments; (iii) national policies that may limit the Fund's investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (iv) the lack or relatively early development of legal structures governing private and foreign investments and private property.

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Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors.

Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurances that any or all of these markets will continue to present viable investment opportunities for the Fund.

*China Investment Risk.* The Fund may at times have significant exposure to Chinese companies and companies doing business in China. The following events and issues, among others, may have a materially adverse impact on investments in companies doing business in the People's Republic of China ("PRC") (including Hong Kong and Macau) and territories administered by the Republic of China (Taiwan and some neighboring islands) (collectively, "Greater China"): introduction of new policies or legislation in, or affecting businesses or investments in, Greater China; unfavorable legal interpretations and/or inability to effectively enforce legal rights under PRC law or another legal system in Greater China; political relations between the international community and Greater China; PRC state ownership and PRC government economic intervention; non-compliance with U.S. laws by companies in Greater China; potential for fraud by companies in Greater China and difficulties in conducting due diligence; restrictions on foreign investment market access; difficulty of repatriation of investment returns and capital; and tax uncertainty impacting companies in Greater China and investments in companies doing business in Greater China.

*India Investment Risk*. The Fund may at times have significant exposure to Indian companies. There are risks associated with investing in Indian companies, in addition to those discussed above concerning foreign investments and emerging markets risk. Specifically, performance of Indian companies and the value of the Fund's interests in Indian companies may be adversely affected by numerous factors, including, for example, (i) business, economic, and political conditions throughout India and the world; (ii) the supply of and demand for the goods and services produced, provided, or sold by Indian companies; (iii) changes and advances in technology that may, among other things, render goods and services sold by Indian companies obsolete; (iv) actual and potential competition from other companies and (v) further risks such as currency fluctuations, expropriation, confiscatory taxation, exchange control regulations (including currency blockage) and rapid fluctuations in inflation and interest rates.

*Latin America Investment Risk*. The Fund may invest in companies located in, or doing business in, Latin America, which are subject to risks in addition to those discussed above concerning foreign investments and emerging markets risk. Consequently, these investments may be subject to greater volatility. The economies of certain Latin American countries have experienced high interest rates and inflation rates, economic volatility, currency devaluations, economic, political and social instability, government defaults and high unemployment rates. These factors may negatively impact the performance of Latin American Innovation Companies.

**Risk of Short Sales**

The Fund may seek maximum capital appreciation by effecting short sales of securities when the Adviser believes that the market price of a security is above its estimated intrinsic or fundamental value. For example, the Fund may "short" a security of a company if the Adviser believes the security is over-valued in relation to the issuer's prospects for earnings growth. In addition, the Fund may attempt to limit exposure to a possible market decline in the value of its portfolio securities through short sales of securities that the Adviser believes possess volatility characteristics similar to those being hedged.

To effect a short sale, the Fund will borrow a security from a brokerage firm to make delivery to the buyer. The Fund is then obligated to replace the borrowed security by purchasing it at the market price at the time of replacement. Thus, short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as "covering" the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. Positions in stocks sold short are more risky than long positions (purchases) in stocks because the maximum loss on a stock purchased is limited to the amount paid for the stock plus the transactions costs, where in the case of a short sale, there is no limit on the loss that may be incurred. Moreover, the amount of any gain achieved through a short sale will be decreased, and the amount of any loss increased, by the amount of any premium or interest the Fund may be required to pay in connection with a short sale.

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There is a risk that the borrowed securities would need to be returned to the brokerage firm on short notice. If a request for return of securities occurs at a time when other short sellers of the subject security are receiving similar requests, a "short squeeze" can occur, and the Fund might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short with purchases on the open market, possibly at prices significantly in excess of the price at which the securities were sold short. The successful use of short selling may be adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged. Short selling may exaggerate the volatility of the Fund's investment portfolio. Short selling may also produce higher than normal portfolio turnover and may result in increased transaction costs to the Fund. In addition, the Fund, as a result of certain short sale transactions, may recognize short term capital gain, which will be passed through to investors as ordinary income. (*See* "Certain Tax Matters — Taxation of Short Sales.")

The Fund may also make short sales against-the-box, in which it sells short securities it owns or has the right to obtain without payment of additional consideration. If the Fund makes a short sale against-the-box, it will be required to set aside securities equivalent in-kind and amount to the securities sold short (or securities convertible or exchangeable into those securities) and will be required to hold those securities while the short sale is outstanding. The Fund will incur transaction costs, including interest expenses, in connection with opening, maintaining and closing short sales against-the-box.

Regulators impose certain restrictions or disclosure requirements on short sales and the levels of restriction and disclosure may vary across different jurisdictions. Such restrictions and disclosure requirements may make it difficult for the Adviser to express its negative views in relation to certain securities, companies or sectors, which may have an adverse effect on the Fund's ability to implement its investment strategy. *See also* "Derivatives Risk" below.

There are other inherent difficulties and challenges in short selling. The general negative perceptions of short-sellers may limit the Adviser's access to management of various issuers and hamper its research efforts. Management and other stakeholders of issuers may take legal action against short-sellers seeking to prevent or discourage short sales of the issuer's securities to avoid depressing the value of its securities. The Adviser and the Fund could be subject to such private legal actions. The cost of and management time committed to defending any such action could be substantial.

When effecting short sales of securities, the Fund will receive a dollar amount (the "net short proceeds") equal to the value of the securities sold short and will deposit and retain such net short proceeds or use them to purchase securities with the brokerage firm through which it effected the short sale transactions (a "Prime Broker"). Currently, the Fund's Prime Broker is Morgan Stanley & Co. Incorporated ("Morgan Stanley"). The Fund may add one or more additional Prime Brokers. The Fund, the Prime Broker and The Bank of New York Mellon, the Fund's custodian, are parties to agreements in which the Prime Broker retains custody, on behalf of the Fund, of the cash proceeds from securities sold short. Because the Fund effects short sales as part of its principal investment strategy, the short proceeds deposited with the Prime Broker could represent a material portion of the Fund's total assets. This may expose the Fund to significant risks or difficulty in obtaining access to its assets in the event of the default or bankruptcy of a Prime Broker. The Adviser will monitor regularly the creditworthiness of each Prime Broker.

**Derivatives Risk**

Swaps and certain options and other custom derivative or synthetic instruments are subject to the risk of non-performance by the counterparty to such instrument, including risks relating to the financial soundness and creditworthiness of the counterparty. The prices of derivative instruments can be highly volatile. In addition, derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in derivatives could have a large impact on the Fund's performance.

There has been an international effort to increase the stability of the over-the-counter derivatives market in response to the 2008 financial crisis. In the United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") includes provisions that also comprehensively regulate the over-the-counter derivatives markets. In Europe, the European Parliament has adopted a regulation on over-the-counter derivatives, central counterparties and trade repositories (known as the European Markets and Infrastructure Regulation, or "EMIR"), which comprehensively regulates the over-the-counter derivatives markets. These regulations have imposed compliance costs on the Fund. They have also increased the dealers' costs, which may be passed through to other market participants in the form of higher fees and less favorable dealer marks. They may also render certain strategies in which the Fund might otherwise engage impossible or so costly that they will no longer be economical to implement.

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The 1940 Act rules impose limits on the Fund's ability to use derivative instruments and short sales. Generally, under such rules, if the Fund's notional derivative exposures (including short sales) exceed 10% of the Fund's net assets, the Fund's VaR may not exceed 200% of the VaR of a designated reference portfolio. These rules may restrict the Fund's otherwise intended participation in derivative transactions, short sales, and other leverage creating transactions which may affect the Fund's ability to achieve its investment objective or make it more costly to do so.

**Counterparty Credit Risk**

The Fund will be subject to counterparty credit risk with respect to its use of total return swaps and other derivatives contracts. If a counterparty to a swap or other derivative contract becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. To partially mitigate this risk, the Adviser will seek to effect swap and other derivative transactions only with counterparties that it believes are creditworthy. The Adviser will consider the creditworthiness of counterparties in the same manner as it would review the credit quality of a security to be purchased by the Fund. However, there is no assurance that a counterparty will remain creditworthy or solvent.

**Options Risk**

The use of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The Fund may buy and sell call and put options, including index, ETF and currency options. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund's losses are potentially unlimited. Options may be traded over-the-counter or on a securities exchange. These transactions involve risks consisting of counterparty credit risk and leverage risk, which are described above and below, respectively.

**Portfolio Fair Value Risk**

Certain private portfolio companies provide financial information only on a periodic basis (e.g., quarterly) or not all (e.g., Secondary Shares) to the Adviser or its valuation agents. The fair valuations of such companies' securities and other Fund portfolio holdings, as of the end of each month, can vary dramatically from the time the Fund's NAV was last determined and/or from the last time the portfolio company provided financial information to the Adviser or its affiliates.

**Borrowings & Leverage Risk**

The Fund's investment program makes use of leverage by borrowing money. (Although the Fund may issue preferred Shares, it has no intention of doing so within the next 12 months.) The practice of leveraging by borrowing money is speculative and involves certain risks. The Fund currently expects to employ leverage up to 15 percent of the Fund's total assets, primarily through direct borrowing from banks and/or prime brokers. Borrowings by the Fund (which do not include any short and derivative transactions) will not exceed 33 ⅓ percent of the Fund's total assets.

Although leverage can increase investment returns if the Fund earns a greater return on the investments purchased with borrowed funds than it pays for the use of those funds, the use of leverage will decrease investment returns if the Fund fails to earn as much on investments purchased with borrowed funds as it pays for the use of those funds. The use of leverage will therefore magnify the impact of changes in the value of investments held by the Fund on the Fund's net asset value and thus can increase the volatility of the Fund's net asset value per share. In the event that the Fund's portfolio investments decline in value, the Fund could be subject to a "margin call" and will be required to deposit additional collateral with the lender or suffer mandatory liquidation of securities pledged as collateral for its borrowings. In the event of a sudden, precipitous drop in value of the Fund's assets, the Fund might not be able to liquidate assets quickly enough to pay off its borrowing. Leverage also creates interest expense that may lower the Fund's overall returns. Money borrowed for leveraging will be subject to interest costs that may or may not be recovered by return on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with its borrowings or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

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The 1940 Act requires the Fund to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the Fund incurs the indebtedness (the "Asset Coverage Requirement"). This means that the value of the Fund's total indebtedness may not exceed one-third the value of its total assets (including such indebtedness), measured at the time the Fund incurs the indebtedness.

There is no guarantee that a leveraging strategy will be successful.

**Portfolio Company Follow-On Investment Risk**

Following its initial investment in a given portfolio company, the Fund may decide to provide additional funds to such portfolio company or may have the opportunity to increase its investment in a successful portfolio company. There is no assurance that the Fund will make follow-on investments or that the Fund will have sufficient funds to make all or any of such investments. Any decision by the Fund not to make follow-on investments or its inability to make such investments (i) may have a subsequent negative effect on a portfolio company in need of such an investment, (ii) result in a lost opportunity for the Fund to increase its participation in a successful operation, or (iii) result in a loss of certain anti-dilution protection.

**In-Kind Distributions Risk**

The Fund may in certain circumstances receive distributions from portfolio companies in kind to the extent permitted under applicable law. There can be no assurance that securities distributed in kind will be readily marketable or salable. If the Fund ultimately receives distributions in kind indirectly from any of its investments, it may incur additional costs and risks in connection with the disposition of such assets.

**Investment Competition Risk**

Many entities compete with the Fund in pursuing venture capital investments. These competitors may have greater financial, technical and marketing resources than the Fund. Some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of, or different structures for, private investments than the Fund. Furthermore, many competitors are not subject to the regulatory restrictions that the 1940 Act imposes on the Fund or the diversification requirements imposed on RICs by Subchapter M of the Code. As a result of this competition, the Fund may not be able to pursue attractive investment opportunities from time to time.

**Personnel Risk**

The Fund will depend on the Adviser's ability to select, allocate and reallocate the Fund's assets effectively. The success of the Fund is thus substantially dependent on the Adviser and its continued employment of certain key personnel. Similarly, the success of each private company investment in which the Fund invests is also likely to be substantially dependent on certain key personnel of a portfolio company. Should one or more of the key personnel of the Adviser or of a portfolio company become incapacitated or in some other way cease to participate in management activities, the Fund's performance could be adversely affected. There can be no assurance that these key personnel will continue to be associated with or available to the Adviser or the portfolio companies throughout the life of the Fund.

**Investing Alongside Other Parties Risk; Minority Investments Risk**

Investing alongside one or more other parties in an investment (*i.e.*, as a co-investor) involves risks that may not be present in investments made by lead or sponsoring private equity investors. As a co-investor, the Fund may have interests or objectives that are inconsistent with those of the other investors. Additionally, the Fund may not be the lead investor, and may have different objectives than lead investors which generally have a greater degree of control over such investments. The Fund's ability to realize a profit on such investments will be particularly reliant on the expertise of the lead investor in the transaction.

In addition, in order to take advantage of investment opportunities as a co-investor, the Fund generally will be required to hold a non-controlling interest. In this event, the Fund would have less control over the investment and may be adversely affected by actions taken by other co-investors with respect to the portfolio company and the Fund's investment in it. The Fund may not have the opportunity to participate in structuring investments or to determine the terms under which such

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investments will be made. The Fund may not be able to sell or otherwise liquidate its investment as a result of any disagreement with co-investors, and will be significantly reliant on the existing portfolio company management and board of directors, and the other co-investors in such portfolio company, with respect to the management of such portfolio company and the ability of the Fund to exit such investment. The valuation assigned to such an investment through application of the Fund's valuation procedures may differ from the valuation assigned to that investment by other co-investors.

In addition, the Fund may in certain circumstances be liable for the actions of its third-party co-venturers. Investments made with third parties in joint ventures or other entities also may involve carried interests and/or other fees payable to such third party partners or co-venturers. There can be no assurance that appropriate minority shareholder rights will be available to the Fund or that such rights will provide sufficient protection to the Fund's interests.

**IPO Securities Risk**

The Fund anticipates that various portfolio companies could undergo an initial public offering (IPO). The value of shares of a portfolio company following an IPO may and likely will fluctuate considerably more than during the private phase of their offering. Additionally, due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about a company's business model, quality of management, earnings growth potential and other criteria used to evaluate its investment prospects, the shares of portfolio companies following an IPO may experience high amounts of volatility, generally. Investments in companies that have recently sold securities through an IPO involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to sell significant amounts of shares without an unfavorable impact on prevailing prices. As a result, the market price of securities that the Fund holds may decline substantially before the Adviser is able to sell these securities following an IPO. In addition, issuers frequently impose lock-ups that prohibit sales of their shares for a period of time after the IPO that prohibit the Fund from selling its investments into the public market for specified periods of time after an IPO. As a result, the market price of securities that the Fund holds may decline substantially before we are able to sell these securities following an IPO.

**Liquid Investments; U.S. Government Securities Risk**

Pending the investment of the proceeds pursuant to the Fund's investment objective, the Fund may invest its assets, which may be a substantial portion, in short-term, high quality debt securities, money market securities, cash or cash equivalents. Securities will be deemed to be of high quality if they are rated in the top four categories by an NRSRO or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high quality, short-term debt obligations (which generally have remaining maturities of one year or less), and may include: U.S. Government Securities; commercial paper; certificates of deposit and banker's acceptances issued by domestic branches of United States banks that are members of the Federal Deposit Insurance Corporation ("FDIC"); and repurchase agreements for U.S. Government Securities. In lieu of purchasing money market instruments, the Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act.

The Fund may also invest in money market instruments or purchase shares of money market mutual funds pending investment of its assets in Innovation Companies or for other purposes.

It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it were not required to do so by law. If a U.S. Government agency or instrumentality in with the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund's share price or yield could fall. The U.S. Government's guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government Securities owned by the Fund does not imply that the Fund's Shares are guaranteed by the FDIC or any other government agency, or that the price of the Fund's Shares will not continue to fluctuate.

**<u>Structural Risks</u>**

There are additional risks associated with the Fund's closed-end investment company structure and the Fund's fee structure:

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**Incentive Fee Risk**

The Incentive Fee (as described below) may create an incentive for the Adviser to cause the Fund to make investments that are riskier or more speculative than those that might have been made in the absence of the Incentive Fee. In addition, the Adviser may time investments in order to maximize income under the Incentive Fee. While the Board does not monitor specific investment decisions by the Adviser and the particular timing of individual investment decisions as they relate to the Incentive Fee, the Board, as part of its fiduciary duties and responsibilities under the 1940 Act (relating to future determinations as to whether to renew the investment advisory agreement with the Adviser), expects to consider whether the Incentive Fee is fair and reasonable.

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

Whenever Shares are repurchased in a repurchase offer, or the Fund pays a dividend or a distribution, the amount of any cumulative loss will be reduced in proportion to the reduction in the Fund's assets paid in respect of such repurchase or in respect of such dividend or distribution. For example, if the Fund has a cumulative loss of $5 million, and 5% of the Fund's Shares are repurchased in a repurchase offer (meaning that 5% of the Fund's assets are paid out to tendering shareholders), then the amount of the cumulative loss will be reduced by 5% (or $250,000) to $4,750,000. Under this scenario, the Fund will not accrue an Incentive Fee until it recovers the cumulative loss of $4,750,000. However, the amount of any cumulative loss incurred by the Fund will not be increased by any sales of Shares (including Shares issued as a result of the reinvestment of dividends and distributions). Consequently, as the number of outstanding Shares increases, the per-share amount (but not the dollar amount) of a cumulative loss will be reduced. As a result, if a shareholder does not reinvest its distributions, the benefits that such shareholder would receive from a cumulative loss (if any) will be diluted. This means that an investor's investment may bear a higher percentage Incentive Fee than it otherwise would.

The application of the Incentive Fee may not correspond to a particular shareholder's experience in the Fund because aggregate cumulative appreciation is calculated on an overall basis allocated equally to each outstanding share. For example, a shareholder may acquire Shares after the Fund's trading has resulted in a cumulative loss. If so, that shareholder's Shares will not be subject to having their net asset value reduced by the Incentive Fee until sufficient gains have been achieved to exceed such losses, despite the fact that all gains allocated to such Shares from the date of purchase will constitute aggregate cumulative appreciation in respect of such Shares. Conversely, the Shares which had been outstanding when such losses were incurred may be subject to having their net asset value reduced by the Incentive Fee, even though the net asset value per share is below the net asset value at which such Shares were issued. In addition, when Shares are issued at a net asset value reduced by the accrued Incentive Fee and such accrued Incentive Fee is subsequently reversed due to trading losses, the reversal will be allocated equally among all outstanding Shares (increasing the net asset value per Share), including those Shares whose purchase price had not itself been reduced by the accrued Incentive Fee being reversed.

In addition, determinations of fair value for any investments that comprise the Private Sleeve or other holdings can be highly subjective, and the Adviser, given its role in making such determinations, has a conflict of interest as the Adviser is receiving the Incentive Fee which can be impacted by the effect of such fair valuation decisions. The Board retains ultimate oversight over the Fund's valuation policies and procedures.

Very few investment advisers to registered investment companies receive an incentive fee similar to that to which the Adviser is entitled. In fact, due to the Fund's performance, the Incentive Fees accrued may be high and amount to a significant portion of the Fund's expense ratio. However, the Incentive Fee is comparable to performance-based fees charged by private funds. While the Board does not monitor specific investment decisions by the Adviser and the particular timing of individual investment decisions as they relate to the Incentive Fee, the Board, as part of its fiduciary duties and responsibilities under the 1940 Act (relating to annual determinations as to whether to renew the investment advisory agreement with the Adviser), does consider whether the Incentive Fee is fair and reasonable.

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**Liquidity and Transfer Risks**

Investors do not have the right to require the Fund to repurchase their Shares during the life of the Fund. In addition, the Fund has no plans to list its Shares on any securities exchange and there will be no secondary market on which to sell Shares. Although, following the Initial Investor Commencement Date, the Fund intends to make limited quarterly offers to repurchase its Shares, there can be no assurance that the Fund will repurchase all Shares that are tendered by a shareholder in connection with any repurchase offer. Further, any Share repurchases are expected to be limited to a small percentage of the value of the Fund.

Shares may be held only through a broker or dealer that has entered into a selling agreement with the Distributor (or its agent/sub-distributor) and/or the Fund or a registered investment adviser that has entered into an agreement with the Adviser (or its affiliates) and holds Shares through a broker or dealer that has entered into a selling agreement with the Distributor (or its agent/sub-distributor) and/or the Fund. Shareholders will be unable to redeem Shares because the Fund is a closed-end fund. In addition, Shares are subject to transfer restrictions that permit transfers only upon the prior written consent of the Adviser to persons who are Eligible Investors (as defined herein). Brokers, dealers, the Adviser or the Distributor may require substantial documentation in connection with a requested transfer of Shares, and shareholders should not expect that they will be able to transfer Shares at all. Attempted transfers may require a substantial amount of time to effect. Shares of the Fund may not be exchanged for shares of any other fund. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment.

**Failure to Hold Qualifying Tender**

If during any consecutive 24-month period, the Fund does not engage in a tender offer in which the Fund accepts 100% of properly tendered Shares (a "Qualifying Tender"), the Fund will not make any new investments that would comprise the Private Sleeve so as to reserve investable assets to satisfy future tender requests until a Qualifying Tender occurs. If the Fund does not make a Qualifying Tender, and, as a result, cannot make new investments that would comprise the Private Sleeve, the Fund's ability to achieve its investment objectives and implement its investment strategy would be adversely affected.

**No Operating History Risk**

**Non-Diversified Fund Risk**

The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations. The Fund generally will not, however, commit more than 20% of its total capital (measured at the time of investment) in any one portfolio company. However, the Fund may depart from this investment restriction during periods of adverse market, economic or political conditions, periods of large cash inflows (including during periods of regular inflows, which can occur from inception of operations through the end of the offering of Shares to investors) and during the wind-up of the Fund.

**Concentration of Investments Risk**

Other than asset diversification requirements applicable to RICs (*see* "Certain Tax Matters"), there are no limitations imposed by the Adviser as to the amount of Fund assets that may be invested in any single issuer. Accordingly, the Fund's investment portfolio may at times be significantly concentrated in individual companies. While such concentration could offer a greater potential for capital appreciation, it can subject the Fund to a significantly heightened risk of loss. Such concentration may also be expected to increase the volatility of the Fund's investment portfolio.

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**Tax Risks**

The Fund intends to qualify and elect to be treated as a RIC under Subchapter M of the Code. To qualify for and maintain qualification for taxation as a RIC under the Code, the Fund must meet the following annual distribution, source-of-income and asset diversification requirements. (*See* "Certain Tax Matters.")

● The annual distribution requirement for a RIC will be satisfied if the Fund distributes to shareholders on an annual basis at least 90% of the Fund's investment company taxable income (generally including net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any). Because the Fund may borrow, it is subject to an asset coverage ratio requirement under the 1940 Act and may in the future become subject to certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the distribution requirement. If the Fund is unable to obtain cash from other sources, it could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

● Very generally, the source-of-income requirement will be satisfied if the Fund obtains at least 90% of its gross income for each year from dividends, interest, gains from the sale of stock or securities (within the meaning of the 1940 Act) or certain other sources. If the source-of-income requirement is not met the Fund may fail to qualify for RIC tax treatment and be subject to corporate income tax on all of its taxable income, which tax cannot be reduced by distributions to shareholders.

● The asset diversification requirement will be satisfied if the Fund meets certain asset diversification requirements at the end of each quarter of the Fund's tax year. To satisfy this requirement, (i) at least 50% of the value of the Fund's assets must consist of cash, cash equivalents, U.S. government securities, securities of other RICs and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of such issuer, and (ii) no more than 25% of the value of the Fund's assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under the Code and its applicable regulations, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." These requirements may require the Fund to dispose of certain investments quickly in order to prevent the loss of its qualification as a RIC. Because most of the Fund's investments will be in private companies, and therefore will be relatively illiquid, the Fund's ability to effect such dispositions may be limited, and any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If the Fund fails to qualify for or maintain qualification for taxation as a RIC, it will become subject to corporate-level income tax, and the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distributions to shareholders, the amount of distributions and the amount of funds available for new investments. Such a failure would have a material adverse effect on the Fund and the shareholders. (*See* "Material U.S. Federal Income Tax Considerations.")

It is possible that the current U.S. federal, state, local, or foreign income tax treatment accorded the Fund or an investment in the Fund will be modified by legislative, administrative, or judicial action in the future, possibly with retroactive effect. The nature of changes in U.S. or non-U.S. income tax law, if any, cannot be determined prior to enactment of any new tax legislation. However, such legislation could significantly alter the tax consequences and decrease the after tax rate of return of an investment in the Fund. Potential investors therefore should seek, and must rely on, the advice of their own tax advisers with respect to the possible impact on their investments of recent legislation, as well as any future proposed tax legislation or administrative or judicial action.

**Investment Dilution Risks**

The Fund's investors do not have preemptive rights to any Shares the Fund may issue in the future. The Fund is authorized to issue an unlimited number of Shares. The Board may make certain amendments to the Declaration of Trust. After an investor purchases Shares, the Fund expects to sell additional Shares in the future. To the extent the Fund issues additional equity interests after an investor purchases its Shares, such investor's percentage ownership interest in the Fund (and the corresponding ownership percentages in the underlying portfolio companies) will be diluted.

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**ADDITIONAL RISK FACTORS**

**Regulatory Risk**

Legal, tax and regulatory changes could occur during the term of the Fund that may adversely affect the Fund. The regulatory environment for registered investment companies is evolving, and changes in the regulation of registered investment companies may adversely affect the Fund, e.g., the value of investments held by the Fund and the ability of the Fund to obtain the leverage it might otherwise obtain or to pursue its trading strategies. The effect of any future regulatory change on the Fund could be substantial and adverse including, for example, increased compliance costs, the prohibition of certain types of trading and/or the inhibition of the Fund's ability to pursue certain of its investment strategies as described in this Offering Memorandum.

**Money Market Fund Risk**

The Fund may invest cash, pending investment in portfolio companies, in money market funds. Although a money market fund generally seeks to maintain its value at $1.00 per share, there is no assurance that it will be able to do so, and it is possible to lose money by investing in money market funds. Shareholders of an investment company, including a money market fund, generally bear all expenses of that company, including fees of the investment adviser and custodian, brokerage commissions and legal and accounting fees. As a result, to the extent the Fund invests in a money market fund, shareholders will be paying two levels of advisory fees -- the Management Fee and Incentive Fee and the fees charged by the money market fund in the Fund's portfolio. As a result, the returns realized by the Fund's shareholders from the Fund's activities will be less than the returns the shareholders would realize from engaging in the same activities directly.

**Conflicts of Interest**

The Adviser and its sole member, Alkeon Capital Management, LLC ("Alkeon"), provide investment advice for certain other investment funds or other accounts (the "Other Accounts"). The investment activities of the Adviser and its affiliates for the Other Accounts will give rise to conflicts of interest that may disadvantage the Fund. The Fund has no interest in these other activities of the Adviser and its affiliates. As a result of the foregoing, the persons that manage the Fund's investments and their associated investment firms and their affiliates: (i) will be engaged in substantial activities other than on behalf of the Adviser and the Fund, (ii) will have differing economic interests in respect of such activities, and (iii) may have conflicts of interest in allocating their time and activity between the Fund and Other Accounts. Such persons will devote only so much of their time to the management of the Fund's investments as in their judgment is necessary and appropriate.

There may be circumstances under which the Adviser or its associated firms will cause one or more of their Other Accounts to commit a different percentage of their respective 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 or its associated firms will consider participation by their Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Fund, or vice versa. It is the Adviser's policy, to the extent practicable, to allocate investment opportunities to the Fund and the Other Accounts fairly and equitably over time. The Adviser will not purchase securities or other property from, or sell securities or other property to, the Fund.

In many circumstances, negotiated co-investments by the Fund and Other Accounts may be made only pursuant to an order from the SEC permitting the Fund to do so. The Adviser has obtained an exemptive order from the SEC (the "Order"), which grants Other Accounts and the Fund the ability to fully negotiate terms of co-investment transactions with other funds managed by the Adviser or certain affiliates, subject to the conditions included therein. In certain situations, such as when there is an opportunity to invest in other securities of the same issuer that do not satisfy the Fund's investment objective and strategies, the personnel of the Adviser or its affiliates will need to decide which clients will proceed with which investments. These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds/accounts over time and in a manner that is consistent with applicable laws, rules and regulations. Moreover, except in certain circumstances, when relying on the Order, the Fund will be unable to invest in any issuer in which one or more funds managed by the Adviser or its affiliates has previously invested.

It should be noted that Alkeon is a non-managing member of Breakwater, a broker-dealer that employs certain of Alkeon's employees. Breakwater acts as the distributor for the Fund and does not maintain a trading function. (*See* "Conflicts of Interest.")

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**Affiliation Risk**

The Fund may be precluded from investing in certain portfolio companies due to regulatory implications under the 1940 Act or other laws, rules or regulations, or may be limited in the amount it can invest in the voting securities of a portfolio company, in the size of the economic interest it can have in the portfolio company, or in the scope of influence it is permitted to have in respect of the management of the portfolio company. Should the Fund be required to treat a portfolio company in which it has invested as an "affiliated person" under the 1940 Act, the 1940 Act would impose a variety of restrictions on the Fund's dealings with the portfolio company. Moreover, these restrictions may arise as a result of investments by future clients of the Adviser or its affiliates in a portfolio company. These restrictions may be detrimental to the performance of the Fund compared to what it would be if these restrictions did not exist, and could impact the universe of investable portfolio company for the Fund. The fact that many portfolio companies may have a limited number of investors and a limited amount of outstanding equity heightens these risks.

**Disaster, Business Continuity and Cyber-Security Risk**

The occurrence of a disaster such as a cyber-attack, a natural catastrophe, an industrial accident, a terrorist attack or war, events unanticipated in the Fund's disaster recovery systems, or a support failure from external providers, could have an adverse effect on the Fund's ability to conduct business and on the Fund's results of operations and financial condition, particularly if those events affect its computer-based data processing, transmission, storage, and retrieval systems or destroy data. If a significant number of the Adviser and Alkeon's employees were unavailable in the event of a disaster, the Fund's ability to effectively conduct business could be severely compromised.

The Adviser (and its affiliates) relies upon secure information technology systems for data processing, storage and reporting. Despite careful security and controls design, implementation and updating, the Adviser's (and its affiliates') information technology systems could become subject to cyber-attacks. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of service attacks on websites (i.e., efforts to make network services unavailable to intended users). Network, system, application and data breaches could result in operational disruptions or information misappropriation, which could have a material adverse effect on the Fund.

Cyber-security failures or breaches by the Adviser and other service providers (including, but not limited to, accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's net asset value calculations, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund has established a business continuity plan in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber-security plans and systems put in place by its service providers and issuers in which the Fund invests. The Fund could be negatively impacted as a result.

The Fund is dependent on its and third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service providers, could cause delays or other problems in the Fund's activities. The Fund's financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond its control and adversely affect the Fund's business. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;· sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;· natural disasters such as earthquakes, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;· disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;· events arising from local or larger scale political or social matters, including terrorist acts; and

&nbsp;&nbsp;&nbsp;&nbsp;· cyber-attacks.

These events, in turn, could have a material adverse effect on the Fund.

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**THE FUND**

The Fund is registered under the 1940 Act as a closed-end management investment company. The Fund operates as a non-diversified investment company. The Fund is only offered to investors that are: (i) "accredited investors" within the meaning of Regulation D under the Securities Act of 1933, as amended (the "1933 Act") and (ii) "qualified clients" within the meaning of the 1940 Act. The Fund is a specialized investment vehicle that may be referred to as a registered private investment fund. The Fund is similar to an unregistered private investment fund in that Shares will be sold in private placements, and will be subject to restrictions on transfer.

The Fund was organized under a Certificate of Trust on January 18, 2022 in the State of Delaware and is expected to commence operations sometime in the first quarter of 2026. The Fund's principal office is located at 350 Madison Avenue, 20th Floor, New York, New York 10017, and its telephone number is (212) 716-6840. The Adviser, SilverBay Capital Management LLC, a Delaware limited liability company that is registered as an investment adviser with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as the investment adviser of the Fund. The Adviser is controlled by its sole member, Alkeon, which is registered with the SEC as an investment adviser. Mr. Sparaggis, the controlling person and Chief Investment Officer of Alkeon, is the lead member of the Adviser's Global Investment Team. Mr. Sparaggis serves as the Fund's principal portfolio manager (the "Portfolio Manager"). Alkeon's venture capital Investment Team assists Mr. Sparaggis in his role as the Fund's principal Portfolio Manager. The Board has responsibility for oversight of the Fund. (*See* "Management of the Fund — The Board of Trustees" herein and "Management of the Fund" in the SAI.) Alkeon manages other accounts that have generally similar investment strategies. For a detailed discussion regarding conflicts of interest, see "Conflicts of Interest – Participation in Investment Opportunities".

The Fund does not have a fixed term. The Fund's term is perpetual, except that the Fund may be terminated as provided in the Amended and Restated Declaration of Trust of the Fund.

**USE OF PROCEEDS**

The proceeds of this offering, excluding the amount of any sales load paid by shareholders (if applicable) and net of the Fund's ongoing fees and expenses, will be invested in accordance with the Fund's program as soon as practicable after each monthly closing of such offering or at such other times as may be determined by the Board.

Pending the investment of the proceeds of any offering in securities and other investments consistent with the Fund's investment program and during periods of adverse market conditions in the equity securities markets, the Fund may deviate from its investment objective and invest all or a portion of its assets in high quality debt securities, money market instruments, or hold its assets in cash. The Fund may be prevented from achieving its objective during any time in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

**INVESTMENT PROGRAM**

**Investment Objective and Policies**

The Fund's investment objective is to achieve maximum capital appreciation. No assurance can be given that the Fund will achieve its investment objective or that shareholders will not lose money.

The Fund's investment objective is not fundamental and may be changed without the approval of shareholders. Further, except as otherwise stated in this offering memorandum (the "Offering Memorandum") or in the SAI, the investment policies and restrictions of the Fund are not fundamental and may be changed by the Board without a vote of shareholders. The Fund's fundamental investment policies and restrictions are listed in the SAI. Its principal investment strategies are discussed below. The Fund may change any investment policy or strategy that is not fundamental, if the Board believes doing so would be consistent with the Fund's investment objective. The Fund's policy with respect to the investment of at least 80% of its assets as described below may not be changed without 60 days' advance notice to the shareholders.

*Principal Investment Strategies & Methodology*

The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its assets in securities of private and public "Innovation Companies." For these purposes, "Innovation Companies" include U.S. or foreign companies

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in the technology or related sectors which the Adviser believes, at the time of investment, can innovate or grow more quickly compared to their competitors by deploying, implementing, or using technology or that are expected to be otherwise positively impacted by technological innovation. The Fund may invest in a variety of securities and other instruments, including common and preferred stock (including IPO securities and shares of ETFS) and other securities having equity characteristics such as convertible debt securities, warrants, stock, index and ETF options and other rights, and structured equity-linked investments which may also have debt-like contractual or structural components (e.g., instruments that pay PIK interest). Many Innovation Companies are in technology and technology-related sectors. As a result, investments in technology and technology-related companies may comprise a significant portion of the Fund's portfolio. Innovation Companies may also include investments in the equity securities of companies in a variety of other industries and sectors.

The Fund invests in privately-offered securities through direct investments in private companies or through secondary transactions (i.e., interests in a private company acquired from a party other than the company itself) in such private securities (the "Private Sleeve"). The Fund also invests in publicly-traded equity securities of Innovation Companies or companies that have significant exposure to Innovation Companies (the "Publicly-Traded Sleeve"). The Fund generally targets an approximate 50/50 allocation (other than cash and cash-related instruments) between investments in the Private Sleeve and the Publicly-Traded Sleeve. The Fund also generally expects to target an approximate 10% exposure to cash or cash-related instruments (the "Cash Portion"). Notwithstanding the aforementioned targeted percentages, the percentage mix of the Fund's portfolio among the Private Sleeve, the Publicly-Traded Sleeve and the Cash Portion may vary significantly due to a variety or combination of other factors, including available investment opportunities, the prevailing market environment, the timing of liquidity events for securities held in the Private Sleeve, the extent of repurchase offer subscriptions and fluctuations in market or fair valuations of securities held in the respective sleeves. There is no minimum amount of Fund assets required to comprise either the Public Sleeve, the Private Sleeve or the Cash Portion. Further, it is anticipated that the Publicly-Traded Sleeve could comprise a majority of the portfolio during the first two years (or longer) of the Fund's operations as the Fund builds the Private Sleeve of the portfolio.

In implementing the Fund's investment strategy, the Adviser expects to utilize a bottom-up, fundamentally driven, research intensive process. For long positions, the Adviser generally seeks to identify portfolio companies that are believed to have improving fundamentals and competitive advantages over peers.

Investments held in the Private Sleeve may be sold following a portfolio company undergoing an initial public offering or another transaction that results in the Fund's investment becoming a publicly-traded security (although the Fund may continue to hold such publicly-traded security until the Adviser, in its discretion, determines disposition of such security should be made consistent with advancing the Fund's investment objectives). Investments may also be disposed as a result of other portfolio company realization events, such as a private sale or merger with a privately-held company. Investments in the Publicly-Traded Sleeve may be sold under several circumstances, such as when the Adviser believes the investment's target value is realized, the instrument's fundamentals deteriorate, more attractive investment alternatives are identified, or when it wishes to raise cash.

Pending the investment of the proceeds pursuant to the Fund's investment objective, the Fund may invest its assets, which may be a substantial portion, in short-term, high quality debt securities, money market securities, cash or cash equivalents. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash to meet operational needs. Delays in investing the Fund's assets may occur because of the time typically required to identify and complete transactions in securities of private companies (which may be considerable). The Fund may not achieve its investment objective during such periods in which the Fund's assets are not substantially invested in accordance with its principal investment strategies. (For example, such period is expected to first occur during the Fund's first year and may reoccur one or more times following the Fund's launch.)

Depending upon market conditions and the availability of investment opportunities, the Fund may also utilize leverage as part of its investment strategy, through direct borrowings (using a credit facility or otherwise), with such borrowings not to exceed 33 ⅓ percent of the Fund's total assets (after taking into account any such borrowings). (*See* "Principal Risk Factors — Borrowings & Leverage Risk" beginning on page 24.)

The Fund operates as a non-diversified investment company under the 1940 Act. This means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations. The Fund generally will not, however, commit more than 20% of its total capital (measured at the time of

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investment) in any one portfolio company. However, the Fund may depart from this investment restriction during periods of adverse market, economic or political conditions, periods of large cash inflows (including during periods of regular inflows which can occur from inception of operations through the end of the offering of Shares to investors) and during the wind-up of the Fund.

In many circumstances, negotiated co-investments by the Fund and Other Accounts may be made only pursuant to an order from the SEC permitting the Fund to do so. The Adviser has obtained the Order, which grants Other Accounts and the Fund the ability to fully negotiate terms of co-investment transactions with other funds managed by the Adviser or certain affiliates, subject to the conditions included therein. In certain situations, such as when there is an opportunity to invest in other securities of the same issuer that do not satisfy the Fund's investment objective and strategies, the personnel of the Adviser or its affiliates will need to decide which clients will proceed with which investments. These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds/accounts over time and in a manner that is consistent with applicable laws, rules and regulations. Moreover, except in certain circumstances, when relying on the Order, the Fund will be unable to invest in any issuer in which one or more funds managed by the Adviser or its affiliates has previously invested.

***Common Stocks***. Common stocks are shares of a corporation or other entity that entitle the holder to a *pro rata* share of the profits, if any, of the entity without preference over any other shareholder or claim of shareholders, after making required payments to holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and frequently an exclusive right to do so.

***Preferred Stocks***. Preferred stock generally has a preference over an issuer's common stock as to dividends and in the event of liquidation, but it ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash (or additional shares of preferred stock) at a defined rate, but unlike interest payments on debt securities, preferred stock dividends are payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock may also be subject to optional or mandatory redemption provisions.

***Convertible Securities***. Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest that is generally paid or accrued on debt or a dividend that is paid or accrued on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics, in that they generally: (1) have higher yields than common stocks, but lower yields than comparable non-convertible securities, (2) are less subject to fluctuation in value than the underlying common stock due to their fixed-income characteristics, and (3) provide the potential for capital appreciation if the market price of the underlying common stock increases.

***Warrants and Rights***. Warrants are derivative instruments that permit, but do not obligate, the holder to subscribe for other securities or commodities. Rights are similar to warrants, but normally have a shorter duration and are offered or distributed to shareholders of a company.

 ****

***Structured Capital****.* Equity and equity-linked investments which may have debt-like contractual or structural components, or debt investments which may be convertible into equity securities, and which may include equity upside via warrants, equity participation rights or other equity instruments or contractual provisions providing equity upside. The Fund may gain access to such structured capital investments through several different approaches, including but not limited to: (i) loans and structured credit or credit derivatives; (ii) private credit or hybrid investments; (iii) opportunistic credit; (iv) mezzanine investments; (v) liquid credit investments; (vi) private offerings of common stock or other securities of publicly traded companies ("PIPEs"); (vii) structured growth equity investments; (viii) asset-backed securities, or (ix) private offerings of non-convertible preferred stock, convertible preferred stock, or convertible or non-convertible notes or bonds. Such structured capital investments may be custom equity-like structures in which the Fund may seek to include debt-like elements (e.g., payment in kind ("PIK") interest) and/or contractual liquidity rights (e.g., exit and redemption rights).

Additional information about the types of investments that may be made by the Fund is provided in the SAI.

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**NON-PRINCIPAL FUND INVESTMENT PRACTICES AND THEIR RISKS**

Although the Fund's principal investment strategy is to invest substantially in equity securities of U.S. and foreign companies, the Fund may invest its assets in other types of securities and in other asset classes when, in the judgment of the Adviser (subject to any policies established by the Board), such investments present opportunities for the Fund to achieve maximum capital appreciation, taking into account the availability of equity investment opportunities, market conditions, the relative risk/reward analysis of other investments compared to equity securities, and such other considerations as the Adviser deems appropriate. Information regarding these additional investments, and the risks associated with them, is discussed below and in the SAI.

**Bonds and Other Fixed-Income Securities**

The Fund may invest without limit in high quality fixed-income securities for temporary defensive purposes and to maintain liquidity. (*See* "Temporary Investments; Defensive Investment Policy" below for more information.) For these purposes, "fixed-income securities" are bonds, notes and debentures issued by corporations; debt securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities ("U.S. Government Securities") or by a foreign government; municipal securities; and mortgage-backed and asset-backed securities. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (*i.e.*, credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (*i.e.*, market risk).

The Fund may also invest in both investment grade and non-investment grade debt securities. Investment grade debt securities are securities that have received a rating from at least one nationally recognized statistical rating organization ("NRSRO") in one of the four highest rating categories or, if not rated by any NRSRO, have been determined by the Adviser to be of comparable quality. Non-investment grade debt securities (typically called "junk bonds") are securities that have received a rating from an NRSRO of below investment grade or have been given no rating, and are considered by the NRSRO to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Non-investment grade debt securities in the lowest rating categories may involve a substantial risk of default or may be in default. Adverse changes in economic conditions or developments regarding the individual issuer are more likely to cause price volatility and weaken the capacity of the issuers of non-investment grade debt securities to make principal and interest payments than is the case for higher grade debt securities. An economic downturn affecting an issuer of non-investment grade debt securities may result in an increased incidence of default. In addition, the market for lower grade debt securities may be thinner and less active than for higher grade debt securities. The Fund does not expect to invest more than 15% of its net assets in non-convertible debt securities. The Fund's investments in non-investment grade debt securities, if any, are not expected to exceed 5% of its net assets.

**Currency Options and Currency Forwards**

The Fund may also seek to hedge against the decline in the value of a currency or, to the extent applicable, to enhance returns, through the use of currency options. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Fund may engage in transactions in options on currencies either on exchanges or over-the-counter markets. Currency options involve substantial currency risk, and may also involve credit, leverage or liquidity risk.

The Fund may enter into forward currency exchange contracts ("forward contracts") for hedging purposes. Forward contracts are transactions involving the 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 for hedging purposes to protect against uncertainty in the level of future foreign currency exchange rates, such as when the Fund anticipates purchasing or selling a foreign security.

**Exchange Traded Funds and Other Similar Instruments** 

The Fund may purchase shares of exchange-traded funds that are registered under the 1940 Act ("ETFs") and shares of similar investment vehicles that are not registered under the 1940 Act (together with the ETFs, "Traded Funds") and effect short sales of these shares for hedging purposes. Typically, a Traded Fund holds a portfolio of common stocks designed to

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track the performance of a particular index or a "basket" of stocks of companies within a particular sector or group. Traded Funds sell and redeem their shares at net asset value in large blocks (typically 50,000 shares) called "creation units." Shares representing fractional interests in these creation units are listed for trading on national securities exchange and can be purchased and sold in the secondary market in lots of any size at any time during the trading day (*i.e.*, retail shares). The Adviser does not anticipate purchasing creation units.

Investments in Traded Funds involve certain inherent risks generally associated with investments in a broadly-based portfolio of stocks including risks that the general level of stock prices may decline, thereby adversely affecting the value of each unit of the Traded Funds. In addition, a Traded Fund may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the Traded Fund and the index with respect to the weighting of securities or number of stocks held.

Because Traded Funds bear various fees and expenses, the Fund's investment in these instruments will involve certain indirect costs, as well as transaction costs, such as brokerage commissions. The Adviser considers the expenses associated with an investment in determining whether to invest in a Traded Fund.

**Temporary Investments; Defensive Investment Policy**

During periods of adverse market conditions in the equity securities markets, the Fund may deviate from its investment objective and invest all or a portion of its assets in high quality debt securities, money market instruments, or hold its assets in cash. Securities will be deemed to be of high quality if they are rated in the top four categories by an NRSRO or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high quality, short-term debt obligations (which generally have remaining maturities of one year or less), and may include: U.S. Government Securities; commercial paper; certificates of deposit and banker's acceptances issued by domestic branches of United States banks that are members of the Federal Deposit Insurance Corporation ("FDIC"); and repurchase agreements for U.S. Government Securities. In lieu of purchasing money market instruments, the Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act.

The Fund may also invest in money market instruments or purchase shares of money market mutual funds pending investment of its assets in equity securities of portfolio companies.

It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it were not required to do so by law. If a U.S. Government agency or instrumentality in with the Fund invests defaults and the U.S. Government does not stand behind the obligation, the Fund's share price or yield could fall. The U.S. Government's guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government Securities owned by the Fund does not imply that the Fund's Shares are guaranteed by the FDIC or any other government agency, or that the price of the Fund's Shares will not continue to fluctuate.

**Agreements with Service Providers**

The Fund's agreements with its custodian, prime broker, Adviser, Distributor, administrator and other service providers, including Selling Agents, may contain provisions that limit the liability of, and require the Fund to indemnify, those parties and their affiliates in certain circumstances.

**MANAGEMENT OF THE FUND**

**The Board of Trustees**

The Board has overall responsibility for the oversight of the management and operations of the Fund. The Board has delegated responsibility for management of the Fund's day-to-day operations to the Adviser. (*See* "Management of the Fund — The Adviser.") The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company organized as a corporation.

The persons comprising the Board (the "Trustees") are not required to invest in the Fund or to own Shares. A majority of the Trustees are persons who are not "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees").

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The Independent Trustees perform the same functions for the Fund as are customarily exercised by the non-interested directors of a registered investment company organized as a corporation.

The identity of the Trustees and officers of the Fund and brief biographical information regarding each Trustee and officer during the past five years is set forth in the SAI.

**The Adviser**

The Adviser serves as the Fund's investment adviser, subject to the ultimate supervision of and subject to any policies or procedures established by the Board, pursuant to the terms of an investment advisory agreement between the Fund and the Adviser effective as of November 13, 2025 (the "Advisory Agreement"). The Adviser is responsible for: (i) developing and implementing the Fund's investment program, (ii) managing the Fund's investment portfolio and making all decisions regarding the purchase and sale of investments for the Fund, and (iii) providing various management and administrative services to the Fund. The Adviser will monitor the Fund's compliance with all applicable investment limitations, including those imposed by the 1940 Act. In consideration of the services provided by the Adviser, the Fund pays the Adviser a management and incentive fee. (Additional information regarding the Adviser's compensation and the Advisory Agreement is provided in the section entitled "Fees and Expenses" and in the SAI under "Investment Advisory and Other Services", respectively.)

The Adviser, a Delaware limited liability company, is registered as an investment adviser under the Advisers Act. Affiliates of the Adviser will serve as investment advisers, sub-advisers or general partners to other registered and private investment companies. The offices of the Adviser are located at 350 Madison Avenue, 20th Floor, New York, New York 10017, and its telephone number is (212) 716-6840. The Adviser is controlled by its sole member, Alkeon. Alkeon is a Delaware limited liability company that commenced operations on January 1, 2002 and is registered as an investment adviser under the Advisers Act. The offices of Alkeon are located at 350 Madison Avenue, 20th Floor, New York, New York 10017, and its telephone number is (212) 716-6840.

**Portfolio Management**

Mr. Sparaggis, the controlling person and Chief Investment Officer of Alkeon, is the lead member of the Adviser's Global Investment Team. Mr. Sparaggis serves as the Fund's principal Portfolio Manager. Alkeon's venture capital Investment Team assists Mr. Sparaggis in his role as the Fund's Portfolio Manager. Mr. Sparaggis also serves as the portfolio manager of other investment funds that have investment programs similar to that of the Fund.

From May 1995 until he established Alkeon in January 2002, Mr. Sparaggis was associated with CIBC World Markets Corp. ("CIBC WM") and its predecessor, Oppenheimer & Co., Inc., where he was a Managing Director. From January 1996 to December 2001, Mr. Sparaggis also was a Senior Portfolio Manager for Oppenheimer Investment Advisers ("OIA"), an investment management program offered by CIBC WM, and was then responsible for OIA's MidCap Managed Account Portfolios. From 1993 until joining Oppenheimer & Co., Inc. in 1995, Mr. Sparaggis was with Credit Suisse First Boston Investment Management and was responsible for security analysis and portfolio management for domestic investments, including proprietary trading on long-short equities and convertible arbitrage.

Mr. Sparaggis received a Masters in Business Administration and Ph.D. in Electrical and Computer Engineering in 1993 and 1994, respectively, from the University of Massachusetts. He received an IBM Fellowship in physical sciences in 1992 and 1993. He received a Masters in Electrical and Computer Engineering from the University of Massachusetts in 1990 and a Bachelor of Science degree in Electrical Engineering and Computer Science from the National Technical University of Athens in 1988.

The SAI provides additional information about the Portfolio Manager's compensation, other accounts managed by the Portfolio Manager and the Portfolio Manager's ownership of Shares in the Fund.

**Administration, Accounting, and Other Services**

BNY Mellon Investment Servicing (US) Inc. (the "Administrator") serves as the Fund's administrator and provides various administration, fund accounting, investor accounting and taxation services to the Fund (which are in addition to the services provided by the Adviser, as described above). (The Administrator also provides transfer agency services to the Fund and is paid a minimum of $96,000 per annum for such services.) In consideration of the administration

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and accounting services, the Fund pays the Administrator a monthly asset-based fee that includes the regulatory administration fee, which is not anticipated to exceed .08% of the Fund's average net assets, in addition to certain fees for specified services. The Fund also reimburses the Administrator for certain out-of-pocket expenses. The principal business address of the Administrator is 600 Colonial Center Parkway, Lake Mary, Florida 32746.

**Custodian**

The Bank of New York Mellon (the "Custodian") serves as the primary custodian of the Fund's assets, and may maintain custody of the Fund's assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies), approved by the Board in accordance with the requirements set forth in Section 17(f) of the 1940 Act and the rules adopted thereunder. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of a custodian in a securities depository, clearing agency or omnibus customer account of a custodian. The principal business address of the Custodian is 240 Greenwich Street, New York, NY 10286.

**FEES AND EXPENSES**

**Management Fee**

In consideration of services provided by the Adviser, the Fund pays the Adviser a monthly management fee computed at the annual rate of 1.25% of the Fund's net assets held by the Fund as of the beginning of each month (the "Management Fee"), which is due and payable within five business days after the beginning of each month. This fee is accrued monthly as an expense to be paid out of the Fund's assets and will have the effect of reducing the net asset value of the Fund. In addition, the Adviser will waive the Management Fee for the first twelve months from the Fund's Initial Investor Commencement Date, which period may be extended in the Adviser's sole discretion.

**Incentive Fee**

The Fund also pays the Adviser a performance-based incentive fee (the "Incentive Fee") promptly after the end of each fiscal year of the Fund. The Incentive Fee is determined as of the end of the fiscal year in an amount equal to 15% of the amount by which the Fund's net profits for all Fiscal Periods (as defined below), ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account (as described below), without duplication for any Incentive Fees paid during such fiscal year.

The Fund also pays the Adviser the Incentive Fee in the event a Fiscal Period is triggered in connection with a share repurchase offer by the Fund, as described below.

For purposes of calculating the Incentive Fee, net profits means the amount by which: (a) the net assets of the Fund as of the end of a Fiscal Period, increased by the dollar amount of shares of the Fund repurchased during the Fiscal Period (excluding shares to be repurchased as of the last day of the Fiscal Period after determination of the Incentive Fee) and by the amount of dividends and other distributions paid to shareholders during the Fiscal Period and not reinvested in additional shares (excluding any dividends and other distributions to be paid as of the last day of the Fiscal Period), exceeds (b) the net assets of the Fund as of the beginning of the Fiscal Period, increased by the dollar amount of shares of the Fund issued during the Fiscal Period (excluding any shares issued in connection with the reinvestment of dividends and other distributions paid by the Fund). Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund, determined in accordance with the valuation and accounting policies and procedures of the Fund. "Fiscal Period" means each period ending on the Fund's fiscal year-end (or such other period ending on the Fund's fiscal year-end in the event the Fund's fiscal year is changed), provided that whenever the Fund conducts a share repurchase offer, the period of time from the last Fiscal Period-end through the effective date of the repurchase offer also constitutes a Fiscal Period for purposes of calculating the Incentive Fee due (if any) on Shares being tendered for repurchase. Upon termination of the Advisory Agreement, the Fund will pay the Incentive Fee to the Adviser as if the date of effectiveness of such termination is the end of the Fund's fiscal year. Thus, the occurrence of certain events, such as the termination of the Advisory Agreement (which may be terminated by the Adviser upon 60 days prior written notice to the Fund) or a periodic share repurchase offer, will trigger the determination of a Fiscal Period and the payment to the Adviser of the Incentive Fee, if any.

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In the event that an Incentive Fee is payable with respect to a Fiscal Period that is not the Fund's fiscal year-end due to the Fund's share repurchases, the Incentive Fee will be determined as if the end of such Fiscal Period were the end of the Fund's fiscal year, and only that portion of the Incentive Fee that is proportional to the Fund's assets paid in respect of such share repurchases (not taking into account any proceeds from any contemporaneous issuance of shares of the Fund, by reinvestment of dividends and other distributions or otherwise) will be paid to the Adviser for such Fiscal Period.

The Adviser will be under no obligation to repay any Incentive Fee or portion thereof previously paid to it by the Fund. Thus, the payment of an Incentive Fee for a Fiscal Period will not be reversed by the subsequent decline in assets of the Fund in any subsequent Fiscal Period.

The Incentive Fee will be payable for a Fiscal Period only if there is no positive balance in the Fund's loss carryforward account for the applicable Fiscal Period. The loss carryforward account is an account that will have an initial balance of zero upon commencement of the Fund's operations and, thereafter, will be credited as of the end of each Fiscal Period with the amount of any net loss of the Fund for that Fiscal Period and will be debited with the amount of any net profits of the Fund for that Fiscal Period, as applicable (provided, however, that the debiting of net profits may only reduce a positive balance in the loss carryforward account and may not reduce the balance of the loss carryforward account below zero). This is sometimes known as a "high water mark." The balance of the loss carryforward account, if any, will be subject to a proportionate reduction as of the day following: (i) the payment by the Fund of any dividend or other distribution to shareholders (unless the full amount thereof is reinvested in shares of the Fund); and (ii) any repurchase by the Fund of its shares.

The Incentive Fee presents certain risks that are not present in investment funds without incentive fees. In addition, although the aggregate fees payable by the Fund to the Adviser are similar to those of private investment funds, they are significantly higher than those paid by most registered investment companies. (*See* "Additional Risk Factors — The Incentive Fee" above.)

**Distribution and Shareholder Servicing Fees**

Under the terms of the distribution agreement with the Fund, Class A shares of the Fund are subject to ongoing distribution and shareholder servicing fees that may be used to compensate Selling Agents for selling Shares of the Fund, marketing the Fund and providing, or arranging for the provision of, ongoing investor services and account maintenance services to investors in the Fund. These fees are accrued and paid monthly in an aggregate amount not to exceed 0.85% (on an annualized basis) of the net asset value of Class A shares of the Fund (such fees, collectively, the "Distribution and Shareholder Servicing Fees"). Distribution and Shareholder Servicing Fees will be accrued monthly as an expense of the Fund. Class W shares are not subject to any front-end sales load or ongoing distribution fee, but are subject to a servicing fee not to exceed 0.25% (on an annualized basis) of the net asset value of Class W shares. Class I shares are not subject to any front-end sales load, ongoing distribution fee or ongoing servicing fee.

Pursuant to the terms of the Distributor's distribution agreement with the Fund, the Distributor may retain unaffiliated brokers or dealers to: (i) act as selling agents ("Selling Agents") to assist in the distribution of Shares; and (ii) to provide ongoing investor services and account maintenance services to their customers that are investors in the Fund. Selling Agents will be compensated for their services in determining whether an investment in the Fund is a suitable investment for their customers (in accordance with the rules of the Financial Industry Regulatory Authority, Inc. ("FINRA")) and whether investors are Eligible Investors (as described herein), for providing customary shareholder services, including responding to shareholder questions about the Fund and the transferability of Shares and assisting in selecting dividend payment options. Selling Agents will be required to implement procedures designed to enable them to form a reasonable belief that any transferees of the Shares that are their clients are Eligible Investors, and that each Selling Agent will agree to cooperate in the event of a regulatory audit to determine the Eligible Investor status of the shareholders for whom it holds Shares. (*See* "Investor Qualifications and Suitability.")

The Adviser (and its affiliates) may also enter into agreements with registered investment advisers to allow them to transact in Class W shares on behalf of their clients (such registered investment advisers may also be deemed "Selling Agents" as the context requires herein).

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**Other Fees and Expenses of the Fund**

The Fund bears all expenses incurred in its business and operations, other than those borne by the Adviser or by the Distributor pursuant to their agreements with the Fund, including, but not limited to: all investment related expenses (*e.g.*, costs and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with investments, transfer taxes and premiums, taxes withheld on foreign income, 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); interest expenses and other borrowing costs; the fees and expenses of performing research, risk analysis and due diligence, including third party background checks and the expenses of other third party consultants; expenses of computing the Fund's net asset value, including any equipment or services obtained for the purpose of valuing the Fund's investment portfolio, including appraisal and valuation or related consulting services provided by third parties engaged by or on behalf of the Fund; the Management Fee; the Incentive Fee; the Distribution and Shareholder Servicing Fees; any non-investment related interest expense; networking and sub-transfer agency expenses; organizational and offering expenses (including blue sky or other similar jurisdictional registration fees and governmental and self-regulatory agency filing fees); fees and disbursements of any attorneys and accountants engaged by the Fund, including, without limitation, legal costs associated with investments or potential investments not made (i.e., "dead deals"); Fund filing and related compliance expenses; investor communication expenses; audit and tax preparation fees and expenses; administrative and related trade reconciliation expenses and fees; custody fees and expenses; insurance costs; fees and travel-related expenses of members of the Board who are not employees of the Adviser or any affiliate of the Adviser; and any extraordinary expenses. The Fund and the Adviser have also entered into an Expense Limitation Agreement, pursuant to which the Adviser (or its affiliate) has agreed to pay or absorb the ordinary operating expenses of the Fund so as to ensure that the Fund's annual expense ratio, excluding: (i) the Management Fee; (ii) the Incentive Fee; (iii) any Distribution and Shareholder Servicing Fees for Class A Shares or servicing fees for Class W Shares; (iv) any acquired fund fees and expenses; (v) transactional costs associated with consummated and unconsummated transactions, including legal costs and brokerage commissions, associated with the acquisition, disposition and maintenance of investments by the Fund; (vi) any interest expense; (vii) taxes; (viii) dividend and interest expenses relating to any short sales; and (ix) extraordinary expenses (expenses resulting from events and transactions that are distinguished by their unusual nature or by the infrequency of their occurrence), does not exceed 0.75% per annum for each class (the "Expense Limitation"). In consideration of the Adviser's agreement to limit the Fund's expenses, the Adviser may recoup amounts waived or reimbursed for a period not to exceed three years from the month in which they were waived or reimbursed. Recoupment will be made only to the extent it does not cause the Fund's ordinary operating expenses to exceed: (1) the Expense Limitation in effect at the time the expense was paid or absorbed; and (2) the Expense Limitation in effect at the time of recapture. The Expense Limitation Agreement will remain in effect through the later of December 31, 2028 or 48 months from the Initial Investor Commencement Date, unless sooner terminated at the sole discretion of the Board. The Adviser, in its discretion, may also determine to reimburse or waive any additional expenses of the Fund at any time.

**THE OFFERING**

**Purchase Terms; Minimum Investment**

Shares of the Fund are generally expected to be offered for purchase on a monthly basis in a continuous offering at their net asset value per share, plus in the case of Class A shares (and if applicable), a sales load of up to 2.50% of the purchase price (as described below), except that Shares may be offered less frequently as determined by the Distributor in consultation with the Adviser. The Fund intends to offer its Shares on a monthly basis at net asset value.

Selling Agents are not required by the Fund or Distributor to charge any sales load on Class A shares and instead may charge clients transaction fees or other transaction charges in such amounts as they may determine (which may be higher or lower than 2.50% of the invested amount). In addition, the Distributor (or the Adviser) may pay selling compensation to Selling Agents of up to 1.50% of the purchase price of Shares for the first twelve months after the Fund's Initial Investor Commencement Date, which period may be extended in the Distributor or the Adviser's sole discretion. This compensation from the Distributor or the Adviser may be used by Selling Agents to offset the upfront sales load otherwise chargeable to the investor. Shares will be issued at the net asset value per share next computed after acceptance of an order to purchase Shares. The Fund's net asset value per share will be circulated to Selling Agents offering Shares of the Fund. Purchase orders for Shares sold in connection with a monthly offering must be received in proper form by the Distributor prior to the close of business (normally 5 p.m. Eastern Time) on the day of the month specified by the Distributor (typically the last business day of the month) (a "Closing Time"), which can be, with respect to certain Selling Agents, as many as five business days prior to the end of a month. A prospective investor may rescind a purchase order for Shares at any time prior to a Closing Time. The Fund reserves the right to suspend or terminate the offering of Shares at any time.

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The minimum initial investment in Class A shares of the Fund is $50,000. Subsequent investments must be at least $5,000. The minimum investment requirements may be reduced or waived for investments by personnel of the Adviser and its affiliates, and members of their immediate families, and as may be determined by the Board.

In addition, Class W shares of the Fund are currently only available to investors whose investment in the Fund is made through an asset-based fee program sponsored by a registered broker-dealer or registered investment adviser (also known as a "wrap fee" program) and whose financial advisor recommends their investment in the Fund. Wrap fee programs are arrangements between broker-dealers, investment advisers, banks and other financial institutions (typically acting as sponsors of the programs) through which the customers of such firms receive discretionary investment advisory, execution, clearing, and custodial services in a "bundled" form. In exchange for these "bundled" services, customers pay an all-inclusive – or "wrap" – fee determined as a percentage of the assets held in the wrap fee account.

Not all investors are able to access Class W shares. Certain brokerage firms may not offer fee-based advisory programs that allow investors to access Class W shares as described above or investors may not qualify for any such program at their brokerage firms that allows such access. It is also possible that certain brokerage firms may not offer the Fund as part of any such fee-based advisory program.

Further, the decision by investors to invest in the Fund through Class W shares must be made on a case by case basis after careful discussion with the investor's financial advisor to determine whether Class W shares are most appropriate for the investor, such determination to be based both on economic and non-economic factors.

The minimum initial investment in Class W shares of the Fund is $50,000. Subsequent investments must be at least $5,000.

In addition, Class I shares of the Fund are currently offered to both institutional investors and wrap fee accounts (which provide access to Class I shares) making an initial investment of at least $10,000,000. Subsequent investments must be at least $250,000. The minimum initial and subsequent investments may also be reduced by the Fund or the Distributor in its discretion for certain investors based on the consideration of various factors, including but not limited to the investor's overall relationship with the Adviser, the investor's holdings in other funds affiliated with the Adviser, and such other matters as the Adviser may consider relevant at the time, though shares will only be sold to investors that satisfy the Fund's eligibility requirements. The minimum initial and subsequent investments may also be reduced by the Fund in its discretion for clients of certain registered investment advisers, broker dealers and other financial intermediaries based on consideration of various factors, including the registered investment adviser or other financial intermediaries' overall relationship with the client or the Adviser, the type of distribution channels offered by the intermediary and such other factors as the Distributor or the Adviser may consider relevant at the time. Class I shares are not subject to any front-end sales load, ongoing distribution fee or ongoing servicing fee.

At each Closing Time purchase orders received in proper form will be accepted by the Fund and deposited monies will be invested in the Fund (typically net of the sales load, if applicable) as of the first day of the next month following submission of an investor's purchase order. Investors will not receive any stock certificate evidencing the purchase of Fund Shares. Instead, they will receive written or electronic confirmation of each transaction and regular reports showing account balances.

Under certain circumstances (including where a Class A shareholder may be eligible to invest in Class W or Class I shares), and only as authorized by the Distributor or the Fund, the Fund intends to allow Class A shares to be exchanged for Class W or Class I shares, as applicable (to the extent the investor's investment meets the eligibility criteria of the class into which the exchange is sought). Any such exchange would generally not be a taxable event for U.S. federal income tax purposes.

Under certain circumstances (including where a Class W shareholder may be eligible to invest in Class A or Class I shares), and only as authorized by the Distributor or the Fund, the Fund intends to allow Class W shares to be exchanged for Class A or Class I shares, as applicable (to the extent the investor's investment meets the eligibility criteria of the class into which the exchange is sought). Any such exchange would generally not be a taxable event for U.S. federal income tax purposes.

**Plan of Distribution**

Breakwater serves as distributor of the Shares on a best efforts basis, subject to various conditions, pursuant to the terms of its distribution agreement with the Fund. Breakwater is not obligated to buy from the Fund any of the Shares and it does not intend to make a market in the Shares.

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Breakwater is a securities brokerage firm that is registered as a broker-dealer under the Securities Exchange Act of 1934 (the "Exchange Act") and a member of FINRA. Alkeon is the non-managing member of Breakwater. Breakwater maintains its principal office at 350 Madison Avenue, 20th Floor, New York, New York 10017.

Under the terms of the distribution agreement with the Fund, the Distributor is authorized to retain unaffiliated brokers or dealers (i.e., the Selling Agents) to assist in the distribution of Shares. Class A shares of the Fund are subject to ongoing distribution and shareholder servicing fees that may be used to compensate Selling Agents for selling Shares of the Fund, marketing the Fund and providing, or arranging for the provision of, ongoing investor services and account maintenance services to investors in the Fund. These fees are accrued and paid monthly in an amount not to exceed, in the aggregate, 0.85% (on an annualized basis) of the net asset value of Class A shares of the Fund (*See* "Fees and Expenses — Distribution and Shareholder Servicing Fees" above). Class W shares are not subject to any front-end sales load or ongoing distribution fee, but are subject to a servicing fee not to exceed 0.25% (on an annualized basis) of the net asset value of Class W shares. Class I shares are not subject to any front-end sales load, ongoing distribution fee or ongoing servicing fee. Distribution and Shareholder Servicing Fees will be accrued monthly as an expense of the Fund. The Fund may terminate the distribution agreement on 60 days' prior written notice. The Adviser (and its affiliates) may also enter into agreements with registered investment advisers to allow them to transact in Class W shares on behalf of their clients.

Selling Agents are entitled to charge a sales load to each investor on the purchase price of its Class A shares of up to 2.50% (the purchase price of Fund Shares, which are generally offered monthly, is their net asset value, calculated as described in the section entitled "Calculation of Net Asset Value"). Any applicable sales load is typically charged prior to investment in the Fund such that the amount invested in the Fund is net of such sales load and the amount of such load neither constitutes an investment by the investor nor forms part of the assets of the Fund. The specific amount of the sales load paid is not fixed and will be determined by the investor and its Selling Agent. Selling Agents may calculate their sales charges in different ways that may result in different amounts due from the investor to the Selling Agent for the same stated sales charge, but the Fund is not responsible for determining or reconciling such calculations. Any applicable sales load is expected to be waived for the Adviser and its affiliates, including its personnel and members of their immediate families.

In addition, Selling Agents are not required by the Fund or Distributor to charge any sales load on Class A shares and instead may charge clients transaction fees or other transaction charges in such amounts as they may determine (which may be higher or lower than 2.50% of the invested amount). Selling Agents may impose additional or other transaction fees/charges. Transaction fees or other transaction charges will vary among Selling Agents and each Selling Agent may vary its level of charges to each investor based on such investor's total account size or on such other basis as determined by the Selling Agent.

In addition, the Distributor (or the Adviser) may pay selling compensation to Selling Agents of up to 1.50% of the purchase price of Shares for the first twelve months after the Fund's Initial Investor Commencement Date, which period may be extended in the Distributor or the Adviser's sole discretion. This compensation from the Distributor or the Adviser may be used by Selling Agents to offset the upfront sales load otherwise chargeable to the investor. Furthermore, the Adviser, or its affiliates, may pay additional compensation out of its own resources (i.e., not Fund assets) to certain selling agents or financial intermediaries in connection with the sale of the Shares. The additional compensation may differ among brokers or dealers in amount or in calculation. Payments of additional compensation may be based on either the aggregate value of outstanding Shares held by Shareholders introduced by a broker or dealer or as a percentage of compensation received by the Adviser pursuant to the Advisory Agreement attributable to Shares held by Shareholders introduced by a broker or dealer. The receipt of the additional compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

In return for the additional compensation, the Fund may receive certain services and/or advantages such as access to a Selling Agent's financial advisors, placement on a list of investment options offered by a Selling Agent, or the ability to assist in training and educating the Selling Agent's financial advisors. The additional compensation and the services and/or advantages received (if any) may differ among Selling Agents in amount. The receipt of additional compensation by a Selling Agent may create potential conflicts of interest between an investor and its Selling Agent who is recommending the Fund over other potential investments.

The Fund has agreed to indemnify the Distributor and each person, if any, who controls the Distributor, against certain liabilities, unless it is determined that the liability resulted from the willful misfeasance, bad faith or gross negligence of the person seeking indemnification, or from the reckless disregard of such person's obligations and duties. (*See* "Investment Advisory and Other Services" in the SAI.)

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**DESCRIPTION OF SHARES**

The Fund is an unincorporated statutory trust organized under the laws of Delaware. The Fund is authorized to issue an unlimited number of Shares of beneficial interest, $0.001 par value. The Board is authorized to increase or decrease the number of Shares issued. Each share has one vote and, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. The Trustees have the power to pay expenses of the Fund prior to paying dividends or distributions to shareholders.

All Shares are equal as to voting privileges and have no conversion, preemptive or other subscription rights. Class A shares are subject to a maximum sales load and a distribution and shareholder servicing fee. Unlike Class A shares, (i) Class W shares are not subject to any front-end sales load or ongoing distribution fee, but are subject to a servicing fee not to exceed 0.25% (on an annualized basis) of the net asset value of Class W shares, and (ii) Class I shares are not subject to any front-end sales load, ongoing distribution fee or ongoing servicing fee. The Fund will send annual and semi-annual reports to all holders of its Shares. The Fund does not intend to hold annual meetings of shareholders. Shareholders do not have preemptive, subscription or conversion rights, and are not liable for further calls or assessments. Shareholders are entitled to receive dividends only if and to the extent declared by the Board and only after the Board has made provision for working capital and reserves as it in its sole discretion deems advisable. Shares are not available in certificated form. In addition, the provisions of the Declaration of Trust limit the ability of shareholders to bring derivative and direct claims, except for claims arising under federal securities laws.

**CERTAIN TAX MATTERS**

The following discussion is a brief summary of certain United States federal income tax considerations affecting the Fund and its shareholders. The discussion reflects applicable tax laws of the United States as of the date of this Offering Memorandum, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service (the "IRS") retroactively or prospectively. No attempt is made to present a detailed explanation of all United States federal, state, local and foreign tax concerns affecting the Fund and its shareholders (including shareholders owning large positions in the Fund), and the discussion set forth herein does not constitute tax advice.

The Fund intends to elect to be treated and to qualify annually as a regulated investment company under Subchapter M of the Code. To qualify as a regulated investment company, the Fund must comply with certain requirements relating to, among other things, the sources of its income and diversification of its assets. If the Fund so qualifies and distributes each year to its shareholders at least 90% of its investment company taxable income (generally including ordinary income and net short-term capital gain, but not net capital gain, which is the excess of net long-term capital gain over net short-term capital loss) and meets certain other requirements, it will not be required to pay federal income taxes on any income it distributes to shareholders. The Fund intends to distribute at least the minimum amount necessary to satisfy the 90% distribution requirement. The Fund will not be subject to federal income tax on any net capital gain distributed to shareholders.

The Fund may invest a portion of the assets indirectly through one or more wholly owned subsidiaries formed in one or more jurisdictions and treated as corporations for U.S. federal income tax purposes (each, a "Blocker Subsidiary," and together, the "Blocker Subsidiaries"). The Fund may invest indirectly through a Blocker Subsidiary if it believes it is desirable to do so to comply with the requirements for qualification as a regulated investment company under the Code. For example, the Fund may hold equity interests in an operating portfolio company conducted in "pass-through" form (i.e., as a partnership for U.S. federal income tax purposes) through a taxable domestic Blocker Subsidiary, or may invest in certain commodities through a non-U.S. Blocker Subsidiary, because such an investment, if made directly, would produce income that is not qualifying income for a RIC. Any Blocker Subsidiary organized in the United States will generally be subject to U.S. federal, state and local income tax at corporate rates which would reduce returns (potentially materially) from what otherwise might have been generated from the investment had a Blocker Subsidiary not been utilized. In general, in order to comply with the diversification requirements under Subchapter M of the Code, the Fund may not invest more than 25% of the value of its assets in the stock of one or more Blocker Subsidiaries that are engaged in the same or similar or related trades or businesses. A determination that two or more Blocker Subsidiaries are in the same or similar or related trades or businesses, and thus subject to a single 25% limitation under the diversification tests, could limit the Fund's ability to pursue a particular investment.

Distributions of the Fund's investment company taxable income are taxable to shareholders as ordinary income to the extent of the Fund's earnings and profits. Distributions made out of qualified dividend income, if any, received by the Fund

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are taxable to shareholders at long-term capital gains rates, provided the shareholder meets certain holding period and other requirements with respect to its Shares. Distributions of the Fund's net capital gain as capital gain dividends, if any, are taxable to shareholders as long-term capital gains regardless of the length of time Shares of the Fund have been held by such shareholders. Distributions are taxable, as described above, whether received in cash or reinvested in the Fund. The Fund will inform shareholders of the source and tax status of all distributions promptly after the distribution is made, which typically occurs at the end of November.

Investors are urged to consult their own tax advisers regarding specific questions about federal (including the application of the alternative minimum tax), state, local or non-U.S. tax consequences to them of investing in the Fund. For additional information, *see* the SAI under "Tax Aspects."

**Taxation of Short Sales**

Gain or loss from a short sale of property is generally considered as capital gain or loss to the extent the property used to close the short sale constitutes a capital asset in the Fund's possession. Except with respect to certain situations where the property used to close a short sale has a long-term holding period on the date the short sale is entered into, gains on short sales generally are short-term capital gains. A loss on a short sale will be treated as a long-term capital loss if, on the date of the short sale, "substantially identical property" has been held by the Fund for more than one year. In addition, these rules may also terminate the running of the holding period of "substantially identical property" held by the Fund.

Gain or loss on a short sale will generally not be realized until such time that the short sale is closed. However, if the Fund holds a short sale position with respect to stock, certain debt obligations or partnership interests that has appreciated in value and then acquires property that is the same as or substantially identical to the property sold short, the Fund generally will recognize gain on the date it acquires such property as if the short sale were closed on such date with such property. Similarly, if the Fund holds an appreciated financial position with respect to stock, certain debt obligations or partnership interests and then enters into a short sale with respect to the same or substantially identical property, the Fund generally will recognize gain as if the appreciated financial position were sold at its fair market value on the date it enters into the short sale. The subsequent holding period for any appreciated financial position that is subject to these constructive sale rules will be determined as if such position were acquired on the date of the constructive sale. For additional information, *see* the SAI under "Tax Aspects."

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**INVESTOR QUALIFICATIONS AND SUITABILITY**

**Investor Qualifications**

Shares of the Fund may be purchased only by U.S. investors who certify to the Fund or its agents that (i) they have a net worth (in the case of a natural person, either as an individual or with assets held jointly with a spouse) of more than $2.2 million, excluding the value of the primary residence of such person as an asset, and, as a liability, certain debt, or portions thereof, secured by such property, or otherwise meet the definition of a "qualified client" under Rule 205-3 promulgated under the Investment Advisers Act of 1940, as amended and (ii) that they are an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act - such an "accredited investor" includes, among other investors, a natural person who has a net worth (or a joint net worth with that person's spouse), excluding the value of such natural person's primary residence, immediately prior to the time of purchase in excess of $1 million, or income in excess of $200,000 (or joint income with the investor's spouse in excess of $300,000) in each of the two preceding years and has a reasonable expectation of reaching the same income level in the current year, and certain legal entities with total assets exceeding $5 million (together, an "Eligible Investor"). In order to purchase Shares, a prospective investor must be an Eligible Investor and submit a completed investor certification to the Distributor or a Selling Agent prior to the Closing Time (as described in "The Offering — Purchase Terms; Minimum Investment" above). (A form of investor certification is included in Appendix A to this Offering Memorandum, which may be modified or supplemented as necessary to comply with the certification and/or substantiation requirements of individual Selling Agents.) The Fund reserves the right to reject, in its sole discretion, any request to purchase Shares of the Fund at any time.

So long as an investor continues to satisfy the definition of "Eligible Investor" in the then-effective Offering Memorandum of the Fund at the time of such investor's initial investment in the Fund, such investor may keep its assets in the Fund and make additional investments in the Fund, subject to applicable minimums and investment restrictions, even if the investor does not satisfy the definition of "Eligible Investor" in the Fund's currently effective Offering Memorandum. Existing shareholders who are purchasing additional Shares will be required to submit a new investor certification each time they purchase additional Shares certifying that they continue to satisfy the investor qualification standard in place at the time of their initial investment.

In addition to the Eligible Investor requirement, Class W shares of the Fund are currently only available to investors whose investment in the Fund is made through an asset-based fee program sponsored by a registered broker-dealer or its affiliated investment adviser (also known as a "wrap fee" program) and whose financial advisor recommends their investment in the Fund. Wrap fee programs are arrangements between broker-dealers, investment advisers, banks and other financial institutions (typically acting as sponsors of the programs) through which the customers of such firms receive discretionary investment advisory, execution, clearing, and custodial services in a "bundled" form. In exchange for these "bundled" services, customers pay an all-inclusive – or "wrap" – fee determined as a percentage of the assets held in the wrap fee account.

Not all investors will be able to access Class W shares. Certain brokerage firms may not offer fee-based advisory programs that allow investors to access Class W shares as described above or investors may not qualify for any such program at their brokerage firms that allows such access. It is also possible that certain brokerage firms may not offer the Fund as part of any such fee-based advisory program.

Further, the decision by investors to invest in the Fund through Class W shares must be made on a case by case basis after careful discussion with the investor's financial advisor to determine whether Class W shares are most appropriate for the investor, such determination to be based both on economic and non-economic factors.

In addition to the Eligible Investor requirement, Class I shares of the Fund are currently offered to both institutional investors and wrap fee accounts (which provide access to Class I shares) making an initial investment of at least $10,000,000. Subsequent investments must be at least $250,000. The minimum initial and subsequent investments may also be reduced by the Fund or the Distributor in its discretion for certain investors based on the consideration of various factors, including but not limited to the investor's overall relationship with the Adviser, the investor's holdings in other funds affiliated with the Adviser, and such other matters as the Adviser may consider relevant at the time, though shares will only be sold to investors that satisfy the Fund's eligibility requirements. The minimum initial and subsequent investments may also be reduced by the Fund in its discretion for clients of certain registered investment advisers, broker dealers and other financial intermediaries based on consideration of various factors, including the registered investment adviser or other financial intermediaries'

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overall relationship with the client or the Adviser, the type of distribution channels offered by the intermediary and such other factors as the Distributor or the Adviser may consider relevant at the time.

Additionally, Shares of the Fund are not eligible for purchase by non-U.S. investors.

**Investor Suitability**

***General Considerations. An investment in the Fund involves substantial risks and is not necessarily suitable for all eligible investors***. Prior to making an investment decision, you should: (i) consider the suitability of this investment with respect to your investment objectives and personal situation, (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs, and (iii) consult with your broker, dealer or other financial advisor to determine whether an investment in the Fund is suitable for your risk profile. A shareholder should invest in the Fund only money that it can afford to lose, and a shareholder should not invest money to which it will need access on a short-term or frequent basis. In addition, a shareholder should be aware of how the Fund's investment strategies fit into its overall investment portfolio because the Fund by itself is not designed to be a well-balanced investment for a particular investor.

***Unlisted Closed-End Structure and Highly Limited Liquidity***. The Fund is organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that shareholders of a closed-end fund do not have the right to require the Fund to repurchase or redeem their Shares during the life of the Fund, and the Fund will not be required to provide liquidity to shareholders, through periodic written tender offers or otherwise. Although, following the Initial Investor Commencement Date, the Fund intends to make limited quarterly offers to repurchase its Shares, there can be no assurance that the Fund will repurchase all Shares that are tendered by a shareholder in connection with any repurchase offer. No public market for Shares exists, and none is expected to develop in the future. Consequently, shareholders may not be able to liquidate their investment other than as a result of repurchases of Shares by the Fund. A prospective investor should consider its liquidity needs before investing.

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***Transfer Restrictions***. Withdrawals will not generally be permitted, except to the extent required to comply with applicable laws. Shareholders will not be able to sell, assign, transfer, pledge or otherwise dispose of or encumber all or any of their Shares without the prior written consent of the Adviser, which may be withheld in the Adviser's sole discretion. A shareholder that transfers its Shares will be required to bear all costs and expenses (including legal fees) incurred by the Adviser and the Fund in connection with such transfer. The Fund may require substantial documentation in connection with a requested transfer of Shares, and you should not expect that you will be able to transfer Shares at all. Attempted transfers may require a substantial amount of time to effect and may not be in the manner desired by a shareholder. Shares of the Fund may not be exchanged for shares of any other fund. An investment in the Fund should be viewed as a long-term investment and is suitable only for investors who bear the risks associated with the limited liquidity of Shares (including these transfer restrictions).

**CALCULATION OF NET ASSET VALUE**

The value of the net assets of Shares of the Fund is determined as of the last business day of each month as of the close of regular business of the New York Stock Exchange in accordance with the procedures set forth below or as may be determined from time to time pursuant to policies established by the Board.

The Fund values securities for which market quotations are "readily available" (including, as applicable, those held in the Publicly-Traded Sleeve) at market value:

Domestic and foreign exchange-traded equity securities (including listed warrants) traded upon or dealt in one or more domestic or foreign securities exchanges are valued at their official closing price as reported on their primary exchange.

Domestic non-exchange traded equity securities are valued at their last reported price.

Total return swaps on equity securities are generally valued based upon the price for the reference asset, as determined in the manner specified above, as well as dividends on the reference equity security and accrued swap interest since the day of opening the position.

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Fixed income, including convertible bonds, is generally valued using an evaluated bid price provided by an independent pricing agent. Evaluated bid prices provided by the pricing agent may be determined without exclusive reliance on quoted bid prices and may reflect factors such as relative credit information, observed market movements, sector news, maturity, reported trade frequencies and other market data. Money market instruments with a remaining maturity of 60 days or less may be valued at amortized cost (purchase price or last valuation, as applicable, adjusted for accretion of discount or amortization of premium) unless the Adviser believes another valuation is more appropriate.

Options traded upon or dealt in one or more domestic or foreign securities exchanges, are valued at their last reported mid price as reported on such exchange(s). Non-exchange traded options and currency options are valued using a combination of observable inputs and models.

Forward contracts are traded on the over-the-counter market. Forward contracts are valued using observable inputs, such as currency exchange rates or commodity prices, applied to notional amounts stated in the applicable contracts.

All other securities (which are expected to comprise a significant portion of the Fund's investments) and other assets are valued at "fair value" as determined in good faith by the Board. The Board has designated the Adviser as the Valuation Designee, pursuant to Rule 2a-5 and the 1940 Act, and has approved procedures pursuant to which the Fund will value its investments (the "Procedures"). The Board has assigned to the Adviser general responsibility for determining, in accordance with the Procedures, the value of the Fund's investments, subject to the statutory obligations of the Board under the 1940 Act.

With respect to valuation of portfolio investments in private securities (i.e., securities not traded on an established securities exchange or not reported through NASDAQ or comparable established non-U.S. over-the-counter trading system), the Adviser's Valuation Committee meets at least quarterly to review valuation memoranda and materials for each such investment and determines, in good faith, the fair value methodology for each such investment. In making such good faith determination, the Valuation Committee expects to generally rely on one or more third-party valuation specialists, and the Valuation Committee and/or the third-party valuation specialists may analyze a variety of materials, including: materials prepared by the Adviser, issuer or third-party valuation specialists; the issuer's financial results and projections; publicly traded comparable companies, precedent transactions in the market and comparable private transactions (when available); valuation modeling analyses; as well as other factors and may consider valuation methodologies consistent with industry practices, including but not limited to: comparisons to prices from secondary market transactions; venture capital financings; public offerings; purchase or sales transactions; as well as analysis of financial ratios and valuation metrics of an issuer that issued such private securities to peer companies that are public, analysis of an issuer's most recent financial statements and forecasts, and the markets in which the issuer does business, and other relevant factors.

The fair valuation arrived at for each privately offered investment using the foregoing quarterly process is subject to change/update for purposes of determining each subsequent month-end Fund NAV (until the next quarterly fair valuation is determined). Specifically, in making a good faith determination each month whether and to what extent the most recent quarter-end fair value of an investment requires a subsequent adjustment to arrive at the updated month-end NAV, the Valuation Committee expects also to generally rely on one or more third-party valuation specialists. Further, the Valuation Committee and/or the third-party valuation specialists may consider a number of factors, such as an investment's latest round of financing, operating performance, market-based performance multiples, announced capital markets activity and any other relevant information.

The Adviser monitors the continuing appropriateness of the valuation methodology being used for each security and other investment.

Prospective investors should be aware that situations involving uncertainties as to the valuation of portfolio positions could have an adverse effect on the Fund's net asset value if the Adviser's judgments regarding appropriate valuations should prove incorrect.

A substantial portion of the Fund's assets are expected to consist of securities of private companies for which there are no readily available market quotations and thus their valuation is subject to inherent uncertainty and conflicts of interest. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. There are inherent uncertainties associated with the determination of fair value.

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The most relevant information may often be provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated.

The Fund expects to generally accept purchases of Shares as of the first business day of each month. The number of Shares a shareholder will receive will be based on the Fund's most recent net asset value, which will be calculated for the last business day of the preceding month (*i.e.*, one business day prior to date on which the Fund will accept purchases). The Adviser generally expects to receive information for certain Fund investments, such as private companies, on a quarterly basis only and on a significant delay (and in some cases, e.g., Secondary Shares, it may not receive any information from private companies). The Adviser does not expect to receive updated information intra quarter for such investments, which may impact the Adviser's valuation determinations. A subsequent decrease in the valuation of the Fund's investments after a subscription could potentially disadvantage subscribing investors to the benefit of pre-existing shareholders, and a subsequent increase in the valuation of the Fund's investments after a subscription could potentially disadvantage pre-existing shareholders to the benefit of subscribing investors.

The fair values of one or more assets may not, in retrospect, be the prices at which those assets could have been sold during the period in which the particular fair values were used in determining the Fund's net asset value. As a result, the Fund's issuance of its Shares at net asset value at a time when it owns securities that are valued at fair value may have the effect of diluting or increasing the economic interest of existing shareholders. Fair values assigned to the Fund's investments also affect the amount of the Management Fee (*See* "Principal Risk Factors – Incentive Fee Risk" beginning on page 26.) All fair value determinations by the Adviser are subject to the review of the Board.

Expenses of the Fund, including the Management Fee and the Incentive Fee and the costs of any borrowings, are accrued monthly and taken into account for the purpose of determining the net asset value for the Fund's Shares.

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**REPURCHASES AND TRANSFERS 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. Consequently, shareholders may not be able to liquidate their investment other than as a result of repurchases of Shares by the Fund.

**Repurchase of Shares**

Commencing following the Fund's Initial Investor Commencement Date, the Fund intends to offer to repurchase a limited amount of its Shares pursuant to written tenders. Specifically, commencing with the first full calendar quarter following the Initial Investor Commencement Date, the Adviser intends to recommend the Board's approval of quarterly repurchase offers whereby the Fund would offer to repurchase up to an amount of Shares the aggregate value of which is equal to 4% of the net asset value of the Fund as of or prior to the end of the quarter. The Fund may cease to offer Share repurchases at any time if the Adviser determines there are not sufficient assets available to meet the repurchase offer.

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

&nbsp;&nbsp;&nbsp;&nbsp;· Whether any shareholders have requested to tender Shares to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· The liquidity of the Fund's assets (including fees and costs associated with redeeming or otherwise
withdrawing from its assets);

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

&nbsp;&nbsp;&nbsp;&nbsp;· Any anticipated tax consequences to the Fund of any proposed repurchases of Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;· The recommendation of the Adviser.

**Share Repurchase Procedures**

The Fund would 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. 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, repurchase additional shares (but only up to a maximum amount of an additional 2% of the outstanding shares of the Fund beyond the original repurchase offer amount), extend the repurchase offer, or take any other action with respect to the repurchase offer permitted by applicable law.

Repurchases of Shares from shareholders by the Fund will be paid in cash as described below. Repurchases will be effective after receipt and acceptable by the Fund of eligible written tenders of Shares from shareholders by the applicable repurchase offer deadline. The Fund does not impose any charges in connection with repurchases of Shares except with respect to Shares held less than one year. An Early Repurchase Fee payable to the Fund will be charged with respect to the repurchase of a shareholder's Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Shares. The Early Repurchase Fee will equal 2.00% of the NAV of the Shares repurchased less than one year from the date any portion of such Shares were first purchased. Once shareholders have held Shares for one year, no fee will be assessed in association with a share repurchase, except in the case of additional Shares purchased by a shareholder and then offered for repurchase within one year. The Early Repurchase Fee is payable to the Fund and not to the Adviser. An Early Repurchase Fee payable by a shareholder may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner as will not discriminate unfairly against any shareholder.

Shares will be repurchased by the Fund after reduction for all fees and expenses of the Fund for all periods through the Valuation Date (including, without limitation, the Management Fee and Incentive Fee) – *i.e.*, the accrued fees for the month in which Shares are to be repurchased is deducted prior to effecting the relevant repurchase of Shares.

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In light of liquidity constraints associated with the Fund's investments, the Fund expects to employ the following repurchase procedures:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Key Date** | &nbsp;&nbsp;**When Key Date Will Occur** | &nbsp;&nbsp;**Definition** |
| &nbsp;&nbsp;"Commencement Date" | &nbsp;&nbsp;Approximately 65 days prior to the "Valuation Date" (as defined below). | &nbsp;&nbsp;The date as of which the repurchase offer will commence. |
| &nbsp;&nbsp;"Notice Date" | &nbsp;&nbsp;Approximately 35 days prior to the Valuation Date. | &nbsp;&nbsp;The date by which each shareholder desiring to tender Shares for repurchase must provide proper notice to the Fund. |
| &nbsp;&nbsp;"Tender Withdrawal Date" | &nbsp;&nbsp;Approximately 25 days prior to the Valuation Date. | &nbsp;&nbsp;The date by which a shareholder who has previously provided proper notice to the Fund of such shareholder's desire to tender Shares may properly notify the Fund of such shareholder's desire to withdraw its previous tender request. |
| &nbsp;&nbsp;Valuation Date" | &nbsp;&nbsp;A valuation date, which is generally expected to be March 31, June 30, September 30, or December 31. | &nbsp;&nbsp;The date as of which the NAV of the Shares is calculated, which is generally expected to be March 31, June 30, September 30, or December 31, or, if the Fund properly authorizes any extension of the repurchase offer, the last day of the month immediately following the month in which the Tender Withdrawal Date occurs. |

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These dates are subject to change in the event that the Fund properly authorizes an extension of time during which the repurchase offer is pending. In the event of any such extension, shareholders will be notified in writing by the Fund. Generally, the Fund expects to provide full payment of all consideration offered in the repurchase offer within seven (7) days of the Valuation Date, but in no case will the Fund make such payment later than sixty-five (65) days after the last day that Shares may be tendered pursuant to the repurchase offer (i.e., within 30 days of the Valuation Date).

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.

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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;· 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 without the consent of the Fun, as
described below;

&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;· 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;

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&nbsp;&nbsp;&nbsp;&nbsp;· 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;

&nbsp;&nbsp;&nbsp;&nbsp;· with respect to a shareholder subject to Special Laws or Regulations,
the Shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by
virtue of continuing to hold any Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;· it would be in the best interests of the Fund for the Fund to repurchase
the Shares.

In the event that the Advisers or any of their 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. 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.

For purposes of determining the timing of payment of any Incentive Fee, repurchase offers will cause the Fund to calculate Fiscal Periods more frequently than annually. If that occurs, shareholders could be adversely affected. For example, the Fund may be required to pay the Adviser a portion of the Incentive Fee accrued through that date based on the Fund's investment performance for a Fiscal Period under circumstances where, if no interim Fiscal Periods had occurred, the Adviser would not have been eligible to receive an Incentive Fee payment for an entire fiscal year. Conversely, if at the time the Fund has a cumulative loss, such cumulative loss will be reduced in proportion to the amount of assets withdrawn from the Fund to pay the share repurchases, with the result that the Adviser will be in a better position to eventually earn an Incentive Fee with respect to the Fund.

**Failure to Hold Qualifying Tender**

Unless the Board determines otherwise, Fund intends to offer to repurchase a limited amount of its Shares pursuant to written tenders. If during any consecutive 24-month period, the Fund does not engage in a tender offer in which the Fund accepts 100% of properly tendered Shares (a "Qualifying Tender"), the Fund will not make any new investments that comprise the Private Sleeve so as to reserve investable assets to satisfy future tender requests until a Qualifying Tender occurs. The Adviser also will defer payment of any accrued Incentive Fee until a Qualifying Tender occurs. The Adviser will consider, and consult with the Board regarding, additional always to improve shareholder liquidity through continued periodic tender offers (including by increasing the amount of any such tender offer) or otherwise. Exceptions to the limitations of this paragraph may be made to maintain compliance with applicable law including, without limitation, the 1933 Act and the 1940 Act.

**Transfers of Shares**

Withdrawals will not generally be permitted, except to the extent required to comply with applicable laws. Shareholders will not be able to sell, assign, transfer, pledge or otherwise dispose of or encumber all or any of their Shares without the prior written consent of the Adviser, which may be withheld in the Adviser's sole discretion. A shareholder that transfers its Shares will be required to bear all costs and expenses (including legal fees) incurred by the Adviser and the Fund in connection with such transfer. Shares may be held only through a broker or dealer that has entered into a selling agreement with the Distributor (or its agent/sub-distributor) and/or the Fund or a registered investment adviser that has entered into an agreement with the Adviser (or its affiliates) and holds Shares through a broker or dealer that has entered into a selling agreement with the Distributor (or its agent/sub-distributor) and/or the Fund.

**DISTRIBUTION POLICY**

Dividends will be paid annually on the shares in amounts representing substantially all of the Fund's net investment income, if any, earned each year. Payments on the shares will vary in amount depending on investment income received and expenses of operation. Many of the companies in which the Fund invests may not pay any dividends. The Fund is not a suitable investment if you require regular dividend income. If during the year shareholders would like information on estimated capital gains, they may contact the Fund at (212) 716-6840.

Additionally, substantially all of any taxable net capital gain realized on investments will be paid to shareholders at least annually.

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The net asset value of each share that you own will be reduced by the amount of the distributions or dividends that you receive from that share.

**Dividend Reinvestment**

Dividends and capital gain distributions to shareholders will be reinvested unless the Fund is otherwise instructed by the shareholder through its broker, dealer or other financial intermediary. Shareholders will not be charged any fees as a result of participating in the dividend reinvestment plan. A shareholder who elects not to reinvest will receive both dividends and capital gain distributions in cash. A shareholder can change its election with respect to reinvestment by contacting its broker, dealer or other financial intermediary. 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 load or other charge for reinvestment. Shareholders may affirmatively opt out of the automatic reinvestment plan at any time by contacting their broker, dealer or other financial intermediary, who will inform the Fund. Such a request must be received by the Fund before the record date to be effective for that dividend or capital gain distribution.

Although shareholders receive no cash for distributions reinvested through the plan, ordinary income and/or capital gains are realized for federal income tax purposes on the date of the distribution. Such distributions may also be subject to state and local taxes. Shareholders will be required to report distributions on their tax returns, even if the distribution is reinvested in additional shares.

The Fund reserves the right to suspend reinvestments at any time and require shareholders to receive all distributions in cash. The Fund may also limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The Fund does not currently suspend or limit reinvestments, but it may determine to do so if the amount being reinvested by shareholders exceeds the available investment opportunities that the Adviser considers suitable for the Fund.

Additional information regarding the Fund's dividend reinvestment plan may be obtained by calling the Fund at (212) 716-6840.The Fund reserves the right to suspend reinvestments at any time and require shareholders to receive all distributions in cash. The Fund may also limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of distributions. The Fund does not currently suspend or limit reinvestments, but it may determine to do so if the amount being reinvested by shareholders exceeds the available investment opportunities that the Adviser considers suitable for the Fund.

**CONFLICTS OF INTEREST**

**General**

Alkeon controls the Adviser as its sole member. In addition, Alkeon, an investment adviser registered under the Advisers Act, carries on substantial investment activities for its own account and for other registered investment companies, private investment partnerships, institutions and individual clients. The Fund has no interest in these activities. As a result of the foregoing, Alkeon and its officers or employees who assist in its management of the Adviser will be engaged in substantial activities other than as the sole member of the Adviser and have conflicts of interest in allocating their time and activities between the Fund, the Adviser and Alkeon. Alkeon and its officers and employees devote only so much time to the affairs of the Adviser as in their judgment is necessary and appropriate.

**Participation in Investment Opportunities**

The Adviser and Alkeon provide investment advice for certain other investment funds or other accounts (the "Other Accounts"). Alkeon employs its innovation strategy (the "Innovation Strategy") for the Fund as well as for certain Other Accounts. Alkeon manages the remaining Other Accounts (which, from time to time, include Alkeon's own proprietary accounts or other accounts or funds that are owned primarily or exclusively by its affiliates, officers, employees or other personnel) using different strategies. Alkeon's other investment strategies have generally similar investment objectives and may have overlapping positions, but they target different portfolio risk and return characteristics. As a result, Alkeon's other investment strategies will invest on a longer or shorter basis, invest in a more or less diversified manner or hold a lesser number of more speculative or more liquid positions than the Innovation Strategy. Alkeon may buy or sell a

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security for one strategy but not for another, or may buy (or sell) a security for one strategy while simultaneously selling (or buying) the same security for another strategy.

As a general matter, the Adviser (subject to any policies established by the Board) will consider participation by the Fund in all appropriate investment opportunities that are under consideration by the Adviser or Alkeon for investment for the Other Accounts within the Innovation Strategy. There may be circumstances, however, under which the Adviser or Alkeon will cause one (or more) of the Other Accounts to commit a different percentage of its assets to an investment opportunity than the Adviser will cause the Fund to commit its assets. There may also be circumstances under which the Adviser or Alkeon will consider or recommend participation by the Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Fund. For example, while the Fund can invest in venture investments at any stage in its Private Sleeve similar to Other Accounts within the Innovation Strategy, the Adviser currently expects the Fund's Private Sleeve to focus on mid- to late-stage venture investments and may have a greater exposure to such investments than Other Accounts within the Innovation Strategy.

The Adviser will consider subjective criteria in evaluating whether a particular investment opportunity or strategy is appropriate and feasible for one or more Other Accounts at a particular time. These criteria typically include: (i) the nature of the investment opportunity taken in the context of the other investments available at the time; (ii) the liquidity of the investment relative to the needs of the particular entity or account; (iii) the availability of the opportunity (*e.g.*, size of the obtainable position); (iv) the transaction costs involved; (v) the investment or regulatory limitations applicable to the particular entity or account and (vi) the liquidity needs of the particular account. Similarly, the Adviser will consider subjective criteria when determining if a limited investment opportunity is an investment that is appropriate and feasible for the Fund and/or an Other Account. Accordingly, the Fund may not be able to take full advantage of an investment opportunity to the extent the Adviser determines, in its discretion, that such opportunity is not appropriate for the Fund. Because these considerations may differ for the Fund and the Other Accounts in the context of any particular investment opportunity, the investment activities of the Fund and the Other Accounts may differ from time to time. In addition, the fees and expenses of the Fund may differ from those of the Other Accounts. Therefore, prospective shareholders should note that the future performance of the Fund and the Other Accounts may vary. It is the Adviser's policy, to the extent practicable, to allocate investment opportunities to the Fund and the Other Accounts fairly and equitably over time.

Given their risk/return profile and the liquidity profile expected for the portfolio of each Other Account within the Adviser's Innovation Strategy, the Innovation Strategy has priority on all investments that would comprise the Private Sleeve presented to the Adviser, and allocations of such private investments among the Innovation Strategy Other Accounts are made pursuant to the Adviser's allocation policies and procedures. Notwithstanding the foregoing, under certain circumstances, such private investments may be allocated within and among the Adviser's other strategies, either together or individually, including when there is excess capacity for investment in such private investments following the priority allocations allocated to the Innovation Strategy. Any such allocations to Other Accounts within other strategies will be made to each relevant Other Account employing such strategy based on the subjective criteria identified above.

Situations may occur where the Fund could be disadvantaged because of the investment activities conducted by the Adviser or Alkeon. These situations may be based on, among other things, the following: (i) legal restrictions on the combined size of positions that may be taken for the Fund and the Other Accounts, thereby limiting the size of the Fund's position; (ii) the difficulty of liquidating an investment for the Fund and the Other Accounts where the sale of the combined positions cannot be absorbed; or (iii) the determination that a particular investment is warranted only if hedged with an option or other instrument and there is a limited availability of these options or other instruments.

In many circumstances, negotiated co-investments by the Fund and Other Accounts may be made only pursuant to an order from the SEC permitting the Fund to do so. The Adviser has obtained the Order, which grants Other Accounts and the Fund the ability to fully negotiate terms of co-investment transactions with other funds managed by the Adviser or certain affiliates, subject to the conditions included therein. In certain situations, such as when there is an opportunity to invest in other securities of the same issuer that do not satisfy the Fund's investment objective and strategies, the personnel of the Adviser or its affiliates will need to decide which clients will proceed with which investments. These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. Such personnel will make these determinations based on policies and procedures, which are designed to reasonably ensure that investment opportunities are allocated fairly and equitably among affiliated funds/accounts over time and in a manner that is consistent with applicable laws, rules and regulations. Moreover, except in certain circumstances, when relying on the Order, the Fund will be unable to invest in any issuer in which one or more funds managed by the Adviser or its affiliates has previously invested.

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Under the terms of the Order, the Fund would have the opportunity to participate in co-investment opportunities that align with the Fund's investment objective and strategies. When the Fund participates in a co-investment transaction, the personnel of the Adviser will allocate a portion of the investment to the Fund based on the Fund's investment objective and strategies, risk and return profile, investment policies, investment positions, capital available for investment, and other pertinent factors. Any co-investment will be made for participating accounts including the Fund on identical: terms, conditions, price, class of securities purchased, timing, and registration rights. In addition, a majority of the Independent Trustees generally must make certain conclusions in connection with certain co-investment transactions, including that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Fund and its shareholders and do not involve overreaching of the Fund or its shareholders on the part of any person concerned and (ii) the transaction is consistent with the interests of the Fund's shareholders and is consistent with the Fund's investment objective and strategies. To the extent the Fund is able to make co-investments with the Adviser's affiliates, these co-investment transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and the other participating accounts.

In addition, whether or not the Fund purchases investments that would comprise the Private Sleeve pursuant to co-investment transactions or otherwise, determinations of fair value for any such private investments can be highly subjective, and the Adviser, given its role in making such determinations, has a conflict of interest. The Board retains ultimate oversight over the Fund's valuation policies and procedures.

The members of the Adviser, Alkeon and their directors, managers, officers and employees (including the Fund's principal Portfolio Manager, Mr. Sparaggis) and other affiliated persons may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund, as they may own significant portions of several funds across strategies, in addition to any proprietary accounts. Such affiliated parties have access to information regarding the funds and strategies that is not available to other investors. Such investments pose a risk that Alkeon and the individuals who are in a position to control the allocation of investment opportunities will favor those funds and accounts in which affiliated parties have a greater financial interest, particularly in the case of limited opportunities (such as private placements) or other investments that are otherwise subject to limited capacity. Alkeon is not obligated to acquire for any fund or strategy any security that Alkeon or its officers, managers, members or employees may acquire for its or their own accounts or for any other fund or strategy, if in Alkeon's absolute discretion, it is not practical or desirable to acquire a position in such security for that fund or account. Furthermore, as a result of differing trading and investment strategies or constraints, positions may be taken by directors, officers and employees of the Adviser or Alkeon that are the same, different or made at a different time than positions taken for the Fund. In order to mitigate the possibility that the Fund (or investors) will be adversely affected by this personal trading, the Adviser and Alkeon have adopted a Joint Code of Ethics and the Fund and Breakwater have each adopted their own Codes of Ethics, all of which are in compliance with Rule 17j-1 under the 1940 Act which restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the Fund's portfolio transactions. Each Code of Ethics will be able to be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 202-551-8090. Each Code of Ethics will also be available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of each Code of Ethics may be obtained, after paying a duplicating fee, by E-mail at publicinfo@sec.gov or by writing the SEC's Public Reference Section, Washington, D.C. 20549-0102.

**Other Matters**

Breakwater, of which Alkeon is a non-managing member, acts as the distributor for the Fund's Shares and bears various costs associated with its activities as the Distributor. Breakwater is a securities brokerage firm, is registered as a broker-dealer under the Exchange Act and is a member of FINRA, but does not maintain a trading function. While the Fund pays Distribution and Shareholder Servicing Fees to Breakwater to compensate it for providing, or arranging for the provision of, ongoing investor services and account maintenance services to investors in the Fund, it is expected that such payments will ultimately be paid to Selling Agents, although the Distributor may end up retaining a portion of these payments. (*See* "Fees and Expenses -- Distribution and Shareholder Servicing Fees" and "The Offering.")

The Adviser will not purchase securities or other property from, or sell securities or other property to, the Fund. It should be noted that the Adviser's sole member, Alkeon, is a non-managing member of Breakwater, a broker-dealer that employs certain employees of Alkeon's employees. Breakwater acts as the distributor for the Fund. In addition, the Fund may effect certain principal transactions in securities with one or more Other Accounts, except for accounts in which Alkeon or any affiliate thereof serves as a general partner or certain accounts in which it has a financial interest (other than an interest

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that results solely from Alkeon or any affiliate's appointment as an investment adviser or portfolio manager to the account). These transactions would be effected in circumstances where the Adviser has determined that it would be appropriate for the Fund to purchase and it has been determined that it would be appropriate for such Other Account to sell, or the Fund to sell and such Other Account to purchase, the same security or instrument on the same day. The purchases and sales will be made pursuant to procedures adopted by the Fund pursuant to Rule 17a-7 under the 1940 Act. Among other things, those procedures are intended to ensure that: (i) each transaction will be effected for cash consideration at the current market price of the particular securities; (ii) no transaction will involve restricted securities or other securities for which market quotations are not readily available; and (iii) no brokerage commissions, fees (except for customary transfer fees) or other remuneration will be paid in connection with the transaction.

The Fund is not permitted to purchase or sell securities of any issuer as to which the Adviser or Alkeon has obtained material, non-public information, until such time as the information is no longer material or has become publicly known. This policy could adversely affect the Fund's investment performance because the Fund may: (i) hold securities of an issuer with respect to which the Adviser or Alkeon has adverse information, or (ii) not purchase securities of any issuer with respect to which the Adviser or Alkeon has favorable information.

As a result of the investment banking, corporate finance or similar activities of Breakwater, the Fund may be subject to future restrictions on its ability to purchase or sell certain securities. Additionally, the Fund may only be able to purchase securities during the existence of an underwriting or selling syndicate in which Breakwater is participating subject to certain conditions. This could have an adverse impact on the Fund's investment performance.

Future investment activities of the Adviser, Alkeon and Breakwater and their members, managers, principals, partners, directors, officers or employees (as applicable), may give rise to additional conflicts of interest.

**GENERAL INFORMATION**

**Fiscal Year**

The Fund's fiscal year ends on each September 30. The Fund's tax year for federal income tax purposes also ends on each September 30.

**Reports to Shareholders**

The Fund will send unaudited semi-annual and audited annual reports to shareholders within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

**Legal Counsel**

Alston & Bird LLP, 90 Park Avenue, New York, NY 10016, serves as U.S. legal counsel to the Fund. The firm does not represent potential investors with respect to their investment in the Fund.

**Shareholder Inquiries**

Inquiries concerning the Fund and Shares (including information concerning purchasing procedures) should be directed to your Selling Agent. All potential investors in the Fund are encouraged to consult appropriate legal and tax counsel.

More information about the Fund is available in the SAI. The SAI is incorporated by reference into this Offering Memorandum. The Fund files with the SEC a list of its portfolio holdings as of the end of the first and third fiscal quarters on Form N-PORT. Additional information about the Fund's investments will be available in the annual and semi-annual reports to shareholders. The Fund's annual and semi-annual reports (as filed on Form N-CSR) and each Form N-PORT may be viewed on the SEC's website (www.sec.gov).

From time to time, additional Fund information, such as risk and exposure reports, or the Portfolio Manager's market outlook or industry assessments, may be made available. To the extent permitted by law, such information, as well as the Offering Memorandum, SAI and shareholder reports, may be obtained free of charge by contacting your financial advisor.

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****TABLE OF CONTENTS** OF STATEMENT OF ADDITIONAL INFORMATION**

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| | |
|:---|:---|
| [THE FUND](#sai_001) | [S-2](#sai_001) |
| [ADDITIONAL INVESTMENT POLICIES AND PRACTICES](#sai_002) | [S-2](#sai_002) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#sai_003) | [S-6](#sai_003) |
| [MANAGEMENT OF THE FUND](#sai_004) | [S-7](#sai_004) |
| [PORTFOLIO MANAGER](#sai_005) | [S-12](#sai_005) |
| [TAX ASPECTS](#sai_006) | [S-13](#sai_006) |
| [PROXY VOTING POLICIES AND PROCEDURES](#sai_007) | [S-18](#sai_007) |
| [GENERAL INFORMATION](#sai_008) | [S-18](#sai_008) |
| FINANCIAL STATEMENTS | S-14 |

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**APPENDIX A**

**Form of Investor Certification**

INNOVATION ACCESS FUND

Account No.:  

Financial Advisor Name:  

INVESTOR CERTIFICATION

This certificate relates to Innovation Access Fund (the "Fund") and is given to you as broker with respect to a potential purchase of shares in the Fund.

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

I further certify that:

*A: For individual investors and grantors of certain grantors trusts, one (or more) of the following is accurate in describing the investor's eligibility to invest in the Fund, as indicated by a checked box:*

 

The investor is:

☐ (a) A natural person who has a net worth or joint net worth with that person's spouse at the time of purchase of the shares that exceeds $1,000,000. The term "net worth" means the excess of total assets at fair market value over total liabilities. For the purposes of determining "net worth," the primary residence owned by an individual shall be excluded as an asset. Any liabilities secured by the primary residence should be included in total liabilities only if and to the extent that: (1) such liabilities exceed the fair market value of the residence; or (2) such liabilities were incurred within 60 days before the purchase of the shares (other than as a result of the acquisition of the primary residence); or

☐ (b) A natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse in excess of $300,000 in each of those years and who has a reasonable expectation of reaching the same income level in the current year.

☐ (c) A natural person who holds, in good standing, one of the following professional licenses: the General Securities Representative license (Series 7), the Private Securities Offerings Representative license (Series 82), or the Investment Adviser Representative license (Series 65).

____________________

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

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*B: For entities, one (or more) of the following is accurate in describing the investor's eligibility to invest in the Fund, as indicated by a checked box:*

 

The investor is:

☐ (a) A trust (i) with total assets in excess of $5,000,000, (ii) that was not formed for the specific purpose of investing in the Fund, and (iii) of which the person responsible for directing the investment of assets in the Fund has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the prospective investment;

☐ (b) An entity with total assets in excess of $5,000,000 that was not formed for the specific purpose of investing in the Fund and that is (please check one)

___ a corporation; ___ a Massachusetts or similar business trust; or

___ a partnership; ___ an organization described in Section 501(c)(3) of the

___ a limited liability company; Internal Revenue Code of 1986, as amended (the "Code");

☐ (c) An entity licensed, or subject to supervision, by U.S. federal or state examining authorities as a "bank," (as defined in Section 3(a)(2) of the 1933 Act, a "savings and loan association," (or other institution as described in Section 3(a)(5)(A) of the 1933 Act), or an account for which a bank or savings and loan association is subscribing in a fiduciary capacity;

☐ (d) An entity registered with the SEC as a broker or dealer under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), an "insurance company" (as defined in Section 2(13) of the 1933 Act) or an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); or an entity that has elected to be treated or qualifies as a "business development company" (within the meaning of Section 2(a)(48) of the 1940 Act);

☐ (e) A Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended;

☐ (f) A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the "Advisers Act");

☐ (g) An entity which all of the unit owners and participants (i.e., all partners (including limited partners) of a partnership, shareholders of a corporation, or beneficiaries of an estate) are Accredited Investors. **THIS OPTION IS NOT APPLICABLE FOR NON-GRANTOR TRUSTS;**

☐ (h) A Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act;

☐ (i) A family office, as defined in Rule 202(a)(11)(G)-1 under the Advisers Act, that (i) has assets under management in excess of $5 million; (ii) is not formed for the specific purpose of acquiring the shares of the Fund and (iii) has a person directing the prospective investment who has such knowledge and experience in financial and business matters so that the family office is capable of evaluating the merits and risks of the prospective investment; or

☐ (j) A family client, as defined in Rule 202(a)(11)(G)-1 under the Advisers Act, of a family office meeting the requirements of clause (i) above and whose prospective investment in the Fund is directed by that family office pursuant to clause (i)(iii) above.

 

*C: For benefit plans, one (or more) of the following is accurate in describing the investor's eligibility to invest in the Fund, as indicated by a checked box:*

 

The investor is:

☐ (a) An employee benefit plan within the meaning of the U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the decision to invest in the Fund was made by a plan fiduciary (as defined in Section 3(21) of ERISA), which is either a bank, savings and loan association, insurance company or registered investment adviser;

☐ (b) An employee benefit plan within the meaning of ERISA and has total assets in excess of $5,000,000;

☐ (c) A self-directed plan and all of its participants investing in the Fund through the plan are Accredited Investors; or

☐ (d) A plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees and has total assets in excess of $5,000,000.

In addition, I hereby confirm that I understand and agree that should I (or the company) purchase shares of the Fund, the following conditions will apply to the ownership and transfer of the shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares may be held only through a broker, dealer, registered investment adviser or other financial intermediary
that has entered into an agreement with the Fund, the Fund's distributor(s) or adviser, SilverBay Capital Management, LLC, for the
provision of shareholder services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Shares
may not be transferred, except to a person who (i) is an "accredited investor" as defined in Rule 501(a) of Regulation D
promulgated under the 1933 Act and (ii) has a net worth (in the case of a natural person, either

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as an individual or with assets held jointly with a spouse) of more than $2,200,000 (excluding the value of the primary residence of such person as an asset, and, as a liability, certain debt, or portions thereof, secured by such property) or otherwise meet the definition of a "qualified client" under Rule 205-3 promulgated under the Investment Advisers Act of 1940, as amended, who agrees to hold his, her or its shares through a broker, dealer, registered investment adviser or other financial intermediary that has entered into an agreement for the provision of shareholder services to the Fund, and who agrees not to transfer the shares, except to another person who (i) is an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act and (ii) has a net worth (together, in the case of a natural person, with assets held jointly with a spouse) of more than $2,200,000 (excluding the value of the primary residence of such person as an asset, and, as a liability, certain debt, or portions thereof, secured by such property) or otherwise meet the definition of a "qualified client" under Rule 205-3 promulgated under the Investment Advisers Act of 1940, as amended, and agrees to comply with the foregoing ownership and transfer restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Upon any transfer of shares in violation of the foregoing clauses (1) or (2), in addition to any other
remedy that it may have, the Fund will have the right (but not the obligation) to repurchase any such improperly transferred shares.

I acknowledge, understand and recognize that liquidity is limited as set forth in the Offering Memorandum. I understand that you, the Fund, and SilverBay Capital Management LLC are relying on the certification and agreements made herein in determining qualification and suitability as an investor in the Fund. I understand that shares of the Fund are not an appropriate investment for, and may not be acquired by, any person who cannot make this certification, and agree to indemnify you and hold you harmless from any liability that you may incur as a result of this certification being untrue in any respect. I understand that it may be a violation of state and federal law for me (or the company) to provide this certification if I know that it is not true. I have read the preliminary or final Offering Memorandum for the Fund, including the investor qualification and investor suitability provisions contained therein. I understand that an investment in the Fund involves a considerable amount of risk and that I (or the company) may lose some or all of my (or its) investment. I understand that an investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the shares and should be viewed as a long-term investment. I will promptly advise you if any of the statements herein ceases to be true prior to my (or the company's) purchase of shares.

**CLASS A SHARES:**

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| | |
|:---|:---|
|  | Net Amount Invested<br> (net of sales load or <br> Selling Agent transaction <br> fee or commission <br> if applicable) |
| $% | $|

---

---

| | |
|:---|:---|
| | The Investor acknowledges that a sales load in the percentage of the amount transmitted in connection with his, her or its purchase of shares as specified above is being charged by his, her or its broker-dealer in connection with the investment in the Fund and that only the net amount, after deduction of the sales load, will be invested in the Fund. |
| *Initial<br> (if applicable)* | The Investor acknowledges that a sales load in the percentage of the amount transmitted in connection with his, her or its purchase of shares as specified above is being charged by his, her or its broker-dealer in connection with the investment in the Fund and that only the net amount, after deduction of the sales load, will be invested in the Fund. |

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**CLASS W SHARES:**

Investment Amount

$

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**CLASS I SHARES:**

Investment Amount

$

Trade Date (if none indicated, next available):  

**INVESTOR SIGNATURE**

Date:   By:   <br> Name:

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**Innovation** **Access Fund**

**Statement of Additional Information Dated January 22, 2026**

This Statement of Additional Information ("SAI") is not an offering memorandum. This SAI relates to and should be read in conjunction with the offering memorandum of Innovation Access Fund (the "Fund"), dated January 22, 2026. To obtain a copy of the Fund's offering memorandum (the "Offering Memorandum"), please call the Fund at (212) 716-6840.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [THE FUND](#sai_001) | [S-2](#sai_001) |
| [ADDITIONAL INVESTMENT POLICIES AND PRACTICES](#sai_002) | [S-2](#sai_002) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#sai_003) | [S-6](#sai_003) |
| [MANAGEMENT OF THE FUND](#sai_004) | [S-7](#sai_004) |
| [PORTFOLIO MANAGER](#sai_005) | [S-12](#sai_005) |
| [TAX ASPECTS](#sai_006) | [S-13](#sai_006) |
| [PROXY VOTING POLICIES AND PROCEDURES](#sai_007) | [S-18](#sai_007) |
| [GENERAL INFORMATION](#sai_008) | [S-18](#sai_008) |
| FINANCIAL STATEMENTS | S-14 |

---

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**THE FUND**

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

**ADDITIONAL INVESTMENT POLICIES AND PRACTICES**

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 Offering Memorandum. Certain additional investment information is set forth below.

**Fundamental Policies**

The Fund has adopted the following six fundamental investment policies, which cannot be changed without the vote of a majority of the Fund's outstanding voting securities (as defined by the Investment Company Act of 1940 (the "1940 Act")):

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund will not invest 25% or more of the value of its total assets in the securities of issuers engaged in any single industry or group of related industries, provided that this restriction does not limit the Fund's investments in U.S. Government Securities (as defined herein), and in securities of "Innovation Companies" (as defined in the Offering Memorandum as may be amended from time to time) in the technology and related sectors in which the Fund will concentrate in each case consistent with the principal investment strategy set forth in the Offering Memorandum (as may be amended from time to time).

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund will not issue "senior securities" (as defined by the 1940 Act) or borrow money except to the extent permitted by the 1940 Act or as otherwise permitted by the Securities and Exchange Commission ("SEC") or its staff and as is consistent with the Fund's investment policies.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund will not underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended (the "1933 Act"), in connection with the disposition of its portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund will not make loans of money or securities to other persons, except through purchasing debt securities, lending portfolio securities or entering into repurchase agreements in a manner consistent with the Fund's investment policies.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund will not purchase or sell commodities, except that the Fund may purchase and sell foreign currency, as well as options on foreign currency, indices and financial futures contracts, and may enter into currency swaps and forward contracts, including those related to indices, in connection with its investments in foreign securities, in accordance with such investment policies as the Fund's Board of Trustees (the "Board") may adopt and subject to applicable regulatory limitations.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund will not purchase, hold or deal in real estate, but may invest in securities that are secured by real estate or that are issued by companies that invest or deal in real estate or real estate investment trusts.

The Fund's investment objective is not fundamental and may be changed without the approval of shareholders. The Fund's policy with respect to the investment of at least 80% of its assets as described in the Offering Memorandum may not be changed without 60 days' advance notice to the shareholders.

Under the 1940 Act, the vote of a majority of the outstanding voting securities of an investment company, such as the Fund, means the vote, at an annual or a special meeting of the security holders of the Fund duly called, (i) of 67 percent or more of the voting securities present at the meeting, if the holders of more than 50 percent of the outstanding voting securities of the Fund are present or represented by proxy; or (ii) of more than 50 percent of the outstanding voting securities of the Fund, whichever is less.

With respect to the investment restriction set forth in (1) above, and other policies described herein and in the Offering Memorandum, except the incurrence of leverage or the issuance or deemed issuance of a senior security, if a percentage restriction is adhered to at the time of entering into the investment or transaction, a later change in percentage resulting from

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a change in the values of investments or the value of the Fund's total assets, unless otherwise stated, will not constitute a violation of the restriction or policy. In addition to the restrictions contained in the fundamental investment policies stated above, the Fund is subject to certain restrictions imposed by the 1940 Act on registered investment companies, including restrictions with respect to its investment in the securities of other investment companies, insurance companies and companies engaged in certain securities related businesses.

With respect to the investment restriction set forth in (2) above, the Fund currently expects to employ leverage up to 15 percent of the Fund's total assets, primarily through direct borrowing from banks and/or prime brokers.

**Use of Derivatives and Hedging**

The Fund may from time to time utilize a variety of special investment instruments and techniques (as described below) to hedge its investment portfolio against various risks (such as changes in interest rates or other factors that affect security values) or for non-hedging purposes to pursue its investment objective. The instruments the Fund may use and the particular manner in which they may be used may change over time as new instruments and techniques are developed or regulatory changes occur. Certain of the special investment instruments and techniques that the Fund may use are speculative and involve a high degree of risk, particularly in the context of non-hedging transactions to pursue the Fund's investment objective. There is no requirement that the Fund hedge its portfolio or any of its investment positions.

The Fund may enter into derivatives contracts, such as futures, options, swaps and forward contracts, which involve substantial risk. Derivatives typically allow the Fund to seek to increase or decrease the level of risk to which it is exposed more quickly and efficiently than transactions in other types of instruments. The Fund incurs costs in connection with opening and closing derivatives positions.

The use of derivatives can lead to losses because of adverse movements in the price or value of the reference instrument, due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create economic leverage in the Fund, which magnifies the Fund's exposure to the reference instrument and magnifies potential losses. When derivatives are used to gain or limit exposure to a particular market or market segment, their performance may not correlate as expected to the performance of such market, thereby causing the Fund to fail to achieve its original purpose for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior, unexpected events or the failure of SilverBay Capital Management LLC, the Fund's investment adviser (the "Adviser"), to use derivatives effectively. Derivative instruments may be difficult to value, may be illiquid and may be subject to wide swings in valuation caused by changes in the value of the reference instrument.

The 1940 Act rules impose limits on the Fund's ability to use derivative instruments and short sales. Generally, under such rules, if the Fund's notional derivative exposures (including short sales) exceed 10% of the Fund's net assets, the Fund's VaR may not exceed 200% of the VaR of a designated reference portfolio. These rules may restrict the Fund's otherwise intended participation in derivative transactions, short sales, and other leverage creating transactions which may affect the Fund's ability to achieve its investment objective or make it more costly to do so.

*Options Risk*. The use of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The Fund may buy and sell call and put options, including options on currencies. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund's losses are potentially unlimited. Options may be traded over-the-counter or on a securities exchange. These transactions involve risks consisting of counterparty credit risk and leverage risk.

The Fund may at times use currency options to hedge against the decline in the value of a currency or to enhance returns. Currency options are similar to options on securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or before the expiration date for a specified amount of another currency. The Fund may

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engage in transactions for currency options either on exchanges or over-the-counter markets. Currency options involve substantial currency risk, and may also involve credit, leverage or liquidity risk, among others.

*Futures Risk.* Futures contracts markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments. In addition, because of the low margin deposits normally required in futures trading, a high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a futures contract may result in substantial losses. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no secondary market exists for such contracts. Certain futures exchanges do not permit trading in particular futures contracts at prices that represent a fluctuation in price during a single day's trading beyond certain set limits. If prices fluctuate during a single day's trading beyond those limits, the Fund could be prevented from promptly liquidating unfavorable positions and thus be subjected to substantial losses. When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the futures contracts and the underlying investment sought to be hedged may prevent the Fund from achieving the intended hedging effect or expose the Fund to the risk of loss.

*Swaps Risk.* Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than a year. In a standard swap transaction, two parties agree to exchange the returns earned on specified assets, such as the return on, or increase in value of, a particular dollar amount invested at a particular interest rate, in a particular non-U.S. currency, or in a "basket" of securities representing a particular index. The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary securities transactions.

*Forward Contracts Risk.* A forward contract is an over-the-counter derivative transaction between two parties to buy or sell a specified amount of an underlying reference (security, index or currency) at a specified price (or rate) on a specified date in the future. Forward contracts are negotiated on an individual basis and are not standardized or traded on exchanges. The market for forward contracts is substantially unregulated and can experience lengthy periods of illiquidity, unusually high trading volume and other negative impacts, such as political intervention, which may result in volatility or disruptions in such markets. A relatively small price movement in a forward contract may result in substantial losses to the Fund, exceeding the amount of the margin paid. Forward contracts can increase the Fund's risk exposure to underlying references and their attendant risks, such as credit risk, market risk, foreign currency risk and interest rate risk, while also exposing the Fund to correlation risk, counterparty risk, hedging risk, leverage risk, liquidity risk, pricing risk and volatility risk.

*Other Derivatives*. In addition to options on securities indices (described above) and the derivative instruments described herein, the Fund may from time to time invest in a variety of other derivative instruments to seek maximum capital appreciation or for hedging purposes, such as swaptions, and structured-equity notes. A swaption is an option entitling one party to enter into a swap agreement with a counterparty. Structured-equity notes are specially designed investments whose principal payments or interest payments are linked to the value of an underlying equity asset. The Adviser reserves the right to utilize other derivative instruments as it deems appropriate and as new instruments are developed or regulatory changes occur. Derivative instruments may be subject to various types of risks, including market risk, liquidity risk, counterparty credit risk, legal risk and operations risk. For example:

&nbsp;&nbsp;&nbsp;&nbsp;· the underlying investment or security might not perform in the manner that the Adviser expects it to perform,
which could make an effort to hedge using derivatives unsuccessful;

&nbsp;&nbsp;&nbsp;&nbsp;· the company issuing the derivative instrument may be unable to pay the amount due on the maturity of the
instrument;

&nbsp;&nbsp;&nbsp;&nbsp;· certain derivative investments held by the Fund may trade only in over-the-counter markets or not at all,
and can be illiquid; and

&nbsp;&nbsp;&nbsp;&nbsp;· derivatives may change rapidly in value because of their inherent leverage.

All of this can mean that the Fund's net asset value may change more often and to a greater degree than it otherwise would. The Fund has no obligation to enter into any hedging transactions.

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*Repurchase Agreements**.*** The Fund is expected to invest no more than 5% of its assets in repurchase agreements involving the types of securities eligible for purchase by the Fund.

Repurchase agreements, which may be viewed as a type of secured lending by the Fund, are agreements under which the Fund purchases securities from a bank that is a member of the Federal Reserve System, a foreign bank or a securities dealer that agrees to repurchase the securities from the Fund at a higher price on a designated future date. If the seller under a repurchase agreement becomes insolvent or otherwise fails to repurchase the securities, the Fund would have the right to sell the securities. This right, however, may be restricted, or the value of the securities may decline before the securities can be liquidated. In the event of the commencement of bankruptcy or insolvency proceedings with respect to the seller of the securities before the repurchase of the securities under a repurchase agreement is accomplished, the Fund may encounter a delay and incur costs, including a decline in the value of the securities, before being able to sell the securities. Repurchase agreements that are subject to foreign law may not enjoy protections comparable to those provided to certain repurchase agreements under U.S. bankruptcy law, and they therefore may involve greater risks.

The Fund has adopted specific policies designed to minimize certain of the risks of loss associated with repurchase agreements. These procedures include a requirement that the Adviser effect repurchase transactions only with large, well-capitalized U.S. financial institutions approved by it as creditworthy based upon periodic review. In addition, the value of the collateral underlying the repurchase agreement, which will be held by the Fund's custodian on behalf of the Fund, will always be at least equal to the repurchase price, including any accrued interest on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

*Reverse Repurchase Agreements**.*** The Fund may enter into reverse repurchase agreements, which involve the sale of securities with the simultaneous agreement to repurchase the securities at an agreed-upon price (reflecting a market rate of interest) on a specific date. These transactions involve a risk that the other party to a reverse repurchase agreement will be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Fund. Reverse repurchase transactions are a form of leverage that may increase the volatility of the Fund's investment portfolio. The Fund is expected to invest no more than 5% of its assets in reverse repurchase agreements. As with repurchase agreements, the Adviser will only effect reverse repurchase transactions with large, well-capitalized U.S. financial institutions approved by it as creditworthy based upon periodic review. These transactions are subject to the restrictions identified above which limit the Fund's ability to use derivative instruments and short sales (as described in the Offering Memorandum).

*When-Issued and Forward Commitment Securities**.*** The Fund may purchase securities on a "when-issued" basis and may purchase or sell securities on a "forward commitment" basis in order to hedge against anticipated changes in interest rates and prices. These transactions involve a commitment by the Fund to purchase or sell securities at a future date (ordinarily one or two months later). The price of the underlying securities, which is generally expressed in terms of yield, is fixed at the time the commitment is made, but delivery and payment for the securities takes place at a later date. No income accrues on securities that have been purchased pursuant to a forward commitment or on a when-issued basis prior to delivery to the Fund. When-issued securities and forward commitments may be sold prior to the settlement date. If the Fund disposes of the right to acquire a when-issued security prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, it may incur a gain or loss. These transactions will be subject to the Fund's limitation on indebtedness unless, at the time the Fund enters into such a transaction, a segregated account consisting of cash, debt securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities ("U.S. Government Securities") or liquid securities equal to the value of the when-issued or forward commitment securities is established and maintained. There is a risk that securities purchased on a when-issued 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 these cases, the Fund may incur a loss.

**Counterparty Credit Risk**

The Fund will be subject to counterparty credit risk with respect to any use of derivatives contracts. If a counterparty to a derivative contract becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. To partially mitigate this risk, the Adviser will seek to effect derivative transactions only with counterparties that it believes are creditworthy. The Adviser will

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consider the creditworthiness of counterparties in the same manner as it would review the credit quality of a security to be purchased by the Fund. However, there is no assurance that a counterparty will remain creditworthy or solvent.

**INVESTMENT ADVISORY AND OTHER SERVICES**

Subject to the supervision and control of the Board, the Adviser serves as the Fund's investment adviser, pursuant to an investment advisory agreement (the "Advisory Agreement"). The Advisory Agreement was approved by the Board (including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees")), at a meeting held on November 13, 2025, and approved on that date by the then sole shareholder of the Fund. The Adviser is controlled by Alkeon Capital Management, LLC, its sole member ("Alkeon").

The Adviser is responsible for: (i) developing and implementing the Fund's investment program, (ii) managing the Fund's investment portfolio and making all decisions regarding the purchase and sale of investments for the Fund, and (iii) providing various management and administrative services to the Fund. The Advisory Agreement provides that, in consideration for providing certain management services (provided by the Adviser or an affiliate) and administrative services (provided by the Adviser or an affiliate), the Adviser will be entitled to receive the management fee and incentive fee, as set forth under "Fees and Expenses" in the Offering Memorandum and as described below. The management fee and incentive fee arrangements between the Fund and the Adviser were also approved at a meeting by the Board (including a majority of the Independent Trustees), and approved on that date by the then sole shareholder of the Fund, on November 13, 2025.

Those certain management and administrative services provided by the Adviser (or an affiliate) include assisting the Fund in selecting, and monitoring the quality of services provided by, the Fund's administrator, custodian, transfer agent, and other organizations that provide services to the Fund. In addition, the Adviser (or an affiliate) provides office space, facilities, equipment and other support services and personnel as necessary to operate the Fund. The Adviser is also responsible for providing additional management and administrative services as may reasonably be required in connection with the business affairs and operations of the Fund beyond those furnished by the Fund's administrator.

The Advisory Agreement provides for indemnification by the Fund of the Adviser and its affiliates from any and all costs, losses, claims, damages or liabilities, joint or several, including reasonable attorneys' fees and disbursements incurred by them resulting in any way from their performance or non-performance of their duties with respect to the Fund. Indemnification is only available to the extent the cost, loss, claim, damage or liability did not result from willful misfeasance, bad faith or gross negligence in the performance by the persons seeking indemnification of their duties, or the reckless disregard of their obligations and duties, under the Advisory Agreement.

The Advisory Agreement provides that it will continue in effect for two years and that, after the initial period of effectiveness, will continue in effect for successive annual periods, *provided* that such continuance is specifically approved at least annually by the vote of a majority of the Board who are not parties to the agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such continuance, and either: (i) the vote of a majority of the outstanding shares of the Fund; or (ii) the vote of a majority of the full Board. The Advisory Agreement also provides that it may be terminated at any time, without the payment of any penalty, either by: (i) the Fund, by action of the Board or by vote of a majority of the outstanding shares of the Fund, on 60 days' written notice; or (ii) the Adviser on 60 days' written notice to the Fund. The Advisory Agreement will terminate immediately in the event of its "assignment" (as defined in the 1940 Act). A discussion regarding the basis for the Board's approval of the Advisory Agreement and the factors the Board considered will be available in the Fund's first annual report to shareholders.

In consideration of services provided by the Adviser, the Fund pays the Adviser a monthly management fee computed at the annual rate of 1.25% of the Fund's net assets held by the Fund as of the beginning of each month (the "Management Fee"), which is due and payable within five business days after the beginning of each month. This fee is accrued monthly as an expense to be paid out of the Fund's assets and will have the effect of reducing the net asset value of the Fund. In addition, the Adviser will waive the Management Fee for the first twelve months from beginning from the month in which the first investment in the Fund by investors that are not the Adviser or its affiliates occurs, which period may be extended in the Adviser's sole discretion.

The Fund also pays the Adviser a performance-based incentive fee (the "Incentive Fee") promptly after the end of each fiscal year of the Fund. The Incentive Fee is determined as of the end of the fiscal year in an amount equal to 15% of the amount by which the Fund's net profits for all Fiscal Periods (as defined below), ending within or coterminous

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with the close of such fiscal year exceed the balance of the loss carryforward account (as described below), without duplication for any Incentive Fees paid during such fiscal year.

The Fund also pays the Adviser the Incentive Fee in the event a Fiscal Period is triggered in connection with a share repurchase offer by the Fund, as described below.

For purposes of calculating the Incentive Fee, net profits means the amount by which: (a) the net assets of the Fund as of the end of a Fiscal Period, increased by the dollar amount of shares of the Fund repurchased during the Fiscal Period (excluding shares to be repurchased as of the last day of the Fiscal Period after determination of the Incentive Fee) and by the amount of dividends and other distributions paid to shareholders during the Fiscal Period and not reinvested in additional shares (excluding any dividends and other distributions to be paid as of the last day of the Fiscal Period), exceeds (b) the net assets of the Fund as of the beginning of the Fiscal Period, increased by the dollar amount of shares of the Fund issued during the Fiscal Period (excluding any shares issued in connection with the reinvestment of dividends and other distributions paid by the Fund). Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund, determined in accordance with the valuation and accounting policies and procedures of the Fund. "Fiscal Period" means each period ending on the Fund's fiscal year-end (or such other period ending on the Fund's fiscal year-end in the event the Fund's fiscal year is changed), provided that whenever the Fund conducts a share repurchase offer, the period of time from the last Fiscal Period-end through the effective date of the repurchase offer also constitutes a Fiscal Period for purposes of calculating the Incentive Fee due (if any) on Shares being tendered for repurchase. Upon termination of the Advisory Agreement, the Fund will pay the Incentive Fee to the Adviser as if the date of effectiveness of such termination is the end of the Fund's fiscal year. Thus, the occurrence of certain events, such as the termination of the Advisory Agreement (which may be terminated by the Adviser upon 60 days prior written notice to the Fund) or a periodic share repurchase offer, will trigger the determination of a Fiscal Period and the payment to the Adviser of the Incentive Fee, if any.

In the event that an Incentive Fee is payable with respect to a Fiscal Period that is not the Fund's fiscal year-end due to the Fund's share repurchases, the Incentive Fee will be determined as if the end of such Fiscal Period were the end of the Fund's fiscal year, and only that portion of the Incentive Fee that is proportional to the Fund's assets paid in respect of such share repurchases (not taking into account any proceeds from any contemporaneous issuance of shares of the Fund, by reinvestment of dividends and other distributions or otherwise) will be paid to the Adviser for such Fiscal Period.

The Adviser will be under no obligation to repay any Incentive Fee or portion thereof previously paid to it by the Fund. Thus, the payment of an Incentive Fee for a Fiscal Period will not be reversed by the subsequent decline in assets of the Fund in any subsequent Fiscal Period.

The Incentive Fee will be payable for a Fiscal Period only if there is no positive balance in the Fund's loss carryforward account for the applicable Fiscal Period. The loss carryforward account is an account that will have an initial balance of zero upon commencement of the Fund's operations and, thereafter, will be credited as of the end of each Fiscal Period with the amount of any net loss of the Fund for that Fiscal Period and will be debited with the amount of any net profits of the Fund for that Fiscal Period, as applicable (provided, however, that the debiting of net profits may only reduce a positive balance in the loss carryforward account and may not reduce the balance of the loss carryforward account below zero). This is sometimes known as a "high water mark." The balance of the loss carryforward account, if any, will be subject to a proportionate reduction as of the day following: (i) the payment by the Fund of any dividend or other distribution to shareholders (unless the full amount thereof is reinvested in shares of the Fund); and (ii) any repurchase by the Fund of its shares.

The Incentive Fee presents certain risks that are not present in investment funds without incentive fees. In addition, although the aggregate fees payable by the Fund to the Adviser are similar to those of private investment funds, they are significantly higher than those paid by most registered investment companies. (*See* "Principal Risk Factors — The Incentive Fee Risk" in the Offering Memorandum.)

**MANAGEMENT OF THE FUND**

The Board has overall responsibility for the oversight of the management and operations of the Fund. It has delegated responsibility for management of the Fund's day-to-day operations to the Adviser. It exercises similar powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of directors of a registered investment company organized as a corporation, and has complete and exclusive authority to oversee and to establish policies regarding

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the management, conduct and operation of the Fund's business. The Board also oversees the Fund's risk management processes, primarily through the functions (described below) performed by the Audit Committee.

Gregory D. Jakubowsky, the president and principal executive officer of the Fund and the Chief Operating Officer of Alkeon, serves as chairman of the Board (the "Chairman"). Although he is an "interested person" of the Fund, as defined by the 1940 Act, the Board believes that by having the Fund's principal executive officer serve as Chairman, it can more effectively conduct the regular business of the Fund and that through its regularly-scheduled executive sessions, the Independent Trustees have an adequate opportunity to serve as an independent, effective check on management and to protect shareholders' interests. Furthermore, as summarized below, the Board has two committees performing critical functions for the Fund's governance and operations: the Audit Committee and the Nominating Committee, both of which are comprised exclusively of Independent Trustees. Although the Fund does not have a "lead" Independent Trustee, the Board believes that adequate independent leadership is present given the relatively small size of the Board (75% of which is represented by Independent Trustees) and that each of the Fund's critical committees of the Board (Audit and Nominating) is chaired by an Independent Trustee.

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The identity of the Trustees, and brief biographical information regarding each Trustee, is set forth below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| <br>**Name and**<br>**Year of Birth** | <br>**Position(s)**<br>**with the**<br>**Fund** | <br>**Term of Office**<br>**and Length of**<br>**Time Served** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund**<br>**Complex\***<br>**Overseen by**<br>**Trustee** | <br>**Other**<br>**Trusteeships/ Directorships**<br>**Held by Trustee** |
| Robert<br>Melnyk 1972 | Trustee | Indefinite/Since Inception | Self-employed, operations consulting (July 2025 to Present). Previously, Mr. Melynk was a Managing Director in the Operations and Treasury Group at Davidson Kempner Capital Management, LP (May 2005 to December 2021). | One | N/A |
| William Murphy 1958 | Trustee | Indefinite/Since Inception | Retired. Previously, Mr. Murphy was a senior executive in the derivatives trading group of an international investment bank. | Two | ACAP Strategic Fund |
| Jorge Orvananos 1968 | Trustee | Indefinite/Since Inception | President, GFR Signals, LLC (financial advisory firm, 2011 to Present). Previously, Mr. Orvananos was an investment analyst at a financial advisory firm.<br>| Two | ACAP Strategic Fund |

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\* "Fund Complex" means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services, or that have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** | **Interested Trustee\*** |
| <br>**Name and**<br>**Year of Birth** | <br>**Position(s)**<br>**with the**<br>**Fund** | <br>**Term of Office**<br>**and Length of**<br>**Time Served** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund**<br>**Complex**<br>**Overseen by**<br>**Trustee** | <br>**Other**<br>**Trusteeships/ Directorships**<br>**Held by Trustee** |
| Gregory D.<br> Jakubowsky<br>1972<br>| Trustee, President and Principal Executive Officer | Indefinite/Since Inception | Chief Operating Officer, Alkeon Capital Management, LLC (investment management firm, 2002 to Present); Chief Executive Officer, Breakwater Group Distribution Services, LLC (broker-dealer, 2015 to Present). | Two | ACAP Strategic Fund<br>(2010 to Present).<br>|

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The address of each Interested Trustee is 350 Madison Avenue, 20th Floor, New York, New York 10017.

\* "Interested person" of the Fund or the Adviser, as defined by the 1940 Act. Mr. Jakubowsky is an interested person of the Fund due to his position as an officer of the Fund.

Each of the Trustees was elected to the Board by the Adviser as the then sole shareholder of the Fund.

The Trustees serve on the Board for terms of indefinite duration. Except as required by the 1940 Act, Trustees need not be elected by shareholders. Each Trustee shall serve during the continued lifetime of the Trust until he/she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his/her successor. Any Trustee may resign at any time by written instrument signed by him/her and delivered to any officer of the Trust or to a meeting of the Trustees. The Board, by action of a majority of the then remaining Trustees at a duly constituted meeting, may fill vacancies in the Board or remove Trustees with or without cause; except that a vacancy shall be filled only by a person elected by shareholders if required by the 1940 Act. Any Trustee may be removed at any meeting of shareholders by a vote of two-thirds of the outstanding shares of the Trust. A meeting of shareholders for the purpose of electing or removing one or more Trustees may be called (i) by the Trustees upon their own vote, or (ii) upon the demand of a shareholder or shareholders owning shares representing 10% or more of all votes entitled to be cast by outstanding shares.

**Compensation of Board Members**

Currently, the Independent Trustees are each paid an annual retainer of $25,000 and are reimbursed by the Fund for travel-related expenses incurred by such Trustees in providing services to the Fund. The Trustees do not receive any pension or retirement benefits from the Fund. No compensation is paid by the Fund to Trustees who are "interested persons" (as defined by the 1940 Act) of the Fund or the Adviser.

**Board Committees**

The Audit Committee of the Board consists of the Independent Trustees of the Fund. The primary duties of the Audit Committee are: (i) to recommend to the full Board and to approve the independent registered public accounting firm to be retained by the Fund each fiscal year; (ii) to meet with the Fund's independent registered public accounting firm as the Audit Committee deems necessary; (iii) to review and approve the fees charged by the registered public accounting firm for audit and non-audit services; (iv) to oversee the Fund's risk management processes by, among other things, meeting with the Fund's auditors and overseeing the Fund's disclosure controls and procedures (including the Fund's internal controls over financial reporting); and (v) to report to the full Board on a regular basis and to make recommendations with respect to the above and other matters as the Audit Committee may deem necessary or appropriate. The Board has adopted a written charter for the Audit Committee. As the Fund is newly organized, no meetings of the Audit Committee have been held as of the date of this SAI.

The Board has also formed a Nominating Committee comprised of the Independent Trustees to which the discretion to select and nominate candidates to serve as Independent Trustees has been committed. While the Nominating Committee is solely responsible for the selection and nomination of the Fund's Independent Trustees, the Nominating Committee may

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consider nominations for the office of Independent Trustee made by investors in the Fund or by Fund management as it deems appropriate. Shareholders who wish to recommend a nominee should send nominations (that include biographical information and set forth the qualifications of the proposed nominee) to Innovation Access Fund, 350 Madison Avenue, 20th Floor, New York, New York, 10017. As the Fund is newly organized, no meetings of the Nominating Committee have been held as of the date of this SAI.

Although the Board does not have a formal diversity policy, the Board endeavors to comprise itself of members with a broad mix of professional and personal backgrounds. The Independent Trustees have, through their annual self-assessment process, expressed their satisfaction with the current composition of the Board and, in this regard, accorded particular weight to the individual professional and personal background of each Trustee, as set forth in the biographies included in the table contained in "Management of the Fund—Independent Trustees", which was the basis for their selection to the Board. The Independent Trustees also considered that Mr. Jakubowsky is not an Independent Trustee, but recognized that he is a senior officer of Alkeon (the sole member of the Adviser) and serves as a principal officer of the Fund, and, as such, helps foster the Board's direct access to information regarding the Adviser and the Fund. In considering the candidacy of a prospective Independent Trustee, the Nominating Committee and the Board would take into account a variety of factors, including each nominee's professional background and experience.

**Equity Securities Owned by Trustees**

As of the end of the most recently completed calendar year, none of the Trustees own shares of the Fund or in any other registered investment company overseen by the Trustees within the same Fund complex. As of the end of the most recently completed calendar year, the Independent Trustees, and their immediate family members, did not beneficially own or own of record securities in the Adviser, the Adviser's sole member, Alkeon, Breakwater Group Distribution Services, LLC or any persons (other than registered investment companies) directly or indirectly controlling, controlled by or under common control with the Adviser.

**Fund Officers**

In accordance with the Fund's amended and restated declaration of trust, the Board has selected the following persons to serve as officers of the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Officers** | **Officers** | **Officers** | **Officers** | **Officers** |
| <br>**Name and**<br>**Year of Birth** | <br>**Position(s) with**<br>**the Fund** | **Term of Office and**<br>**Length of Time**<br>**Served** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | <br>**Number of Portfolios in**<br>**Fund Complex Overseen** |
| Gregory D.<br> Jakubowsky<br>1972<br>| Trustee, President and Principal Executive Officer | Indefinite/Since Inception | Chief Operating Officer, Alkeon Capital Management, LLC (investment management firm, 2002 to Present); Chief Executive Officer, Breakwater Group Distribution Services, LLC (broker-dealer, 2015 to Present). | Two |
| George Mykoniatis<br> 1970 | Treasurer and Principal Financial Officer | Indefinite/Since Inception | Chief Financial Officer, Alkeon Capital Management, LLC (investment management firm, 2002 to Present); Principal, Breakwater Group Distribution Services, LLC (broker-dealer, 2015 to Present). | Two |
| Jennifer Shufro<br>1975<br>| Chief Compliance Officer, Chief Legal Officer, Vice President and Secretary | Indefinite/Since Inception | Managing Director, Alkeon Capital Management, LLC (investment management firm, 2012 to Present); Chief Compliance Officer, SilverBay Capital Management LLC (investment management firm, 2015 to Present). | Two |

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The address of each Officer is 350 Madison Avenue, 20th Floor, New York, New York 10017.

**PORTFOLIO MANAGER**

The following table provides information regarding accounts other than the Fund managed by the Fund's principal portfolio manager, Mr. Panayotis ("Takis") Sparaggis (the "Portfolio Manager"), as of September 30, 2025:

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| | | | |
|:---|:---|:---|:---|
| **Registered Investment Companies Managed by the Portfolio Manager** | **Registered Investment Companies Managed by the Portfolio Manager** | **Registered Investment Companies Managed by the Portfolio Manager** | **Registered Investment Companies Managed by the Portfolio Manager** |
| <br>**Number Total** | <br>**Total Assets** | **Number with**<br>**Performance Based**<br>**Fees** | <br>**Total Assets with**<br>**Performance-Based Fees** |
| 2 | 11321894164 | 2 | 11321894164 |
| **Pooled Investment Vehicles Managed by the Portfolio Manager** | **Pooled Investment Vehicles Managed by the Portfolio Manager** | **Pooled Investment Vehicles Managed by the Portfolio Manager** | **Pooled Investment Vehicles Managed by the Portfolio Manager** |
|  |  | **Number with** |  |
|  |  | **Performance Based** | **Total Assets with** |
| **Number Total** | **Total Assets** | **Fees** | **Performance-Based Fees** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $12822892547 | 13 | $12822892547 |
| **Other Accounts Managed by the Portfolio Manager** | **Other Accounts Managed by the Portfolio Manager** | **Other Accounts Managed by the Portfolio Manager** | **Other Accounts Managed by the Portfolio Manager** |
|  |  | **Number with** |  |
|  |  | **Performance Based** | **Total Assets with** |
| **Number Total** | **Total Assets** | **Fees** | **Performance-Based Fees** |

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**Portfolio Manager Compensation**

Mr. Sparaggis' compensation consists of periodic draws and the income from the profits of Alkeon, the sole member of the Adviser, derived by him as its controlling principal. The level of Alkeon's profitability in turn is dependent on the advisory fees and performance fees and allocations received from the Fund and other advisory clients.

**Securities Ownership of Portfolio Managers**

As of December 31, 2025, the Portfolio Manager did not own directly any shares of the Fund. (This does not take into account the Portfolio Manager's position as controlling principal of the Adviser's sole member.)

**Control Persons and Principal Holders of Securities**

*Control Persons*

A control person is a person who owns, either directly or indirectly, beneficially more than 25% of the voting securities of a company. The Fund has no known persons or entities who "controlled" the Fund or who owns of record or beneficially 5% or more of the Fund's shares as of November 13, 2025.

*Management Ownership*

As of the date of this SAI, the Trustees and officers as a group owned an aggregate of less than 1% of the outstanding shares of the Fund, and none of the Independent Trustees or any of their immediate family members owned beneficially or of record any securities in the Adviser.

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**BROKERAGE**

The Adviser is responsible for placing orders for the execution of the Fund's portfolio transactions and the allocation of brokerage transactions. Transactions on the great majority of foreign stock exchanges involve the payment of a combination of fixed and negotiated commissions, while transactions on U.S. stock exchanges and on some foreign stock exchanges involve the payment of negotiated brokerage commissions. No stated commission is generally applicable to securities traded on a principal basis in over-the-counter markets, but the prices of those securities include undisclosed commissions or mark-ups. Transactions may also be executed on an agency basis in over-the-counter markets, which will involve the payment of negotiated or fixed commissions, when deemed consistent with the Fund's brokerage policies.

In selecting brokers to effect transactions on behalf of the Fund, the Adviser seeks to obtain the best price and execution, taking into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm, the scope and quality of brokerage services provided, and in the case of transactions effected with unaffiliated brokers, the firm's risk in positioning a block of securities. Although the Adviser will generally seek reasonably competitive commission rates, the Adviser will not necessarily pay the lowest commission available on each transaction. The Adviser has no obligation to deal with any broker or group of brokers in executing transactions in portfolio securities.

Consistent with the principle of seeking best price and execution, the Adviser may place brokerage orders on behalf of the Fund with brokers that provide supplemental research, market and statistical information, including advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities, and furnish analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. A commission paid to such brokers may be higher than that which another qualified broker would have charged for effecting the same transaction, provided that the Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Adviser to the Fund and other clients and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long-term. In addition, the Adviser may at times execute a trade through a particular broker but then "step out" the trade to a different broker. This occurs when the Adviser determines that the order is best executed through a certain broker but would like to pay all or a portion of the commission to another broker for research provided to the Adviser. Research services obtained by the use of commissions arising from the Fund's portfolio transactions may be used by the Adviser in other investment activities and, thus, the Fund may not necessarily, in any particular instance, be the direct or indirect beneficiary of the research provided to the Adviser. In no instance, however, will the Fund's securities be purchased from or sold to the Adviser, or any affiliated person thereof, except to the extent permitted by the SEC or by applicable law. Information and research received from such brokers will be in addition to, and not in lieu of, the services required to be performed by the Adviser under the Advisory Agreement. The expenses of the Adviser are not necessarily reduced as a result of the receipt of this supplemental information, which may be useful to the Adviser, Alkeon or their respective affiliates in providing services to clients other than the Fund. In addition, as noted above, not all of the supplemental information is used by the Adviser in connection with the Fund. Conversely, the information provided to the Adviser or its affiliates by brokers or dealers through which other clients of the Adviser or its respective affiliates effect securities transactions may be useful to the Adviser in providing services to the Fund.

**CODE OF ETHICS**

Each of the Fund, the Adviser and the Distributor has adopted a Code of Ethics in accordance with Rule 17j-1 under the 1940 Act. (*See* "Conflicts of Interest" in the Offering Memorandum.) These Codes of Ethics permit the personnel of these entities to invest in securities, including securities that the Fund may purchase or hold. Each Code of Ethics can be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 202-551-8090. Each Code of Ethics is also available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of each Code of Ethics may be obtained, after paying a duplicating fee, by E-mail at publicinfo@sec.gov or by writing the SEC's Public Reference Section, Washington, D.C. 20549-0102.

**TAX ASPECTS**

The following is a general summary of certain material anticipated U.S. federal income tax consequences of the purchase, ownership and disposition of shares of the Fund. The discussion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations, court decisions, published positions of the Internal Revenue Service ("IRS") and other applicable authorities, all as in effect on the date hereof and all of which are subject to change or differing interpretations (possibly with retroactive effect). The discussion is limited to U.S. persons who hold shares of the Fund as

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capital assets for federal income tax purposes. This summary does not address all of the federal income tax consequences that may be relevant to a particular shareholder or to shareholders who may be subject to special treatment under federal income tax laws. No ruling has been or will be obtained from the IRS regarding any matter relating to the shares. No assurance can be given that the IRS would not assert a position contrary to any of the tax aspects described below. The discussions set forth here and in the Offering Memorandum do not constitute tax advice. Shareholders must consult their own tax advisers as to the federal income tax consequences of the purchase, ownership and disposition of shares of the Fund, as well as the effects of state, local and non-U.S. tax laws.

**Federal Income Taxation of the Fund**

The Fund has elected, and intends to qualify each year, to be treated as a regulated investment company ("RIC") under Subchapter M of the Code. To qualify as a RIC, the Fund must comply with certain requirements relating to, among other things, the sources of its income (the "Gross Income Requirement") and diversification of its assets (the "Diversification Requirement"). If the Fund so qualifies and distributes each year to its shareholders at least 90% of its investment company taxable income (generally including ordinary income and net short-term capital gain, but not net capital gain, which is the excess of net long-term capital gain over net short-term capital loss) and meets certain other requirements, it will not be required to pay federal income taxes on any income it distributes to shareholders. The Fund intends to distribute at least the minimum amount necessary to satisfy the 90% distribution requirement. The Fund will not be subject to federal income tax on any net capital gain distributed to shareholders.

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

To avoid a nondeductible 4% federal excise tax, the Fund will be required to distribute by December 31 of each year at least an amount equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital gain net income (which generally is computed on the basis of the one-year period ending on October 31st of such year), and (iii) any amounts that were not distributed in previous taxable years on which the Fund paid no U.S. federal income tax. For purposes of the excise tax, any ordinary income or capital gain net income retained by, and subject to federal income tax in the hands of, the Fund will be treated as having been distributed.

The Diversification Requirement requires the Fund to diversify its holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;· at least 50% of the value of the Fund's total assets consists of cash, cash equivalents, U.S. government
securities, securities of other RICs and other securities representing, in respect of any one issuer, no more than 5% of the value of
the Fund's assets and no more than 10% of the outstanding voting securities of such issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;· no more than 25% of the value of the total assets of the Fund is invested in (i) the securities of any
one issuer, other than U.S. government securities or securities of other RICs, (ii) the securities of any two or more issuers that are
controlled, as determined under applicable tax rules, by the Fund and that are engaged in the same or similar or related trades or businesses,
or (iii) securities of qualified publicly traded partnerships.

If the Fund failed to qualify as a RIC or failed to satisfy the 90% distribution requirement in any taxable year, the Fund may be taxed as an ordinary corporation on its taxable income (even if such income were distributed to its shareholders) and all distributions out of earnings and profits would be taxed to shareholders at the rates then applicable to dividend income. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

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As an alternative, there is a remedy for a failure of the Diversification Requirement, if the failure was due to reasonable cause and not willful neglect, subject to certain divestiture and procedural requirements and the payment of a tax. There is also a de minimis exception to a potential failure of the Diversification Requirement that would require corrective action but no tax payment. In addition, a failure of the Gross Income Requirement can be remedied, if the failure was due to reasonable cause and not willful neglect, subject to certain procedural requirements and the payment of a tax.

There is a possibility that the Fund may from time to time be considered under the Code to be a nonpublicly offered regulated investment company. Under Temporary Regulations, certain expenses of nonpublicly offered regulated investment companies, 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 a 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 Code. No miscellaneous itemized deductions are allowed for any taxable year beginning after 2017 and before 2026. A "nonpublicly offered regulated investment company" is a RIC whose shares are neither (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market nor (iii) held by at least 500 persons at all times during the taxable year.

**Nature of the Fund's Investments**

Certain of the Fund's investment practices are subject to special and complex federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gain and qualified dividend income into higher taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the timing as to when a purchase or sale of stock or securities is deemed to occur and (vi) adversely alter the characterization of certain complex financial transactions. An investment by the Fund in a "passive foreign investment company" may result in additional taxes as well as potentially causing the Fund to recognize income in advance of receiving cash payments.

Income from investments in foreign securities received by the Fund may be subject to income, withholding or other taxes imposed by foreign countries and United States possessions. Such taxes will not be deductible or creditable by shareholders. Tax conventions between certain countries and the United States may reduce or eliminate such taxes.

Certain foreign currency gains and losses attributable to currency exchange rate fluctuations are treated as ordinary income or loss. Such income (or loss) may increase (or decrease) the Fund's income available for distribution.

**Distributions to Shareholders**

Distributions of the Fund's investment company taxable income are, except as described below, taxable to shareholders as ordinary income to the extent of the Fund's earnings and profits. Distributions of the Fund's net capital gain as capital gain dividends, if any, are taxable to shareholders as long-term capital gains regardless of the length of time shares of the Fund have been held by such shareholders. Distributions in excess of the Fund's current and accumulated earnings and profits will first reduce the adjusted tax basis of a holder's shares and, after such adjusted tax basis is reduced to zero, will constitute long-term or short-term capital gains to such holder, depending on the holder's holding period in the shares.

The federal income tax rates generally are reduced to 20% (lower rates apply for individuals in lower tax brackets) on (1) long-term capital gains received by individuals and (2) "qualified dividend income" received by individuals from certain domestic and foreign corporations. Fund shareholders, as well as the Fund itself, must satisfy certain holding period and other requirements in order for the reduced rates to apply. Because the Fund intends to invest primarily in equity securities, a portion of the ordinary income dividends paid by the Fund should be eligible for the reduced rate applicable to "qualified dividend income." No assurance can be given as to what percentage of the ordinary income dividends, if any, will consist of "qualified dividend income." To the extent that distributions from the Fund are designated as capital gain dividends, such distributions will be eligible for the reduced rates applicable to long-term capital gains. Distributions are taxable, as described above, whether received in cash or reinvested in the Fund. The Fund will inform shareholders of the source and tax status of all distributions promptly after the distribution is made, which, except for return of capital distributions, typically occurs at the end of November.

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**Disposition of Shares**

A shareholder will recognize a gain or loss on the disposition of shares (including on liquidation of the Fund) equal to the difference between the shareholder's adjusted tax basis (which will include any sales load paid by such shareholder to a Selling Agent) in the shares disposed of and the amount received. Generally, any such gain or loss will be considered capital gain or loss if the shares are held as capital assets and generally will be treated as a long-term capital gain or loss if the shares have been held for more than one year. Any loss realized on a disposition will be disallowed to the extent the shares disposed of are replaced within a period of 61 days beginning 30 days before and ending 30 days after the shares are disposed of, such as pursuant to the Fund's automatic reinvestment plan. In such a case, the tax basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss realized by a shareholder on the disposition of Fund shares held by a shareholder for six months or less will be treated for federal income tax purposes as a long-term capital loss to the extent of any distributions of long-term capital gains received by the shareholder with respect to such shares and the amount of any undistributed capital gain of the Fund required to be included in the income of the shareholder with respect to such shares.

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**Tax on Net Investment Income**

Individuals, estates and trusts are subject to a tax of 3.8% on "net investment income" (or undistributed "net investment income", in the case of estates and trusts) for a taxable year, with such tax applying to the lesser of such income or the excess of such person's adjusted gross income (with certain adjustments) over a specified amount.<sup>\*</sup> Net investment income includes net income from interest, dividends, annuities, royalties and rents and net gain attributable to the disposition of investment property. It is anticipated that net income and gain attributable to an investment in the Fund will be included in a shareholder's "net investment income" subject to this tax.

**Backup Withholding**

The Fund may be required to withhold federal income tax at the rate of 28% (24% for taxable years 2018 through 2025) on all taxable distributions payable to non-corporate shareholders. This tax may be withheld from dividends if (i) the shareholder fails to properly furnish the Fund with its correct taxpayer identification number, (ii) the IRS notifies the Fund that the shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect or (iii) when required to do so, the shareholder fails to certify that he or she is not subject to backup withholding. Gross proceeds from the sale of shares may be subject to backup withholding under the circumstances described in (i) above.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from payments made to a shareholder may be refunded or credited against such shareholder's U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS on a timely basis.

**Information Reporting**

The amount of dividends, capital gain dividends and gross proceeds paid to each shareholder and the amount, if any, of tax withheld pursuant to backup withholding rules with respect to such amounts will be reported annually to the IRS and to each shareholder.

Basis information and gross proceeds of the disposition of shares disposed of will be reported to the IRS and furnished to shareholders, as well as whether such shares had a short-term or long-term holding period. The Fund, to the extent permitted by a shareholder's Selling Agent, will allow shareholders to elect from among several acceptable basis methods, including the average basis method. In the absence of an election, the average basis method will be used as the default basis method. Shareholders should consult with their tax advisers to determine the best basis method for their tax situation and to obtain more information about how the basis reporting requirements apply to them.

**Tax Shelter Reporting**

If a shareholder recognizes a loss with respect to shares of $2 million or more for a non-corporate shareholder or $10 million or more for a corporate shareholder in any single taxable year (or in excess of certain greater amounts over a combination of years), 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 are not excepted. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

____________________

\* The amount is $250,000 for married individuals filing jointly, $125,000 for married individuals filing separately, $200,000 for other individuals and the dollar amount at which the highest income tax bracket for estates and trusts begins.

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**PROXY VOTING POLICIES AND PROCEDURES**

The Board has delegated the responsibility for voting proxies relating to portfolio securities held by the Fund to the Adviser as part of the Adviser's management of the Fund pursuant to the Advisory Agreement. The Adviser has adopted proxy voting policies and procedures to ensure that it votes proxies in a manner that serves the best interests of its clients, including the Fund. The following is a summary of the Adviser's proxy voting policies and procedures.

The Adviser has entered into an agreement with Institutional Shareholder Services Inc. ("ISS"), an independent third party, for ISS to provide the Adviser with its research and recommendations on proxies and to facilitate the electronic voting of proxies. The Adviser has adopted ISS's proxy voting policies and procedures (the "ISS Policies") in order to ensure that it votes proxies in the best interests of its clients. The Adviser has instructed ISS to vote all proxies in accordance with the ISS Policies, unless instructed by the Adviser to vote otherwise.

The Adviser instructs each custodian for its client accounts (including the Fund) to deliver to ISS all proxy solicitation materials that the custodian receives for that client account. The Adviser (or its designee, which may include an administrator to a client account) provides to ISS a listing of securities held "long" in each client account as of the 15th and last day of each month to enable ISS to use reasonable efforts to confirm that ISS has received all proxy solicitation materials concerning such securities.

The Adviser, through ISS, will vote proxies on behalf of client accounts. ISS evaluates all proxy solicitation material and other facts it deems relevant and may seek additional information from the party soliciting the proxy and independent corroboration of such information when ISS considers it appropriate and when it is reasonably available. The Adviser has instructed ISS to make voting decisions on behalf of each client account based on the proxy voting guidelines that ISS provides to the Adviser, subject to certain exceptions in the event of conflicts of interests. The Adviser may override ISS's voting decisions if the Adviser deems it in the best interests of the client account. The Adviser has instructed ISS to use reasonable efforts to respond to each proxy solicitation by the deadline for such response.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve month period ended June 30 will be reported on Form N-PX and be made available no later than August 31 of each year. Such information can be obtained (i) without charge, upon request, by calling the Fund at (212) 716-6840 and (ii) at the SEC's website at http://www.sec.gov.

Due to the size and nature of the Adviser's operations and the Adviser's limited affiliations in the securities industry, the Adviser does not expect that material conflicts of interest will arise between the Adviser and a client account over proxy voting. The Adviser recognizes, however, that such conflicts may arise from time to time, such as, for example, when the Adviser or one of its affiliates has a business arrangement that could be affected by the outcome of a proxy vote or has a personal or business relationship with a person seeking appointment or re-appointment as a director of a company. Notwithstanding the possibility of such a material conflict arising, the Adviser believes that it places the interests of client accounts ahead of the Adviser's own interests by following ISS' recommendations in such circumstances (unless directed otherwise by a client).

**GENERAL INFORMATION**

**Independent Registered Public Accounting Firm**

Ernst & Young LLP, located at principal business address 300 First Stamford Pl, Stamford, CT 06902, serves as the Fund's independent registered public accounting firm, providing audit services.

**Legal Counsel**

Alston & Bird LLP, located at principal business address 90 Park Avenue, New York, NY 10016, serves as the Fund's legal counsel.

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**Custodian**

The Bank of New York Mellon, located at principal business address 240 Greenwich Street, New York, NY 10286, serves as the custodian for the Fund's assets and is responsible for maintaining custody of the Fund's cash and investments and for retaining sub-custodians to maintain custody of any foreign securities held by the Fund.

**PART C - OTHER INFORMATION**

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

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| | |
|:---|:---|
| 25(1) | Financial Statements: |
|  | Not applicable. |
| 25(2) Exhibits | 25(2) Exhibits |
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/1905379/000120677424000964/iaf4397011-ex99a1.htm) | [Certificate of Trust, dated January 18, 2022.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1905379/000120677424000964/iaf4397011-ex99a1.htm) |
| [(a)(2)](https://www.sec.gov/Archives/edgar/data/1905379/000120677424000964/iaf4397011-ex99a2.htm) | [Agreement and Declaration of Trust. <sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1905379/000120677424000964/iaf4397011-ex99a2.htm) |
| [(a)(3)](iaf4583381-ex99a3.htm) | [Amended Agreement and Declaration of Trust.\*](iaf4583381-ex99a3.htm) |
| [(b)](https://www.sec.gov/Archives/edgar/data/1905379/000120677424000964/iaf4397011-ex99b.htm) | [By-laws of Registrant.<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/1905379/000120677424000964/iaf4397011-ex99b.htm) |
| (c) | Not Applicable. |
| (d) | Incorporated by reference to Exhibits (a)(2) and (b) above. |
| (e) | Not applicable. |
| (f) | Not Applicable. |
| [(g)](iaf4583381-ex99g.htm) | [Investment Advisory Agreement between the Registrant and SilverBay Capital Management LLC (the "Adviser").\*](iaf4583381-ex99g.htm) |
| [(h)](iaf4583381-ex99h.htm) | [Distribution Agreement between Registrant and Breakwater Group Distribution Services, LLC ("Breakwater" or "Underwriter"), including Form of Selling and Shareholder Servicing Agreement between the Underwriter and the dealers to become parties thereto.\*](iaf4583381-ex99h.htm) |
| (i) | Not Applicable. |
| [(j)(1)](iaf4583381-ex99j1.htm) | [Form of Custodian Services Agreement between the Registrant and The Bank of New York Mellon (the "Custodian").\*](iaf4583381-ex99j1.htm) |
| [(j)(2)](iaf4583381-ex99j2.htm) | [Form of Foreign Custody Management Agreement between the Registrant and the Custodian.\*](iaf4583381-ex99j2.htm) |
| [(k)(1)](iaf4583381-ex99k1.htm) | [Form of Administration and Accounting Services Agreement between the Registrant and the Bank of New York Mellon (the "Administrator").\*](iaf4583381-ex99k1.htm) |
| [(k)(2)](iaf4583381-ex99k2.htm) | [Form of Transfer Agency and Shareholder Services agreement between the Registrant and BNY Mellon Investment Servicing (US) Inc.\*](iaf4583381-ex99k2.htm) |
| [(k)(3)](iaf4583381-ex99k3.htm) | [Expense Limitation Agreement between the Registrant and SilverBay Capital Management LLC. \*](iaf4583381-ex99k3.htm) |
| (l) | Not Applicable. |
| (m) | Not Applicable. |
| (n) | Not Applicable. |
| (o) | Not Applicable. |

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| | | |
|:---|:---|:---|
|  | (p) | Not Applicable. |
|  | (q) | Not Applicable. |
|  | [(r)(1)](iaf4583381-ex99r1.htm) | [Joint Code of Ethics of the Registrant.\*](iaf4583381-ex99r1.htm) |
|  | [(r)(2)](iaf4583381-ex99r2.htm) | [Amended Joint Code of Ethics of the Adviser and Alkeon Capital Management, LLC ("Alkeon").\*](iaf4583381-ex99r2.htm) |
|  | [(r)(3)](iaf4583381-ex99r3.htm) | [Amended Code of Ethics of Breakwater Distribution Services Group, LLC.\*](iaf4583381-ex99r3.htm) |
|  | (s) | Not Applicable. |
| (1) | Previously filed as an Exhibit to the Registrant's Registration Statement on Form N-2 (File No. 811-23777), filed October 25, 2024. | Previously filed as an Exhibit to the Registrant's Registration Statement on Form N-2 (File No. 811-23777), filed October 25, 2024. |
| \* | Filed herewith. | Filed herewith. |

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**Item 26. *Marketing Arrangements***

Not applicable.

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

Not applicable.

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

Not applicable.

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

---

| |
|:---|
| **Number of Record Holders**<br>|
| As of December 31, 2025, there were no record holders of any class of the Registrant's securities. |

---

**Item 30. *Indemnification***

Reference is made to Section 2, Article VII of the Registrant's Amended Declaration of Trust ("Declaration of Trust"), filed herewith, and Section 13(a) of the Registrant's Investment Advisory Agreement (the "Advisory Agreement"), filed herewith. The Registrant hereby undertakes that it will apply the indemnification provisions of the Declaration of Trust and Advisory Agreement in a manner consistent with Release 40-11330 of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains in effect. The Registrant will maintain insurance on behalf of any person who is an independent trustee, officer, employee, or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify.

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

A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each director, officer, or partner of the Adviser, is or has been engaged within the last two fiscal years for his or her own account or in the capacity of director, employee, partner or trustee, is set forth in Part A and B of this registration statement. Additional information can be found in the Form ADV of the Adviser and Alkeon, as filed with the SEC (SEC File No. 801-70549 and 801-60773, respectively), and are incorporated herein by this reference.

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

BNYMIS, the Fund's administrator, maintains certain required accounting related and financial books and records of the Registrant at 103 Bellevue Parkway, Wilmington, Delaware 19809. The other required books and records are maintained by the Adviser at 350 Madison Avenue, 20th Floor, New York, New York 10017.

**Item 33. *Management Services***

Except as described or in the SAI under the caption "Investment Advisory and Other Services," the Registrant is not a party to any management service related contract.

**Item 34. *Undertakings***

Not applicable.

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**SIGNATURES**

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the 22<sup>nd</sup> day of January, 2026.

---

| | |
|:---|:---|
|  | INNOVATION ACCESS FUND |
| By: | /s/ Gregory D. Jakubowsky |
|  | Name: Gregory D. Jakubowsky |
|  | Title: Trustee, President and Principal Executive Officer |
|  | /s/ Gregory D. Jakubowsky |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated. |
| By: | /s/ George Mykoniatis |
|  | Name: George Mykoniatis |
|  | Title: Treasurer and Principal Financial Officer |
|  | Date: January 22, 2026 |
| By: | /s/ William F. Murphy |
|  | Name: William F. Murphy |
|  | Title: Trustee |
|  | Date: January 22, 2026 |
| By: | /s/ Jorge Orvananos |
|  | Name: Jorge Orvananos |
|  | Title: Trustee |
|  | Date: January 22, 2026 |
| By: | /s/ Robert Melnyk |
|  | Name: Robert Melnyk |
|  | Title: Trustee |
|  | January 22, 2026 |

---

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| Exhibits | Description |
| [(a)(3)](iaf4583381-ex99a3.htm) | [Amended Agreement and Declaration of Trust.](iaf4583381-ex99a3.htm) |
| [(g)](iaf4583381-ex99g.htm) | [Investment Advisory Agreement between the Registrant and SilverBay Capital Management LLC (the "Adviser").](iaf4583381-ex99g.htm) |
| [(h)](iaf4583381-ex99h.htm) | [Distribution Agreement between Registrant and Breakwater Group Distribution Services, LLC ("Breakwater" or "Underwriter"), including Form of Selling and Shareholder Servicing Agreement between the Underwriter and the dealers to become parties thereto.](iaf4583381-ex99h.htm) |
| [(j)(1)](iaf4583381-ex99j1.htm) | [Form of Custodian Services Agreement between the Registrant and The Bank of New York Mellon (the "Custodian").](iaf4583381-ex99j1.htm) |
| [(j)(2)](iaf4583381-ex99j2.htm) | [Form of Foreign Custody Management Agreement between the Registrant and the Custodian.](iaf4583381-ex99j2.htm) |
| [(k)(1)](iaf4583381-ex99k1.htm) | [Form of Administration and Accounting Services Agreement between the Registrant and the Bank of New York Mellon (the "Administrator").](iaf4583381-ex99k1.htm) |
| [(k)(2)](iaf4583381-ex99k2.htm) | [Form of Transfer Agency and Shareholder Services agreement between the Registrant and BNY Mellon Investment Servicing (US) Inc.](iaf4583381-ex99k2.htm) |
| [(k)(3)](iaf4583381-ex99k3.htm) | [Expense Limitation Agreement between the Registrant and SilverBay Capital Management LLC.](iaf4583381-ex99k3.htm) |
| [(r)(1)](iaf4583381-ex99r1.htm) | [Joint Code of Ethics of the Registrant.](iaf4583381-ex99r1.htm) |
| [(r)(2)](iaf4583381-ex99r2.htm) | [Amended Joint Code of Ethics of the Adviser and Alkeon Capital Management, LLC.](iaf4583381-ex99r2.htm) |
| [(r)(3)](iaf4583381-ex99r3.htm) | [Amended Code of Ethics of Breakwater Distribution Services Group, LLC.](iaf4583381-ex99r3.htm) |

---

## Ex-99.A3

**Exhibit (a)(3)**

AMENDED DECLARATION OF TRUST

OF

INNOVATION ACCESS FUND

A DELAWARE STATUTORY TRUST

PRINCIPAL PLACE OF BUSINESS:<br> 350 MADISON AVENUE, 20TH FLOOR<br> NEW YORK, NEW YORK 10017

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

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| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| Article I NAME AND DEFINITIONS | Article I NAME AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.1 | Name | 1 |
| &nbsp;&nbsp;&nbsp;Section 1.2 | Definitions | 1 |
| Article II PURPOSE OF TRUST | Article II PURPOSE OF TRUST | 2 |
| Article III SHARES OF BENEFICIAL INTEREST | Article III SHARES OF BENEFICIAL INTEREST | 3 |
| &nbsp;&nbsp;&nbsp;Section 3.1 | Description of Shares | 3 |
| &nbsp;&nbsp;&nbsp;Section 3.2 | Ownership of Shares | 3 |
| &nbsp;&nbsp;&nbsp;Section 3.3 | Investments in the Trust; Consideration | 4 |
| &nbsp;&nbsp;&nbsp;Section 3.4 | Status of Shares and Limitation of Personal Liability | 4 |
| &nbsp;&nbsp;&nbsp;Section 3.5 | Power of Board of Trustees to Change Provisions Relating to Shares | 4 |
| &nbsp;&nbsp;&nbsp;Section 3.6 | Establishment and Designation of Series and Classes | 5 |
| &nbsp;&nbsp;&nbsp;Section 3.7 | Indemnification of Shareholders | 7 |
| Article IV THE BOARD OF TRUSTEES | Article IV THE BOARD OF TRUSTEES | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.1 | Number, Election and Tenure | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.2 | Effect of Death, Resignation, etc. of a Trustee | 7 |
| &nbsp;&nbsp;&nbsp;Section 4.3 | Powers | 8 |
| &nbsp;&nbsp;&nbsp;Section 4.4 | Payment of Expenses by the Trust | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.5 | Payment of Expenses | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.6 | Ownership of Assets of the Trust | 11 |
| &nbsp;&nbsp;&nbsp;Section 4.7 | Service Contracts | 12 |
| Article V SHAREHOLDERS' VOTING POWERS | Article V SHAREHOLDERS' VOTING POWERS | 13 |
| Article VI NET ASSET VALUE, DISTRIBUTIONS, REDEMPTIONS AND REPURCHASES | Article VI NET ASSET VALUE, DISTRIBUTIONS, REDEMPTIONS AND REPURCHASES | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.1 | Determination of Net Asset Value, Net Income, Dividends and Distributions | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.2 | Redemptions by Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.3 | Redemptions at the Option of the Trust | 13 |
| &nbsp;&nbsp;&nbsp;Section 6.4 | Repurchases | 14 |
| Article VII COMPENSATION AND LIMITATION OF LIABILITY OF TRUSTEES | Article VII COMPENSATION AND LIMITATION OF LIABILITY OF TRUSTEES | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.1 | Compensation | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.2 | Indemnification and Limitation of Liability | 14 |
| &nbsp;&nbsp;&nbsp;Section 7.3 | Trustee's Good Faith Action; Expert Advice; No Bond or Surety | 15 |
| &nbsp;&nbsp;&nbsp;Section 7.4 | Insurance | 15 |
| &nbsp;&nbsp;&nbsp;Section 7.5 | Derivative Claims | 15 |
| &nbsp;&nbsp;&nbsp;Section 7.6 | Direct Claims | 16 |
| Article VIII MISCELLANEOUS | Article VIII MISCELLANEOUS | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.1 | Liability of Third Persons Dealing with Trustees | 16 |
| &nbsp;&nbsp;&nbsp;Section 8.2 | Termination of Trust or Series or Class | 16 |

---

i

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Section 8.3 | Conversion to an Open-End Investment Company | 17 |
| &nbsp;&nbsp;&nbsp;Section 8.4 | Merger and Consolidation | 17 |
| &nbsp;&nbsp;&nbsp;Section 8.5 | Amendments | 18 |
| &nbsp;&nbsp;&nbsp;Section 8.6 | Filing of Copies; References; Headings | 18 |
| &nbsp;&nbsp;&nbsp;Section 8.7 | Applicable Law | 18 |
| &nbsp;&nbsp;&nbsp;Section 8.8 | Provisions in Conflict with Law or Regulations | 18 |
| &nbsp;&nbsp;&nbsp;Section 8.9 | Statutory Trust Only | 19 |

---

**AMENDED DECLARATION OF TRUST**

**OF**

**INNOVATION ACCESS FUND**

**(THE "TRUST")**

THIS AMENDED DECLARATION OF TRUST (the "Declaration") is made and entered into as of the date set forth below by the trustees named hereunder (the "Trustees"),

WHEREAS, this Trust is a Delaware statutory trust and Gregory Jakubowsky, as initial trustee, filed a Certificate of Trust with the office of the Secretary of State of the State of Delaware (the "Secretary of State") on January 18, 2022, (the "Certificate of Trust") setting forth the name of the Trust as Innovation Access Fund, and hereby amends its Declaration of Trust as of December 24, 2024;

NOW, THEREFORE, the initial trustee hereby declares that all money and property contributed to the trust established hereby shall be held and managed in trust for the benefit of the persons who may from time to time hold beneficial interests issued hereunder and subject to the provisions hereof, to wit:

Article I<br> NAME AND DEFINITIONS

Section 1.1

<u>Name</u>.

The name of the trust is Innovation Access Fund and, insofar as may be practicable, the Trustees shall conduct the Trust's activities, execute all documents and sue or be sued under that name, which name (and the word "Trust" wherever herein used) shall refer to the Trustees as trustees, and not as individuals, or personally, and shall not refer to the officers, agents, employees or Shareholders of the Trust. If the Trustees determine that the Trust's use of such name is not advisable, then the Trustees may adopt such other name for the Trust as they deem proper and the Trust may hold its property and conduct its activities under such other name.

Section 1.2

<u>Definitions</u>.

Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "Trust" refers to the Delaware statutory trust established pursuant to the Certificate of Trust, by whatever name it be known, inclusive of each and every Series established hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "Trust Property" means any and all assets and property, real or personal, tangible or intangible, which are owned or held by or for the account of the Trust or the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Trustees" refers to the Trustees who have signed this Declaration, so long as such persons continue in office in accordance with the terms hereof, and all other individuals who may from time to time be duly elected or appointed to serve as Trustees hereunder in accordance with the provisions hereof, so long as such persons continue in office in accordance with the terms hereof, and all references herein to a Trustee or the Trustees shall refer to such person or persons in their capacity as trustees hereunder;

&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) "Shares" means the units of beneficial interest into which the beneficial interest in the Trust or any Series of the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Shareholder" means a record owner of outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Person" means and includes individuals, corporations, partnerships, trusts, associations, joint ventures, estates and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof, whether domestic or foreign;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "1940 Act" refers to the Investment Company Act of 1940 and the rules and regulations thereunder, all as amended from time to time and any orders thereunder which may from time to time be applicable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The term "Commission" shall have the meanings given them in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Declaration" shall mean this Amended and Restated Agreement and Declaration of Trust, as amended and in effect from time to time. Reference in this Declaration of Trust to "Declaration," "hereof," "herein," "hereby," and "hereunder" shall be deemed to refer to this Declaration rather than the article or section in which such words appear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "By-Laws" shall mean the By-Laws of the Trust referred to in Article IV, Section 3 hereof, as amended from time to time and incorporated herein by reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The term "Interested Person" has the meaning given it in the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Investment Adviser" means a party furnishing investment advisory services to the Trust pursuant to any contract described in Article IV, Section 7(a) hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Series" refers to each Series of the Trust established and designated under or in accordance with the provisions of Article III hereof; 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;(n) "Board of Trustees" means such individuals who at any time from time to time constitute the Trustees.

Article II<br> PURPOSE OF TRUST

The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act.

Article III<br> SHARES OF BENEFICIAL INTEREST

Section 3.1

<u>Description of Shares</u>.

The beneficial interest in the Trust shall at all times be divided into transferable units to be called Shares of Beneficial Interest, each with a par value of one tenth of one cent ($.001). The Trustees may, from time to time, authorize the division of Shares into separate Series and the division of any Series into two or more separate classes of Shares, as they deem necessary and desirable and, in each case, to the extent permitted by applicable law, rule or order. 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 Trustees, without the requirement of Shareholder approval. If only one or no Series (or classes) shall be established, the Shares shall have the rights and preferences provided for herein and in Section 6 of this Article III 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.

Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof and in the By-Laws, and holders of the Shares of any Series shall be entitled to receive dividends, when, if and as declared with respect thereto in the manner provided in Article VI, Section 1 hereof. No Shares shall have any priority or preference over any other Shares of the same Series (and class) with respect to dividends or distributions upon termination 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 Series (or class thereof) from the assets held with respect to such Series according to the number of Shares of such Series (or class thereof) held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust or any Series (or class). The Trustees may from time to time divide or combine the Shares of any particular Series (or class) without thereby materially changing the proportionate beneficial interest of the Shares of that Series (or class) in the assets held with respect to that Series or materially affecting the rights of Shares of any other Series (or class).

The number of authorized Shares and the number of Shares of each Series (and class) that may be issued is unlimited. To the extent permitted by applicable law, rule or order, the 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 are now or hereafter established and designated from time to time. The 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 (or class) reacquired by the Trust.

Section 3.2

<u>Ownership of Shares</u>.

The ownership of Shares shall be recorded on the books of the Trust or of a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares

of each Series (and class). No certificates certifying the ownership of Shares shall be issued except as the Board of Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for 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) and as to the number of Shares of each Series (or class) held from time to time by each Shareholder.

Section 3.3

<u>Investments in the Trust; Consideration</u>.

Shares of the Trust shall be offered for sale and sold in such manner and at such times, and subject to such requirements and for such consideration, as may be determined from time to time by the Trustees, subject to applicable requirements of law, including the 1940 Act. To the extent permitted by applicable law, Shares may be sold subject to imposition of such sales charges (such as a sales load), deferred sales charges, redemption or repurchase fees (as applicable), small balance fees and such other fees and charges as may be determined by the Trustees. All Shares when issued on the terms determined by the Trustees shall be fully paid and non-assessable.

Section 3.4

<u>Status of Shares and Limitation of Personal Liability</u>.

Shares shall be deemed to be personal property giving only the rights provided in this instrument. 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 terminate the Trust, and shall not 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, but entitles such representative only to the rights of said deceased Shareholder under this 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 to any 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 Shareholders, 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.

Section 3.5

<u>Power of Board of Trustees to Change Provisions Relating to Shares</u>.

Notwithstanding any other provisions of this Declaration and without limiting the power of the Board of Trustees to amend the Declaration as provided elsewhere herein, the Board of Trustees shall have the power to amend this Declaration, 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, delete, replace or otherwise modify any provisions relating to the Shares contained in this Declaration, provided that before adopting any such amendment without Shareholder approval the Board of Trustees shall determine that it is consistent with the fair and equitable treatment of all Shareholders or 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 which would adversely affect to a material degree the rights and preferences of the Shares or to increase or decrease the par value of the Shares.

Section 3.6

<u>Establishment and Designation of Series and Classes</u>.

If so authorized, the establishment and designation of any Series (or class) shall be effective upon the execution by a majority of the Trustees of an instrument setting forth such establishment and designation and the relative rights and preferences of the Shares of such Series (or class), or as otherwise provided in such instrument. Each instrument referred to in this paragraph shall have the status of an amendment to this Declaration.

Shares of any Series (or class) hereafter established pursuant to this Section 6, unless otherwise provided in the instrument establishing such Series (or class), shall have the following relative rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ASSETS HELD WITH RESPECT TO A PARTICULAR SERIES OR CLASS. All consideration received by the Trust for the issuance or sale of Shares of a particular Series (or class), together with all assets in which such consideration is invested or reinvested, all income, earnings and profits thereon, and the 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 (or class) for all purposes, subject only to the rights of creditors of such Series, and shall be so recorded upon the books of account of the Trust. All such consideration, assets, income, earnings, profits and proceeds thereof of a Series (or class), are herein referred to as "assets held with respect to" that Series (or class). 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 (or class) (collectively "General Assets"), the Trustees shall allocate such General Assets to, between or among any one or more of the Series (or classes) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Assets so allocated to a particular Series (or class) shall be assets held with respect to that Series (or class). Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series (and classes) for all purposes.

&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) LIABILITIES ATTRIBUTABLE TO A PARTICULAR SERIES OR CLASS. The assets of the Trust held with respect to each particular Series (and class) shall be charged with all liabilities, expenses, costs, charges and reserves attributable to that Series (or class). All such liabilities, expenses, costs, charges, and reserves so charged to a Series (or class) are herein referred to as "liabilities attributable to" that Series (or class). Any liabilities of the Trust which are not readily identifiable as being attributable to any particular Series (or class) ("General Liabilities") shall be allocated and charged by the Trustees to, between or among any one or more of the Series (or classes) in such manner and on such basis as the Trustees, in their sole discretion, deem fair and equitable, and any General Liabilities so allocated to a particular Series (or class) shall be liabilities attributable to that Series (or class). Each such allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the holders of all Series (and classes) for all purposes. All Persons who have extended

credit which has been allocated to a particular Series, or who have a claim or contract which has been allocated to any particular Series, shall look, and shall be required by contract to look exclusively, to the assets of that particular Series for payment of such credit, claim or contract. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and contract providers, each creditor, claimant and contract provider will be deemed nevertheless to have impliedly agreed to such limitation unless an express provision to the contrary has been incorporated in the written contract or other document establishing the claimant relationship.

&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) DIVIDENDS, DISTRIBUTIONS, REDEMPTIONS AND REPURCHASES. Notwithstanding any other provisions of this Declaration, including, without limitation, Article VI, no dividend or distribution including, without limitation, any distribution paid upon termination of the Trust or of any Series (or class) 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 (or class), nor, except as specifically provided in Section 7 of this Article III, shall any Shareholder of any particular Series (or class) otherwise have any right or claim against the assets held with respect to any other Series (or class) except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series (or class). The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income or capital gains and which items shall be treated as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

&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) VOTING. Except as otherwise provided herein, all Shares of the Trust entitled to vote on a matter shall vote separately by Series (and, if applicable, by class): that is, the Shareholders of each Series (or class) shall have the right to approve or disapprove matters affecting the Trust and that Series (or class) as if the Series (or class) were separate companies.

There are, however, two exceptions to voting by separate Series (or classes). First, if as to any matter the 1940 Act requires or permits all Shares entitled to vote with respect to such matter to be voted in the aggregate without differentiation between the separate Series (or classes), then all Shares entitled to vote on such matter shall vote as a single class. Second, if any matter affects only the interests of some but not all Series (or classes), then only the Shareholders of such affected Series (or classes) shall be entitled to vote on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) EQUALITY. All the Shares of each particular Series (or class) shall represent an equal proportionate interest in the assets held with respect to that Series (or class) (subject to the liabilities attributable to that Series (or class) and such rights and preferences as may have been established and designated with respect to classes of Shares within such Series (or class)), and each Share of any particular Series (or class) shall be equal to each other Share of that Series (or class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) FRACTIONAL SHARES. Any fractional Share of a Series (or class) shall carry proportionately all the rights and obligations of a whole share of that Series (or class), including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and termination of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) EXCHANGE PRIVILEGE. The Trustees shall have the authority to provide that the holders of Shares of any Series (or class) shall have the right to exchange said Shares for Shares of one or more other Series (or classes) of Shares in accordance with such requirements, limitations and procedures as may be established by the Trustees.

Section 3.7

<u>Indemnification of Shareholders</u>.

If any Shareholder or former Shareholder shall be exposed to liability by reason of a claim or demand relating to his or her being or having been a Shareholder, and not because of his or her acts or omissions, the Shareholder or former Shareholder (or 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 against all loss and expense arising from such claim or demand.

Article IV<br> THE BOARD OF TRUSTEES

Section 4.1

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

The number of Trustees constituting the Board of Trustees shall be fixed from time to time by a written instrument signed, or by resolution approved at a duly constituted meeting, by a majority of the Board of Trustees; provided, however, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). Except as required by the 1940 Act, Trustees need not be elected by Shareholders. The Board of Trustees, by action of a majority of the then remaining Trustees at a duly constituted meeting, may fill vacancies in the Board of Trustees or remove Trustees with or without cause; except that a vacancy shall be filled only by a person elected by Shareholders if required by the 1940 Act. Each Trustee shall serve during the continued lifetime of the Trust until he dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his successor. Any Trustee may resign at any time by written instrument signed by him and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other 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 his resignation or removal, or any right to damages on account of such removal. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. Any Trustee may be removed at any meeting of Shareholders by a vote of two-thirds of the outstanding Shares of the Trust. A meeting of Shareholders for the purpose of electing or removing one or more Trustees shall be called (i) by the Trustees upon their own vote, or (ii) upon the demand of a Shareholder or Shareholders owning Shares representing 10% or more of all votes entitled to be cast by outstanding Shares.

Section 4.2

<u>Effect of Death, Resignation, etc. of a Trustee</u>.

The death, declination, resignation, retirement, removal or incapacity of one or more Trustees, or all of them, shall not operate to annul the Trust or to revoke any existing

agency created pursuant to the terms of this Declaration. Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled as provided in Article IV, Section 1, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration. As conclusive evidence of such vacancy, a written instrument certifying the existence of such vacancy may be executed by an officer of the Trust or by a majority of the Board of Trustees. In the event of the death, declination, resignation, retirement, removal or incapacity of all the then Trustees within a short period of time and without the opportunity for at least one Trustee being able to appoint additional Trustees to fill vacancies, the Trust's Investment Adviser hereby is empowered to appoint new Trustees, subject to the provisions of Section 16(a) of the 1940 Act.

Section 4.3

<u>Powers</u>.

Subject to the provisions of this Declaration, the business of the Trust shall be managed by the Board of Trustees, and such Board shall have all powers necessary or convenient to carry out that responsibility. Without limiting the foregoing, the Trustees may: (i) adopt By-Laws not inconsistent with this Declaration providing for the regulation and management of the affairs of the Trust and may amend and repeal the By-Laws to the extent that such By-Laws do not reserve that right to the Shareholders; (ii) elect persons to serve as Trustees and fill vacancies in the Board of Trustees, and remove Trustees from such Board in accordance with the provisions of this Declaration, and may elect and remove such officers and appoint and terminate such agents as they consider appropriate; (iii) appoint from their own number and establish and terminate one or more committees consisting of one or more Trustees which may exercise the powers and authority of the Board of Trustees to the extent that the Trustees determine; (iv) employ one or more custodians of the assets of the Trust and may authorize such custodians to employ sub-custodians and to deposit all or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank, retain a transfer agent or a shareholder servicing agent, or both, and employ such other Persons as the Trustees may deem desirable for the transaction of business of the Trust or any Series; (v) provide for the issuance, sale and distribution of Shares by the Trust directly or through one or more placement agents/distributors or otherwise and may authorize such placement agents/distributors to employ sub-distributors; (vi) redeem, repurchase, retire, cancel, acquire, hold, resell, reissue, classify, reclassify, and transfer and otherwise deal in Shares pursuant to applicable law; (vii) set record dates for the determination of Shareholders with respect to various matters; (viii) declare and pay dividends and distributions to Shareholders of each Series (or class) from the assets of such Series (or classes); (ix) collect all property due to the Trust, pay all claims, including taxes, against the Trust Property, prosecute, defend, compromise or abandon any claims relating to the Trust Property, foreclose any security interest securing any obligations by virtue of which any property is owed to the Trust, and enter into releases, agreements and other instruments; (x) incur and pay any expenses which, in the opinion of the Trustees, are necessary or incidental to carry out any of the purposes of the Trust, and pay reasonable compensation from the funds of the Trust to themselves as Trustees; (xi) engage in and prosecute, defend, compromise, abandon, or adjust, by arbitration or otherwise, any actions, suits, proceedings, disputes, claims and demands relating to the Trust expenses incurred in connection therewith, including those of litigation; (xii) indemnify any Person with whom the Trust has dealings, including the Shareholders, Trustees, officers, employees, agents, the Investment Adviser, or placement agent(s)/distributor(s) of the Trust, to the extent permitted by law and not inconsistent with any applicable provisions of the

By-Laws as the Trustees shall determine; (xiii) determine and change the fiscal year of the Trust or any Series and the method by which its accounts shall be kept; (xiv) adopt a seal for the Trust or any Series; and (xv) in general, delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian, transfer or shareholder servicing agent, Investment Adviser or placement agent/distributor. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. Unless otherwise specified 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.

Without limiting the foregoing, the Trust shall have power and authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, sell short, assign, transfer, exchange, distribute, write options on, lend or otherwise deal in or dispose of contracts for the future acquisition or delivery of securities of every nature and kind, including, without limitation, all types of bonds, debentures, stocks, negotiable or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers' acceptances and other securities and financial instruments 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 political subdivision of the U.S. Government or any foreign government, or any international instrumentality, or by any bank or saving 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; and to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments and financial instruments of every kind and description, including, without limitation, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such Person or Persons as the Trustees shall deem proper, granting to such Person or Persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To exercise powers and rights to subscription or otherwise which in any manner arise out of ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To hold any security or property in a form not indicating any trust, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To join with other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited to a claim for taxes;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To borrow funds or other property in the name of the Trust exclusively for Trust purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To purchase and pay for 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 Adviser, placement agent(s)/distributor(s), or independent contractors of the Trust, individually against all claims and liabilities of every nature arising by reason of holding Shares, holding 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, placement agent/distributor, or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person against liability, subject to such limitations as may be imposed by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To enter into swap agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To enter into futures contracts (including, but not limited to, interest rate and stock index futures contracts) and options thereon; 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;(p) To conduct, operate and carry on any other lawful business and engage in any other lawful business activity which the Trustees, in their sole and absolute discretion, consider to be (i) incidental to the business of the Trust as an investment company, (ii) conducive to or expedient for the benefit or protection of the Trust or any Series or the Shareholders, or (iii) calculated in any other manner to promote the interests of the Trust or any Series or the Shareholders.

The Trust shall not be limited to investing in obligations maturing before the possible termination 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. The Trust shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder.

Section 4.4

<u>Payment of Expenses by the Trust</u>.

The Trustees are authorized to pay or cause to be paid out of the principal or income of the Trust, or partly out of the principal and partly out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, Investment Adviser, placement agent(s)/distributor(s), auditors, counsel, custodian, transfer agent, Shareholder servicing agent, and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur.

Section 4.5

<u>Payment of Expenses</u>.

The Trustees shall have the power to pay expenses of the Fund prior to paying dividends or distributions to Shareholders.

Section 4.6

<u>Ownership of Assets of the Trust</u>.

Title to all of the assets of the Trust shall at all times be considered as vested in the Trust, except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other Person as nominee, on such terms as the Trustees may determine. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, removal or death of a Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 4.7

<u>Service Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to such requirements and restrictions as may be set forth in the By-Laws, the Trustees may, at any time and from time to time, contract for investment advisory, management and administrative services for the Trust or for any Series with any corporation, trust, association or other organization; and any such contract may contain such other terms as the Trustees may determine, including without limitation, authority for the Investment Adviser (or a duly appointed sub-investment adviser) to determine from time to time without prior consultation with the Trustees what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments, or such other activities as may specifically be delegated to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees may also, at any time and from time to time, contract with one or more corporation, trust, association or other organization, appointing it as a placement agent/distributor for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees are also empowered, at any time and from time to time, to contract with any corporation, trust, association or other organization, appointing it the administrator, custodian, transfer agent or shareholder servicing agent for the Trust or one or more of its Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustees are further empowered, at any time and from time to time, to contract with any entity to provide such other services to the Trust or any Series (or class), as the Trustees determine to be in the best interests of the Trust or the Series (or class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees, or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, Investment Adviser, placement agent/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 advisory, management or administration contract, or placement agent/distributor's contract, or transfer, shareholder servicing or other type of service contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association or other organization with which an advisory, management or administration contract or placement agent/distributor's contract, or transfer, shareholder servicing or other type of service contract may have been or may hereafter be made also has an advisory, management or administration contract, or placement agent/distributor's contract, or transfer, shareholder servicing or other service contract with other organizations, or has other business or interests, shall not affect the validity of any such contract or disqualify any Shareholder, Trustee 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 approval of each such contract is made pursuant to the requirements of the 1940 Act.

Article V<br> SHAREHOLDERS' VOTING POWERS

Subject to the provisions of Article III, Section 6(d), the Shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in Article IV, Section 1, and (ii) with respect to such additional matters relating to the Trust as may be required by this Declaration, the By-Laws, the 1940 Act or any registration of the Trust with the Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote, except that (i) Shares held in the Treasury as of the record date, as determined in accordance with the By-Laws, shall not be voted, and (ii) when Shares of more than one Series (or class) vote together on a matter as a single class, each Share (or fraction thereof) shall be entitled to that number of votes which is equal to the net asset value of such Share (or fractional Share) determined as of the applicable record date. There shall be no cumulative voting in the election of Trustees.

Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration or the By-Laws to be taken by Shareholders.

Article VI<br> NET ASSET VALUE, DISTRIBUTIONS, REDEMPTIONS AND REPURCHASES

Section 6.1

<u>Determination of Net Asset Value, Net Income, Dividends and Distributions</u>.

Subject to applicable law and Article III, Section 6 hereof, the Trustees, in their absolute discretion, may prescribe such bases and times for valuing the net assets of the Trust and determining the net asset value of Shares, which net asset value shall be separately determined for each Series (and class), for determining the net income attributable to the Shares, or for declaring and paying dividends and other distributions on Shares, as they may deem necessary or desirable.

Section 6.2

<u>Redemptions by Shareholders</u>.

The Shares of the Trust are not redeemable by the Shareholders.

Section 6.3

<u>Redemptions at the Option of the Trust</u>.

The Trust shall have the right at its option and at any time to redeem Shares from any Shareholder at the net asset value thereof as described in Section 1 of this Article VI if at such time the Board of Trustees or the Investment Adviser determine or have reason to believe that, among other things: (i) ownership of Shares by such Shareholder or other person will cause the Trust to be in violation of, or subject the Trust or the Investment Adviser to additional registration or regulation under the securities, commodities, or other laws of the United States or any other relevant jurisdiction; (ii) continued ownership of such Shares may be harmful or injurious to the business or reputation of the Trust or the Investment Adviser, or may subject the Trust or any Shareholders to an undue risk of adverse tax or other fiscal consequences; (iii) any representation or warranty made by a Shareholder in connection with the acquisition of Shares

(such as in the investor certification) was not true when made or has ceased to be true; or (iv) it would be in the best interests of the Trust, as determined by the Board of Trustees, for the Trust to cause a mandatory redemption of such Shares.

Section 6.4

<u>Repurchases</u>.

Subject to the requirements of the 1940 Act, the Trustees are empowered to, and may, authorize the repurchase by the Trust, from time to time, of all or any portion of the Shares, whether now or hereafter authorized, or securities convertible into Shares of any class or classes, whether now or hereafter authorized, upon such time, at such prices (which may be determined by formula) and subject to such conditions (which may include prorating Shares tendered for repurchase) as the Trustees may determine.

Article VII<br> COMPENSATION AND LIMITATION OF LIABILITY OF TRUSTEES

Section 7.1

<u>Compensation</u>.

The Trustees as such shall be entitled to reasonable compensation from the Trust, and they may fix the amount of such compensation. 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 7.2

<u>Indemnification and Limitation of Liability</u>.

The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, Investment Adviser or placement agent(s)/distributor(s) of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, and the Trust out of its assets shall indemnify and hold harmless each and every Trustee from and against any and all claims and demands whatsoever arising out of or related to each Trustee's performance of his duties as a Trustee of the Trust to the fullest extent permitted by law including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article VII by reason of his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful; provided that nothing herein contained shall indemnify, hold harmless or protect any Trustee from or against any liability to the Trust or any Shareholder to which he would otherwise be subject by reason of fraud, willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or

repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, or vote of Shareholders or Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he or she may be lawfully entitled.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, executed or done by or on behalf of the Trust 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 or with respect to their or his capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

Section 7.3

<u>Trustee's 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. A Trustee shall be liable to the Trust and to any Shareholder solely for his own fraud, 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 may take advice of counsel or other experts with respect to the meaning and operation of this Declaration, and shall be under no liability for any act or omission in accordance with such advice nor for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

Section 7.4

<u>Insurance</u>.

The Trustees shall be entitled and empowered to the fullest extent permitted by law to purchase with Trust assets 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 he becomes involved by virtue of his capacity or former capacity with the Trust.

Section 7.5

<u>Derivative Claims</u>.

No Shareholder shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust or any series or class of Shares without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees, unless the plaintiff makes a specific showing that irreparable nonmonetary injury to the Trust or a series or class of Shares would otherwise result. Such demand shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth in reasonable detail the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees shall consider such demand within 120 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or series or

class of Shares, as appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in their business judgment and shall be binding upon the Shareholders. <u>Section 7.5</u> does not apply to claims made or arising under federal securities laws.

Section 7.6

<u>Direct Claims</u>.

No group of Shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Trust or the Trustees predicated upon an express or implied right of action under this Declaration or the 1940 Act (excepting rights of action permitted under Section 36(b) of the 1940 Act), nor shall any single Shareholder who is similarly situated to one or more other Shareholders with respect to the alleged injury have the right to bring such an action, unless the group of Shareholders or Shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the group of Shareholders or Shareholder to support the allegations made in the request. The Trustees shall consider such request within 90 days of its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or series or class of Shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made in their business judgment and shall be binding on all Shareholders. <u>Section 7.6</u> does not apply to claims made or arising under federal securities laws.

Article VIII<br> MISCELLANEOUS

Section 8.1

<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 transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

Section 8.2

<u>Termination of Trust or Series or Class</u>.

Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by vote of the holders of a majority of the outstanding Shares of each Series entitled to vote, voting separately by Series, or by the Trustees by written notice to the Shareholders. Any Series (or class) may be terminated at any time by vote of the holders of a majority of the outstanding Shares of that Series (or class) or by the Trustees by written notice to the Shareholders of that Series (or class).

Upon termination of the Trust (or any Series or class, as the case may be), after paying or otherwise providing for all charges, taxes, expenses and liabilities held (severally, with respect to each Series or class, if applicable and as the case may be), whether due or accrued or

anticipated as may be determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets held (severally, with respect to each Series or class, if applicable and as the case may be) to distributable form in cash or shares or other securities, or any combination thereof, and distribute the proceeds held (with respect to each Series or class, if applicable and as the case may be) to the Shareholders (if applicable, to Shareholders of that Series (or class), as a Series (or class)), ratably according to the number of Shares held on the date of termination.

Section 8.3

<u>Conversion to an Open-End Investment Company</u>.

Notwithstanding any other provisions of this Declaration of Trust or the By-Laws of the Trust, a favorable vote of a majority of the Trustees then in office followed by the favorable vote of the holders of not less than three-quarters of the Shares shall be required to approve, adopt or authorize an amendment to this Declaration of Trust that makes the Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by three-quarters of the Trustees, in which case approval by a vote of a majority of the Shares outstanding and entitled to vote shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration of Trust to permit such a conversion of the Trust's outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company.

Section 8.4

<u>Merger and Consolidation</u>.

The Trustees may cause (i) the Trust or one or more of its Series to the extent consistent with applicable law to be merged into or consolidated with another trust or company, (ii) Shares of the Trust or any Series to be converted into beneficial interests in another statutory trust (or series thereof) created pursuant to this Section 4 of Article VIII, (iii) the sale of substantially all of the assets of the Trust or one or more of its Series to another trust or company in exchange for the assumption of the liabilities of the Trust or the Series and the issuance of beneficial interests in such trust or company, or (iv) Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law. Such merger or consolidation, Share conversion, sale of assets or Share exchange must be authorized by vote of the holders of a majority of the outstanding Shares (or, if applicable, a majority of the outstanding shares of the affected Series); provided that in all respects not governed by applicable law, the Trustees shall have the power to prescribe the procedures necessary or appropriate to accomplish the transaction including the power to create one or more separate statutory trusts to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and to provide for the conversion of Shares of the Trust or any Series into beneficial interests in such separate statutory trust or trusts (or series thereof). The Trustees may also cause substantially all of the assets of any Series (the "Acquired Series") to be sold to another Series if authorized by vote of the holders of a majority of the outstanding Shares of the Acquired Series, and to the extent not governed by applicable law, the Trustees shall have the power to prescribe the procedures necessary or appropriate to accomplish the transaction. Upon consummation of any transaction contemplated by this Section 4, the Trust or applicable Series, as the case may be, shall distribute its remaining assets to Shareholders and terminate as provided by Section 2 of this Article VIII.

Section 8.5

<u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration may be restated or amended at any time by an instrument in writing signed by a majority of the Trustees and, if required by applicable law or this Declaration or the By-Laws, by approval of such amendment by Shareholders in accordance with Article V hereof and the By-Laws. Any such restatement or amendment hereto shall be effective immediately upon execution and approval. The Certificate of Trust of the Trust may be restated or amended by a similar procedure, and any such restatement 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.

&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) Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments on Shareholders.

Section 8.6

<u>Filing of Copies; References; Headings</u>.

The original or a copy of this Declaration and of each restatement and amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such restatements 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 Declaration or of any such restatement or amendment. 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 Declaration. 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 Declaration may be simultaneously executed in any number of counterparts each of which shall be deemed an original, and such counterparts together shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section 8.7

<u>Applicable Law</u>.

This Declaration is created under and is to be governed by and construed and administered according to the laws of the State of Delaware and the Delaware Statutory Trust Act, as amended from time to time (the "Delaware Act"). The Trust shall be a Delaware statutory trust pursuant to the Delaware Act, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust.

Section 8.8

<u>Provisions in Conflict with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code of 1986, as amended, or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of the Declaration 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 the Declaration in any jurisdiction.

Section 8.9

<u>Statutory Trust Only</u>.

It is the intention of the Trustees to create a statutory trust pursuant to the Delaware Act and thereby to create only the relationship of trustee and beneficial owners within the meaning of the Delaware Act between the Trustees and each Shareholder. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the Delaware Act. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

IN WITNESS WHEREOF, the Initial Trustee named below hereby makes and enters into this Amended Declaration of Trust as of December 24, 2024.

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| |
|:---|
| /s/Gregory D. Jakubowsky |
| Gregory D. Jakubowsky, as Initial Trustee and not individually |

---

[*Signature Page to Declaration of Trust*]

## Ex-99.G

**Exhibit (g)**

**INVESTMENT ADVISORY AGREEMENT**

THIS INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made as of November 13, 2025, by and between Innovation Access Fund, a Delaware statutory trust (the "Fund"), and SilverBay Capital Management LLC, a Delaware limited liability company (the "Investment Adviser").

WHEREAS, the Fund engages in business as a closed-end, non-diversified management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Fund desires to retain the Investment Adviser to furnish investment advisory services to the Fund and to provide certain management and administrative services to the Fund and the Investment Adviser desires to be retained to provide such services;

NOW, THEREFORE, in consideration of the terms and conditions hereinafter contained, the Fund and the Investment Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. The Fund hereby retains the Investment Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to act as investment adviser to the Fund and, subject to the supervision and control of the Board of Trustees of the Fund (the "Board"), to develop and implement the Fund's investment program, to manage the Fund's investment portfolio and make all decisions regarding the purchase and sale of investments for the Fund, and to provide various management and administrative services to the Fund as hereinafter set forth. Without limiting the generality of the foregoing, the Investment Adviser shall: obtain and evaluate such information and advice relating to the economy, securities markets, and securities as it deems necessary or useful to discharge its duties hereunder; continuously manage the assets of the Fund in a manner consistent with the investment objective, policies and restrictions of the Fund, as set forth in the Fund's Offering Memorandum and Statement of Additional Information and as may be adopted from time to time by the Board, and applicable laws and regulations; determine the securities to be purchased, sold or otherwise disposed of by the Fund and the timing of such purchases, sales and dispositions; and take such further action, including the placing of purchase and sale orders and the voting of securities on behalf of the Fund, as the Investment Adviser shall deem necessary or appropriate. The Investment Adviser shall furnish to or place at the disposal of the Fund such of the information, evaluations, analyses and opinions formulated or obtained by the Investment Adviser in the discharge of its duties as the Fund may, from time to time, reasonably request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to assist in the selection of and the negotiation of agreements with, and monitor the quality of services provided by, the Fund's administrator, custodian, transfer agent, and other organizations that provide services to the Fund (but the Fund shall pay the fees and expenses of the administrator, custodian and transfer agent and such other organizations and the Investment Adviser shall not be responsible for the acts or omissions of such service providers). The Investment Adviser shall also provide such additional management and administrative services as may reasonably be required in connection with the business affairs and operations of the Fund beyond those furnished by the Fund's administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investment Adviser shall, in all matters, give to the Fund and the Board the benefit of its best judgment, effort, advice and recommendations and shall at all times conduct the Fund's investment program in a manner consistent with: (i) the provisions of the 1940 Act and the rules or regulations thereunder; (ii) other applicable provisions of Federal and state law; (iii) the provisions of this Agreement and the Declaration of Trust of the Fund, as amended from time to time; (iv) the policies and determinations of the Board; (v) the investment policies and restrictions of the Fund as reflected in the registration statement of the Fund under the 1940 Act, as such policies may, from time to time, be amended; and (vi) the Offering Memorandum and Statement of Additional Information of the Fund, as the same may be amended from time to time. The appropriate officers and employees of the Investment Adviser shall be available upon reasonable notice for consultation with the Board with respect to any matters dealing with the business and affairs of the Fund, including the valuation of the portfolio securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Provided that the Fund shall not be required to pay any compensation to the Investment Adviser for the services to be provided hereunder other than as provided by the terms of this Agreement, the Investment Adviser is authorized: (i) to obtain investment information, research or assistance from any other person, firm or corporation to supplement, update or otherwise assist the Investment Adviser in providing investment management services; (ii) utilize personnel of affiliates of the Investment Adviser in providing services hereunder; and (iii) to enter into investment sub-advisory agreements with any registered investment adviser (a "Sub- Adviser"), subject to such approvals of the Board and shareholders of the Fund ("Shareholders") as may be required to comply with applicable provisions of the 1940 Act, delegating any or all of the investment advisory services required to be provided by the Investment Adviser under <u>Section 1(a)</u> hereof, subject to the supervision of the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Investment Adviser shall provide the Fund with such office space, facilities, equipment, clerical help, and other personnel and services as the Fund shall reasonably require in the conduct of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund will, from time to time, furnish or otherwise make available to the Investment Adviser such financial reports, proxy statements, policies and procedures and other information relating to the business and affairs of the Fund as the Investment Adviser may reasonably require in order to discharge its duties and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Without limiting the generality of <u>Section 1</u> hereof, the Investment Adviser and, if applicable, a Sub-Adviser, shall be authorized to open, maintain and close accounts in the name and on behalf of the Fund with brokers and dealers as it determines are appropriate; to select and place orders with brokers, dealers or other financial intermediaries for the execution, clearance or settlement of any transactions on behalf of the Fund on such terms as the Investment Adviser (or such Sub-Adviser) considers appropriate and that are consistent with the policies of the Fund; and, subject to any policies adopted by the Board and to the provisions of applicable law, to agree to the payment of such commissions, fees and other charges by the Fund as it shall deem reasonable in the circumstances taking into account all such factors as it deems relevant (including the quality of research and other services made available to it even if such services are not for the exclusive benefit of the Fund and the cost of such services does not represent the lowest cost available) and shall be under no obligation to combine or arrange orders so as to obtain reduced charges unless otherwise required under the federal securities laws. The Investment Adviser may, subject to such

procedures as may be adopted by the Board, use affiliates of the Investment Adviser or the Fund's distributor(s) as brokers to effect the Fund's securities transactions and the Fund may pay such commissions to such brokers in such amounts as are permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7. Fees; Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration for the provision by the Investment Adviser of its services hereunder and the Investment Adviser's bearing of certain expenses, the Fund shall pay the Investment Adviser a monthly asset-based fee (the "Management Fee") and a performance-based incentive fee (the "Incentive Fee"), each determined as set forth in this <u>Section 7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee shall be computed at the annualized rate of 1.25% of the net assets held by the Fund as of the beginning of each month (the "Management Fee"), which is due and payable within five business days after the beginning of each month. In the event that this Agreement becomes effective after the first day of a month or terminates prior to the last day of a month, the Management Fee payable for such month shall be pro rated based on the number of days during such month this Agreement was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of this <u>Section 7(c)</u>, the Fund will pay the Incentive Fee to the Investment Adviser promptly after the end of each fiscal year of the Fund. The Incentive Fee is determined as of the end of the fiscal year in an amount equal to 15% of the amount by which the Fund's net profits (as described below) for all Fiscal Periods (as defined below), ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account (as described below), without duplication for any Incentive Fees paid during such fiscal year. The Fund also pays the Adviser the Incentive Fee in the event a Fiscal Period is triggered in connection with a share repurchase offer by the Fund, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of calculating the Incentive Fee, net profits means the amount by which: (A) the net assets of the Fund as of the end of a Fiscal Period, increased by the dollar amount of shares of the Fund repurchased during the Fiscal Period (excluding shares to be repurchased as of the last day of the Fiscal Period after determination of the Incentive Fee) and by the amount of dividends and other distributions paid to shareholders during the Fiscal Period and not reinvested in additional shares (excluding any dividends and other distributions to be paid as of the last day of the Fiscal Period), exceeds (B) the net assets of the Fund as of the beginning of the Fiscal Period, increased by the dollar amount of shares of the Fund issued during the Fiscal Period (excluding any shares issued in connection with the reinvestment of dividends and other distributions paid by the Fund). Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund, determined in accordance with the valuation and accounting policies and procedures of the Fund. "Fiscal Period" means each twelve- month period ending on the Fund's fiscal year-end (or such other period ending on the Fund's fiscal year-end in the event the Fund commences operations following the beginning of its fiscal year or the Fund's fiscal year is changed), provided that whenever the Fund conducts a share repurchase offer, the period of time from the last Fiscal Period- end through the effective date of the repurchase offer also constitutes a Fiscal Period for purposes of calculating the Incentive Fee due (if any) on Shares being tendered for repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon termination of the Agreement, the Fund will pay the Incentive Fee to the Investment Adviser as if the date of effectiveness of such termination is the end of the Fund's fiscal year. Thus, the termination of the Agreement or a periodic share repurchase offer, will trigger the determination of a Fiscal Period and the payment to the Investment Adviser of the Incentive Fee, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that an Incentive Fee is payable with respect to a Fiscal Period that is not the Fund's fiscal year-end due to the Fund's share repurchases, the Incentive Fee will be determined as if the end of such Fiscal Period were the end of the Fund's fiscal year, and only that portion of the Incentive Fee that is proportional to the Fund's assets paid in respect of such share repurchases (not taking into account any proceeds from any contemporaneous issuance of shares of the Fund, by reinvestment of dividends and other distributions or otherwise) will be paid to the Investment Adviser for such Fiscal Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Incentive Fee will be payable for a Fiscal Period only if there is no positive balance in the Fund's loss carryforward account for the applicable Fiscal Period. The loss carryforward account is an account that will have an initial balance of zero upon commencement of the Fund's operations and, thereafter, will be credited as of the end of each Fiscal Period with the amount of any net loss of the Fund for that Fiscal Period and will be debited with the amount of any net profits of the Fund for that Fiscal Period, as applicable (provided, however, that the debiting of net profits may only reduce a positive balance in the loss carryforward account and may not reduce the balance of the loss carryforward account below zero). The balance of the loss carryforward account, if any, will be subject to a proportionate reduction as of the day following: (A) the payment by the Fund of any dividend or other distribution to shareholders (unless the full amount thereof is reinvested in shares of the Fund); and (B) any repurchase by the Fund of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Investment Adviser is responsible for all costs and expenses associated with the provision of its services hereunder including, but not limited to: fees of any consultants or a Sub-Adviser retained by the Investment Adviser (if applicable) except for out-of-pocket costs or expenses of the Investment Adviser relating to its service as a Valuation Designee, as defined by Rule 2a-5 under the 1940 Act (including, without limitation, the costs associated with the retention of any third party valuation firms), which valuation costs shall be borne by the Fund and/or reimbursed to the Investment Adviser; the cost of office space, telephone service, heat, light, power and other utilities provided to the Fund; and the salaries of officers of the Fund, and the fees and expenses of the members of the Board of the Fund (the "Trustees") who are also directors, officers or employees of the Investment Adviser, or who are non-independent directors, officers or employees of any company affiliated with the Investment Adviser. The Investment Adviser shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as may be necessary to render the services required to be provided by the Investment Adviser or furnished to the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Except as provided herein or in another agreement between the Fund and the Investment Adviser, the Fund shall bear all of its own expenses, including, but not limited to, its allocated share of the following: all investment related expenses (*e.g.*, costs and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect

expenses associated with investments, transfer taxes and premiums, taxes withheld on foreign income, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold short but not yet purchased and margin fees); interest and other borrowing costs; the fees and expenses of performing research, risk analysis and due diligence, including third-party background checks and the expenses of other third party consultants; expenses of computing the Fund's net asset value, including any equipment or services procured or obtained for the purpose of valuing the Fund's investment portfolio (which shall be considered expenses of the Fund for purposes of this Section 9 even if such services were engaged by the Investment Adviser for purposes of performing services the Investment Adviser is required to perform under the Fund's valuation policies), including appraisal and valuation or related consulting services provided by third parties engaged by the Investment Adviser or on behalf of the Fund; the Management Fee; the Incentive Fee; distribution and shareholder servicing fees; any non-investment related interest expense; any networking and sub-transfer agency expenses; organizational and offering expenses (including blue sky or other similar jurisdictional registration fees and governmental and self-regulatory agency filing fees); fees and disbursements of any attorneys and accountants engaged by the Fund, including, without limitation, legal costs associated with investments or potential investments not made; investor communication expenses; audit and tax preparation fees and expenses; the fees of any administrator or transfer agent retained by the Fund and related expenses; custody and escrow fees and expenses; the costs of an errors and omissions/directors and officers liability insurance policy and a fidelity bond; fees and travel- related expenses of members of the Board who are not employees of the Investment Adviser or any affiliate of the Investment Adviser; all costs and charges for equipment or services used in communicating information regarding the Fund's transactions among the Investment Adviser and any custodian or other agent engaged by the Fund; any extraordinary expenses; and such other expenses as may be approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The compensation provided to the Investment Adviser pursuant to <u>Section 7</u> hereof shall be the entire compensation for the services provided to the Fund hereunder and the expenses assumed by the Investment Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Investment Adviser represents that it: (a) is duly organized in the State of Delaware as a limited liability company under the Delaware Limited Liability Company Act; and (b) is registered as an investment adviser with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Investment Adviser will use its best efforts in the supervision and management of the investment activities of the Fund and in providing services hereunder, but in the absence of fraud, willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations hereunder, the Investment Adviser, its managers, members, officers or employees and their respective affiliates, executors, heirs, assigns, successors and other legal representatives (collectively, "Affiliates") shall not be liable to the Fund for any error of judgment, for any mistake of law or for any act or omission by the Investment Adviser or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. (a) The Fund shall indemnify the Investment Adviser and its Affiliates (each an "Indemnified Person") against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, reasonable attorneys' fees and disbursements, resulting in any way from the performance or non-performance of any Indemnified Person's duties with respect to the Fund, except those resulting from the fraud, willful malfeasance, bad faith or gross

negligence of an Indemnified Person or the Indemnified Person's reckless disregard of such duties, and in the case of criminal proceedings, unless such Indemnified Person had reasonable cause to believe its actions were unlawful (collectively, "disabling conduct"). Indemnification shall be made following: (i) a final decision on the merits by a court or other body before which the proceeding was brought that the Indemnified Person was not liable by reason of disabling conduct or (ii) a reasonable determination, based upon a review of the facts and reached by (A) the vote of a majority of the Board who are not parties to the proceeding or (B) legal counsel selected by a vote of a majority of the Board pursuant to written advice, that the Indemnified Person is entitled to indemnification hereunder. The Fund shall advance to an Indemnified Person (to the extent that it has available assets and need not borrow to do so) reasonable attorneys' fees and other costs and expenses incurred in connection with defense of any action or proceeding arising out of such performance or non-performance. The Investment Adviser agrees, and each other Indemnified Person will agree as a condition to any such advance, that in the event the Indemnified Person receives any such advance, the Indemnified Person shall reimburse the Fund for such fees, costs and expenses to the extent that it shall be determined that the Indemnified Person was not entitled to indemnification under this <u>Section 13</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any of the foregoing to the contrary, the provisions of this <u>Section 13</u> shall not be construed so as to relieve the Indemnified Person of, or provide indemnification with respect to, any liability (including liability under Federal securities laws, which, under certain circumstances, impose liability even on persons who act in good faith) to the extent (but only to the extent) that such liability may not be waived, limited or modified under applicable law or that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this <u>Section 13</u> to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Nothing contained in this Agreement shall prevent the Investment Adviser or any of its Affiliates from acting as investment adviser or manager for any other person, firm, fund, account, corporation or other entity and, except as required by applicable law (including Rule 17j-1 under the 1940 Act), shall not in any way bind or restrict the Investment Adviser or any of its Affiliates from buying, selling or trading any securities or other investments for their own accounts or for the account of others for whom they may be acting. Nothing in this Agreement shall limit or restrict the right of the Investment Adviser or any of its Affiliates to engage in any other business or to devote its, his or her time and attention in part to the management or other aspects of any other business whether of a similar or dissimilar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. This Agreement shall take effect on the date first set forth above (the "Effective Date") and shall remain in effect for a period of two years from the date of its execution and shall continue in effect from year to year thereafter, provided that such continuance is approved at least annually by the vote of a "majority of the outstanding voting securities" of the Fund, as defined by the 1940 Act and the rules thereunder, or by the Board; and provided that in either event such continuance is also approved by a majority of the Trustees who are not "interested persons," as defined by Section 2(a) (19) of the 1940 Act (the "Independent Trustees"), by vote cast in person (to the extent required by applicable law and regulation) at a meeting called for the purpose of voting on such approval. The Fund may at any time, without payment of any penalty, terminate this Agreement upon sixty days' prior written notice to the Investment Adviser, either by majority vote of the Board or by the vote of a "majority of the outstanding voting securities" of the Fund

(as defined by the 1940 Act and the rules thereunder). The Investment Adviser may at any time, without payment of penalty, terminate this Agreement upon sixty days' prior written notice to the Fund. This Agreement shall automatically and immediately terminate in the event of its "assignment," as defined by the 1940 Act and the rules thereunder, by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Any notice under this Agreement shall be given in writing and shall be deemed to have been duly given when delivered by hand or facsimile or five days after mailed by certified mail, post-paid, by return receipt requested to the other party at the principal office of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement may be amended only by the written agreement of the parties. Any amendment shall be required to be approved by the Board and by a majority of the Independent Trustees in accordance with the provisions of Section 15(c) of the 1940 Act and the rules thereunder. If required by the 1940 Act, any amendment shall also be required to be approved by the vote of a "majority of the outstanding voting securities" of the Fund (as defined by the 1940 Act and the rules thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable law of the State of New York, 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;&nbsp;&nbsp;&nbsp;&nbsp;19. The Fund represents that this Agreement has been duly approved by the Board, including the vote of a majority of the Independent Trustees, and by the vote of a "majority of the outstanding voting securities" of the Fund (as defined by the 1940 Act and the rules thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The parties to this Agreement agree that the obligations of the Fund under this Agreement shall not be binding upon any of the Trustees, Shareholders or any officers, employees or agents, whether past, present or future, of the Fund, individually, but are binding only upon the assets and property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21. This Agreement embodies the entire understanding of the parties.

(The remainder of this page has been intentionally left blank)

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written.

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| | |
|:---|:---|
| INNOVATION ACCESS FUND | INNOVATION ACCESS FUND |
| By: | /s/ Greg Jakubowsky |
| Name: | Greg Jakubowsky |
| Title: | President and Principal Executive Officer |
| SILVERBAY CAPITAL MANAGEMENT LLC | SILVERBAY CAPITAL MANAGEMENT LLC |
| By: | /s/ Jennifer Shufro |
| Name: | Jennifer Shufro |
| Title: | Managing Director |

---

*[Signature Page to Investment Advisory Agreement]*

## Ex-99.H

**Exhibit (h)**

DISTRIBUTION AGREEMENT

THIS DISTRIBUTION AGREEMENT (the "Agreement") by and between INNOVATION ACCESS FUND, a Delaware statutory trust (the "Fund"), and BREAKWATER GROUP DISTRIBUTION SERVICES, LLC, a Delaware limited liability company (the "Distributor"), is dated as of November 13, 2025 and effective as set forth in Section 9(a) of this Agreement.

<u>WITNESSETH</u>:

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end, non-diversified management investment company; and

WHEREAS, the Fund is authorized to issue shares of beneficial interest in the Fund ("Shares"); and

WHEREAS, the Distributor is a securities firm engaged in the business of selling interests of investment companies through other securities dealers; and

WHEREAS, the Fund and the Distributor wish to enter into an agreement with each other with respect to the offering of the Fund's Shares.

NOW, THEREFORE, the parties agree as follows:

Section 1. <u>Appointment of the Distributor; Offering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement, the Fund hereby appoints the Distributor as a non-exclusive distributor in connection with the distribution of the Shares, and the Distributor hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use its reasonable best efforts to offer and sell Shares to investors that the Distributor reasonably believes meet the eligibility requirements set forth in the Fund's private offering memorandum ("Offering Memorandum") and to use all reasonable efforts to assist the Fund in obtaining performance by each prospective investor who submits a completed Investor Certificate (as defined below) to his/her broker, dealer or other financial <sup>-</sup>intermediary.

&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) Unless otherwise agreed by the parties hereto, unaffiliated brokers or dealers retained by the Distributor to act as selling agents ("Selling Agents") shall be responsible for reviewing each completed investor certificate ("Investor Certificate") to confirm that it has been completed in accordance with the instructions thereto. The prospective investor's Selling Agent, in its sole discretion, may reject any Investor Certificate that is not completed to its satisfaction and the Fund shall be under no obligation to accept any Investor Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor acknowledges that Shares will be offered and sold only as set forth in the Offering Memorandum and the Fund's Declaration and Agreement of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund may suspend or terminate the offering of the Shares at any time as to specific classes of investors (to the extent such separate classes are permitted and established by applicable law, rule or order), as to specific jurisdictions or otherwise. Upon notice to the Distributor of the terms of such suspension or termination, the Distributor shall suspend solicitation of purchases of Shares in accordance with such terms until the Fund notifies the Distributor that such solicitation may be resumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is acknowledged and agreed that the Distributor is not obligated to sell any specific number of Shares or to purchase any Shares for its own account. The Fund shall be entitled to appoint additional distributors.

Section 2. <u>Agency</u>. In offering Shares, the Distributor shall act solely as an agent of the Fund and not as principal.

Section 3. <u>Duties of the Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall take, from time to time, but subject always to any necessary approval of the board of trustees of the Fund (the "Board of Trustees") or of the shareholders of the Fund (the "Shareholders"), all necessary action to fix the number of authorized Shares to the end that there will be available for sale such number of Shares as the Distributor reasonably may be expected to sell.

&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) For purposes of the offering of Shares, the Fund will furnish to the Distributor copies of the Offering Memorandum, the Investor Certificate and any other documentation for use in, the private offering of Shares. Additional copies of such documents will be furnished to the Distributor at no cost to the Distributor in such numbers as reasonably requested. The Distributor is authorized to furnish to prospective investors only such information concerning the Fund and the offering as may be allowed by applicable law and contained in the Offering Memorandum, the Fund's formation documents, or any other documents (including sales material), if approved 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;(c) The Fund shall furnish to the Distributor copies of all financial statements of the Fund which the Distributor may reasonably request for use in connection with its duties hereunder, and this shall include, upon request by the Distributor, one certified copy of all financial statements prepared for the Fund by independent public accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall use its best efforts to qualify and maintain the qualification of the Shares for sale under the securities laws of such jurisdictions as the Distributor and the Fund may approve. Any such qualification may be withheld, terminated or withdrawn by the Fund at any time in its discretion. The expense of qualification and maintenance of qualification shall be borne by the Fund. The Distributor shall furnish such information and other material relating to its affairs and activities as may be required by the Fund in connection with such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund will furnish, in reasonable quantities upon request by the Distributor, copies of annual and interim reports of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund will furnish the Distributor with such other documents as it may reasonably require, from time to time, for the purpose of enabling it to perform its duties as contemplated by this Agreement.

Section 4. <u>Duties of the Distributor</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to selling the Fund (as described in Section I), the Distributor may furnish personal investor services and account maintenance services to Shareholders of the Fund ("Shareholder Services"), and/or retain Selling Agents whose clients purchase Shares to provide Shareholder Services to Shareholders who are clients of such Selling Agents. Shareholder Services shall include, but shall not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) handling inquiries from Shareholders regarding the Fund, including but not limited to questions concerning
their investments in the Fund, and reports and tax information provided by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assisting in the enhancement of communications between Shareholders and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) notifying the Fund of any changes to Shareholder information, such as changes of address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing such other information and Shareholder Services as may be reasonably requested by the Fund or,
in the case of Selling Agents, by the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) assisting in any transfer of Shares, which may only be made in accordance with the terms of the Offering
Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) assisting in any repurchase offers conducted by the Fund, including, but not limited to: delivering to
each Shareholder in a timely manner any applicable repurchase offer material, responding to client inquiries about procedures for tendering
Shares, tendering Shares on behalf of Shareholders that wish to participate in the repurchase offer, remitting repurchase proceeds to
the appropriate Shareholders, and in the event the Fund is required to pro rate repurchase offers, determining correct allocations among
Shareholders of any repurchase proceeds and any Shares not purchased in the repurchase offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall devote reasonable time and effort to its duties hereunder. The services of the Distributor to the Fund hereunder are not to be deemed exclusive and nothing herein contained shall prevent the Distributor from entering into like arrangements with other investment companies so long as the performance of its obligations hereunder is not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its duties hereunder, the Distributor shall use its best efforts in all respects to duly conform with the requirements of all applicable laws relating to the

marketing and sale of securities, including assuring that the offering of Shares is conducted in a manner: (i) that qualifies as a private placement of the Shares in any jurisdiction in which the Shares are offered; (ii) that complies with the requirements of Rule 506 of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"); and (iii) that complies with the applicable law and rules in any such jurisdiction in which such offering of Shares is made. In performing its duties, the Distributor will adhere to the limitations on how to conduct the offering of Shares and all other requirements of the Fund as set forth in the Offering Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor shall adopt and follow procedures, as approved by the officers of the Fund, for the confirmation of sales to investors and Selling Agents, the collection of amounts payable by investors and Selling Agents on such sales, the assurance that each Selling Agent is required to have reasonable procedures in place to ensure that any investor in the Fund is a "qualified client" as defined in Rule 205-3 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act and the cancellation of unsettled transactions, as may be necessary to comply with applicable requirements of the Financial Industry Regulatory Authority, Inc. ("FINRA"), as such requirements may from time to time exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor shall use the facilities, rules and procedures of the National Securities Clearing Corporation (NSCC) Fund Settlement, Entry and Registration Verification System (Fund/SERV System) for the payment for and delivery of Shares.

Section 5. <u>Selling Agent Agreements</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall have the right to enter into agreements with Selling Agents (substantially in the form included in <u>Schedule A</u>) with the Selling Agents listed in <u>Schedule B</u> or such other brokers, dealers or other financial intermediaries deemed by the Distributor to be well positioned to.(i) sell Shares and (ii) provide, or arrange for the provision of, Shareholder Services; provided that the Distributor shall periodically inform the Board of Trustees of its entrance into a Selling Agent Agreement. Shares sold to Selling Agents shall be for resale by such dealers only. Notwithstanding the foregoing, the Distributor may enter into a Selling Agent Agreement that is materially different than the form included in <u>Schedule A</u> so long as the Distributor receives the prior written consent of the Board of Trustees, including a majority of the Trustees who are not "interested persons," as such term is defined by the Investment Company Act, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within the United States, the Distributor shall offer and sell Shares only to such Selling Agents as are members in good standing of FINRA.

Section 6. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor or Selling Agents may (except with respect to Class W shares and Class I shares), in their discretion, impose a sales load to each investor on the purchase price of its Shares of up to 2.50% as specified in the Offering Memorandum upon acceptance of the investor's purchase of Shares by the Fund's administrator, transfer agent or Selling Agent; provided that the Distributor or Selling Agent shall have the authority to adjust

or waive the sales load in particular cases, each in its sole discretion and instead may charge clients transaction fees or other transaction charges in such amounts as they may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As compensation for providing or arranging for the provision of Shareholder Services and ongoing distribution services (as set forth in Section 1), Class A shares of the Fund are subject to ongoing distribution and shareholder fees, paid monthly, in an amount not to exceed 0.85% (on an annualized basis) of the net asset value of Class A shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As compensation for providing or arranging for the provision of Shareholder Services, Class W shares of the Fund are subject to ongoing servicing fees, paid monthly, in an amount not to exceed 0.25% (on an annualized basis) of the net asset value of Class W shares of the Fund.

Section 7. <u>Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall bear all of its own costs and expenses, including fees and disbursements of its counsel and auditors, in connection with the preparation and filing of any required registration statements under the Investment Company Act, and all amendments and supplements thereto, and in connection with any fees and expenses incurred with respect to any filings with FINRA and preparing and mailing annual and interim reports and proxy materials to existing investors (including but not limited to the expense of setting in type any such registration statements, or interim reports or proxy materials).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall bear any cost and expenses of qualification of the Shares for sale pursuant to this Agreement and, if necessary or advisable in connection therewith, of qualifying the Fund as a broker or dealer in such states of the United States or other jurisdictions as shall be selected by the Fund and the Distributor and the cost and expenses payable to each such state for continuing qualification therein until the Fund decides to discontinue such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall be responsible for any payments made to Selling Agents as reimbursement for their expenses associated with payments of sales commissions to financial consultants. In addition, after the Offering Memoranda and annual and interim reports have been prepared and set in type, the Distributor shall bear the costs and expenses of distributing any copies thereof which are to be used in connection with the private offering of Shares to Selling Agents or investors pursuant to this Agreement. The Distributor shall bear the costs and expenses of preparing, printing and distributing any other literature used by the Distributor or furnished by it for use by Selling Agents in connection with the private offering of the Shares.

Section 8. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall indemnify and hold harmless the Distributor and each person, if any, who controls the Distributor, against any loss, liability, claim, damage or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damage or expense and reasonable counsel fees incurred in connection therewith), as incurred, arising by reason of any person acquiring any Shares, which may be based upon the Securities Act, or on any other statute or at common law, on the ground that any registration statement or other offering materials, as from time to time amended and supplemented, or an annual or interim report to Shareholders of the Fund, includes an untrue statement of a material fact or omits to state

a material fact required to be stated therein or necessary in order to make the statements therein not misleading, unless such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund in connection therewith by or on behalf of the Distributor; *provided, however,* that in no case (i) is the indemnity of the Fund in favor of the Distributor and any such controlling persons to be deemed to protect the Distributor or any such controlling persons thereof against any liability to the Fund or its Shareholders to which the Distributor or any such controlling persons would otherwise be subject by reason of fraud, willful misfeasance, bad faith or gross negligence in the performance of their duties or by reason of the reckless disregard of their obligations and duties under this Agreement or (ii) is the Fund to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against the Distributor or any such controlling persons, unless the Distributor or such controlling persons, as the case may be, shall have notified the Fund in writing within a reasonable time after the summons or other first legal process giving information of the nature of the claim or claims that have been served upon the Distributor or such controlling persons (or after the Distributor or such controlling persons shall have received notice of such service on any designated agent), but failure to notify the Fund of any such claim shall not relieve it from any liability which it may have to the person against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph. The Fund will be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such liability, but if the Fund elects to assume the defense, such defense shall be conducted.by counsel chosen by it and satisfactory to the Distributor, or such controlling person or persons of the Distributor. In the event the Fund elects to assume the defense of any such suit and retain such .counsel, the Distributor, or such controlling person or persons of the Distributor, shall bear the fees and expenses, as incurred, of any additional counsel retained by them, but in case the Fund does not elect to assume the defense of any such suit, it will reimburse the Distributor, or such controlling person or persons of the Distributor, for the reasonable fees and expenses, as incurred, of any counsel retained by them. The Fund shall promptly notify the Distributor of the commencement of any litigation or proceedings against it or any of its officers or Trustees in connection with the issuance or sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall indemnify and hold harmless the Fund, each person affiliated with the Fund, and their respective officers, directors (or Trustees, in the case of the Fund), employees, partners and shareholders from and against any loss, liability, claim, damage or expense, as incurred, described in the foregoing indemnity contained in subsection (a) of this Section 8 but only with respect to statements or omissions made in reliance upon, and in conformity with, information furnished to the Fund in writing by or on behalf of the Distributor for use in connection with the Offering Memorandum or other offering materials, as from time to time amended, or the annual or interim reports to Shareholders. In case any action shall be brought against the Fund or any person so indemnified, in respect of which indemnity may be sought against the Distributor, the Distributor shall have the rights and duties given to the Fund, and the Fund and each person so indemnified shall have the rights and duties given to the Distributor by the provisions of subsection (a) of this Section 8.

Section 9. <u>Duration and Termination of this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective upon the later of: (i) its approval by a majority of the independent members of the Board of Trustees at an in-person meeting of

the Board of Trustees; or (ii) FINRA's approval of the FINRA Application. This Agreement shall remain in force for two years thereafter and thereafter continue from year to year, but only so long as such continuance is specifically approved at least annually (i) by the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval.

&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) This Agreement may be terminated at any time, without the payment of any penalty, by the Trustees or by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on sixty days' written notice to the other party. This Agreement shall automatically terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The terms "vote of a majority of the outstanding voting securities," "assignment," and "interested person," when used in this Agreement, shall have the respective meanings specified in the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event the offering of Shares is terminated, the Distributor will not be entitled to unrecovered compensation (except for out-of-pocket expenses).

Section 10. <u>Amendments of this Agreement</u>.

This Agreement may be amended by the parties only if such amendment is specifically approved (i) by the Trustees or by the vote of a majority of outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval.

Section 11. <u>Governing Law</u>.

The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of New York as at the time in effect and the applicable provisions of the Investment Company Act. To the extent that the applicable law of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. This Agreement may be executed by the parties hereto in any number of counterparts, all of which shall constitute one and the same instrument.

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| | |
|:---|:---|
| INNOVATION ACCESS FUND | INNOVATION ACCESS FUND |
| By: | /s/ Jennifer Shufro |
| Name: | Jennifer Shufro |
| Title: | Secretary |
| BREAKWATER GROUP DISTRIBUTION <br> SERVICES, LLC | BREAKWATER GROUP DISTRIBUTION <br> SERVICES, LLC |
| By: | /s/ Greg Jakubowsky |
| Name: | Greg Jakubowsky |
| Title: | CEO |

---

**SCHEDULE A**

**MASTER SELLING AND SHAREHOLDER SERVICING AGREEMENT**

<u> </u>, 202<u> </u>

Ladies and Gentlemen:

The undersigned distributor (the "Distributor" or "us" or "we"), which is a member firm of the Financial Industry Regulatory Authority, Inc. ("FINRA," formerly the National Association of Securities Dealers, Inc.), has an agreement with each of the funds listed in Annex A, as may be amended from time to time (each a "Fund" and together, the "Funds"), pursuant to which it acts as a distributor for the sale of shares of beneficial interest in the Funds ("Shares"), the class of which is identified in Annex A.

This Master Selling and Shareholder Servicing Agreement (the "Agreement"), dated as of the date first set forth above shall be applicable to any private offering of Shares.

We have delivered or will deliver to the undersigned broker-dealer (the "Selling Agent" or "you"), for delivery to prospective purchasers of Shares, copies of the Fund's private offering memorandum (the "Offering Memorandum"), as amended or supplemented from time to time, including the Funds' required form of investor certification (the "Investor Certification"), and other relevant written information approved and furnished by the Funds for use by prospective purchasers in connection with their purchase of Shares (collectively, the "Offering Documents").

We hereby appoint you as a Selling Agent with respect to the offering of Shares, for the purpose of finding Qualified Investors (as defined below) for the Fund pursuant to the terms of this Agreement and the terms and conditions of the Offering Memorandum, and you hereby accept such appointment, expressly upon the following terms and conditions of the Agreement and agree to use reasonable efforts to find such Qualified Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Non-Exclusive Appointment.** You agree on a non-exclusive basis to use reasonable efforts to solicit and receive offers to purchase Shares in accordance with the terms and conditions set forth in this Agreement and the Offering Documents. Nothing in this Agreement shall limit our right to make other arrangements with respect to the Shares with any person, including the appointment of other distributors or selling dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Offering and Sale of Shares; Limitation on Activities as Selling Agent; Blue Sky**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You agree to solicit and receive offers to purchase Shares: (i) only in the jurisdictions in which you and your employees maintain all licenses and registrations necessary under applicable law and regulations (including the rules of FINRA) to provide the services required to be provided by you under this Agreement; (ii) only to U.S. persons in states where notifications regarding the Shares have been duly filed or where no such notifications are required or otherwise

in compliance with applicable state securities or Blue Sky laws. We agree to inform you as to the states in which notifications of the intention to sell Shares have been duly filed or where no such notification is required, but we assume no responsibility or obligation as to your right to sell Shares in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Selling Agent shall not make any offer of Shares on the basis of any communications or documents relating to the Fund or the Shares except the Offering Memorandum and any other documents supplied or prepared by SilverBay Capital Management LLC (the "Adviser") and delivered to you by the Distributor specifically for use in making an offer of Shares. The Adviser shall have the absolute right to reject the subscription of any proposed investor to the Fund or any additional subscription for more Shares from an existing investor of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Selling Agent will not create any offering materials or disclosure documents or agreements regarding the Fund, the Adviser, the Distributor or any of their affiliates, or make any representations, written, oral or electronic, that are inconsistent with the Offering Memorandum. The Selling Agent will keep detailed records of all contacts with potential and actual Qualified Investors and agree to provide such records to the Distributor, Adviser and the Fund from time to time, upon its request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In performing its duties hereunder, the Selling Agent shall use its best efforts in all respects to duly conform with the requirements of all applicable laws relating to the marketing and sale of securities. The Selling Agent agrees to conduct the offering of Shares in a manner: (i) that qualifies as a private placement of the Shares in any jurisdiction in which the Shares are offered; (ii) that complies with the requirements of Rule 506 of Regulation D under the Securities Act of 1933, as amended (the "Securities Act"); and (iii) that complies with the applicable law and rules in any such jurisdiction in which such Offering is made. In performing its duties, the Selling Agent will adhere to the limitations on how to conduct the private Offering and all other requirements of the Fund as set forth in the Fund's Offering Materials. In furtherance thereof, the Selling Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will solicit only those potential investors who meet the express qualification and suitability standards
to invest in the Fund as specified in the Offering Memorandum and as indicated hereinafter (each a "Qualified Investor" and
collectively "Qualified Investors");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to prospective investors whom are "U.S. Persons" (as such term is defined in
Rule 902(k) of Regulation S under the Securities Act ("Regulation S")), the Distributor will only solicit offers to purchase
Shares of the Fund from prospective investors if the Distributor reasonably believes that such prospective investor is an "accredited
investor," as defined in Rule 501(a) of Regulation D under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) agrees to perform its duties under this Agreement in a manner consistent with (a) the terms of this Agreement
and the instructions of the Fund and the Adviser, (b) the applicable provisions of Rule 506 of Regulation D under the Securities Act,
(c) the applicable rules of each self-regulatory organization of which the Distributor is a member, including FINRA and (d) all other
applicable provisions of law with respect to anything done by them in relation to the Shares of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) will not offer for sale or sell the Shares of the Fund by means of any document or in any manner that
does not comply with applicable laws, rules, regulations and judicial and administrative interpretations respecting compliance with applicable
federal, state and foreign statutes and rules related to the offering of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Qualified Investors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You will only: (i) solicit offers to purchase Shares from persons who confirm: (A) that they have a net worth (in the case of a natural person, either as an individual or with assets held jointly with a spouse) of more than $2.2 million, excluding the value of the primary residence of such person and any debt secured by such property (up to the current market value of the residence), or otherwise meet the definition of a "qualified client" under Rule 205-3 promulgated under the Investment Advisers Act of 1940, as amended and (B) that they are an "accredited investor" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended - such an "accredited investor" includes, among other investors, a natural person who has a net worth (or a joint net worth with that person's spouse), excluding the value of such natural person's primary residence, immediately prior to the time of purchase in excess of $1 million, or income in excess of $200,000 (or joint income with the investor's spouse in excess of $300,000) in each of the two preceding years and has a reasonable expectation of reaching the same income level in the current year, and certain legal entities with total assets exceeding $5 million (together, a "Qualified Investor") and (ii) maintain completed Investor Certifications for investors who you have determined, after reasonable inquiry, to be Qualified Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You agree that: (i) you have implemented procedures designed to enable you to form a reasonable belief that a prospective investor is a Qualified Investor; (ii) you will conduct all marketing and sales activity in accordance with Section 2(d) of this Agreement; (iii) you will keep records (and make them available to us promptly upon request) of the information you relied on in concluding that a prospective investor in a Fund is a Qualified Investor; and (iv) you will cooperate with the Securities and Exchange Commission ("SEC") in the event of any audit or examination of the Qualified Investor status of your clients with respect to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You understand that Shares will be subject to transfer restrictions that permit transfers only with the prior consent of the Fund's investment adviser and to persons who are Qualified Investors and agree to provide a certification to that effect. You agree that: (i) you will not make any transfers of Shares to any of your clients unless you have received the written consent of Fund's investment adviser to such transfer and believe that the client is a Qualified Investor; (ii) you have implemented procedures designed to enable you to form a reasonable belief that any transferee of Shares who is a client is a Qualified Investor; (iii) you will only make transfers of Shares to an account with a broker or dealer that has entered into a selling agreement with us; and (iv) confirmations of any transfer will include a statement regarding the transfer restrictions applicable to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Processing of Orders.** Orders for Shares received from you will be accepted through us only at the offering price applicable to each order, as set forth in the Offering Memorandum. The procedure relating to the handling of orders shall be subject to the terms of this Agreement

and instructions that we or the Funds shall forward from time to time to you. All orders are subject to acceptance or rejection, in whole or in part, by the Distributor or the Funds in their sole discretion. The minimum initial and subsequent purchase requirements are as set forth in the Offering Memorandum.

Payment for and delivery of Shares will be made through the facilities, and subject to the rules and procedures, of the National Securities Clearing Corporation (NSCC) Fund Settlement, Entry and Registration Verification System (Fund/SERV System), subject to the Funds' right to accept or reject orders for Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Suspension or Withdrawal of Offering**. We reserve the right in our discretion, without notice, to suspend sales or withdraw the offering of Shares entirely or to certain persons or entities in a class or classes specified by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Selling Agent's Standing & Related Representations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Delivery of Fund Materials, Offering Documents and Confirmations.** You agree to deliver to each of your clients making purchases a copy of the then-current Offering Memorandum prior to the time of offering or sale. Subject to receipt of such material from Distributor, you agree thereafter to deliver to such clients copies of the annual and interim reports and/or proxy solicitation and repurchase or tender offer materials (as applicable) of a Fund and any other communications made by a Fund to all of its investors (collectively, "Fund Materials"). You further agree to endeavor to obtain completed proxies from such purchasers and to forward them to the applicable Fund. Additional copies of the Fund Materials will be supplied to you in reasonable quantities upon request.

You agree that in making offers of Shares you will rely upon no statement whatsoever, written or oral, other than the statements in the Offering Documents delivered to you by us. You will not be authorized by a Fund to give any information or to make any representation not contained in the Offering Documents in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **FINRA**. You represent and warrant that you have full power and authority under applicable laws, rules or regulations to engage in the activities contemplated under this Agreement and are actually engaged in the investment banking or securities business and either are a member in good standing of FINRA or, if you are not such a member, you are a foreign bank, dealer or institution not eligible for membership in FINRA which agrees to make no sales within the United States, its territories or its possessions or to persons who are citizens thereof or residents therein, and in making other sales to comply with all applicable FINRA Rules. If you are a member of FINRA you agree to promptly notify us if you cease to be in good standing with FINRA. You further represent, by your participation in an offering of Shares, that you have provided to us all documents and other information required to be filed with respect to you, any related person or any person associated with you or any such related person pursuant to the supplementary requirements of FINRA Rule 5110 with respect to review of corporate financing to the extent that such requirements relate to such offering of Shares.

If you are a member of FINRA, you further agree that, prior to making an offering of Shares to any clients, you will, among other things, comply with FINRA Conduct Rule 2310 (Recommendations to Customers (Suitability)), which compliance shall include without limitation considering: (i) the suitability of this investment with respect to the client's investment objectives and personal situation, (ii) factors such as the client's personal net worth, income, age, risk tolerance and liquidity needs, and (iii) whether the client's risk profile is suitable for this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Registered Broker-Dealer.** You represent that you are a broker or dealer registered under the Exchange Act. You further represent that you have and will maintain all licenses and registrations necessary under applicable federal, state and foreign laws, rules and regulations, including the rules and regulations of any self-regulatory organization with competent jurisdiction over you, to provide the services contemplated to be provided under this Agreement. You agree to notify us immediately if you cease to be registered or licensed as a broker or dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **SIPC**. You agree to promptly notify us if you are not now a member of the Securities Investor Protection Corporation or its successor ("SIPC"), or if at any time during the term of this Agreement you cease being a member of SIPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Complaints; Litigation; Regulatory Proceedings.** You agree to promptly advise the Distributor if you receive notice of any client complaint, litigation initiated or threatened, or communication by any regulatory authority which relates to a Fund or to a transaction in Shares by you, and you agree to provide us information and documentation thereon as we may reasonably request, subject to confidentiality obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Applicable Laws and Regulations.** In addition to the laws, rules and regulations specifically referenced in this Section 6, you agree to comply with all applicable laws, rules or regulations (including, without limitation, the FINRA Rules) in connection with your activities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Shares**. You understand that the Shares have not been registered under the Securities Act or any securities laws or rules of any state, territory or other jurisdiction, and may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and such blue sky laws. You agree that you shall not solicit offers for, or offer or sell, the Shares by any form of general solicitation or general advertising within the meaning of Section 4(a)(2) of the Securities Act, and Rule 506(b) of Regulation D thereunder, including the methods described in Rule 502(c) of Regulation D. You further agree not to offer or sell or arrange for the offer or sale of the Shares except to those you reasonably believe are "accredited investors" (as defined in Rule 501 of Regulation D). You further agree that: (i) Shares of the Fund will be offered privately in the U.S. under Rule 506(b) of Regulation D; (ii) you are a "Covered Person," as defined in Rule 506(d)(1); and (iii) you have not experienced any Disqualifying Event (as defined below) to date and shall notify the Distributor and Adviser promptly after you become aware that any relevant Covered Person experiences a Disqualifying Event. "Disqualifying Event" shall mean any disqualifying event, as described in Rule 506(d)(1) under the Securities Act other than: (i) a disqualifying event for which appropriate disclosure has been provided in accordance with Rule 506(e) under the Securities Act; or (ii) a

disqualifying event that is the subject of a waiver pursuant to Rule 506(d)(2) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Anti-Money Laundering.** You hereby certify that you have established and maintain an anti-money laundering program that includes written policies, procedures and internal controls reasonably designed to identify your clients and have undertaken appropriate due diligence efforts to "know your customers" in accordance with all applicable anti-money laundering regulations in your jurisdiction including, where applicable, the USA PATRIOT Act of 2001 (the "Patriot Act"). You represent and warrant that any money contributed to a Fund by or on behalf of an investor introduced by you, will not be directly or indirectly derived from activities that may contravene U.S. federal, state and international laws and regulations including anti-money laundering laws and that any investor introduced to a Fund by you shall not be a person or entity listed in Executive Order 13224, Blocking Terrorist Property And Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism, or the Annex thereto, as published at http://www.treas.gov/terrorism.html. You further confirm that you will monitor for suspicious activity in accordance with the requirements of the Patriot Act. You agree to provide us with such information as we may reasonably request, including but not limited to the filling out of questionnaires, attestations and other documents, to enable us to fulfill our obligations under the Patriot Act, and, upon our request. Upon filing a Section 314 notice you agree to forward a copy to us, and further agree to comply with all applicable requirements under the Patriot Act and applicable implementing regulations concerning the use, disclosure, and security of any information that is shared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Privacy**.

You acknowledge that we are subject to the privacy regulations under Title V of the Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq., pursuant to which regulations we are required to obtain certain undertakings from you with regard to the privacy, use and protection of nonpublic personal financial information of our clients or prospective clients. Therefore, notwithstanding anything to the contrary contained in this Agreement, you agree that: (a) you shall not disclose or use any Client Data (as defined in the last sentence of this Section 8) except to the extent necessary to carry out your obligations under this Agreement and for no other purpose; (b) you shall not disclose Client Data to any third party, including, without limitation, your third party service providers without our prior consent and an agreement in writing from the third party to use or disclose such Client Data only to the extent necessary to carry out your obligations under this Agreement and for no other purposes; (c) you shall maintain, and shall require all third parties approved under subsection (b) to maintain, effective information security measures to protect Client Data from unauthorized disclosure or use; and (d) you shall provide us with information regarding such security measures upon our reasonable request and promptly provide us with information regarding any failure of such security measures or any security breach related to Client Data. The obligations set forth in this Section shall survive termination of the Agreement. For purposes of this Agreement, Client Data means the nonpublic personal information (as defined in 15 U.S.C. § 6809(4)) of the Distributor's clients or prospective clients (and/or the Distributor's parent, affiliated or subsidiary companies) received by the Selling Agent in connection with the performance of its obligations under the Agreement, including, but not limited to: (a) an individual's name, address, e-mail address, IP address, telephone number and/or social security

number; (b) the fact that an individual has a relationship with the Distributor and/or its parent, affiliated or subsidiary companies; or (c) an individual's account information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Distribution and Shareholder Services**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Provision of Services**. You agree to maintain accounts and provide certain distribution and other shareholder services for your clients who have purchased or otherwise acquired Shares in an offering subject to this Agreement, including, without limitation: (i) selling Shares of the Fund; (ii) marketing the Fund consistent with applicable limitations on private placements as set forth in Regulation D under the Securities Act; (iii) handling inquiries from clients regarding a Fund, including, but not limited to, questions concerning their investments in a Fund, and reports and tax information provided by a Fund; (iv) assisting in the enhancement of communications between clients and a Fund; (v) notifying a Fund of any changes to shareholder information, such as changes of address; (vi) providing such other information and shareholder services as may be reasonably requested by us; (vii) assisting in any transfer of Shares made in accordance with the terms of the then-current Offering Memorandum; and (viii) assisting in any repurchase or tender offers conducted by Fund (as applicable), including, but not limited to: delivering to each client in a timely manner any applicable repurchase or tender offer material, responding to client inquiries about procedures for tendering Shares, tendering Shares on behalf of clients that wish to participate in the repurchase or tender offer, remitting repurchase or tender proceeds to the appropriate clients, and in the event the Fund is required to pro rate repurchase or tender offers, determining correct allocations among your clients of any repurchase or tender proceeds and any Shares not purchased in the repurchase or tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Compensation**. Compensation for the services performed by you pursuant to this Section 9 is set forth in Annex B hereto, as may be amended by the parties hereto from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You agree to indemnify and hold harmless the Distributor, the Funds and each person affiliated with the Distributor or the Funds, and their respective officers, directors, employees, partners and shareholders from and against any loss, liability, claim, damage or expense (including the reasonable cost of investigating or defending any alleged loss, liability claim, damage or expense and reasonable counsel fees incurred in connection therewith), as incurred, arising in connection with the performance of your obligations under this Agreement or your breach of any of its provisions; except insofar as such loss, liability, claim, damage, or expense is caused by the willful misfeasance, bad faith, gross negligence or reckless disregard of the Distributor in the performance of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor agrees to indemnify and hold harmless Selling Agent (for the purposes of this Section, "Selling Agent" shall mean you, your directors, officers, employees and agents, and any person who is or may be deemed to be a controlling person of Selling Agent) from and against any and all losses, claims, damages, liabilities or expenses (including the reasonable costs of investigation and attorney's fees and expenses as such expenses are incurred by Selling Agent in any action or proceeding between the parties to this Agreement or between Selling Agent and any

third party) to which Selling Agent may become subject, insofar as any such loss, claim, damage, liability or expense (or action with respect thereto) arises out of or is based on any untrue statement of a material fact contained in any Offering Document relating to an offering of Shares, or arises out of or is based on the failure to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Distributor's obligation to indemnify and hold harmless Selling Agent applies only with respect to such statements or omissions of material fact relating to information about the Distributor furnished in writing by the Distributor expressly for use in any such Offering Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section 10 shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Termination; Supplements and Amendments**. This Agreement shall become effective as of the date first set forth above and may be terminated at any time by either party upon notice to the other parties hereto; provided, however, that the terms and conditions set forth in Section 9 shall continue in effect until terminated by a written instrument setting forth the mutual agreements of the Funds and you for the disposition of any Shares held by you for your clients' accounts. This Agreement may be supplemented or amended by us by written notice thereof to you, and any such supplement or amendment to this Agreement shall be effective with respect to any offering of Shares to which this Agreement applies after the date of such supplement or amendment. Each reference to "this Agreement" herein shall, as appropriate, be to this Agreement as so amended and supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Successors and Assigns**. This Agreement shall be binding on, and inure to the benefit of, the parties hereto and the respective successors and assigns of each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Confidentiality.** The parties agree to keep the existence and the terms of this Agreement confidential and not to disclose such terms unless they are made public other than due to a breach of this Section 13 by the affected party or as required by law in which case the affected party shall give the other parties as is reasonably practicable the right to contest such law and/or limit the scope of the required disclosure. The Selling Agent agrees that neither it nor any of its affiliates shall publicly disparage the Funds, the Distributor or any of their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Entire Agreement.** This Agreement represents the entire agreement between the parties and supersedes any prior agreement entered into by the parties hereto (or their respective predecessors) with respect to the Shares. In the event that any provision hereof is held to be invalid or unenforceable by any court of competent jurisdiction, such invalidity shall be limited to the jurisdiction in question, and such invalidity to the extent so held by such court. For the avoidance of doubt, the decision of a given court having jurisdiction over a given premises that any provision hereof is invalid or unenforceable shall have no effect whatsoever in respect of any such premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Governing Law**. This Agreement and the terms and conditions set forth herein with respect to any offering of Shares shall be governed by, and construed in accordance with, the laws of the State of New York applicable to contracts made and to be performed within the State of New York.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

Please confirm by signing and returning to us the enclosed copy of this Agreement that your subscription to or your acceptance of any reservation of any Shares pursuant to an offering shall constitute (i) acceptance of and agreement to the terms and conditions of this Agreement (as may be supplemented and amended pursuant to Section 11 hereof); together with and subject to any supplementary terms and conditions contained in any Written Communication from us in connection with such offering of Shares, all of which shall constitute a binding agreement between you and us, (ii) confirmation that your representations and warranties set forth herein are true and correct at that time, (iii) confirmation that your agreements set forth herein hereof have been and will be fully performed by you to the extent and at the times required thereby and (iv) acknowledgment that you have requested and received from us sufficient copies of the final Offering Memorandum in order to comply with your undertakings herein.

---

| |
|:---|
| Very truly yours, |
| BREAKWATER GROUP DISTRIBUTION SERVICES, L.L.C. |

---

---

| | |
|:---|:---|
| By: |  |
| Name: | Gregory D. Jakubowsky |
| Title: | Chief Executive Officer |
| Address: | Address: |
| 350 Madison Avenue, 20<sup>th</sup> Floor | 350 Madison Avenue, 20<sup>th</sup> Floor |
| New York, New York 10017 | New York, New York 10017 |
| Tel.: | (212) 389-8710 |
| Fax: | (212) 389-8750 |
| Email: | gjakubowsky@alkeoncapital.com |

---

By:

**<u>Annex A</u>**

**LIST OF FUNDS**

INNOVATION ACCESS FUND Class A <br> Class W <br> Class I

**<u>Annex B</u>**

Compensation Schedule for Innovation Access Fund (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;1. With respect to Class A Shares of the Fund, you shall be entitled to charge an upfront sales load of up to 2.50% of an investor's investment amount. In addition, the Distributor or the Adviser may pay you additional selling compensation of up to 1.50% of the purchase price of Class A Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In addition, with respect to Class A Shares of the Fund, you shall be entitled to receive an ongoing distribution and servicing fee of 0.85% (on an annualized basis) (the "Distribution and Shareholder Servicing Fee") of the net asset value of Class A Shares of the Fund. The Distribution and Shareholder Servicing Fee shall be determined as of the last day of the month and paid as soon as reasonably practicable, but not later than 15 days after the end of such month, and shall continue with respect to such Shares for so long as each Investor continues to (i) be a customer of Selling Agent and (ii) hold the Shares placed hereunder; provided, however, that no payments shall be made under this Agreement to the extent such payment causes the Fund to exceed applicable FINRA compensation limits.

&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. With respect to Class W shares of the Fund, you shall not be entitled to charge an upfront sales load on sales of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In addition, you shall be entitled to receive an ongoing servicing fee of 0.25% (on an annualized basis) (the "Servicing Fee") of the net asset value of Class W Shares of the Fund. The Servicing Fee shall be determined as of the last day of the month and paid as soon as reasonably practicable, but not later than 15 days after the end of such month, and shall continue with respect to such Shares for so long as each Investor continues to (i) be a customer of Selling Agent and (ii) hold the Shares placed hereunder; provided, however, that no payments shall be

made under this Agreement to the extent such payment causes the Fund to exceed applicable FINRA compensation limits.

&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. In addition, with respect to Class I shares of the Fund, you shall not be entitled to receive any ongoing distribution and shareholder servicing fees from the Fund.

**SCHEDULE B**

[LIST OF BROKER-DEALERS TO BE INSERTED]

## Ex-99.J1

**Exhibit (j)(1)**

![](iaf4583381-ex99j1x1x1.jpg)

**CUSTODY AGREEMENT**

**By and Between**

**THE BANK OF NEW YORK MELLON**

**And**

**INNOVATION ACCESS FUND**

**BNY MELLON AND CUSTOMER CONFIDENTIAL**

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **1.** | **DEFINITIONS** | **DEFINITIONS** | **1** |
| **2.** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **4** |
|  | 2.1 | Appointment of Custodian | 4 |
|  | 2.2 | Establishment of Accounts | 4 |
| **3.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **5** |
|  | 3.1 | Authorized Persons | 5 |
|  | 3.2 | Instructions | 5 |
|  | 3.3 | BNY Mellon Actions Without Instructions | 6 |
|  | 3.4 | Funds Transfers | 7 |
|  | 3.5 | Electronic Access | 7 |
| **4.** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **7** |
|  | 4.1 | Use of Subcustodians and Depositories | 7 |
|  | 4.2 | Liability for Subcustodians | 8 |
|  | 4.3 | Liability for Depositories | 9 |
|  | 4.4 | Use of Agents | 9 |
| **5.** | **CORPORATE ACTIONS** | **CORPORATE ACTIONS** | **9** |
|  | 5.1 | Notification | 9 |
|  | 5.2 | Exercise of Rights | 9 |
|  | 5.3 | Partial Redemptions, Payments, Etc. | 9 |
| **6.** | **SETTLEMENT** | **SETTLEMENT** | **10** |
|  | 6.1 | Settlement Instructions | 10 |
|  | 6.2 | Settlement Funds | 10 |
|  | 6.3 | Settlement Practices | 10 |
| **7.** | **TAX MATTERS** | **TAX MATTERS** | **10** |
|  | 7.1 | Tax Obligations | 10 |
|  | 7.2 | Payments | 11 |
| **8.** | **CREDITS AND ADVANCES** | **CREDITS AND ADVANCES** | **11** |
|  | 8.1 | Contractual Settlement and Income | 11 |
|  | 8.2 | Advances | 12 |
|  | 8.3 | Payment | 12 |
|  | 8.4 | Securing Payment | 12 |
|  | 8.5 | Setoff | 13 |
|  | 8.6 | Currency Conversion | 13 |
| **9.** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **13** |
|  | 9.1 | Statements | 13 |
|  | 9.2 | Books and Records | 13 |
|  | 9.3 | Third Party Data | 14 |
| **10.** | **DISCLOSURES** | **DISCLOSURES** | **14** |
|  | 10.1 | Required Disclosure | 14 |
|  | 10.2 | Foreign Exchange Transactions | 15 |
|  | 10.3 | Investment of Cash | 15 |

---

i

**11.** **REGULATORY MATTERS** **15** 

11.1 USA PATRIOT Act 15

11.2 Sanctions; Anti-Money Laundering 16

**12.** **COMPENSATION** **17** 

12.1 Fees and Expenses 17

12.2 Other Compensation 17

**13.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** **17** 

13.1 BNY Mellon 17

13.2 Customer 18

**14.** **LIABILITY** **18** 

14.1 Standard of Care 18

14.2 Limitation of Liability 18

14.3 Force Majeure 20

14.4 Indemnification 20

**15.** **CONFIDENTIALITY** **20** 

15.1 Confidentiality Obligations 20

15.2 Exceptions 21

**16.** **TERM AND TERMINATION** **21** 

16.1 Term 21

16.2 Termination 21

16.3 Effect of Termination 22

16.4 Survival 22

**17.** **GENERAL** **22** 

17.1 Non-Custody Assets 22

17.2 Assignment 22

17.3 Amendment 23

17.4 Governing Law/Forum 23

17.5 Business Continuity/Disaster Recovery 23

17.6 Non-Fiduciary Status 23

17.7 Notices 24

17.8 Entire Agreement 24

17.9 No Third Party Beneficiaries 24

17.10 Counterparts 24

17.11 Interpretation 24

17.12 No Waiver 24

17.13 Headings 24

17.14 Severability 25

ii

**CUSTODY AGREEMENT**

This Custody Agreement is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY Mellon**"), and **INNOVATION ACCESS FUND**, a closed-end investment company registered under the Investment Company Act of 1940, as amended ("**Customer**"). BNY Mellon and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS**

WHEREAS, Customer wishes to appoint BNY Mellon as the custodian of certain of its assets, and BNY Mellon is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended.

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Act**" has the meaning set forth in Section 10.1(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing Laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY Mellon**" has the meaning set forth in the introductory paragraph.

"**BNY Mellon Laws**" means Laws applicable to BNY Mellon in its capacity as service provider providing the services hereunder and BNY Mellon's business operations as they relate to the delivery of such services.

"**Cash**" means the money and currency of any jurisdiction which BNY Mellon accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts and including, with respect to BNY Mellon, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Customer Laws**" means Laws applicable to Customer's receipt or use of the services provided by BNY Mellon hereunder and Customer's operations that are the subject of such services.

"**Data Terms Website**" means *http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf* or any successor website the address of which is provided by BNY Mellon to Customer.

"**Depository**" means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY Mellon or a BNY Mellon Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Signature**" means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods.

"**Foreign Depository**" means an "Eligible Securities Depository" (as defined in Rule 17f-7 under the 1940 Act) identified by BNY Mellon to Customer from time to time.

"**Governmental Authorities**" means all applicable U.S. or non-U.S. federal, state, municipal, local, territorial or other governmental departments, regulatory authorities, self-regulatory organizations (*e.g.*, FINRA, MSRB and stock exchanges) and legislative, judicial, arbitral and administrative bodies.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY Mellon by way of (a) one of the following methods (each as and to the extent specified by BNY Mellon as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

"**Law**" means any now existing or hereafter enacted country, state, provincial, local or other law or statute; any rule or regulation issued by a Governmental Authority; any written or authoritative interpretation by a Governmental Authority of any such law, statute, rule or regulation; or any enforceable regulatory guidance, judicial, governmental, or administrative order, judgment, decree or ruling, or written and enforceable requirements of self-regulatory bodies and organizations, in each case, applicable to a Party in the conduct of its business, including the provision or receipt (as applicable) of the Services, or the exercise of a Party's rights or obligations under this Agreement.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY Mellon.

"**Non-Custody Assets**" has the meaning set forth in Section 17.1.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY Mellon and reasonably believed by BNY Mellon to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY Mellon and Customer and which are from time to time delivered to or received by BNY Mellon and/or any Subcustodian for deposit in an Account.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix I to this Agreement then a reference to a Series means Customer.

"**Standard of Care**" has the meaning set forth in Section 14.1.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY Mellon or a BNY Mellon Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of, any of the foregoing.

"**Tax Information**" means all accurate, relevant and necessary information with respect to the Accounts or with respect to Customer's identification or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by BNY Mellon in connection with the matters in Section 7.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 9.3(a).

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY Mellon as custodian of all Securities and Cash to be held under, and in accordance with the terms of, this Agreement (collectively, "**Assets** "), and BNY Mellon hereby accepts such appointment. The Parties acknowledge and agree that BNY Mellon's duties pursuant to such appointment will be limited solely to those duties expressly undertaken pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, BNY Mellon has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Assets until they are actually received in an Account;

(ii) To inquire into, make recommendations, supervise or determine the suitability of any transactions affecting any Account or to question any Instructions;

(iii) To monitor the Securities in the Accounts to determine whether Customer complies with limitations on ownership or any restrictions on investors provided for by local law, regulations or market practice, or provisions in the issuer's articles of incorporation or by-laws;

(iv) To determine the adequacy of title to, or the validity or genuineness of, any Assets received by it or delivered by it pursuant to this Agreement; or

(v) With respect to any matters related to: the establishment, maintenance operation or termination of Customer; or the offer, sale or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY Mellon or the applicable Subcustodian from time to time, including rates of interest and deposit account access.

(d) If Customer engages in securities lending activities, such activities will be subject to certain additional and/or modified terms to be set forth in a separate written agreement between Customer and BNY Mellon or a BNY Mellon Affiliate.

**2.2** **Establishment of Accounts** 

BNY Mellon will establish and maintain a separate account for each Series in which BNY Mellon will hold Assets relating to the relevant Series as provided herein (each, an "**Account**," and collectively, the "**Accounts**"). The Account of each Series established under this Agreement shall be maintained separately from the Account of each other Series.

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**3.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY Mellon with one or more written lists or other documentation acceptable to BNY Mellon specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

**3.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, BNY Mellon will have no obligation to take any action hereunder unless and until it receives Instructions issued in accordance with this Agreement.

(b) Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions to BNY Mellon and (ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes, passwords and authentication keys used in connection with the issuance of Instructions.

(c) Where Customer may or is required to issue Instructions, such Instructions will be issued by an Authorized Person.

(d) BNY Mellon will be entitled to deal with any Authorized Person until notified otherwise pursuant to Instructions, and will be entitled to act and rely upon any Instruction received by BNY Mellon.

(e) All Instructions must include all information necessary, and must be delivered using such methods as are described in the definition of "Instructions" and in such format as BNY Mellon may require and be received within BNY Mellon's established cut-off times and otherwise in sufficient time, to enable BNY Mellon to act upon such Instructions.

(f) BNY Mellon may in its sole discretion decline to act upon any Instructions that do not comply with requirements set forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY Mellon's operating policies and practices, in which event BNY Mellon will promptly notify Customer unless prevented from doing so by applicable law.

(g) Customer acknowledges that while it is not part of BNY Mellon's normal practices and procedures to accept Oral Instructions, BNY Mellon may in certain limited circumstances accept Oral Instructions. In such event, such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction will promptly confirm such Oral Instruction to BNY Mellon in writing. Notwithstanding the foregoing, Customer agrees that the fact that such written confirmation is not received by BNY Mellon, or that such written confirmation contradicts the Oral Instruction, will in no way affect (i) BNY

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|:---|:---|
|  | Mellon's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY Mellon. |
| (h) | Customer acknowledges and agrees that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to BNY Mellon and that there may be more secure methods of transmitting Instructions than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and BNY Mellon with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree of protection in light of its particular needs and circumstances. |

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**3.3** **BNY Mellon Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY Mellon, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive income and other payments due to the Accounts; provided, however, that BNY Mellon will have no duty to pursue collection of any amount due to an Account, including for Securities in default, if such amount is not paid when due;

(b) Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;

(c) Facilitate access by Customer or its designee to ballots or online systems to assist it in the voting of proxies received by BNY Mellon in its capacity as custodian for eligible positions of Securities held in the Accounts (excluding bankruptcy matters), all of which will be exercised by Customer or its designee and not by BNY Mellon;

(d) Forward to Customer or its designee information (or summaries of information) that BNY Mellon receives in its capacity as custodian from Depositories or Subcustodians concerning Securities in the Accounts (excluding bankruptcy matters);

(e) Forward to Customer or its designee an initial notice of bankruptcy cases relating to Securities held in the Accounts and a notice of any required action related to such bankruptcy cases as may be received by BNY Mellon in its capacity as custodian. BNY Mellon will take no further action nor provide further notification related to the bankruptcy case;

(f) Unless otherwise elected by Customer, and in accordance with BNY Mellon's standard terms and conditions, provide class action filing services for settled claims related to Securities with industry recognized identifiers;

(g) Endorse for collection checks, drafts or other negotiable instruments received for the Accounts;

(h) Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments incidental to BNY Mellon's performance under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon presentment of a check pursuant to a check redemption process agreed between Customer and BNY Mellon, unless otherwise instructed pursuant to instructions, charge the amount of the check against the cash held in the Account of the relevant Series. If BNY Mellon receives timely instructions that a check is not to be honored, BNY Mellon will return the check unpaid.

**3.4** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY Mellon and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

**3.5** **Electronic Access** 

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY Mellon's prior consent, to transmit Instructions through a third-party electronic communications service, BNY Mellon will not be responsible or liable for the reliability or availability of any such service.

**4.** **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** 

**4.1** **Use of Subcustodians and Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon will be entitled to utilize Subcustodians and Depositories in connection with its performance hereunder; provided that BNY Mellon will not utilize a Subcustodian that is an "Eligible Foreign Custodian" (as defined in Rule 17f-5 under the 1940 Act) to hold "Foreign Assets" (as defined in such Rule 17f-5) until after BNY Mellon is informed, pursuant to such means as determined by BNY Mellon, that Customer's board of directors or similar governing body or Customer's "Foreign Custody Manager" (as defined in such Rule 17f-5) has determined that utilization of such Subcustodian satisfies the applicable requirements of such Rule 17f-5.

(b) BNY Mellon will only utilize Subcustodians that have entered into an agreement with BNY Mellon or a BNY Mellon Affiliate, and Assets held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian's respective agreement. Unless applicable law otherwise requires, Custodian shall hold Securities indirectly through a Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or its creditors, except for a claim of payment for the safe custody or administration of Securities or for funds advanced on behalf of the applicable Customer by such Subcustodian, and (ii) beneficial ownership of the Securities is freely transferable without the payment of money or value other than for safe custody or administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions of such Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.

(d) In connection with each Depository utilized by BNY Mellon that is a "securities depository" (as defined in Rule 17f-4 under the 1940 Act), BNY Mellon (a) will exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and thereafter maintain Securities or financial assets deposited or held in such Depository and (b) will provide, promptly upon request by Customer, such reports as are available concerning the internal accounting controls and financial strength of BNY Mellon.

(e) With respect to each Foreign Depository, BNY Mellon will exercise reasonable care, prudence and diligence (a) to provide Customer with an analysis of the custody risks associated with maintaining assets with the Foreign Depository and (b) to monitor such custody risks on a continuing basis and promptly notify Customer of any material change in such risks. Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by, information gathered from certain Subcustodians or through publicly available information otherwise obtained by BNY Mellon, and will not include any evaluation of the matters referenced in Section 14.2(b)(i).

(f) Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets deposited with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY Mellon, a BNY Mellon Affiliate or the applicable Subcustodian, for its clients.

**4.2** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

(b) With respect to Assets held by a Subcustodian, BNY Mellon will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY Mellon would have been liable to Customer under this Agreement if BNY Mellon had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Mellon Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY Mellon's liability will be limited solely to the extent resulting directly from BNY Mellon's failure to exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and

(ii) To the extent that BNY Mellon is not liable pursuant to Section 4.2(b)(i), BNY Mellon's sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY Mellon in connection therewith).

**4.3** **Liability for Depositories** 

BNY Mellon will have no responsibility or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding of Assets held with such Depository.

**4.4** **Use of Agents** 

BNY Mellon may appoint agents, including BNY Mellon Affiliates, on such terms and conditions as it reasonably deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY Mellon from its obligations hereunder.

**5.** **CORPORATE ACTIONS** 

**5.1** **Notification** 

BNY Mellon will notify Customer or its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that BNY Mellon has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian, Depository or third party vendor. Without actual receipt of such notice by BNY Mellon, BNY Mellon will have no responsibility or liability for failing to so notify Customer.

**5.2** **Exercise of Rights** 

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible for making any decisions relating thereto and for instructing BNY Mellon to act. In order for BNY Mellon to act, Customer must issue Instructions either: (a) using the BNY Mellon-generated form provided along with BNY Mellon's notice under Section 5.1 or (b) if Customer is not using such BNY Mellon-generated form, clearly indicating, by reference to the options provided on such BNY Mellon-generated form, which action Customer is electing. Each such Instruction will be addressed as BNY Mellon may from time to time request and issued by such time as BNY Mellon will advise Customer or its designee.

**5.3** **Partial Redemptions, Payments, Etc.** 

BNY Mellon will advise Customer or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within an Account. If BNY Mellon or any Subcustodian or Depository holds any Securities affected by one of the events described, BNY Mellon or such Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

**6.** **SETTLEMENT** 

**6.1** **Settlement Instructions** 

Promptly after the execution of each Securities transaction, Customer will issue to BNY Mellon Instructions to settle such transaction. Unless otherwise agreed by BNY Mellon and subject to Section 8.1, Assets will be credited to the relevant Account only when actually received by BNY Mellon.

**6.2** **Settlement Funds** 

For the purpose of settling a Securities transaction, Customer will provide BNY Mellon with sufficient immediately available funds or Securities, as applicable, in the relevant Account by such time and date as is required to enable BNY Mellon to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

**6.3** **Settlement Practices** 

Securities transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. Customer understands that when BNY Mellon is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY Mellon's delivery of Securities or Cash in accordance with such practices.

**7.** **TAX MATTERS** 

**7.1** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that BNY Mellon has received the Tax Information within the time stipulated, BNY Mellon will perform the following services with respect to Tax Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless prohibited by law or regulation, at the reasonable request of Customer, BNY Mellon will provide to Customer such information received by BNY Mellon in its capacity as custodian that could, in Customer's reasonable belief, assist Customer or its designee in the submission of any reports or returns with respect to Tax Obligations. An Authorized Person will inform BNY Mellon in writing as to which party or parties will receive information from BNY Mellon;

(ii) BNY Mellon will, upon receipt of sufficient Tax Information from Customer (as reasonably determined by BNY Mellon), file claims for exemptions or refunds with respect to withheld taxes in those markets where it provides such services and subject to BNY Mellon's service level description (in each case as made available to Customer from time to time). Where Customer (for whatever reason) fails or neglects to provide BNY Mellon with or to review and confirm the Tax Information within the time stipulated by BNY Mellon, then such failure or neglect may result in the disapplication of withholding tax relief or the obligation on Customer to immediately return

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| | |
|:---|:---|
|  | amounts already refunded by a tax authority. Customer may, however, elect to appoint its own tax agent to file claims for exemptions or refunds in any or all markets, with advance notice to BNY Mellon of such appointment and subject to such terms as separately agreed in writing between Customer and BNY Mellon; and |
| (iii) | BNY Mellon or the applicable Subcustodian will withhold appropriate amounts, as required by applicable tax laws, with respect to amounts received and is authorized to debit the relevant Account in the amount of a Tax Obligation and to pay such amount to the appropriate taxing authority. |

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Customer's receipt of the foregoing services is dependent upon its subscription to BNY Mellon's information reporting system, and Customer will be responsible for enrolling its designated Authorized Persons in such system. Customer acknowledges that BNY Mellon may, at any time, amend the scope of its tax service offering and notice of such changes will be made available to BNY Mellon's customers through its information reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by Customer in order to continue receiving the relevant tax service in a particular market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges that BNY Mellon is a service provider and not an economic beneficiary of any transaction.

(c) Customer will be responsible for understanding its Tax Obligations, and will be solely responsible and liable for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto.

(d) Customer will provide BNY Mellon with Tax Information to enable BNY Mellon to comply with BNY Mellon's obligations under any applicable tax laws or with any tax authority enquiry.

(e) Customer acknowledges and agrees that none of BNY Mellon nor any BNY Mellon Affiliate is a tax adviser and none of BNY Mellon nor any BNY Mellon Affiliate will, under any circumstances, provide tax advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters or Tax Obligations.

**7.2** **Payments** 

Where BNY Mellon receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY Mellon is acting in an administrative capacity, and not as the payor, for tax information reporting and withholding purposes.

**8.** **CREDITS AND ADVANCES** 

**8.1** **Contractual Settlement and Income** 

BNY Mellon may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities prior to its actual receipt thereof. All such credits will be conditional until

BNY Mellon's actual receipt of such proceeds and may be reversed by BNY Mellon to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction will not be considered final, until BNY Mellon has received sufficient immediately available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible.

**8.2** **Advances** 

If BNY Mellon receives an Instruction that, if processed, would result in an overdraft in an Account, BNY Mellon may, in its sole discretion, advance funds in any currency hereunder; however, BNY Mellon will have no obligation to advance its own funds.

**8.3** **Payment** 

If: (a) BNY Mellon has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY Mellon, Customer agrees to pay BNY Mellon (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY Mellon to its institutional custody clients in the relevant currency.

**8.4** **Securing Payment** 

In order to secure payment of Customer's obligations relating to a Series (whether or not matured) to BNY Mellon or any BNY Mellon Affiliate, relating to or arising under this Agreement or any other agreement with BNY Mellon or any BNY Mellon Affiliate, and in addition to any preference, lien or other rights and security interest to which BNY Mellon or such BNY Mellon Affiliate may be entitled under applicable law or any other agreement, Customer hereby pledges and grants to BNY Mellon and such BNY Mellon Affiliate, and agrees BNY Mellon and such BNY Mellon Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's and such Series' right, title and interest in and to the Account relating to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY Mellon or any BNY Mellon Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act) of BNY Mellon. Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY Mellon or any BNY Mellon Affiliate relating to Customer, free and clear of all liens, claims and security interests (except for those granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY Mellon), and that the first lien and security interest granted herein with respect to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY Mellon of such priority security interest, including notifying third parties or obtaining their consent. BNY Mellon will be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard, BNY Mellon will be entitled to all the rights and remedies of a pledgee, secured creditor and/or

securities intermediary under applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

**8.5** **Setoff** 

BNY Mellon has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations (whether or not matured) of Customer relating to a Series to BNY Mellon or any BNY Mellon Affiliate, relating to or arising under this Agreement or any other agreement with BNY Mellon or any BNY Mellon Affiliate. In addition to the rights of BNY Mellon or such BNY Mellon Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations relating to a Series to BNY Mellon or such BNY Mellon Affiliate, BNY Mellon will have the right without notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY Mellon or any BNY Mellon Affiliate may directly or indirectly hold with respect to such Series, and any obligations (whether or not matured) that BNY Mellon or any BNY Mellon Affiliate may have with respect to such Series in any currency. Any such cash or obligation relating to a Series may be transferred to BNY Mellon and any BNY Mellon Affiliate in order to effect the above rights.

**8.6** **Currency Conversion** 

BNY Mellon is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 8 at BNY Mellon's own rate of exchange then prevailing.

**9.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**9.1** **Statements** 

BNY Mellon will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree upon from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY Mellon, notify BNY Mellon of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY Mellon of any such exceptions or objections at any time; provided, however, that BNY Mellon will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

**9.2** **Books and Records** 

The books and records, directly pertaining to the Accounts, which are in the possession of BNY Mellon will be the property of Customer. Such books and records will be prepared and maintained as required by the 1940 Act and the rules thereunder. BNY Mellon will identify on its books and records the Assets belonging to Customer with respect to each Series whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY Mellon or one of its nominees and will be segregated on BNY Mellon's books and records from BNY Mellon's own property. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY Mellon,

to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY Mellon's normal business hours and will be subject to BNY Mellon's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY Mellon to Customer or its authorized representative.

**9.3** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that BNY Mellon will be receiving, utilizing and relying on Market Data and other data provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively, "**Third Party Data** "). BNY Mellon is entitled to rely without inquiry on all Third Party Data provided to BNY Mellon hereunder (and all Instructions related to Third Party Data), and BNY Mellon makes no assurances or warranties in relation to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as a result of any Third Party Data that is inaccurate or incomplete. BNY Mellon may follow Instructions with respect to Third Party Data, even if such Instructions direct BNY Mellon to override its usual procedures and data sources or if BNY Mellon, in performing services for itself or others (including services similar to those performed for Customer), receives different Third Party Data for the same or similar Securities.

(b) Although statements and reports provided by BNY Mellon hereunder with respect to the Accounts may contain values of, and pricing information in relation to, Securities held pursuant to this Agreement, BNY Mellon does not undertake any duty or responsibility under this Agreement to report such values or pricing information.

(c) Certain Market Data may be the intellectual property of Market Data Providers, which impose additional terms and conditions upon Customer's use of such Market Data. Such additional terms and conditions can be found on the Data Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time.

**10.** **DISCLOSURES** 

**10.1** **Required Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Securities that are registered under the U.S. Securities Exchange Act of 1934, as amended, or that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder Communications Act of 1985 (the "**Act**") requires BNY Mellon to disclose to issuers of such Securities, upon their request, the name, address and securities position of BNY Mellon's clients who are "beneficial owners" (as defined in the Act) of the issuer's Securities, unless the beneficial owner objects to such disclosure. The Act defines a "beneficial owner" as any person who has or shares the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security. Customer has designated on the signature page hereof whether (i) as beneficial owner, it objects to the disclosure of its name, address and securities position to any U.S. issuer that requests such information pursuant to the Act for the specific purpose of direct communications between such issuer and Customer or (ii) it requires BNY Mellon to contact the relevant investment manager with respect to relevant Securities to

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| | |
|:---|:---|
|  | make the decision as to whether it objects to the disclosure of the beneficial owner's name, address and securities position to any U.S. issuer that requests such information pursuant to the Act. |
| (b) | With respect to certain Securities issued outside the United States, BNY Mellon may disclose information to issuers of Securities as required by the organizational documents of the relevant issuer or in accordance with local market practice. |
| (c) | In connection with any disclosure contemplated by this Section 10, Customer agrees to supply BNY Mellon with any required information. |

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**10.2** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY Mellon or a BNY Mellon Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY Mellon or such BNY Mellon Affiliate is acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer, a Series, an investment manager or any Account.

**10.3** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Mellon Affiliate or by a client of BNY Mellon, and BNY Mellon may receive compensation therefrom. By making investment vehicles available, BNY Mellon and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY Mellon will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

**11.** **REGULATORY MATTERS** 

**11.1** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY Mellon to implement a customer identification program pursuant to which BNY Mellon must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY Mellon with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY Mellon to verify Customer's identity. Customer acknowledges that BNY Mellon cannot establish an Account unless and until BNY Mellon has successfully performed such verification.

**11.2** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies and procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant data with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors, officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly, use the Accounts in any manner that would result in a violation by Customer or BNY Mellon of Sanctions.

(b) Customer acknowledges and agrees that, in connection with the services provided by BNY Mellon under this Agreement, each of Customer's investors is not a customer or joint customer with BNY Mellon. Customer (and not BNY Mellon) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each of its investors under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors that includes the following: (i) a know-your-customer program in order to understand and verify the identity of each investor, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance and monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities with respect to each investor to the appropriate law enforcement and regulatory authorities and to BNY Mellon where related to the services provided by BNY Mellon hereunder.

(c) Customer will promptly provide to BNY Mellon such information as BNY Mellon reasonably requests in connection with the matters referenced in this Section 11.2, including information regarding (i) the Accounts, (ii) the Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, including any investor, and (iv) Customer's anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including with respect to any investor, regardless of whether such request is made under USA PATRIOT Act Section 314(b) (where applicable). Customer will cooperate with BNY Mellon and provide assistance reasonably requested by BNY Mellon in connection with any anti-money laundering and terrorist financing or Sanctions inquiries. Prior to delivering to BNY Mellon the assets of any investor, Customer will obtain from each such investor, and will continue to maintain in effect throughout the term of this Agreement, any consents or waivers that may be required under applicable law in order to comply with the foregoing obligations.

(d) BNY Mellon may decline to act or provide services in respect of any Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 11.2. If BNY Mellon declines to act or provide services as provided in the preceding sentence,

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| | |
|:---|:---|
|  | except as otherwise prohibited by applicable law or official request, BNY Mellon will inform Customer as soon as reasonably practicable. |
| (e) | While Customer remains responsible for the matters set forth in Section 11.2(a) and Section 11.2(b), it is noted that certain duties relating to such matters may be delegated by Customer to its transfer agent service provider. |

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**12.** **COMPENSATION** 

**12.1** **Fees and Expenses** 

In consideration of BNY Mellon's services provided hereunder, Customer will (a) pay to BNY Mellon the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY Mellon from time to time upon thirty (30) days' prior written notice to Customer) and (b) reimburse BNY Mellon for any out-of-pocket and incidental expenses incurred by BNY Mellon in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY Mellon within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY Mellon's other rights set forth in this Agreement, BNY Mellon may charge interest on overdue amounts at a customary rate then charged by BNY Mellon to its institutional custody clients in the relevant currency.

**12.2** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part of BNY Mellon's compensation, BNY Mellon will earn interest on Cash balances held by BNY Mellon (including disbursement balances, balances arising from purchase and sale transactions and when Cash otherwise remains uninvested) as provided in BNY Mellon's compensation disclosures.

(b) Where an error or omission has occurred under this Agreement that results in an unintended gain, provided that Customer is put in the same or equivalent position as it would have been in had such error or omission not occurred, any such gain will be solely for the account of BNY Mellon without any duty to report such gain to Customer.

**13.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**13.1** **BNY Mellon** 

BNY Mellon represents and warrants that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; (c) the individual executing this Agreement on its behalf has the requisite authority to bind BNY Mellon to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms; and (d) BNY Mellon is a financial institution subject to the USA PATRIOT Act and has established policies and procedures reasonably designed to prevent and detect money laundering, including the processes to meet the anti-money laundering requirements of the USA PATRIOT Act and the rules and regulations promulgated thereunder; and neither BNY Mellon nor any person or entity controlling, controlled by, or under common control with BNY Mellon or for whom BNY Mellon is acting as agent or nominee is an organization, person or entity named on the Office of Foreign

Assets Control (OFAC) list maintained by the U.S. Department of Treasury in its individual corporate capacity.

**13.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; and (iii) the individual executing this Agreement on its behalf has the requisite authority to bind Customer to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

(b) Customer represents, warrants and covenants that (i) it or the relevant investment manager has determined that the custody arrangements of each Depository maintaining "Foreign Assets" (as defined in Rule 17f-5 under the 1940 Act) provide reasonable safeguards against the custody risks associated with maintaining assets with such Depository within the meaning of Rule 17f-7 under the 1940 Act and (ii) it shall manage its borrowings, including without limitation any advance or overdraft (including any daylight overdraft) in an Account, so that the aggregate of its total borrowings for each Series do not exceed the amount such Series is permitted to borrow under the 1940 Act.

(c) Customer represents and warrants that all actions taken, or to be taken, by or on behalf of Customer in connection with establishing, maintaining, operating or terminating Customer (including, any offer, sale or distribution of the shares of, or interest in, Customer) shall be done in compliance with all applicable U.S. state and federal securities laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

**13.1** **Compliance with Laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing the Services under this Agreement, BNY Mellon shall comply with all BNY Mellon Laws.

(b) In receiving the services under this Agreement, Customer shall comply with all Customer Laws.

**14.** **LIABILITY** 

**14.1** **Standard of Care** 

In performing its duties under this Agreement, BNY Mellon will exercise the standard of care and diligence that a professional custodian would observe in these affairs (which for the avoidance of doubt means that BNYM will act without bad faith, negligence, or willful misconduct) taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("**Standard of Care**").

**14.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY Mellon's liability arising out of or relating to this Agreement will be limited solely to those direct damages that are caused by BNY Mellon's failure to perform

its obligations under this Agreement in accordance with the Standard of Care. In no event will BNY Mellon be liable for any indirect, incidental, consequential, exemplary, punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this Agreement (whether or not foreseeable and even if BNY Mellon has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY Mellon be liable for any losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's or an Authorized Person's decision to invest in or hold Assets in any particular country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country; (B) a country's prevailing custody and settlement practices; (C) nationalization, expropriation or other governmental actions; (D) a country's regulation of the banking or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations, fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (G) market conditions which affect the orderly execution of securities transactions or affect the value of securities;

(ii) BNY Mellon's reliance on Instructions;

(iii) BNY Mellon's receipt or acceptance of fraudulent, forged or invalid Securities (or Securities which are otherwise not freely transferable or deliverable without encumbrance in any relevant market);

(iv) For any matter with respect to which BNY Mellon is required to act only upon the receipt of Instructions, (A) BNY Mellon's failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete or do not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY Mellon acted upon such Instructions;

(v) BNY Mellon receiving or transmitting any data to or from Customer or any Authorized Person via any non-secure method of transmission or communication selected by Customer;

(vi) Customer's or an Authorized Person's decision to invest in Securities or to hold Cash in any currency;

(vii) The insolvency of any Person, including a Subcustodian that is not a BNY Mellon Affiliate, Depository, broker, bank or a counterparty to the settlement of a transaction or to a foreign exchange transaction, except to the extent arising directly from BNY Mellon's failure to exercise the Standard of Care in selecting, retaining, and monitoring a Subcustodian that is not a BNY Mellon Affiliate; or

(viii) Any inability of BNY Mellon, a Subcustodian or any of their respective agents to file claims for exemptions or refunds or otherwise obtain relief from Tax Obligations due to (A) Customer's failure to provide, or delay in

providing, Tax Information to BNY Mellon, (B) any failure of Customer to comply with applicable tax laws, or (C) any failure or refusal of any taxing authority to provide such relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If BNY Mellon is in doubt as to any action it should or should not take, either pursuant to, or in the absence of, Instructions, BNY Mellon may obtain the advice of either reputable counsel of its own choosing or counsel to Customer, and BNY Mellon will not be liable for acting in accordance with such advice.

**14.3** **Force Majeure** 

BNY Mellon will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by any event beyond its reasonable control, including, without limitation, natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control. BNY Mellon will use commercially reasonable efforts to minimize the effect of any such events.

**14.4** **Indemnification** 

Customer will indemnify and hold harmless BNY Mellon from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by BNY Mellon arising out of or relating to BNY Mellon's performance under this Agreement, except to the extent resulting from BNY Mellon's failure to perform its obligations under this Agreement in accordance with the Standard of Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses incurred by BNY Mellon in its successful defense of claims that are asserted by Customer against BNY Mellon arising out of or relating to BNY Mellon's performance under this Agreement. Any obligations of Customer under this Section 14.4 with respect to a particular Series will not be satisfied out of the assets of another Series.

**15.** **CONFIDENTIALITY** 

**15.1** **Confidentiality Obligations** 

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY Mellon may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY Mellon, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In

addition, BNY Mellon may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY Mellon's and its Affiliates' reporting, research, product development and distribution, and marketing purposes.

**15.2** **Exceptions** 

The Parties' respective obligations under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.

**16.** **TERM AND TERMINATION** 

**16.1** **Term** 

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**16.2** **Termination** 

Each Party may terminate this Agreement with respect to one or more Series by giving to the counter-Party a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice. Notwithstanding any other provision of this Agreement, BNY Mellon or Customer may terminate this Agreement immediately by sending notice thereof to the other Party upon the happening of any of the following: (i) the other Party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such other Party any such case or proceeding, (ii) the other Party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such Party or any substantial part of its property or there is commenced against such other Party any such case or proceeding, (iii) the other Party makes a general assignment for the benefit of creditors, or (iv) the other Party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. BNY Mellon or Customer may exercise its termination right under this Section 16.2 at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by BNY Mellon or Customer of its termination right under this Section 16.2 shall be without any prejudice to any other remedies or rights available to BNY Mellon or the Customer and shall not be subject to any fee or penalty, whether monetary or equitable.

**16.3** **Effect of Termination** 

Upon termination hereof, Customer will pay to BNY Mellon such compensation as may be due to BNY Mellon, and will reimburse BNY Mellon for other amounts payable or reimbursable to BNY Mellon hereunder, through the date of termination. BNY Mellon will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets and other items; provided that (a) BNY Mellon will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY Mellon of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination, BNY Mellon may deliver to Customer such Assets. The terms of this Agreement (including the terms relating to fees payable to BNY Mellon) will continue to apply from day to day until any transferable Asset is transferred in accordance with this Section, except that no additional Cash or Securities may be deposited with BNY Mellon or any Subcustodian after such date other than with BNY Mellon's express prior consent, and Customer will have a continuing obligation to provide BNY Mellon as soon as possible with the details of the Person or Persons to whom the remaining Assets are to be transferred.

**16.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 13 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15 (Confidentiality); Section 16.3 (Effect of Termination); Section 16.4 (Survival) and Section 17.4 (Governing Law/Forum).

**17.** **GENERAL** 

**17.1** **Non-Custody Assets** 

At Customer's request pursuant to Instructions, subject to BNY Mellon's approval and as an accommodation to Customer, BNY Mellon will provide consolidated recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY Mellon ("**Non-Custody Assets**"). Non-Custody Assets will be designated on BNY Mellon's books as "assets not held in custody" or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY Mellon with respect to Non-Custody Assets; (b) BNY Mellon will rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY Mellon will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY Mellon's books or set forth on account statements concerning Non-Custody Assets.

**17.2** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY Mellon may, without the prior written consent of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Mellon Affiliate; (b) to any successor to the business

of BNY Mellon to which this Agreement relates, in which event BNY Mellon agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by BNY Mellon without the prior written consent of Customer pursuant to a foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns.

**17.3** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**17.4** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New York (without regard to its conflicts of law provisions) will govern all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.

(b) Each Party irrevocably agrees that all legal actions or proceedings brought by it against the other Party arising out of or relating to this Agreement will be brought solely and exclusively before the state or federal courts situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any objection which it may now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right to a jury trial with respect to any such actions or proceedings.

**17.5** **Business Continuity/Disaster Recovery** 

BNY Mellon will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery strategies, requirements, and protocols are viable and sustainable. Upon the occurrence of any failure, BNY Mellon shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances. BNY Mellon shall provide prompt notice to Customer of any material failure impacting Customer.

**17.6** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY Mellon is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**17.7** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY Mellon or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will be effective upon receipt.

**17.8** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**17.9** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

**17.10** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

**17.11** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**17.12** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**17.13** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

17.14 Severability

If at any time any provision of this Agreement becomes, or is deemed by an authority of competent jurisdiction to be, invalid, unenforceable or contrary to applicable law, neither the legality, validity or enforceability of the remaining provisions of the Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired by such provision. In such case, the Parties will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

[Signature page follows]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

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| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **[CUSTOMER CONTRACTING ENTITY]** |
| By:<u>_________________________________</u> | By:<u>________________________________</u> |
| Name:<u>______________________________</u> | Name:<u>______________________________</u> |
| Title:<u>_______________________________</u> | Title:<u>_______________________________</u> |
| Date:<u>_______________________________</u> | Date:<u>_______________________________</u> |

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| | |
|:---|:---|
| **Address for Notice:** | **Address for Notice:** |
| &nbsp;&nbsp; The Bank of New York Mellon<br> ______________________________<br> ______________________________<br> Attention: ______________________ | &nbsp;&nbsp; [CUSTOMER CONTRACTING ENTITY]<br> ______________________________<br> ______________________________<br> Attention: _____________________ |

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&nbsp;&nbsp; Pursuant to Section 10.1(a):<br> [ ] as beneficial owner, Customer objects to disclosure<br> [ ] as beneficial owner, Customer does not object to disclosure<br> [ ] BNY Mellon will contact THE RELEVANT investment manager with respect to relevant Securities to make the decision whether it objects to disclosure<br> IF NO BOX IS CHECKED, BNY MELLON <u>WILL RELEASE</u> SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.<br>

BNY Mellon 40 Act Fund Custody (revised 5.3.2021)

**APPENDIX I**

## Ex-99.J2

**Exhibit (j)(2)**

**FOREIGN CUSTODY MANAGER AGREEMENT**

**AGREEMENT** made as of [____] by and between each entity listed on Annex I attached hereto (the "Fund") and The Bank of New York Mellon ("BNY").

**W I T N E S S E T H:**

**WHEREAS**, the Fund desires to appoint BNY as a Foreign Custody Manager on the terms and conditions contained herein;

**WHEREAS**, BNY desires to serve as a Foreign Custody Manager and perform the duties set forth herein on the terms and conditions contained herein;

**NOW THEREFORE**, in consideration of the mutual promises hereinafter contained in this Agreement, the Fund and BNY hereby agree as follows:

**ARTICLE I.<br> DEFINITIONS**

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **"Board"** shall mean the board of directors or board of trustees, as the case may be, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **"Eligible Foreign Custodian"** shall have the meaning provided in the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **"Monitoring System"** shall mean a system established by BNY to fulfill the Responsibilities specified in clauses (d) and (e) of Section 1 of Article III of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **"Responsibilities"** shall mean the responsibilities delegated to BNY under the Rule as a Foreign Custody Manager with respect to each Specified Country and each Eligible Foreign Custodian selected by BNY, as such responsibilities are more fully described in Article III of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **"Rule"** shall mean Rule 17f-5 under the Investment Company Act of 1940, as amended on June 12, 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **"Specified Country"** shall mean each country listed on Schedule I attached hereto and each country, other than the United States, constituting the primary market for a security with respect to which the Fund has given settlement instructions to The Bank of New York Mellon as custodian (the "Custodian") under its Custody Agreement with the Fund.

**ARTICLE II.<br> BNY AS A FOREIGN CUSTODY MANAGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund on behalf of its Board hereby delegates to BNY with respect to each Specified Country the Responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. BNY accepts the Board's 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 Fund's assets would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. BNY shall provide to the Board at such times as the Board deems reasonable and appropriate based on the circumstances of the Fund's foreign custody arrangements written reports notifying the Board of the placement of assets of the Fund with a particular Eligible Foreign Custodian within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of the Fund with any such Eligible Foreign Custodian.

**ARTICLE III.<br> RESPONSIBILITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Subject to the provisions of this Agreement, BNY shall with respect to each Specified Country select an Eligible Foreign Custodian. In connection therewith, BNY shall: (a) determine that assets of the Fund held by such Eligible Foreign Custodian will be subject to reasonable care, based on the standards applicable to custodians in the relevant market in which such Eligible Foreign Custodian operates, after considering all factors relevant to the safekeeping of such assets, including, without limitation, those contained in paragraph (c)(1) of the Rule; (b) determine that the Fund's foreign custody arrangements with each Eligible Foreign Custodian are governed by a written contract with the Custodian which will provide reasonable care for the Fund's assets based on the standards specified in paragraph (c)(1) of the Rule; (c) determine that each contract with an Eligible Foreign Custodian shall include the provisions specified in paragraph (c)(2)(i)(A) through (F) of the Rule or, alternatively, in lieu of any or all of such (c)(2)(i)(A) through (F) provisions, such other provisions as BNY determines will provide, in their entirety, the same or a greater level of care and protection for the assets of the Fund as such specified provisions; (d) monitor pursuant to the Monitoring System the appropriateness of maintaining the assets of the Fund with a particular Eligible Foreign Custodian pursuant to paragraph (c)(1) of the Rule and the performance of the contract governing such arrangement; and (e) advise the Fund whenever BNY determines under the Monitoring System that an arrangement (including, any material change in the contract governing such arrangement) described in preceding clause (d) no longer meets the requirements of the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For purposes of preceding Section 1 of this Article, BNY's determination of appropriateness shall not include, nor be deemed to include, any evaluation of Country Risks associated with investment in a particular country. For purposes hereof, "Country Risks" shall mean systemic risks of holding assets in a particular country including but not limited to (a) an Eligible Foreign Custodian's use of any depositories that act as or operate a system or a transnational system for the central handling of securities or any equivalent book-entries; (b) such country's financial infrastructure; (c) such country's prevailing custody and settlement practices; (d) nationalization, expropriation or other governmental actions; (e) regulation of the banking or securities industry; (f) currency controls, restrictions, devaluations or fluctuations; and (g) market conditions which affect the orderly execution of securities transactions or affect the value of securities.

**ARTICLE IV.<br> REPRESENTATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby represents that: (a) this Agreement has been duly authorized, executed and delivered by the Fund, constitutes a valid and legally binding obligation of the Fund enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits the Fund's execution or performance of this Agreement; (b) this Agreement has been approved and ratified by the Board at a meeting duly called and at which a quorum was at all times present, and (c) the Board or the Fund's investment advisor has considered the Country Risks associated with investment in each Specified Country and will have considered such risks prior to any settlement instructions being given to the Custodian with respect to any other country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. BNY hereby represents that: (a) BNY is duly organized and existing under the laws of the State of New York, with full power to carry on its businesses as now conducted, and to enter into this Agreement and to perform its obligations hereunder; (b) this Agreement has been duly authorized, executed and delivered by BNY, constitutes a valid and legally binding obligation of BNY enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on BNY prohibits BNY's execution or performance of this Agreement; and (c) BNY has established the Monitoring System.

**ARTICLE V.<br> CONCERNING BNY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. BNY shall not be liable for any costs, expenses, damages, liabilities or claims, including attorneys' and accountants' fees, sustained or incurred by, or asserted against, the Fund except to the extent the same arises out of the failure of BNY to exercise the care, prudence and diligence required by Section 2 of Article II hereof. In no event shall BNY be liable to the Fund, the Board, or any third party for special, indirect or consequential damages, or for lost profits or loss of business, arising in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund shall indemnify BNY and hold it harmless from and against any and all costs, expenses, damages, liabilities or claims, including attorneys' and accountants' fees, sustained or incurred by, or asserted against, BNY by reason or as a result of any action or inaction, or arising out of BNY's performance hereunder, provided that the Fund shall not indemnify BNY to the extent any such costs, expenses, damages, liabilities or claims arises out of BNY's failure to exercise the reasonable care, prudence and diligence required by Section 2 of Article II hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For its services hereunder, the Fund agrees to pay to BNY such compensation and out-of-pocket expenses as shall be mutually agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. BNY shall have only such duties as are expressly set forth herein. In no event shall BNY be liable for any Country Risks associated with investments in a particular country.

**ARTICLE VI.<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This Agreement constitutes the entire agreement between the Fund and BNY as a foreign custody manager, and no provision in the Custody Agreement between the Fund and the Custodian shall affect the duties and obligations of BNY hereunder, nor shall any provision in this Agreement affect the duties or obligations of the Custodian under the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any notice or other instrument in writing, authorized or required by this Agreement to be given to BNY, shall be sufficiently given if received by it at its offices at 240 Greenwich Street, New York, New York 10286, or at such other place as BNY may from time to time designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Fund shall be sufficiently given if received by it at its offices at c/o Silverbay Capital Management, 350 Madison Avenue, New York, NY 10017, or at such other place as the Fund may from time to time designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby. This Agreement may not be amended or modified in any manner except by a written agreement executed by both parties. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided however, that this Agreement shall not be assignable by either party without the written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The Fund and BNY hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Fund hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been brought in an inconvenient forum. The Fund and BNY each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The parties hereto agree that in performing hereunder, BNY is acting solely on behalf of the Fund and no contractual or service relationship shall be deemed to be established hereby between BNY and any other person by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement shall terminate simultaneously with the termination of the Custody Agreement between the Fund and the Custodian, and may otherwise be terminated by either party giving to the other party a notice in writing specifying the date of such termination, which shall be not less than thirty (30) days after the date of such notice.

**IN WITNESS WHEREOF**, the Fund and BNY have caused this Agreement to be executed by their respective officers, thereunto duly authorized, as of the date first above written.

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| |
|:---|
| **EACH OF THE FUNDS OR SERIES<br> IDENTIFIED IN ANNEX I** |
| By: |
| Title: |
| **THE BANK OF NEW YORK MELLON** |
| By: |
| Title: |

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**ANNEX I**

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| | |
|:---|:---|
| **Fund Name** | **Tax Identification** |

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Innovation Access Fund

**SCHEDULE I**

**Specified Countries**

## Ex-99.K1

**Exhibit (k)(1)**

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**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of [____], by and between Innovation Access Fund (the "Fund"), and The Bank of New York Mellon, a New York banking organization ("BNY Mellon").

<u>W I T N E S S E T H</u> :

WHEREAS, the Fund is a closed-end investment company registered under the Investment Company Act of 1940, as amended; and

WHEREAS, the Fund desires to retain BNY Mellon to provide the services described herein, and BNY Mellon is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u> 

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of the Fund, duly authorized to execute this Agreement and to give Instructions on behalf of the Fund as set forth in Exhibit A hereto and each Authorized Person's scope of authority may be limited by setting forth such limitation in a written document signed by BNY Mellon and the Fund. From time to time the Fund may deliver a new Exhibit A to add or delete any person and BNY Mellon shall be entitled to rely on the last Exhibit A actually received by BNY Mellon.

"<u>BNY Mellon Affiliate</u>" shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation.

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"<u>Board</u>" shall mean the Fund's board of directors, board of trustees, general partner or manager, as applicable.

"<u>Confidential Information</u>" shall have the meaning given in Section 21 below.

"<u>Documents</u>" shall mean such documents, including but not limited to, Board resolutions, including resolutions of the Fund's Board authorizing the execution, delivery and performance of this Agreement by the Fund, and opinions of outside counsel, as BNY Mellon may reasonably request from time to time, in connection with its provision of services under this Agreement.

"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY Mellon by S.W.I.F.T., tested telex, letter, facsimile transmission or other method or system specified by BNY Mellon as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

"<u>Investment Advisor</u>" shall mean the entity identified by the Fund to BNY Mellon as the entity having investment responsibility with respect to the Fund.

"<u>Net Asset Value</u>" shall mean the per share value of the Fund, calculated in the manner described in the Funds' Offering Materials.

"<u>Offering Materials</u>" shall mean the Fund's currently effective offering memorandum with the SEC relating to shares of the Fund.

"<u>Oral Instructions</u>" shall mean oral instructions received by BNY Mellon under permissible circumstances agreed by the Investment Advisor and BNY Mellon, all in such manner and in accordance with such testing and authentication as the Fund and BNY Mellon shall agree upon from time to time, and reasonably believed by BNY Mellon to be from an Authorized Person or person believed in good faith by BNY Mellon to be an Authorized Person.

"<u>Organizational Documents</u>" shall mean certified copies of the Fund's certificate of formation or organization, bylaws, declaration of trust, operating agreement, confidential offering memorandum, material contracts, Offering Materials, all SEC exemptive orders issued to the Fund, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY Mellon.

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"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Shares</u>" means the shares of beneficial interest of any series or class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment.</u> 

The Fund hereby appoints BNY Mellon to act as its administrator for the term of this Agreement to perform the services described herein. BNY Mellon hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties.</u> 

The Fund hereby represents and warrants to BNY Mellon, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action of the Board and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's Investment Advisor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance with all applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The method of valuation of securities and the method of computing the Net

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Asset Value shall be as set forth in the Offering Materials of the Fund. To the extent the performance of any services described in Schedule I attached hereto by BNY Mellon in accordance with the then effective Offering Materials for the Fund would violate any applicable laws or regulations, the Fund shall immediately so notify BNY Mellon in writing and thereafter shall either furnish BNY Mellon with the appropriate values of securities, Net Asset Value or other computation, as the case may be, or instruct BNY Mellon in writing to value securities and/or compute Net Asset Value or other computations in a manner the Fund specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Fund that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY Mellon as to its capacity to act in accordance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms of this Agreement, the fees and expenses associated with this Agreement and any benefits accruing to BNY Mellon or to the Investment Advisor or sponsor of the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, upfront payments, signing payments or periodic payments made or to be made by BNY Mellon to such Investment Advisor or sponsor or any affiliate of the Fund relating to this Agreement have been fully disclosed to the Board of the Fund and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses and any such benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each person named on Exhibit A hereto is duly authorized by the Fund to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without limiting the provisions of Section 20 below, the Fund shall treat as confidential the terms and conditions of this Agreement and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors and counsel, (ii) for a summary description of this Agreement in the Offering Materials with the prior written approval of BNY Mellon, (iii) to any other person when required by a court order or legal process, (iv) as agreed in writing by BNY Mellon or (v) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Fund shall instruct its employees, regulators, examiners, internal and external accountants, auditors

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and counsel who may be afforded access to such information of the Fund's obligations of confidentiality hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund shall promptly notify BNY Mellon in writing of any and all material legal proceedings or securities investigations filed or commenced against the Fund, the Investment Advisor or the Board; 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;(j) The Fund acknowledges for itself and its users that certain information provided by BNY Mellon on its websites may be protected by copyrights, trademarks, service marks and/or other intellectual property rights, and as such, agrees that all such information provided is for the sole and exclusive use of the Fund and its users. Certain information provided by BNY Mellon is supplied to BNY Mellon pursuant to third party licensing agreements which restrict the use of such information and protect the proprietary rights of the appropriate licensor ("Licensor") with respect to such information. Therefore, the Fund, on behalf of itself and its users, further agrees not to disclose, disseminate, reproduce, redistribute or republish information provided by BNY Mellon on its websites in any way without the express written permission of BNY Mellon and the Licensor. (Licensor permission to be obtained by BNY Mellon prior to BNY Mellon providing its permission.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY Mellon hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement has been duly authorized, executed and delivered by BNY Mellon in accordance with all requisite corporate action and constitutes a valid and legally binding obligation of BNY Mellon, enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) It is in compliance, in all material respects, with all applicable laws and regulations, both state and federal, and will comply with all applicable laws and regulations, both state and federal, pertaining to the performance of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Documents.</u> 

The Fund shall promptly provide, deliver or cause to be delivered from time to time to

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BNY Mellon the Fund's Organizational Documents, Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY Mellon to perform its duties hereunder. BNY Mellon shall not be deemed to have notice of any information (other than information supplied by BNY Mellon) contained in such Organizational Documents, Documents or other materials until they are actually received by BNY Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Matters Regarding BNY Mellon.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction and control of the Fund's Board and the provisions of this Agreement, BNY Mellon shall provide to the Fund the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing hereunder, BNY Mellon shall provide, at its expense, office space, facilities, equipment and personnel necessary to provide its services hereunder.

&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) BNY Mellon shall not provide any services relating to the management, investment advisory or sub-advisory functions of the Fund, distribution of shares of the Fund, maintenance of the Fund's financial records or other services normally performed by the Fund's counsel or independent auditor and the services provided by BNY Mellon do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Fund or any other person, and the Fund acknowledges that BNY Mellon does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY Mellon under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to the Fund, unless the Fund and BNY Mellon expressly agree in writing to any such increase in the scope of services. The Fund and BNY Mellon agree that any new fees and/or expenses to be charged to the Fund that are related to any changes in the services required by any new or revised regulatory or other requirements shall be agreed upon in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall cause its officers, advisors, sponsor, distributor, legal counsel, independent auditors and accountants, transfer agent and any other service providers to cooperate with BNY Mellon and to provide BNY Mellon, upon reasonable request, with such information, documents and advice relating to the Fund as is within the possession or knowledge of such persons, and which in the opinion of BNY Mellon, is reasonably necessary in order to

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enable BNY Mellon to perform its duties hereunder. In connection with its duties hereunder, BNY Mellon shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy, validity or propriety of any information, documents or advice provided to BNY Mellon by any of the aforementioned persons. BNY Mellon shall not be liable for any loss, damage or expense resulting from or arising out of the failure of the Fund to cause any information, documents or advice to be provided to BNY Mellon as provided herein and shall be held harmless by the Fund when acting in reliance upon such information, documents or advice relating to the Fund. All fees or costs charged by such persons shall be borne by the Fund, and BNY Mellon shall have no liability with respect to such fees or charges, including any increases in, or additions to, such fees or charges related directly or indirectly to the services described herein or the performance by BNY Mellon of its duties hereunder. BNY Mellon shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party service providers engaged by the Fund, or by any affiliate of the Fund or by any other third party service provider to the Fund. In the event that any services performed by BNY Mellon hereunder rely, in whole or in part, upon information obtained from a third party service utilized or subscribed to by BNY Mellon which BNY Mellon in its reasonable judgment deems reliable, BNY Mellon shall not have any responsibility or liability for, be under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy or completeness of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall limit or restrict BNY Mellon, any BNY Mellon Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall furnish BNY Mellon with any and all instructions, explanations, information, specifications and documentation reasonably deemed necessary by BNY Mellon in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Fund liabilities and expenses, and the value of any securities lending related collateral investment account(s). BNY Mellon shall not be required to include as Fund liabilities and expenses, nor as a reduction of Net Asset Value, any accrual for any federal, state or foreign income taxes unless the Fund shall have specified to BNY Mellon in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce Net Asset Value. The Fund shall also furnish BNY Mellon with bid, offer or market values of securities if BNY Mellon notifies the Fund that the same are not

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available to BNY Mellon from a security pricing or similar service utilized, or subscribed to, by BNY Mellon which the Fund directs BNY Mellon to utilize, and which BNY Mellon in its reasonable judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Fund also may furnish BNY Mellon with bid, offer or market values of securities and instruct BNY Mellon in Instructions to use such information in its calculations hereunder. BNY Mellon shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY Mellon be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the 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;(g) BNY Mellon may apply to an Authorized Person for Instructions with respect to any matter arising in connection with BNY Mellon's performance hereunder for the Fund, and BNY Mellon shall not be liable for any action taken or omitted to be taken by it in accordance with its Standard of Care in accordance with such Instructions. Such application for Instructions may, at the option of BNY Mellon, set forth in writing any action proposed to be taken or omitted to be taken by BNY Mellon with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY Mellon shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY Mellon has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Mellon Group"). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) the Fund consents to the disclosure of and authorizes BNY Mellon to disclose information regarding the Fund ("Customer-Related Data") to the BNY Mellon Group and to its third-party service

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providers who are subject to confidentiality obligations with respect to such information and (ii) BNY Mellon may store the names and business contact information of the Fund's employees and representatives on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with the Fund. The Fund confirms that it is authorized to consent to the foregoing and that, to its knowledge, the disclosure and storage of information in connection with the Centralized Functions does not violate any applicable data protection legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY Mellon may consult with counsel to the Fund or its own counsel, at the Fund's expense, and shall be fully protected with respect to anything done or omitted by it in good faith in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY Mellon is solely responsible for processing such securities, as identified by the Fund or its Authorized Persons, in accordance with U.S. tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY Mellon shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY Mellon in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) BNY Mellon, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by the Fund and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts and times of accrual of the Fund's or Series' liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of securities; and the

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amounts receivable or the amounts payable for the sale or redemption of Fund Shares effected by or on behalf of the Fund. In the event BNY Mellon's computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY Mellon which the Fund directs BNY Mellon to utilize, and which BNY Mellon in its reasonable judgment deems reliable, BNY Mellon shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY Mellon shall not be required to inquire into any valuation of securities or other assets by the Fund or any third party described in this sub-section (l) even though BNY Mellon in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the same issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) BNY Mellon, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to the Fund is or will be actually paid, but will accrue such interest until otherwise instructed 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;(n) BNY Mellon shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occur directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, labor difficulties within or without BNY Mellon, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications or computer (hardware or software) services or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above. BNY Mellon will promptly notify the Investment Advisor and the Fund upon the occurrence of any such event and will use commercially reasonable efforts to minimize its effect. BNY Mellon shall not be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any person(s) other than BNY Mellon to supply any instructions, explanations, information, specifications or documentation reasonably deemed necessary by BNY Mellon in the performance of its duties under this Agreement. Notwithstanding anything set forth in this Section 5(n): (i) in

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no event shall the Funds be obligated to pay any fees under this Agreement to BNY Mellon with respect to any services not actually provided during any event described in this Section 5(n), and (ii) the Funds shall have no responsibility to pay BNY Mellon for services temporarily performed by the Investment Advisor or a third party service provider due to any event described in this Section 5(n).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) BNY Mellon shall enter into and shall maintain reasonable provisions for emergency use of electronic data processing equipment to the extent appropriate equipment is available. In the event of equipment failures, BNY Mellon shall, at no additional expense to the Fund, take reasonable steps to minimize service interruptions. BNY Mellon shall have no liability with respect to the loss of data or service interruptions caused by equipment failure, provided such loss or interruption is not caused by BNY Mellon's own intentional misconduct, bad faith or reckless disregard in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Allocation of Expenses.</u> 

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the Fund, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of the Fund's trustees, directors, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase of Fund shares or membership interests, as applicable, fees and expenses incident to the registration or qualification under the Securities Laws and state and other applicable securities laws of the Fund or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to the Fund's shareholders or members, as applicable, all expenses incidental to holding meetings of the Fund's trustees, directors and shareholders, and extraordinary expenses as may arise, including litigation affecting the Fund and legal obligations relating thereto for which the Fund may have to indemnify its trustees, directors, officers, managers and/or members, as may be applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Portfolio Compliance Services.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Schedule I contains a requirement for BNY Mellon to provide the Fund with portfolio compliance services, such services shall be provided pursuant to the terms of this Section 7 (the "Portfolio Compliance Services"). The precise compliance review and testing services to be provided shall be as directed by the Fund and as mutually agreed between BNY Mellon and the Fund, and the results of BNY Mellon's Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the "Compliance Summary Report") prepared on a periodic basis as mutually agreed. Each Compliance Summary Report shall be subject to review and approval by the Fund. BNY Mellon shall have no responsibility or obligation to provide Portfolio Compliance Services other that those services specifically listed in Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund will examine each Compliance Summary Report delivered to it by BNY Mellon and notify BNY Mellon of any error, omission or discrepancy within twenty (20) days of its receipt. The Fund agrees to notify BNY Mellon promptly in writing if it fails to receive any such Compliance Summary Report. The Fund further acknowledges that unless it notifies BNY Mellon of any error, omission or discrepancy within twenty (20) days, such Compliance Summary Report shall be deemed final and shall not be reissued. In addition, if the Fund learns of any out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the Fund will notify BNY Mellon of such condition within two (2) business days after discovery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) While BNY Mellon will endeavor to identify out-of-compliance conditions, BNY Mellon does not and could not for the fees charged, make any guarantees, representations or warranties with respect to its ability to identify all such conditions. In the event of any errors or omissions in the performance of Portfolio Compliance Services, the Fund's sole and exclusive remedy and BNY Mellon's sole liability shall be limited to re-performance by BNY Mellon of the Portfolio Compliance Services affected and in connection therewith the correction of any error or omission, if practicable, and the preparation of a corrected report, at no cost to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Rule 38a-1 and Regulatory Administration Services.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Schedule I contains a requirement for BNY Mellon to provide the Fund with compliance support services related to Rule 38a-1 promulgated under the 1940 Act and/or

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Regulatory Administration services, such services shall be provided pursuant to the terms of this Section 8 (such services, collectively hereinafter referred to as the "Regulatory Support Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, the Regulatory Support Services provided by BNY Mellon under this Agreement are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Fund or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All work product produced by BNY Mellon as outlined at Schedule I in connection with its provision of Regulatory Support Services under this Agreement is subject to review and approval by the Fund and by the Fund's legal counsel. The Regulatory Support Services performed by BNY Mellon under this Agreement will be at the request and direction of the Fund and/or its chief compliance officer (the "Fund's CCO"), as applicable. BNY Mellon disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund's CCO and the adequacy and effectiveness of the Fund's compliance program.

9. <u>Standard of Care; Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing its obligations under this Agreement, BNY Mellon will exercise care and diligence in the performance of its duties hereunder, shall act in good faith in performing services provided for under this Agreement and shall act without gross negligence, willful misconduct or reckless disregard of its duties and obligations under this Agreement (the "Standard of Care"), and except as otherwise provided herein, BNY Mellon and any BNY Mellon Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accountants' fees) incurred by or asserted against the Fund, except those costs, expenses, damages, liabilities or claims arising out of BNY Mellon's or any BNY Mellon Affiliate's own bad faith, gross negligence or willful misconduct. In no event shall BNY Mellon or any BNY Mellon Affiliate be liable to the Fund or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. BNY Mellon and any BNY Mellon Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability,

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resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Fund, or for delays caused by circumstances beyond BNY Mellon's reasonable control, unless such loss, damage or expense arises out of the bad faith, gross negligence or willful misconduct of BNY Mellon or any BNY Mellon Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall indemnify and hold harmless BNY Mellon and any BNY Mellon Affiliate from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by the Fund), and reasonable attorneys' and accountants' fees relating thereto, which are sustained or incurred or which may be asserted against BNY Mellon or any BNY Mellon Affiliate, by reason of or as a result of any action taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate in accordance with the Standard of Care, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) the Fund's Offering Materials or Documents (excluding information provided by BNY Mellon), (iii) any Instructions or (iv) any opinion of legal counsel for the Fund or BNY Mellon, or arising out of transactions or other activities of the Fund which occurred prior to the commencement of this Agreement; provided, that no Fund shall indemnify BNY Mellon nor any BNY Mellon Affiliate for costs, expenses, damages, liabilities or claims for which BNY Mellon or any BNY Mellon Affiliate is liable under the preceding sub-section 9(a). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. Notwithstanding anything contrary set forth in this Agreement, in no event shall BNY Mellon and any BNY Mellon Affiliate be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability arising from any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY Mellon by any third party described above or by or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Action or inaction taken or omitted to be taken by BNY Mellon or any BNY Mellon Affiliate pursuant to Instructions of the Fund or otherwise in good faith and without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Any action taken or omitted to be taken by BNY Mellon in good

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faith in accordance with the advice or opinion of counsel for the Fund or its own counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Any improper use by the Fund or its agents, distributor or investment advisor of any valuations or computations supplied by BNY Mellon pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. The method of valuation of the securities and of computing Net Asset Value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Any valuations of securities, other assets or the Net Asset Value provided by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Actions taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY Mellon in good faith to be from an Authorized Person, or upon the opinion of legal counsel for the Fund or BNY Mellon's own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Compensation.</u> 

For the services provided hereunder, the Fund agrees to pay BNY Mellon such compensation as is mutually agreed to in writing by the Fund and BNY Mellon from time to time and such reasonable out-of-pocket expenses (<u>e.g.</u>, telecommunication charges, postage and delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY Mellon in performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. The Fund authorizes BNY Mellon to debit the Fund's custody account for all amounts due and payable hereunder. BNY Mellon shall deliver to the Fund invoices for services rendered at least two (2) business days prior to debiting the Fund's custody account. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY Mellon, the Fund's Net Asset Value shall be computed at the times and in the manner specified in the Fund's Offering Materials.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Records; Visits.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records pertaining to the Fund and the Fund's Series which are in the possession or under the control of BNY Mellon shall be the property of the Fund. The Fund and Authorized Persons shall have access to such books and records at all times during BNY Mellon's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by BNY Mellon to the Fund or to an Authorized Person, at the Fund's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY Mellon shall keep all books and records with respect to each Series' books of account, records of each Series' securities transactions and all other books and records as BNY Mellon is required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY Mellon shall preserve for each Fund the books and records required to be maintained under this Agreement for the period(s) required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Term of Agreement.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until 11:59 PM (Eastern time) on the date which is the third anniversary of such date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless the Fund or BNY Mellon gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate at 11:59 PM (Eastern time) on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Fund or BNY Mellon materially breaches this Agreement (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non-Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party

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("Breach Termination Notice"), in which case this Agreement shall terminate as of 11:59 PM (Eastern time) on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party. In addition, this agreement shall be automatically terminated on the effective date of any liquidation, merger or other extraordinary transaction terminating the operations of the Fund which is approved by a majority of the independent trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall have the right to terminate this agreement by giving written notice of termination to BNY Mellon in the event of BNY Mellon's transfer of this Agreement to an unaffiliated third party in accordance with Section 14(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything contained in this Agreement to the contrary, (i) if in connection with a Change in Control (defined below) the Fund gives notice to BNY Mellon terminating this Agreement or terminating it as the provider of any of the services hereunder or (ii) if the Fund otherwise terminates this Agreement, except for a termination by the Fund pursuant to Section 12(c), or terminates any of the services hereunder, before the expiration of, as appropriate, the Initial Term or the then-current Renewal Term ("Early Termination"), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the effective date of the Early Termination and before any conversion of Fund records and accounts to a successor service provider, the Fund shall pay to BNY Mellon an amount equal to all fees and other amounts ("Early Termination Fee") calculated as if BNY Mellon were to provide all services hereunder until the expiration of, as appropriate, the Initial Term or the then-current Renewal Term. The Early Termination Fee shall be calculated using the average of the monthly fees and other amounts due to BNY Mellon under this Agreement during the last three calendar months before the date of the notice of Early Termination (or, if not given, the date services are terminated hereunder).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund expressly acknowledges and agrees that the Early Termination Fee is not a penalty but reasonable compensation to BNY Mellon for the termination of services before the expiration of, as appropriate, the Initial Term or the then-current Renewal 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;(iii) For the purposes of this Section 12(e), "Change in Control" means a merger, consolidation, adoption, acquisition, change in control, re-structuring or re-organization of or any other similar occurrence involving 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;(iv) If the Fund gives notice of Early Termination (or an Early Termination without such notice occurs) after expiration of the notice period specified in Section 12(b) above, the references above to "expiration of, as appropriate, the Initial Term or the then-current Renewal Term" shall be deemed to mean "expiration of the Renewal Term immediately following, as appropriate, the Initial Term or the then-current Renewal 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;(v) If any of the Fund's assets serviced by BNY Mellon under this Agreement are removed from the coverage of this Agreement ("Removed Assets") and are subsequently serviced by another service provider (including the Fund or an affiliate of the Fund): (i) the Fund will be deemed to have caused an Early Termination with respect to such Removed Assets as of the day immediately preceding the first such removal of assets and owe BNY Mellon an Early Termination Fee calculated as if the Removed Assets constituted a "Fund"; and (ii) at BNY Mellon's option, either (a) the Fund will also be deemed to have caused an Early Termination with respect to all non-Removed Assets as of a date selected by BNY Mellon resulting in the Fund owing BNY Mellon the Early Termination Fee, or (b) this Agreement will remain in full force and effect with respect to all non-Removed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement, BNY Mellon or the Fund, as the case may be, may in its sole discretion terminate this Agreement immediately by sending notice thereof to the other Party upon the happening of any of the following: (i) the other Party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the Fund any such case or proceeding; (ii) the other Party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the other Party or any substantial part of its property or there is commenced against the other Party any such case or proceeding; (iii) the other Party makes a general assignment for the benefit of creditors; or (iv) the other Party admits in any

Execution

recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. Each Party may exercise its termination right under this Section 12(f) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by the exercising Party of its termination right under this Section 12(f) shall be without any prejudice to any other remedies or rights available to such Party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 18 below, notice of termination under this Section 12(f) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment.</u> 

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY Mellon and the Fund to be bound thereby, and authorized or approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Assignment; Subcontracting.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by the Fund without the written consent of BNY Mellon, or by BNY Mellon without the written consent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY Mellon gives the Fund thirty (30) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY Mellon; (ii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to any BNY Mellon Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY Mellon of any of its liabilities hereunder; (iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource

Execution

to an unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written consent of the Fund and (B) limit BNY Mellon's liability such that BNY Mellon shall only be liable for failure to reasonably select such unaffiliated third party, and BNY Mellon shall have no liability for any acts or omissions to act of such unaffiliated third party; and (iv) BNY Mellon, in the course of providing certain additional services requested by the Fund, including but not limited to, Typesetting, Money Market Fund or eBoard Book services ("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer or electronic services provider ("Vendor") to provide BNY Mellon with the ability to generate certain reports or provide certain functionality. BNY Mellon shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY Mellon and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY Mellon will disclose the identity of the Vendor and the status of the contractual relationship, and the Fund is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As compensation for the Vendor Eligible Services rendered by BNY Mellon pursuant to this Agreement, the Fund will pay to BNY Mellon such fees as may be agreed to in writing by the Fund and BNY Mellon. In turn, BNY Mellon will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY Mellon anticipates that the fees it charges hereunder will be a reasonable amount more than the fees charged to it by the Vendor, and BNY Mellon will retain the difference between the amount paid to BNY Mellon hereunder and the fees BNY Mellon pays to the Vendor as compensation for the additional services provided by BNY Mellon in the course of making the Vendor Eligible Services available to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law; Consent to Jurisdiction.</u> 

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. The Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction the Fund may now or hereafter be entitled to claim, for itself or

Execution

its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, the Fund irrevocably agrees not to claim, and it hereby waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Severability; No Third Party Beneficiaries.</u> 

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances. A person who is not a party to this Agreement shall have no rights to enforce any provision of this Agreement. BNY Mellon shall not be responsible for any costs or fees charged to the Fund or an affiliate of the Fund by consultants, counsel, auditors, public accountants or other service providers retained by the Fund or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>No Waiver.</u> 

Each and every right granted to BNY Mellon hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY Mellon to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY Mellon of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Notices.</u> 

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

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| |
|:---|
| if to the Fund, at |
| c/o Silverbay Capital Management |
| 350 Madison Ave, 20<sup>th</sup> Floor |
| New York, NY 10017 |
| if to BNY Mellon, at |
| BNY Mellon |
| 103 Bellevue Parkway |
| Wilmington, Delaware 19809 |

---

Execution

---

| |
|:---|
| Attention: Head of U.S. Fund Accounting |
| with a copy to: |
| The Bank of New York Mellon |
| 240 Greenwich Street |
| New York, New York 10286 |
| Attention: Legal Dept. – Asset Servicing |

---

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts</u>.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Confidentiality</u>.

BNY Mellon shall keep confidential any information relating to the Fund's business and the Fund shall keep confidential any information relating to BNY Mellon's business (each, "Confidential Information"), except as expressly agreed in writing by the protected party. Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans and internal performance results relating to the past, present or future business activities of the Fund or BNY Mellon and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula or improvement that is commercially valuable and secret in the sense that its confidentiality affords the Fund or BNY Mellon a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding the foregoing, as between BNY Mellon and the Fund information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes

Execution

publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory authority request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Fund information provided by BNY Mellon in connection with an independent third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. Provisions authorizing the disclosure of information shall survive any termination of this Agreement. The obligations set forth in this Section 20 shall survive any termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Non-Solicitation</u>.

During the term of this Agreement and for one (1) year thereafter, the Fund shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon's employees, and the Fund shall cause the Fund's sponsor and any affiliates of the Fund to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY Mellon's employees. To "knowingly" solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY Mellon employee by the Fund, the Fund's sponsor or an affiliate of the Fund if the BNY Mellon employee was identified by such entity solely as a result of the BNY Mellon employee's response to a general advertisement by such entity in a publication of trade or industry interest or other similar general solicitation by such entity.

[Signature page follows.]

Execution

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the day and year first above written.

---

| |
|:---|
| INNOVATION ACCESS FUND |
| By: |
| Name: |
| Title: |
| THE BANK OF NEW YORK MELLON |
| By: |
| Name: |
| Title: |

---

**<u>EXHIBIT A</u>**

I, [Name] , of [Fund Name] , a [State] [corporation/trust] (the "Fund"), do hereby certify that:

The following individuals serve in the following positions with the Fund, and each has been duly elected or appointed by the Board of the Fund to each such position and qualified therefor in conformity with the Fund's Organizational Documents, and the signatures set forth opposite their respective names are their true and correct signatures. Each such person is designated as an Authorized Person under the Fund Administration and Accounting Agreement dated as of ___________________, 20__, between the Fund and [The Bank of New York Mellon][BNY Mellon Investment Servicing (US) Inc.].

---

| | | |
|:---|:---|:---|
| Name | Position | Signature |

---

Exhibit A

**<u>SCHEDULE I</u>**

<u>Schedule of Services</u>

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Fund officers, Fund counsel and accountants of the Fund, as may be applicable. The services included on this Schedule of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as "BNY Mellon".

**<u>VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES</u>**

BNY Mellon shall provide the following valuation support and computation accounting services for the Fund:

■ Journalize
 investment, capital share and income and expense activities;

■ Record
 investment buy/sell trade tickets when received from the Investment Advisor;

■ Maintain
 individual ledgers for investment securities;

■ Maintain
 historical tax lots for each security;

■ Record
 and reconcile corporate action activity and all other capital changes and notify the Investment Advisor of any unusual reconciling
 items;

■ Reconcile
 cash and investment balances of the Fund with the Fund's custodian and provide the Fund's investment adviser, as applicable,
 with the beginning cash balance available for investment purposes upon request;

■ Calculate
 various contractual expenses;

■ Calculate
 capital gains and losses;

■ Calculate
 daily distribution rate per share;

■ Determine
 net income;

■ Obtain
 security market quotes and currency exchange rates from pricing services approved by the Fund's investment adviser (including
 facilitating pricing challenges and periodically providing secondary price reports), or if such quotes are unavailable, then obtain
 such prices from the Fund's investment adviser, and in either case, calculate the market value of the Fund's investments
 in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY Mellon shall not under any circumstances
 be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral
 investments, itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing
 source, nor shall BNY Mellon have any liability relating to inaccuracies or otherwise with respect to such information or valuations;

■ Calculate
 Net Asset Value in the manner specified in the Fund's Offering Materials (which, for the service described herein, shall include
 the Fund's Net Asset Value error policy);

■ Transmit
 or make available a copy of the daily portfolio valuation to the Fund's investment adviser;

■ Calculate
 yields and portfolio average dollar-weighted maturity as applicable; and

■ Calculate
 portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.

Schedule I-1

**<u>FINANCIAL REPORTING</u>**

BNY Mellon shall provide the following financial reporting services for the Fund:

■ *Financial Statement Preparation & Review* 

■ Prepare
 the Fund's annual and semi-annual shareholder reports<sup>1</sup> for shareholder delivery and for inclusion in Form N-CSR;

■ Prepare
 the Fund's quarterly schedule of portfolio holdings<sup>1</sup> for inclusion in Form N-PORT;

■ Prepare,
 circulate and maintain the Fund's financial reporting production calendar;

■ Provide
 audit package for independent auditors, which includes work papers and ledgers, to facilitate an efficient audit, as reasonably
 agreed to by the parties;

■ Prepare
 and file (or coordinate the filing of) the Fund's Form N-CEN;

■ Prepare
 and file (or coordinate the filing of) the Fund's Form 24f-2; and

■ Prepare
 and coordinate the filing of the Fund's monthly website files and Form N-MFP, as applicable to money market funds.

■ *Modernization Reporting Services* 

■ BNY
 Mellon shall provide the Modernization Reporting Services set forth in this section to the Funds following a full service operating
 model. This operating model requires BNY Mellon to include the actual filing of the reports as part of the services noted in
 this section. Modernization Reporting Services are "Vendor Eligible Services" as contemplated in Section 14(b)(iv) of
 the Agreement.

■ FORM
 N-PORT. BNY Mellon, subject to the limitations described in this section and its timely receipt of all necessary information
 related thereto, will, or will cause the Vendor to: (i) collect, aggregate and normalize the data required for the creation of Form
 N-PORT; (ii) prepare, on a monthly basis, Form N-PORT; and (iii) file Form N-PORT with the SEC.

■ The
timely receipt of necessary information referred to above will be determined by mutual agreement of BNY Mellon and the Fund in advance
of the preparation of the initial Form N-PORT to be filed under the Agreement.

■ Unless
 mutually agreed in writing between BNY Mellon and the Fund, BNY Mellon will use the same layout and format for every applicable successive
 reporting period for Form N-PORT.

■ FORM
 N-CEN. BNY Mellon, subject to the limitations described in this section and its timely receipt of all necessary information
 related thereto, will, or will cause the Vendor to: (i) collect, aggregate and normalize the data required for the submission of
 Form N-CEN; (ii) prepare, on an annual basis, Form N-CEN; and (iii) file Form N-CEN with the SEC.

<sup>1</sup> Requires "Typesetting Services" as described herein.

Schedule I-2

■ The
 timely receipt of necessary information referred to above will be determined by mutual agreement of BNY Mellon and the Fund in advance
 of the preparation of the initial Form N-CEN to be filed under this Agreement.

■ Unless
 mutually agreed in writing between BNY Mellon and the Fund, BNY Mellon will use the same source for obtaining the information and
 method for performing the required calculations for every successive Form N-CEN.

■ Fixed
 Income Risk Analytics. BNY Mellon shall calculate the portfolio and security-level risk metrics required within Form N-PORT
 and Form N-CEN (referenced above in this section).

■ Liquidity
 Rule Analysis. BNY Mellon shall perform a daily analysis for liquidity classifications and monitor liquidity thresholds per
 the requirements for Form N-PORT and Form N-CEN (referenced above) and Rule 22e-4.

■ The
 analysis provided by BNY Mellon is subject to and dependent upon the Fund providing all necessary security classifications and percentage
 thresholds necessary to perform such analysis. The parties hereto acknowledge that the Fund is solely responsible for the adoption,
 adequacy and effectiveness of the Fund's liquidity risk management program.

■ BNY
 Mellon shall not be responsible for: (a) delays in the transmission to it by the Fund, the Fund's adviser and entities unaffiliated
 with BNY Mellon (collectively, for this Section, "Third Parties") of data required for the preparation of reports described
 herein, (b) inaccuracies of, errors in or omissions of, such data provided to it by any Third Party, and (c) validation of such data
 provided to it by any Third Party.

■ The
 Fund, in a timely manner, shall review and comment on, and, as the Fund deems necessary, cause its counsel and accountants to review
 and comment on, the preparation of each report described in this section. The Fund shall provide to BNY Mellon timely sign-off of
 the preparation of each such report and timely authorization and direction to file each such report. Absent such timely sign-off,
 authorization and direction by the Fund, BNY Mellon shall be excused from its obligations to prepare the affected report and to file
 the affected report. BNY Mellon is providing the services related to such reports based on the acknowledgement of the Fund that such
 services, together with the activities of the Fund in accordance with its internal policies, procedures and controls, shall together
 satisfy the requirements of the applicable rules and regulations for each such report.

■ For
 such time as this section remains in effect, BNY Mellon shall be responsible for the retention of the filed reports described in
 this section in accordance with any applicable rule or regulation.

■ *Typesetting Services* 

■ Create
 financial compositions for the applicable financial report and related EDGAR files;

Schedule I-3

■ Maintain
 country codes, industry class codes, security class codes and state codes;

■ Map
 individual general ledger accounts into master accounts to be displayed in the applicable financial reports;

■ Create
 components that will specify the proper grouping and sorting for display of portfolio information;

■ Create
 components that will specify the proper calculation and display of financial data required for each applicable financial report (except
 for identified manual entries, which BNY Mellon will enter);

■ Process,
 convert and load security and general ledger data;

■ Include
 data in financial reports provided from external parties to BNY Mellon which includes, but is not limited to: shareholder letters,
 "Management Discussion and Analysis" commentary, notes on performance, notes to financials, report of independent auditors,
 Fund management listing, service providers listing and Fund spectrums;

■ Document
 publishing, including the output of print-ready PDF files and EDGAR html files (such EDGAR html files will be limited to one per
 the applicable financial report and unless mutually agreed to in writing between BNY Mellon and the Fund, BNY Mellon will use the
 same layout for production data for every successive reporting period);

■ Generate
 financial reports using the Vendor's capabilities which include the following:

o front/back
 cover;

o table
 of contents;

o shareholder
 letter;

o Management
 Discussion and Analysis commentary;

o sector
 weighting graphs/tables;

o disclosure
 of Fund expenses;

o schedules
 of investments;

o statement
 of net assets;

o statements
 of assets and liabilities;

o statements
 of operation;

o statements
 of changes;

o statements
 of cash flows;

o financial
 highlights;

o notes
 to financial statements;

o report
 of independent registered public accounting firm;

o tax
 information; and

o additional
 Fund information as mutually agreed in writing between BNY Mellon and the Fund.

■ Unless
 mutually agreed in writing between BNY Mellon and the Fund, BNY Mellon will use the same layout and format for every successive reporting
 period for the typeset reports. At the request of the Fund and upon the mutual written agreement of BNY Mellon and the Fund as to
 the scope of any changes and additional compensation of BNY Mellon, BNY Mellon will, or will cause the Vendor to, change the format
 or layout of reports from time to time.

Schedule I-4

**<u>TAX SERVICES</u>**

BNY Mellon shall provide the following tax services for the Fund:

■ *Tax Provision Preparation* 

■ Prepare
 fiscal year-end tax provision analysis;

■ Process
 tax adjustments on securities identified by the Fund that require such treatment;

■ Prepare
 ROCSOP adjusting entries; and

■ Prepare
 financial statement footnote disclosures.

■ *BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY Mellon is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.* 

■ *Excise Tax Distributions Calculations* 

■ Prepare
 calendar year tax distribution analysis;

■ Process
 tax adjustments on securities identified by the Fund that require such treatment; and

■ Prepare
 annual tax-based distribution estimate for the Fund.

■ *BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY Mellon is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.* 

■ *Other Tax Services* 

■ Prepare
 for execution and filing, the federal and state income and excise tax returns;

■ Prepare
 year-end Investment Company Institute broker/dealer reporting and prepare fund distribution calculations disseminated to broker/dealers;
 and

■ Coordinate
 U.S.C. Title 26 Internal Revenue Code ("IRC") §855 and excise tax distribution requirements.

■ *Uncertain Tax Positions* 

■ Documentation
 of all material tax positions taken by the Fund with respect to specified fiscal years and identified to BNY Mellon ("Tax Positions");

■ Review
 of the Fund's: (i) tax provision work papers, (ii) excise tax distribution work papers, (iii) income and excise tax returns,
 (iv) tax policies and procedures and (v) Subchapter M compliance work papers;

■ Determine
 whether Tax Positions have been consistently applied, and documentation of any inconsistencies;

Schedule I-5

■ Review
 relevant statutory authorities;

■ Review
 tax opinions and legal memoranda prepared by tax counsel or tax auditors to the Fund;

■ Review
 standard mutual fund industry practices, to the extent such practices are known to, or may reasonably be determined by, BNY Mellon;
 and

■ Delivery
 of a written report to the Fund detailing such items.

■ *The following are expressly excluded from the Uncertain Tax Positions services: (i) assessment of risk of any challenge by the Internal Revenue Service or other taxing authority against any Tax Position (including, without limitation, whether it is "more likely than not" such Tax Position would be sustained); (ii) calculation of any tax benefit measurement, in whole or in part, that may be required if any "more likely than not" threshold has not been met; and (iii) any tax opinion or tax advice. Additionally, none of the Uncertain Tax Positions services shall be deemed to be or constitute a tax opinion or tax advice.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) The Fund shall provide such information and documentation as BNY Mellon may reasonably request in connection with the Uncertain Tax Positions services. The Fund's independent public accountants shall cooperate with BNY Mellon and make such information available to BNY Mellon as BNY Mellon may reasonably request.*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Notwithstanding anything to the contrary in this Agreement and without limiting any rights, protections or limitations of liability otherwise provided to BNY Mellon pursuant to this Agreement, (i) BNY Mellon is authorized and permitted to release such information as is necessary or desirable to be released in connection with the provision of any of the Uncertain Tax Positions services, (ii) management of the Fund is responsible for complying with all uncertain tax positions reporting obligations relating to the Fund and BNY Mellon shall have no liability to the Fund or any other entity or governmental authority with respect to any tax positions taken by the Fund, (iii) BNY Mellon shall have no liability either for any error or omission of any other service provider (including any accounting firm or tax adviser) to the Fund or for any failure to discover any such error or omission, (iv) the Fund shall be responsible for all filings, tax returns and reports on all Tax Positions and for the payment of all taxes and similar items (including without limitation penalties and interest related thereto) and (v) in the event of any error or omission in the performance of a Uncertain Tax Positions service the Fund's sole and exclusive remedy and BNY Mellon's sole liability shall be limited to re-performance of the applicable Uncertain Tax Positions service and the preparation and delivery to the Fund of a corrected report (if necessary), such re-performance, preparation and delivery to be provided at no additional service charge to the Fund.*

 

■ IRS
 CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY Mellon informs the Fund that any U.S. tax advice contained in any communication from BNY Mellon to the Fund (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting,

Schedule I-6

marketing or recommending to another party any transaction or matter addressed herein or therein.

**<u>FUND ADMINISTRATION SERVICES</u>**

BNY Mellon shall provide the following fund administration services for the Fund:

■ In
 accordance with Instructions received from the Fund, and subject to portfolio limitations as provided by the Fund to BNY Mellon in
 writing from time to time, monitor the Fund's compliance, on a post-trade basis, with such portfolio limitations, provided
 that BNY Mellon maintains in the normal course of its business all data necessary to measure the Fund's compliance;

■ Monitor
 the Fund's status as a regulated investment company under Subchapter M of the IRC and Subchapter L of the IRC (if required).

■ Establish
 appropriate expense accruals and compute expense ratios, maintain expense files and coordinate the payment of Fund approved invoices;

■ Calculate
 Fund approved income and per share amounts required for periodic distributions to be made by the Fund;

■ Calculate
 total return information;

■ Coordinate
 the Fund's annual audit;

■ Supply
 various normal and customary portfolio and Fund statistical data as requested on an ongoing basis;

■ If
 the chief executive officer or chief financial officer of the Fund is required to provide a certification as part of the Fund's
 Form N-PORT or Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002,
 provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification
 is to be in such form and relating to such matters as agreed to by BNY Mellon in advance. BNY Mellon shall be required to provide
 the sub-certification only during the term of this Agreement with respect to the Fund and only if it receives such cooperation as
 it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not
 itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation;

■ Calculate
 the incentive fee, if applicable, in accordance with the Fund's Offering Documents;

■ Copy
 the Investment Advisor on routine correspondence sent to shareholders; and

Schedule I-7

● Provide
 such financial information in the possession of BNY Mellon for meetings of the Board, as reasonably requested and agreed to by BNY
 Mellon

**<u>REGULATORY ADMINISTRATION SERVICES</u>**

BNY Mellon shall provide the following regulatory administration services for the Fund:

■ Maintain
 a regulatory calendar for the Fund listing various SEC filing and Board approval deadlines;

■ Prepare
 and coordinate the filing of annual post-effective amendments to the Fund's registration statement if needed (not including
 the initial registration statement or related to the addition of one or more classes of shares or series or the combining of multiple
 prospectuses into one prospectus or the splitting of one prospectus into multiple prospectuses);

■ Prepare
 and coordinate the filing of Forms N-CSR, N-PORT and N-PX, as applicable (with the Fund supplying the voting records in the format
 required by BNY Mellon);

■ Assist
 the Fund in the handling of SEC examinations by providing requested documents in the possession of BNY Mellon that are on the SEC
 examination request list;

■ Assist
 in the preparation of notices of annual meetings of shareholders and proxy materials relating to such meetings; and

■ Assist
 with and/or coordinate such other filings, notices and regulatory matters on such terms and conditions as BNY Mellon and the Fund
 may mutually agree upon in writing from time to time.

■ *eBoard Book Services*:

■ Permit
 persons or entities entering a valid password to have electronic access, via an Internet-based secure website, to current quarterly
 Board meeting materials and such other Board meeting materials as may be agreed between BNY Mellon and the Fund.

■ *38a-1 Compliance Support Services* 

■ Provide
 compliance policies and procedures related to certain services provided by BNY Mellon and, if mutually agreed, certain of the BNY
 Mellon Affiliates; summary procedures thereof; and periodic certification letters.

Schedule I-8

**APPENDIX I**

**<u>ELECTRONIC DELIVERY TERMS AND CONDITIONS</u>**

These Electronic Delivery Terms and Conditions (**"T&Cs"**) are made and entered into as of the 16th day of March, 2022 by and among **THE BANK OF NEW YORK MELLON,** (together with its Affiliates or joint venturers, collectively **"BNY Mellon"**) and **INNOVATION ACCESS FUND** (each hereinafter referred to individually as **"Customer"**). BNY Mellon and Customer are collectively referred to as the **"Parties"** and each individually as a **"Party"**

These T&Cs set forth the terms and conditions governing the provision by BNY Mellon to Customer of BNY Mellon Digital Delivery Services (**"BDDS"**), as defined below, for the services subject to and in connection with any agreement now or hereafter entered into between Customer and BNY Mellon (each a **"Services Agreement"**). In these T&Cs, references to the "Services Agreement" means the Services Agreement to which these T&Cs pertain, and these T&C's are hereby incorporated by reference into such Services Agreement. Provision of BDDS to Customer is contingent upon Customer's compliance with the provisions of the Services Agreement, these T&Cs (including any Schedules hereto) and any applicable Terms of Use (collectively the **"Agreement"**). In the case of conflict between the terms of the Services Agreement, these T&Cs or the Terms of Use, the order of precedence shall be the Services Agreement followed by these T&Cs and then the Terms of Use.

1.  **<u>Definitions</u>** . The
 following terms used herein will have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;a. **"Affiliate"** of any Party means another person controlling, controlled by or under common control with such Party.

b. **"API"** means any BNY Mellon application programming interface identified on the API Site and made available to Customer pursuant to the
 Agreement.

c. **"API Credentials"** mean, collectively, consumer key, secret and signed Customer certificate issued by BNY Mellon to allow Electronic
 Access to an API.

d. **"BNYM Administration"** has the meaning set forth in Section 3 hereof **.** 

e. **"BNY Mellon Data"** means any content, documents, data or information provided or made available to Customer and its Users through
 Electronic Access. BNY Mellon Data expressly includes any proprietary databases or other protectable collections of information
 irrespective of whether or not the underlying data elements include any data or information not proprietary to BNY Mellon, but excludes
 any Customer Confidential Information.

f. **"BNY Mellon Digital Delivery Services"** or **"BDDS"** mean, collectively, the Sites, APIs, Messaging Services,
 Electronic Access, Software and BNY Mellon Data.

g. **"BNY Mellon Indemnified Parties"** mean collectively, BNY Mellon together with its Affiliates, Licensors and Suppliers, if any.

h. **"Confidential Information"** means, with respect to a Party, the terms of these T&Cs, the Agreement and all non-public business
 and financial information of such Party (including, with respect to BNY Mellon, information regarding its practices and procedures
 related to the services provided hereunder) disclosed to the other Party in connection with the Services Agreement or the Agreement.

i. **"Customer Administration"** has the meaning set forth in Section 3 hereof **.** 

j. **"Customer Service Providers"** has the meaning set forth in Section 2 hereof **.** 

Appendix I-1

&nbsp;&nbsp;&nbsp;&nbsp;k. **"Credentials"** mean, collectively, API Credentials, User Credentials and Messaging Credentials.

l. **"Data Terms Website"** means the website at http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf or any successor
 website of which Customer is provided notice from time to time, containing requirements and use restrictions on the Licensed Information
 imposed on BNY Mellon by the Licensors. In the event of a conflict between the provisions in the Data Terms Website and in these
 T&Cs, the provisions of the Data Terms Website shall prevail.

m. "**Electronic Access"** means Customer's access to Sites, APIs, Messaging Services, and Software, if any, through which Customer
 is able to access products and services provided by BNY Mellon.

n. **"Electronic Signature"** means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital
 or other technological methods.

o. **"Intellectual Property"** means all copyright, patents, trademarks and service marks, rights in designs, moral rights, rights in computer
 software, rights in databases and other protectable collections of information, rights in confidential information, trade secrets,
 inventions and know-how, trade and business names, domain names (including all extensions, revivals and renewals, where relevant)
 in each case whether registered or unregistered and applications for any of them and the goodwill attaching to any of them and any
 rights or forms of protection of a similar nature and having equivalent or similar effect to any of them which may subsist anywhere
 in the world.

p. **"Licensor"** means any third-party provider of proprietary information and/or data that is included in BNY Mellon Data (**"Licensed Information"**).

q. **"Losses"** shall mean, collectively, losses, costs, expenses, damages, liabilities and claims.

r. **"Messaging Credentials"** mean, collectively, any keys, secrets and/or tokens issued to Customer by BNY Mellon to allow access to Messaging
 Services.

s. **"Messaging Services"** means the provision by BNY Mellon of electronic messaging channels to permit transmission of electronic messages
 between BNY Mellon and Customer pursuant to the Agreement.

t. **"Schedule"** means a schedule to these T&C's substantially in the forms attached hereto as Schedules 1 and 2 and setting forth (i) the
 specific APIs to be licensed to Customer, the duration of Customer's license, all applicable fees, and any other pertinent
 API information; and/or (ii) the specific electronic message type(s), the associated messaging channel(s) information, the term,
 applicable fees and any other pertinent information of the Messaging Services, including any services to be performed by BNY Mellon
 for initial setup and preparation for the commencement of the Messaging Services. Each Schedule shall be consecutively numbered,
 executed by the parties and incorporated herein by reference and made a part hereof.

u. **"Site"** means a BNY Mellon-designated information delivery website, file transfer protocol (FTP) site or web portal, including, where applicable,
 the API information delivery portal, currently https://marketplace.bnymellon.com (**"API Site"**), made available
 to Customer.

v. **"Software"** means any computer software developed by BNY Mellon or licensed to BNY Mellon by a third party and made available to Customer to
 access products and services provided by BNY Mellon pursuant to the Agreement.

w. **"Supplier"** means a third party retained by BNY Mellon in connection with BNY Mellon's provision of BDDS.

Appendix I-2

&nbsp;&nbsp;&nbsp;&nbsp;x. **"Terms of Use"** mean the terms, conditions and disclosures that may be set forth on the Sites.

y. **"User"** means any person Customer authorizes for Electronic Access to the Site(s) and Software, if any, including any Customer Service Provider,
 other third party or any employee, contractor or agent of Customer or of a third party (such as an investment manager, consultant,
 or other Customer Service Provider).

z. **"User Credentials"** mean collectively, a user-id, a password and, where applicable, a secure identification device (or other method
 of multi-factor authentication) issued for a User to allow Electronic Access to Site(s) and Software, if any.

**2.**  **<u>License Grant</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** Subject
 to the payment of any applicable license fees and the terms of the Agreement, Customer is hereby granted a nonexclusive, nontransferable,
 non-sublicenseable, limited, revocable right and license to use BDDS solely for its internal business purposes and in accordance
 with the Agreement. For the avoidance of doubt, Customer's internal business purposes specifically exclude direct use
 of any portion of BDDS by Customer's customers and/or creation of a product or service by or on behalf of Customer using all
 or any portion of BDDS, unless expressly provided otherwise in the Agreement.

**b.** Subject
 to the terms of the Agreement, Customer is hereby granted a nonexclusive, nontransferable, limited, revocable license to install
 Software on Customer's authorized computer system (including mobile devices registered with BNY Mellon). Customer and Users
 may make copies of Software for backup purposes only, provided all copyright and other proprietary information included in the original
 copy of Software are reproduced in or on such backup copies.

**c.** Notwithstanding
 the foregoing, Customer has the right to sublicense Customer's right and license to use APIs and/or Messaging Services, if
 any, to third parties providing services to Customer (collectively, **"Customer Service Providers"**), provided
 that (i) in each instance such sublicense is mutually agreed upon by BNY Mellon and Customer and specified in a Schedule with respect
 to particular API(s) and/or Messaging Services, (ii) any exercise of such sublicense by Customer Service Provider is limited to actions
 taken on Customer's behalf to provide services to Customer alone; and (iii) any exercise of such sublicense by Customer Service
 Provider may, in the discretion of BNY Mellon, be subject to Electronic Delivery Terms and Conditions separately executed between
 BNY Mellon and such Customer Service Provider. Customer is responsible for all acts and omissions by any Customer Service Provider
 as if such acts or omissions were those of Customer.

**3.**  **<u>Access Administration</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;a. To
 facilitate Electronic Access to the Site(s) and Software, BNY Mellon will implement an access administration method, which could
 be BNY Mellon administration (**"BNYM Administration"**) or customer federated administration (**"Customer Administration"**). By authorizing any of its Users for Electronic Access, Customer agrees to, acknowledges and accepts any
 applicable Terms of Use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In
 the case of BNYM Administration, Customer will furnish BNY Mellon with a written list of the names of its Users and designate which
 Users will have the authority to provide instructions to BNY Mellon that have an impact on assets held by BNY Mellon for Customer's
 accounts. Upon BNY Mellon's approval of Users (which approval will not be unreasonably withheld), BNY Mellon will send Customer
 the initial User Credentials (including a temporary password) for each User, which Customer will be responsible for providing to
 its Users. Customer shall notify BNY Mellon in writing of any User to be deactivated and return any secure identification devices
 issued to such User. Upon receipt of Customer's deactivation notice and any secure identification devices, BNY Mellon
 shall promptly deactivate User Credentials for such User, at which point such individual shall no longer be deemed a User.

Appendix I-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In
 the case of Customer Administration, Customer will designate Users and provide them with User Credentials that shall include for
 each User multi-factor authentication and fraud protection methods. Customer is solely responsible for its Users' Electronic
 Access and the protection of its User Credentials. Upon Customer deactivating User Credentials, such individual will no longer
 be deemed a User, and Customer shall promptly notify BNY Mellon in writing of such deactivation.

&nbsp;&nbsp;&nbsp;&nbsp;b. Customer
 must provide BNY Mellon with Customer's and/or Customer Service Provider's digital client certificate prior to being
 granted Electronic Access to APIs. Upon BNY Mellon's approval (which will not be unreasonably withheld), BNY Mellon will
 provide Customer with API Credentials and any User Credentials, if applicable. Once the API Credentials are issued, Customer
 shall be solely responsible for their administration and use.

c. Customer
 must provide BNY Mellon with Customer's and/or Customer Service Provider's digital client certificate and all other necessary
 information detailed in applicable Schedule(s) prior to being granted Electronic Access to Messaging Services. Upon BNY Mellon's
 approval (which will not be unreasonably withheld), BNY Mellon will provide Customer with applicable Messaging Credentials and technical
 information for establishing messaging channel(s). Once Messaging Credentials are issued, Customer shall be solely responsible
 for their administration and use.

d. Customer
 acknowledges and agrees that BNY Mellon will have no obligation to verify or confirm (i) the actual identity of a person using User
 Credentials for Electronic Access or that such person is, in fact, a User; or (ii) that a party using the API Credentials or Messaging
 Credentials for Electronic Access is, in fact, the Customer or Customer Service Provider. BNY Mellon is entitled to rely and act
 on any commands, directions or instructions issued through Electronic Access in connection with Credentials. Customer acknowledges
 and agrees that BNY Mellon is not responsible for detecting any errors in any such commands, directions and instructions.

e. Customer
 is solely responsible for ensuring that Customer, Customer Service Providers and Users comply with the Agreement. To the extent
 any Licensed Information is provided through Electronic Access, Customer is solely responsible for ensuring that Customer, Customer
 Service Providers and Users comply with the restrictions and requirements posted on the Data Terms Website. BNY Mellon reserves the
 right to prohibit or revoke Electronic Access of any User whom BNY Mellon determines has breached the terms of the Agreement, or
 whose conduct BNY Mellon reasonably determines may constitute a criminal offense, violate any applicable law or constitute a security
 risk for BNY Mellon Indemnified Parties, Users, or other customers. In the event of a conflict between the provisions in the
 Data Terms Website and in these T&Cs, the provisions of the Data Terms Website shall prevail.

f. Customer
 shall not, and shall not permit any of its Users to, breach, circumvent, or attempt to breach or circumvent, any security measures
 used in connection with BDDS. Customer shall, and shall require Customer Service Providers to, maintain commercially reasonable
 processes and controls to prevent the introduction of any viruses, malware, malicious computer code, and other destructive software
 to BDDS or any other BNY Mellon system.

**4.**  **<u>Reservation of Rights, Confidentiality and Use of Data</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;a. Any
 Intellectual Property and any other rights, title or interest not expressly granted to Customer, Customer Service Providers or Users
 in relation to BDDS are reserved to BNY Mellon, its Affiliates, Licensors, and Suppliers. Customer may not, and may not permit Customer
 Service Providers to, use, modify, decompile or reverse engineer BDDS except as expressly authorized by the Agreement. Unless
 expressly provided otherwise in the Agreement, nothing in the Agreement will be construed as giving Customer, Customer Service Provider
 or Users any license or right to use the trade marks, logos and/or service marks of BNY Mellon, its Affiliates, Licensors or Suppliers.

b. BNY
 Mellon retains complete discretion and authority to modify, in whole or in part, BDDS. In the event BNY Mellon (i) implements
 a material change to the functionality of BDDS or (ii) modifies

Appendix I-4

---

| | |
|:---|:---|
|  | <br> BDDS so as to render an aspect of it incompatible with the current version, BNY Mellon will make notice of such change or modification available to Customer as promptly as practicable under the circumstances.  |
| c. | The terms and conditions of these T&Cs, any Schedules, any non-public information related to the Sites, APIs, Messaging Services, Software and Electronic Access (including Credentials), and any portion of BNY Mellon Data that is not disclosed to the general public but is made available solely to Customer, Customer Service Providers or Users, are BNY Mellon Confidential Information. |
| d. | Customer agrees not use or disclose BNY Mellon Confidential Information except as expressly authorized by the Services Agreement or these T&Cs. Customer will, and will cause Users and Customer Service Providers, to keep BNY Mellon Confidential Information confidential by using the same care and discretion that Customer uses with respect to its own confidential information, but in no event less than reasonable care |
| e. | Unless expressly provided otherwise in the Services Agreement, BNY Mellon Data is provided solely for Customer's internal use and excludes direct use by its customers or any other third parties. Customer acknowledges and agrees that Customer may not incorporate any portion of the BNY Mellon Data into Customer's products or services, or otherwise use any portion of the BNY Mellon Data to develop its products or services without BNY Mellon's express prior written approval. |
| f. | Customer will limit the dissemination of BBDS within its own organization to individuals on a need to know basis, and then only provided that any such individuals are obligated to maintain the confidential and proprietary nature of BDDS. |
| g. | Customer represents and warrants that with respect to Customer Confidential Information, including third party data, if any, it is authorized to allow BNY Mellon to make Customer Confidential Information available through BNY Mellon Digital Services subject to the terms of the Service Agreement. |
| h. | Where applicable, BNY Mellon may make analytics about Customer's API usage and/or errors in API performance (**"Analytics"**) available to Customer and its Users on the API Site. |

---

**5.**  **<u>Disclaimers and Limitation of Liability</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;a. Although
 BNY Mellon uses reasonable efforts to provide accurate and up-to-date information through Electronic Access, BNY Mellon, and its
 Licensors make no warranties or representations as to accuracy, reliability or comprehensiveness of BDDS. CUSTOMER acknowledges and
 agrees that BNY Mellon is a distributor and not a publisher of any Licensed Information and has no control over it .

b. BDDS
 ARE PROVIDED ON AN "AS-IS", "AS AVAILABLE" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY, FITNESS FOR
 A PARTICULAR PURPOSE, QUALITY, TITLE, OR NONINFRINGEMENT, TO THE FULLEST EXTENT PERMITTED BY LAW, EXCEPT AS OTHERWISE SET FORTH HEREIN. THERE
 IS NO OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING BDDS.

c. IN
 NO EVENT WILL BNY MELLON INDEMNIFIED PARTIES BE LIABLE TO CUSTOMER OR ANYONE ELSE FOR ANY LOSS, DAMAGE OR INJURY RESULTING FROM (I)
 A VOLUNTARY SHUTDOWN OF ANY PART OF BDDS TO ADDRESS TECHNICAL PROBLEMS, COMPUTER VIRUSES, DENIAL-OF-SERVICE MESSAGES OR OTHER SIMILAR
 PROBLEMS (II) ANY COMMUNICATION FAILURES, INCLUDING THE FAILURE OF ANY CONNECTION OR COMMUNICATION SERVICE TO PROVIDE OR MAINTAIN
 CUSTOMER'S ACCESS TO BDDS, OR FOR ANY DELAY OR INTERRUPTION OR DISRUPTION OF SUCH ACCESS OR ANY ERRONEOUS COMMUNICATIONS BETWEEN
 BNY MELLON AND CUSTOMER,

Appendix I-5

REGARDLESS OF WHETHER THE CONNECTION OR COMMUNICATION SERVICE IS PROVIDED BY BNY MELLON OR A THIRD PARTY SERVICE PROVIDER; (III) THE COMPLETENESS, RELIABILITY, PERFORMANCE OR CONTINUED AVAILABILITY OF THE APIs OR THE SITE; OR (IV) THE EXISTENCE OF ANY VIRUSES OR OTHER MALICIOUS COMPUTER CODE AFFECTING THE OPERATION OF BDDS..

**6.**  **<u>Suspension and Termination of Electronic Access</u>:** 

In addition to the termination provisions set forth in Services Agreement, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;a. These
 T&Cs including for clarity Customer's right to Electronic Access will automatically terminate upon termination of the Services
 Agreement with respect to each applicable Site, API and/or Messaging Service subject to such Services Agreement.

b. Unless
 expressly provided otherwise in the Agreement, upon termination of Electronic Access, Customer shall return or destroy all BNY Mellon
 Confidential Information that is in Customer's possession or under Customer's control, and all secure identification
 devices, provided, however, that Customer may retain such information, subject to obligations of confidentiality, for customary backup,
 audit and recordkeeping purposes. Upon request, Customer shall provide to BNY Mellon written certification by an officer confirming
 compliance with the requirements herein.

c. BNY
 Mellon may suspend Electronic Access to any API, Messaging Service or Site in the event of (i) Customer's breach of the Agreement
 or a violation of the restrictions and requirements posted on the Data Terms Web Site that is not cured within five (5) business
 days of BNY Mellon's notice to Customer or such other period as the parties may agree in writing (including by email), (ii)
 a security risk or other threat to BNY Mellon, the Sites, APIs, Messaging Services or other BNY Mellon clients' access or use
 of same, or (iii) Licensor prohibiting BNY Mellon from permitting Customer or Users to have access to its Licensed Information. In
 the event of such suspension, BNY Mellon will use commercially reasonable efforts to promptly notify Customer including via posting
 on Site(s).

**7.**  **<u>Indemnification</u>:** 

&nbsp;&nbsp;&nbsp;&nbsp;a. Except
 to the extent prohibited or limited by applicable law, Customer will indemnify, defend and hold harmless BNY Mellon Indemnified Parties
 from and against all Losses resulting from a claim by a third party (i) that arises out of any person obtaining Electronic Access
 through Customer, Users or Customer's Service Providers or through use of Credentials, whether or not Customer or a User authorized
 such access, except to the extent that any such Losses resulted from the fraud, gross negligence or willful misconduct of a BNY Mellon
 Indemnified Party, as applicable and/or (ii) relating to, or arising in connection with any use of BDDS by Customer, Users or any
 of Customer's Service Providers in a manner not authorized under the Services Agreement, these T&Cs, or the Terms of Use.
 Customer's indemnity provided herein is in addition to any indemnity and other remedies contained in any Services Agreements
 and will not supersede or be superseded by such Services Agreements, except to the extent specifically set forth in such Services
 Agreements and expressly stating an intent to modify these T&Cs.

In the event Customer is prohibited by law from indemnifying and holding harmless any BNY Mellon Indemnified Party for Losses, if a BNY Mellon Indemnified Party incurs Losses or is made a party to litigation, a BNY Mellon Indemnified Party shall be reimbursed by Customer for any and all Losses occasioned thereby, except to the extent that any such Losses resulted from the fraud, gross negligence or willful misconduct of such BNY Mellon Indemnified Party, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding
 anything to the contrary in the Agreement, BNY Mellon or its designated Affiliate will defend Customer and pay any amounts agreed
 to by BNY Mellon in a settlement and damages finally awarded by a court of competent jurisdiction, in any action or proceeding commenced
 by a third party against Customer based on a claim that BDDS infringe such third party's patent, copyright, or trade secret.
 The foregoing obligations will not apply, however, to any claim or action arising from use of BDDS (i) in a manner not authorized
 under the Agreement or the Data Terms Web Site; or (ii) in combination with other software or services not supplied by BNY Mellon.

Appendix I-6

&nbsp;&nbsp;&nbsp;&nbsp;c. BNY
 Mellon has no obligation hereunder to defend Customer in any action or proceeding commenced by a third party against Customer,
 unless Customer(i) notifies BNY Mellon promptly of any such action or claim (except that the failure to so notify BNY Mellon will
 not limit BNY Mellon's obligations hereunder except to the extent that such failure prejudices BNY Mellon); (ii) grants BNY
 Mellon or its designated Affiliate full and exclusive authority to defend, compromise or settle such claim or action; and (iii) provides
 BNY Mellon or its designated Affiliate all assistance reasonably necessary to so defend, compromise or settle *.* 

**8.**  **<u>Representations and Warranties</u>** 

Customer represent and warrants that it has been duly authorized by each Customer Affiliate identified on Appendix 1 hereto, as amended from time to time, pursuant to all requisite corporate or other action to enter into these T&C's for and on behalf of each such Customer Affiliate and that these T&C's are legally binding upon Customer and each such Customer Affiliate.

Each Party represent and warrants that the individual executing this Agreement on its behalf has the requisite authority to bind it to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

Appendix I-7

**Schedule 1 - Licensed APIs**

**TO**

**<u>ELECTRONIC DELIVERY TERMS AND CONDITIONS</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**API Name (and Version # if applicable)** | &nbsp;&nbsp;**# of API calls/duration (if applicable)** | &nbsp;&nbsp;**Fee(s)** | &nbsp;&nbsp;**Duration of right and license to use API** |

---

**<u>API Support</u>**

BNY Mellon's scheduled maintenance window for the API Site is 12:01am-6:00am Sunday ET. BNY Mellon shall offer a help desk to respond to Customer's inquiries concerning the use of the API Site Sunday 8:00 p.m. through Friday 8:00 p.m. Eastern Time, which Customer may contact via email at NEXENAPISupport@bnymellon.com or via phone in the following regions: Americas - +855 284 9065 or +1 615 457 5589; Europe, Middle East, Africa - +44 20 7964 6161; Asia Pacific - +800 2265 6369or +65 6432 0314, as may be updated by BNY Mellon from time to time.

Appendix I-8

**Schedule 2 - Licensed Messaging Services**

**TO**

**<u>ELECTRONIC DELIVERY TERMS AND CONDITIONS</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Messaging Service/Type of Message** | &nbsp;&nbsp;**Term of Messaging Service** | &nbsp;&nbsp;**Fee(s)** |
| &nbsp;&nbsp;[ |  |  |

---

Appendix I-9

**Appendix 1**

Customer Affiliates

Appendix I-10

## Ex-99.K2

**Exhibit (k)(2)**

**<u>TRANSFER AGENCY AND SHAREHOLDER SERVICES AGREEMENT</u>**

This Transfer Agency And Shareholder Services Agreement is made as of [___] (**"Effective Date"**) by and between BNY Mellon Investment Servicing (US) Inc. (**"BNYM"**), a SEC-registered transfer agent and Massachusetts corporation, and Innovation Access Fund, a Delaware statutory trust registered with the SEC under the 1940 Act as a closed-end management investment company (the **"Fund"**). Capitalized terms, and certain noncapitalized terms, not otherwise defined shall have the meanings set forth in <u>Schedule A</u> (<u>Schedule A</u> also contains an index of defined terms providing the location of all defined terms). The term **"Agreement"** shall mean this Transfer Agency And Shareholder Services Agreement as constituted on the Effective Date, and thereafter as it may be amended from time to time as provided for herein. The term **"shareholder"** shall solely and exclusively mean the financial intermediary registered to an account, whether that be the Distributor or an Approved Financial Intermediary, and shall expressly exclude any person that may be included in the information associated with an account, including any beneficial owner of an account.

**<u>Terms</u>**

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Fund and BNYM, intending to be legally bound, hereby agree to the statements made in the preceding paragraphs and as follows:

**1. <u>Appointment</u>.** The Fund hereby appoints BNYM to serve as transfer agent, registrar, dividend disbursing agent and shareholder servicing agent to the Fund and BNYM accepts such appointments and agrees in connection with such appointments to furnish the services expressly set forth in Section 3. BNYM shall be under no duty to provide any service to or on behalf of the Fund except as specifically set forth in Section 3 or as BNYM and the Fund may specifically agree in a written amendment hereto. BNYM shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party service providers engaged by the Fund or by any other third party service provider not engaged by BNYM.

**2. <u>Records</u>.** Data pertaining to the Fund which the Fund is obligated to keep as its books and records pursuant to Section 31(a) of the 1940 Act and which is held in the BNYM System due to the services performed hereunder by BNYM pursuant to Section 3 (**"Fund Data"**) shall be the property of the Fund. Upon the reasonable request of the Fund, BNYM shall provide Authorized Persons with access to Fund Data at BNYM's facilities during BNYM's normal business hours in the format and on the equipment normally utilized by BNYM and if reasonably requested during such visit provide printed output of the Fund Data at the Fund's expense.

**3. <u>Services</u>.** BNYM shall provide the services in subsections (a) through (d) below commencing on the Service Effective Date and in subsection (e) below commencing on the Effective Date:

**(a) <u>General Services</u>**:

(1) <u>Purchase of Shares</u>.

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) <u>Seed Money Purchasers</u>. Prior to the Commencement Date (as defined in subsection 3(a)(1)(D) below), in the event an entity identified by the Fund to BNYM in writing as a seed money purchaser seeks to purchase Fund Shares prior to the Commencement Date (a **"Seed Money Purchaser"**), BNYM shall issue and credit to an account of the Seed Money Purchaser, in the manner described in the Fund's offering memorandum, once it receives a purchase order in completed proper form, proper

information to establish a shareholder account, if an account has not previously been established; and confirmation of the receipt of monies by BNYM or the crediting of monies for such order to the Fund Custodian. In the event BNYM receives purchase instructions for Fund Shares prior to the Commencement Date from any person other than a Seed Money Purchaser, it will (i) reject such instructions if received through the NSCC Process (as defined in subsection 3(a)(1)(D) below), and (ii) return to sender any such instructions received through methods other than the NSCC Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) <u>Purchases Through The NSCC</u>. With respect to Purchase Orders (as defined in Section 5) received through the NSCC Process on or after the Commencement Date, BNYM shall perform the administrative and ministerial duties in accordance with the NSCC Process appropriate to (i) open shareholder accounts pursuant to instructions received in good order from financial intermediaries, and (ii) execute and process purchase transactions pursuant to instructions received in good order from financial intermediaries. BNYM shall have no responsibility or obligation of any nature (A) to obtain, review, retain, process or take any other act with respect to any physical documentation associated with the account opening instructions and purchase instructions received through the NSCC Process, or (B) to review or determine whether the purchaser or the Purchase Order is eligible, qualified, authorized or otherwise approved by the Fund with respect to such purchase. As between the Fund and BNYM, the Fund possesses the sole responsibility for complying with any applicable disclosure obligations, under law or otherwise, to financial intermediaries and Fund investors relating to the NSCC Process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) <u>Direct Purchases</u>. BNYM shall perform the following functions in connection with Purchase Orders received by BNYM through methods other than the NSCC Process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNYM will review Purchase Orders it receives from the Distributor (as defined in subsection 3(a)(1)(D) below) and from Approved Financial
Intermediaries (as defined in subsection 3(a)(1)(D) below) and exercise reasonable care to determine in accordance with the Fund Procedures
(as defined in subsection 3(a)(1)(D) below) whether the Purchase Order constitutes a **"Conforming Purchase Order"**, which
is hereby defined to mean a Purchase Order with respect to which all the following criteria are satisfied, or a **"Non-Conforming Purchase Order"**, which is hereby defined to mean a Purchase Order with respect to which one or more of the following criteria
are not satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase form and any accompanying documentation are in completed proper form and good order and in accordance with the requirements
set forth in the Fund's Offering Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchase Order contains all information and documentation necessary or appropriate to create a shareholder account for the purchaser
named in the subscription purchase form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNYM has received confirmation that good funds in sufficient amount to pay for the purchase transaction have been received from the
purchaser or have been credited to the account of the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event BNYM determines a Purchase Order to be a Non-Conforming Purchase Order, BNYM shall correspond with the Distributor or the Approved Financial Intermediary who submitted the Non-Conforming Purchase Order (the **"Submitter"**) in accordance with applicable provisions of the Fund Procedures to attempt to assist with the completion or correction of the Non-Conforming Purchase Order into a Conforming Purchase Order. In the event BNYM is unable to assist in the completion or correction of the Non-Conforming Purchase Order into a Conforming Purchase Order, BNYM shall

follow procedures set forth in the Fund Procedures or in the absence of such procedures will return the Non-Conforming Purchase Order to the Submitter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event BNYM determines a Purchase Order to be a Conforming Purchase Order BNYM shall, in accordance with the Fund's Offering
Memorandum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) create a shareholder account in the Fund in accordance with the instructions of the Submitter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) execute the Conforming Purchase Order by issuing a number of Fund Shares consistent with the Conforming Purchase Order, the amount
of funds tendered in connection with the Purchase Order, the applicable NAV and any applicable sales load; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) credit the appropriate Fund shareholder account with the Fund Shares issued in accordance with clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNYM shall have no responsibility or obligation of any nature to review or determine whether a person on whose behalf a Purchase Order
is placed by the Distributor or Approved Financial Intermediary is eligible, qualified, authorized or otherwise approved by the Fund with
respect to such purchase transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) <u>Definitions</u>. For purposes of this Section 3(a)(1):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"Approved Financial Intermediary"** means a broker-dealer, registered investment advisor or other financial intermediary
that the Fund or the Distributor has identified in writing to BNYM as authorized to purchase Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **"Commencement Date"** means the date indicated in the written notice sent by an Authorized Person of the Fund and received
by BNYM as of which the Fund is commencing the offering of Fund Shares to persons other than Seed Money Purchasers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **"Distributor"** means Breakwater Group Distribution Services, LLC and its legal successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **"Fund Procedures"** means Standard Procedures supplemented by any Exception Procedures relating to the purchase of
Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **"NSCC Process"** means the NSCC's FundSERV networking service and the reasonable processes, procedures, terms and conditions
specified by the NSCC for the FundSERV networking service applicable to Fund Shares and for the instructions from financial intermediaries
with respect to transactions in Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **"Purchase Order"** means a purchase form or instructions for the purchase of Fund Shares and any accompanying documentation.

(2) <u>Redemption of Shares</u>. BNYM shall process instructions to redeem or transfer Shares only upon being expressly directed to do so in Written Instructions and in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transfers of Shares, redemption of Shares and the disposition of redemption proceeds shall occur in accordance
with the Offering Memorandum and be accompanied by such documents as BNYM reasonably determines to be appropriate to the particular transaction
and to the extent the Shares are certificated the Shares must be tendered in proper form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNYM is authorized to delay or reject a transfer or redemption of Shares until it determines that the endorsement on the instructions
is valid and genuine, that the requested transfer or redemption is legally authorized and otherwise complies with all applicable requirements
in the Written Procedures, and that there is no basis to any adverse claims that may have been made regarding the Shares or the particular
transfer or redemption, and BNYM shall incur no liability for delaying or rejecting transfers or redemptions in accordance with the foregoing
authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent Shares are redeemed in accordance with this Section 3(a)(2), BNYM shall deliver to the Fund Custodian and the Fund or
its designee a notification setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts
maintained by BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts.

(3) Services to be provided on an ongoing basis to the extent applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Maintain registrations and other information associated with shareholder accounts upon instruction from the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Direct payment processing of ACH transfers and wire transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Provide shareholders and potential investors with toll free telephone access to a shareholder liaison staff having on-line access
to Fund Data for telephone inquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As reasonably requested by the Fund: provide periodic shareholder lists and statistics to the Fund in standard BNYM System reports
and certify shareholder lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notify on a timely basis the Fund's investment adviser, accounting agent, and custodian (**"Fund Custodian"**) of Share
activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Calculate 12b-1 payments and such other fees, sales loads, commissions, concessions and intermediary payables as the Fund and BNYM
shall reasonably agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Remediation Services, as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Review new applications and correspond with shareholders to complete or correct information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Prepare and mail to shareholders confirmation of activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Provide data for underwriter/broker confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Prepare periodic mailing of year-end tax and statement information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Perform other participating broker-dealer shareholder services as may be agreed upon from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Perform certain administrative and ministerial duties relating to opening, maintaining and processing transactions for shareholders
or financial intermediaries that trade shares through the NSCC.

(4) <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Upon receipt by BNYM of Written Instructions containing all requisite information that may be reasonably requested by BNYM, including payment directions and authorization, BNYM shall issue Shares in payment of the dividend or distribution, or, upon shareholder election, pay such dividend or distribution in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall issue Shares or pay dividends or distributions as provided for in Section 3(a)(4)(A), and pay proceeds of Share redemption transactions as provided for in Section 3(a)(3), after it deducts and withholds all amounts it reasonably determines to be appropriate under any applicable tax laws, rules or regulations or other laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) BNYM shall (i) mail to the Fund's shareholders such tax forms and other information, or permissible substitute forms or notices, relating to dividends and distributions paid by the Fund as are required to be filed and mailed by applicable law, rule or regulation; and (ii) prepare, maintain and file with the IRS and other appropriate taxing authorities reports relating to all dividends and distributions by the Fund paid to its shareholders (above threshold amounts stipulated by applicable law) as required by tax or other laws, rules or regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Notwithstanding any other provision of this Section 3(a)(4) or this Agreement, and for clarification: (i) BNYM's exclusive obligations with respect to any written statement that Section 19(a) of the 1940 Act may require to be issued with respect to the Fund (**"19(a) Statement"**) shall be, upon receipt of specific Written Instructions to such effect, to receive from the Fund the text which is to be printed on the 19(a) Statement, to print such text on appropriate paper stock and to mail such document to shareholders, and (ii) BNYM's sole obligation with respect to any dividend or distribution that Section 19(a) of the 1940 Act may require be accompanied by a 19(a) Statement shall be to perform only the conduct expressly directed by Sections 3(a)(4)(A) through (C) and shall expressly exclude any duty associated with any determination of the appropriateness of, or the drafting or other preparation of the text to be printed on, a 19(a) Statement.

(5) <u>Communications to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall collect and print the data necessary for, and mail to Fund shareholders, the documents listed below and any other communications and documents that are reasonably related in the ordinary course of business to the other services performed by BNYM hereunder:

(i) Confirmations of purchases and any redemptions of Fund Shares;

(ii) Monthly or quarterly statements of account, as directed by the Fund, and annual statements of account;

(iii) Dividend and distribution notices; and

(iv) Year end information necessary for federal tax filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall print or mail to Fund shareholders, or both print and mail to Fund shareholders, such other documents or instruments as the Fund may reasonably request in Written Instructions, such as Offering Memoranda, periodic reports and other shareholder materials.

(6) <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall maintain records of the accounts for each shareholder showing the following information to the extent received by BNYM:

(i) Name, address and United States Tax Identification or Social Security number;

(ii) Number and class of Shares held;

(iii) Historical information regarding the account of each shareholder, including dividends and distributions paid and the date and price
for all transactions on a shareholder's account;

(iv) Any stop or restraining order placed against a shareholder's account;

(v) Any correspondence relating to the current maintenance of a shareholder's account; and

(vi) Information with respect to tax withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall maintain the records required by Section 31(a) of the 1940 Act to be kept by the Fund with respect to the Services performed hereunder by BNYM on behalf of the Fund, and shall keep such other records in connection with performing the Services as may be specified in the Written Procedures.

(7) <u>Shareholder Inspection of Stock Records</u>. Upon a request from any Fund shareholder to inspect stock records, BNYM will notify the Fund and the Fund will on a timely basis issue instructions authorizing or denying such inspection access. Absent authorizing instructions from the Fund or legal process compelling access, BNYM will deny access to Fund stock records upon such a request. Unless BNYM has acted contrary to the Fund's instructions, other than when such contrary action occurs pursuant to legal process, the Fund agrees to and does hereby release and indemnify BNYM in accordance with Section 12 from any liability for refusal of permission for a particular shareholder to inspect the Fund's records.

(8) <u>SEC Rule 17Ad-17</u>.

(A) BNYM shall perform such services as are required in order to comply with Rule 17Ad-17 of the 1934 Act (the **"Rule 17Ad-17"**), including but not limited to the following:

(i) execution of required database searches for "lost securityholders", as that term is defined in Rule 17Ad-17;

(ii) sending the required written notification to each "unresponsive payee", as that term is defined in Rule 17Ad-17;

(iii) maintain records to demonstrate compliance with the requirements of Rule 17Ad-17, including written procedures that describe BNYM's
methodology for complying with Rule 17Ad-17 and records of the results of the database searches for lost securityholders; and

(iv) retain the records required by Rule 17Ad-17 in accordance with applicable SEC regulations.

(B) For purposes of clarification: Section 3(a)(11)(A) does not obligate BNYM to perform the services described therein for broker-controlled accounts, omnibus accounts and similar accounts with respect to which BNYM does not receive or maintain information which would permit it to determine whether the account owner is a lost securityholder or an unresponsive payee.

(9) <u>Print Mail</u>. The Fund hereby engages BNYM as its exclusive print/mail service provider with respect to the print/mail items listed in the Fee Agreement at the fees set forth in the Fee Agreement.

(10) <u>Legal Process</u>. In the event (i) BNYM directly receives a Legal Process Item (defined immediately below) that has been properly served, (ii) the Fund receives a Legal Process Item that has been properly served and delivers the Legal Process Item to BNYM, or (iii) the Fund accepts service of a Legal Process Item that has not been properly served and delivers the Legal Process Item to BNYM, BNYM will act in accordance with the applicable Written Instructions or Written Procedures in effect

between the Fund and BNYM. **"Legal Process Item"** means civil and criminal subpoenas, civil or criminal seizure or restraining orders, IRS and state tax authority civil or criminal notices including notices of lien or levy, writs of execution and other functionally equivalent legal process items directed at BNYM or the Fund requiring that a particular action or actions be taken with respect to a current or former shareholder of a Fund or a Fund account of such a shareholder. BNYM may in its reasonable discretion seek to limit or reduce by any reasonable means the scope and coverage of a Legal Process Item and seek extensions of the period to respond.

(11) <u>Unclaimed Property Services</u>.

(A) Subject to the further provisions of this Section 3(a)(11) and to Sections 9(f) and 19(c), BNYM shall implement procedures on behalf of the Fund that are reasonably designed for the Fund to comply on a substantial basis with the unclaimed property laws and regulations of the States and Territories of the United States (as defined below) (**"Unclaimed Property Laws"**) with respect to Eligible Property (as defined below). In connection with its performance of the foregoing services (**"Unclaimed Property Services"**), BNYM shall be entitled to implement procedures consistent with practices adopted by mutual funds and other mutual fund service providers, procedures it determines represent reasonable risk based on the reasoned analysis of counsel, procedures based on communications with the agencies enforcing and administering the Unclaimed Property Laws, the administrative practices of such agencies and interpretations of the Unclaimed Property Laws by such agencies and BNYM shall not be liable for reasonable conduct undertaken in accordance with any of the foregoing. For purposes of the foregoing:

(i) **"States and Territories of the United States"** means the states of the United States of America, the District of Columbia,
Guam, Puerto Rico, U.S. Virgin Islands and any territory or commonwealth of the United States of America with a formal local government
substantially equivalent to a state government which subsequent to the Effective Date adopts a statute substantially similar to the Uniform
Unclaimed Property Act of 1995 (or its then current successor).

(ii) **"Eligible Property"** means property beneficially owned by a person or entity other than the Fund and held in a bank
account maintained by BNYM for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting
or escheat under an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by
BNYM under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts),
and (z) under the control of BNYM.

(B) BNYM shall have no liability for any Loss arising (i) with respect to Eligible Property deemed abandoned or unclaimed under an Unclaimed Property Law before the UPS Commencement Date (as defined immediately below) but which was not reported or delivered to the applicable jurisdiction as required by an Unclaimed Property Law; (ii) from any inaccuracy in, or from the absence of any data or information from, any records of the Fund relating to any period prior to the UPS Commencement Date that adversely impacts BNYM's ability to perform the Unclaimed Property Services or BNYM's ability to comply with an Unclaimed Property Law on behalf of the Fund, including without limitation absences due to the failure to record the occurrence or non-occurrence of events relevant to an Unclaimed Property Law; (iii) from any other failure of any party to comply with an Unclaimed Property Law or to perform a service required for accurate, timely and complete future compliance with an Unclaimed Property Law, other than a failure by BNYM to perform in accordance with this Section 3(a)(11) (collectively, **"Compliance Failures"**). At its election, BNYM may in good faith seek to respond to Compliance Failures of which it becomes aware or respond to a Compliance Failure only upon the request of the Fund and in accordance with a written agreement reached with the Fund regarding the response, but BNYM shall have no liability for any course of conduct undertaken in good faith in accordance with the

foregoing. The Fund alone shall be exclusively liable for and shall directly pay any fines, penalties, interest or other monetary liability, payment obligations or remediation requirements that arise due to a Compliance Failure. Notwithstanding any other provision of the Agreement, the Fund shall indemnify BNYM for all Loss BNYM suffers or incurs as a result of or in connection with any Compliance Failure, including without limitation all Loss suffered or incurred as a result of seeking in good faith to respond to the Compliance Failure. In addition to any fees and reimbursement of expenses that BNYM may be entitled to under Section 3(a)(11), in the event BNYM performs any services in connection with Compliance Failures BNYM shall be entitled to be paid fees for such services at the rate set forth in the Fee Agreement, or if no applicable fee is set forth therein, at commercially reasonable rates, and to a reimbursement of all reasonable expenses incurred in connection with such services, and the Fund shall pay BNYM such fees and reimburse BNYM for such expenses upon being invoiced. **"UPS Commencement Date"** means the date the Fund was converted to the BNYM System or, if applicable, the date that individual accounts within the Fund were converted to the BNYM System, or, if later than either of the foregoing, the date BNYM commenced providing Unclaimed Property Services to the Fund or, if applicable, to an individual account within the Fund.

(C) (i) The Fund shall be the "holder" under all Unclaimed Property Laws, as that term or its equivalent is used and defined in the Unclaimed Property Laws, and BNYM acts solely as agent of the Fund in performing the Unclaimed Property Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund hereby authorizes BNYM to sign reports, to sign letters, to communicate with government representatives, current and former shareholders and other appropriate third parties and otherwise to act in all manners on behalf of and in the name of the Fund and to utilize all tax identification numbers or other appropriate identifying numbers or data of a Fund (**"Identification Data"**) in the scope and manner BNYM reasonably determines to be appropriate to perform the Unclaimed Property Services, including for clarification utilizing the Identification Data associated with each specific portfolio of the Fund (including each class, series, tier or other subdivision of a portfolio, if any) for reporting purposes if such is determined to be appropriate based on an Unclaimed Property Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In signing the abandoned property reports and other written instruments and communications appropriate to compliance with the Unclaimed Property Laws (**"Unclaimed Property Documentation"**) pursuant to the authorization granted by subsection (ii) above, BNYM does so as an agent of the Fund as holder under the Unclaimed Property Laws. In the event any law, regulation, rule, regulatory order or legal process requires the Fund to sign the Unclaimed Property Documentation or prohibits BNYM from signing the Unclaimed Property Documentation as agent, or The Bank of New York Mellon Corporation adopts a formal policy applicable to all unclaimed property clients of BNYM prohibiting BNYM from signing the Unclaimed Property Documentation as agent, the Fund shall thereafter be responsible for signing the Unclaimed Property Documentation and BNYM and the Fund shall reasonably cooperate to develop and implement procedures enabling the Fund to perform the signing function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund agrees to execute and deliver to BNYM all documentation or instruments that may be requested by BNYM to evidence the authorization of subsection (ii) above but agrees that the authority of BNYM to act on behalf of and in the name of the Fund as described above and to use the Identification Data shall not be diminished or revoked by the absence of such documentation or instruments, and the Fund irrevocably releases BNYM from any and all Claims against BNYM on the grounds of absence of the authority granted by subsection (ii) above. This Section 3(a)(18)(B) shall survive any termination of the Agreement.

(D) The Fund agrees, upon the reasonable request of BNYM, to:

(i) execute and deliver to BNYM in a timely manner any reports, forms, documents and instruments reasonably determined by BNYM to be appropriate
in connection with its performance the Unclaimed Property Services;

(ii) respond in a timely manner to requests from BNYM for information and requests to review information or reports related to the Unclaimed
Property Services; and

(iii) Provide sufficient letterhead paper of the Fund or its electronic letterhead template for use by BNYM in communications related to
the Unclaimed Property Services.

(E) The Fund agrees that upon any termination of the Agreement it will cause all property held in bank accounts maintained by BNYM for or on behalf of the Fund, and all property held in Fund shareholder accounts maintained by BNYM on a Fund's behalf, to be transferred to the Fund or to a successor service provider and BNYM may condition completion of Deconversion Services on the completion of arrangements reasonably satisfactory to BNYM for such transfers.

(12) <u>Cost Basis Reporting</u>. In accordance with IRS Regulations, utilizing relevant information provided to BNYM in the ordinary course of performing the services provided for in the Agreement, report cost basis information to shareholders on an average cost basis by tax year and Shares, except when the Shareholder requests such reporting to occur on another basis permitted by the Written Procedures.

(13) <u>FATCA Services</u>. BNYM shall implement on behalf of the Fund the **"FATCA Services**," which is hereby defined to mean processes and procedures reasonably designed for the Fund to comply on a commercially reasonable, material basis, to the extent applicable, with: (i) Chapter 4 of Subtitle A, Sections 1471 through 1474, of the Code (as defined in clause (ii) of the definition of Code in Schedule A) (the foregoing being commonly referred to as the Foreign Account Tax Compliance Act) (**"FATCA"**), all as in effect as of the Effective Date, and (ii) subject to Sections 9(f) and 19(c) of the Agreement, modifications to FATCA and new Code provisions related to FATCA that become effective after the Effective Date, as agreed to by BNYM, pursuant to said Sections.

**(b) <u>Anti-Money Laundering Program Services.</u>** BNYM will perform one or more of the services described in subsections (1) through (7) of this Section 3(b) if requested by the Fund and the Fund agrees to pay the fees applicable to the service as set forth in the Fee Agreement (**"AML Services"**).

(1) <u>Anti-Money Laundering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM will perform actions reasonably designed to assist the Fund in complying with Section 352 of the USA PATRIOT Act, as amended, as follows: BNYM will: (i) establish and implement written internal policies, procedures and controls reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with applicable provisions of the Bank Secrecy Act (31 U.S.C. 5311, *et seq*.) (**"Bank Secrecy Act"**) and implementing regulations thereunder; (ii) provide for independent testing, by an employee who is not responsible for the operation of BNYM's anti-money laundering (**"AML"**) program or by an outside party, for compliance with BNYM's written AML policies and procedures; (iii) designate a person or persons responsible for implementing and monitoring the operation and internal controls of BNYM's AML program; (iv) provide ongoing training for appropriate persons, and (v) implement appropriate risk-based procedures for conducting ongoing shareholder due diligence to include but not be limited to (aa) understanding the nature and purpose of shareholder relationships for the purposes of developing a shareholder risk profile, and (bb) conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update shareholder information, including information regarding the beneficial owners of legal entity shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM will provide to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of BNYM's written AML policies and procedures, or, alternatively, access to such policies and procedures at a BNYM website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the report prepared by independent accountants covering the independent accountants' examination of BNYM's AML controls
and control objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a summary of the training provided pursuant to clause (iv) of subsection (A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(1) relates solely to Fund compliance with Section 352 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(2) <u>Foreign Account Due Diligence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a due diligence program for "foreign financial institution" accounts in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 312 of the USA PATRIOT Act, as amended (**"FFI Regulations"**), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement and operate a due diligence program that includes appropriate, specific, risk-based policies, procedures and controls that
are reasonably designed to enable the Fund to detect and report, on an ongoing basis, any known or suspected money laundering activity
conducted through or involving any correspondent account established, maintained, administered or managed by the Fund for a "foreign
financial institution" (as defined in 31 CFR 1010.605(f))(**"Foreign Financial Institution"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Conduct due diligence to identify and detect any Foreign Financial Institution accounts in connection with new accounts and account
maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assess the money laundering risk presented by each such Foreign Financial Institution account, based on a consideration of all appropriate
relevant factors (as generally outlined in 31 CFR 1010.610), and assign a risk category to each such Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Apply risk-based procedures and controls to each such Foreign Financial Institution account reasonably designed to detect and report
known or suspected money laundering activity, including a periodic review of the Foreign Financial Institution account activity sufficient
to determine consistency with information obtained about the type, purpose and anticipated activity of the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Include procedures to be followed in circumstances in which the appropriate due diligence cannot be performed with respect to a Foreign
Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Adopt and operate enhanced due diligence policies for certain Foreign Financial Institution accounts in compliance with 31 CFR 1010.610(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Record due diligence program and maintain due diligence records relating to Foreign Financial Institution accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Report to the Fund about measures taken under (i)-(vii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Nothing in Section 3(b)(2) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the FFI Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(2) relates solely to Fund compliance with Section 312 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(3) <u>Customer Identification Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act (**"CIP Regulations"**), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement procedures which require that prior to establishing a new account in the Fund BNYM obtain the name,
date of birth (for natural persons only), address and government-issued identification number (collectively, the **"Data Elements"**)
for the **"Customer"** (defined for purposes of this Agreement as provided in 31 CFR 1024.100(c)) associated with the new
account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before
or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which BNYM may
use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 1024.220), and
may include procedures under which BNYM personnel perform enhanced due diligence to verify the identities of Customers the identities
of whom were not successfully verified through the first-level (which will typically be reliance on results obtained from an information
vendor) verification process(es).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31
CFR 1024.220(a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Regularly report to the Fund about measures taken under (i)-(iii)
above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If BNYM provides services by which prospective Customers may subscribe for shares in the Fund via the Internet
or telephone, BNYM will work with the Fund to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted
by the Fund in accordance with the CIP Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) To assist the Fund in complying with applicable Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act (**"CDD Rule"**), BNYM will maintain and implement written procedures that are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Obtain information of a
nature and in a manner permitted or required by the CCD Rule in order to identify each natural person who is a "beneficial owner"
(as that term is defined

in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Verify the identity of each beneficial owner so identified according to risk based procedures to the extent
reasonable and practicable, in accordance with the minimum requirements of the CDD Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Nothing in Section 3(b)(3) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the CIP Regulations or CDD Rule, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the NSCC.

(4) <u>FinCEN Requests Under USA PATRIOT Act Section 314(a)</u>. BNYM will provide the services set forth in this Section 3(b)(4) with respect to FinCEN Section 314(a) information requests (**"Information Requests"**) received by the Fund. Upon receipt by BNYM of an Information Request delivered by the Fund in full compliance with all 314(a) Procedures (as defined below), BNYM will compare appropriate information contained in the Information Request against relevant information contained in account records maintained for the Fund. Information relating to potential matches resulting from these comparisons, after review by BNYM for quality assurance purposes (**"Comparison Results"**), will be made available to the Fund in a timely manner. In addition, a potential match will be analyzed by BNYM in conjunction with other relevant activity contained in records for the particular relevant account, and if, after such analysis, BNYM determines that further investigation is warranted because the activity might constitute "suspicious activity", as that term is used for purposes of the USA PATRIOT Act, then BNYM will deliver a suspicious activity referral to the Fund. BNYM shall have no responsibility for filing reports with FinCEN that may be appropriate based on the Comparison Results or a referral. Such responsibility, as between the Fund and BNYM, shall remain with the Fund exclusively. **"314(a) Procedures"** means the procedures adopted from time to time by BNYM governing the delivery and processing of Information Requests transmitted by BNYM's clients to BNYM, including without limitation requirements governing the timeliness, content, completeness, format and mode of transmissions to BNYM.

(5) <u>U.S. Government List Matching Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM will compare Appropriate List Matching Data (as defined in subsection (C) below) contained in BNYM databases which are maintained for the Fund pursuant to this Agreement (**"Fund List Data"**) to **"U.S. Government Lists"**, which is hereby defined to mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) data promulgated in connection with the list of Specially Designated Nationals published by the Office of Foreign Asset Control of
the U.S. Department of the Treasury (**"OFAC"**) and any other sanctions lists or programs administered by OFAC to the extent
such lists or programs remain operative and applicable to the Fund (**"OFAC Lists"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) data promulgated in connection with the published Financial Action Task Force lists (**"FATF Lists"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) data promulgated in connection with determinations by the Director (the **"Director**") of the Financial Crimes Enforcement
Network of the U.S. Department of the Treasury that a foreign jurisdiction, institution, class of transactions, type of account or other
matter is a primary money laundering concern (**"PMLC Determination"**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) data promulgated in connection with any other lists, programs or determinations (A) which BNYM determines to be substantially similar
in purpose to any of the foregoing lists, programs or determinations, or (B) which BNYM and the Fund agree in writing to add to the service
described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the event that following a comparison of Fund List Data to a U.S. Government List as described in subsection (A) BNYM determines that any Fund List Data constitutes a "match" with the U.S. Government List in accordance with the criteria applicable to the particular U.S. Government List, BNYM:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will notify the Fund of such match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will send any other notifications required by applicable law or regulation by virtue of the match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a match to an OFAC List, will to the extent required by applicable law or regulation assist the Fund in
taking appropriate steps to block any transactions or attempted transactions to the extent such action may be required by applicable law
or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a match to the FATF Lists or a PMLC Determination, will to the extent required by applicable law or regulation
conduct a suspicious activity review of accounts related to the match and if suspicious activity is detected will deliver a suspicious
activity referral to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a match to a PMLC Determination, will assist the Fund in taking the appropriate special measures imposed
by the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) will assist the Fund in taking any other appropriate actions required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **"Appropriate List Matching Data"** means (A) account registration and alternate payee data, to the extent made appropriate by statutes, rules or regulations governing the U.S. Government Lists, (ii) data determined by BNYM in light of statutes, rules or regulations governing the U.S. Government Lists to be necessary to provide the services described in this Section 3(b)(5), and (iii) data the parties agree in writing to be necessary to provide the services described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) BNYM may fulfill its obligations under this Section 3(b)(5) by utilizing commercially available lists that contain the data promulgated as the U.S. Government Lists, whether such lists consist of data exclusive to one U.S. Government List or of data representing a combination of several watch lists, including several U.S. Government Lists.

(6) <u>Legal Process SAR Referral</u>. Upon the conclusion of the legal process service described in Section 3(a)(14), BNYM will review the Legal Process Item and other pertinent account records to determine whether such information reasonably indicates "suspicious activity" has occurred, and if it determines suspicious activity has occurred deliver a suspicious activity referral to the Fund.

(7) <u>Suspicious Activity Monitoring</u>. BNYM will maintain and implement procedures reasonably designed to assist the Fund in complying with applicable rules promulgated by FinCEN under the Bank

Secrecy Act (31. C.F.R § 1024.320) with respect to the monitoring for suspicious activity that may occur in connection with the Fund and its shareholders during BNYM's performance of transaction processing and recordkeeping services hereunder and if in the course of such monitoring it determines that any of such activities could indicate the existence of suspicious activity and that an investigation of the potential suspicious activity is warranted, then BNYM will deliver a suspicious activity referral to the Fund.

(8) BNYM agrees to permit governmental authorities with jurisdiction over the Fund to conduct examinations of the operations and records relating to the services performed by BNYM under this Section 3(b) upon reasonable advance request and during normal business hours and to furnish copies at the Fund's cost and expense of information reasonably requested by the Fund or such authorities and relevant to the services.

(9) For purposes of clarification: All Written Procedures relating to the services performed by BNYM pursuant to this Section 3(b) and any information, written matters or other recorded materials relating to such services and maintained by BNYM shall constitute Confidential Information of BNYM, except to the extent, if any, such materials constitute Fund records under the applicable Securities Laws.

(10) Notwithstanding any other term of this Section 3(b), application of specific AML Services to particular applying persons, accounts and account owners shall occur in accordance with BNYM's Written Procedures. Without limiting the generality of the foregoing, BNYM will have no obligation to provide AML Services with respect to shareholder accounts opened by financial intermediaries on behalf of their customers, or with respect to the owners of such accounts, whether opened through public or private electronic communication channels with BNYM, Internet portals or applications hosted by BNYM, the NSCC or otherwise, unless expressly provided for in the Written Procedures.

(11) The Fund is solely and exclusively responsible for determining the applicability to the Fund of the Bank Secrecy Act, the USA PATRIOT Act, regulations of FinCEN, and all other laws and regulations, as they may be constituted from time to time (**"Fund AML Laws"**), for complying with the Fund AML Laws, for determining the extent to which the AML Services assist the Fund in complying with the Fund AML Laws, and for furnishing any supplementation or augmentation to the AML Services it determines to be appropriate, and acknowledges that BNYM makes no representations with respect to such matters. Section 3(b) of the Agreement shall not be construed to impose on BNYM any obligation other than to engage in the specific course of conduct specified by the provisions therein, and in particular shall not be construed to impose any other obligation on BNYM to design, develop, implement, administer, or otherwise manage compliance activities of the Fund. The services provided pursuant to this Section 3(b) may be changed at any time and from time to time by BNYM in its reasonable sole discretion to include commercially reasonable provisions appropriate to the relevant requirements of the Fund AML Laws and the description of services contained in Section 3(b) shall be deemed revised accordingly without written amendment pursuant to Section 16(a). BNYM shall provide to the Fund for its review notice of the nature or content of any such changes that BNYM reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(b)(11).

**(c) <u>Red Flags Services</u>**.

(1) The provisions of this Section 3(c) (the **"Red Flags Section"**) shall apply in the event the Fund elects to receive the **"Red Flags Services"**, which are hereby defined to mean the following services:

(i) BNYM will maintain written
controls reasonably designed to detect the occurrence of Red Flags (as defined below) in connection with (i) account opening and other
account activities and transactions conducted directly through BNYM with respect to Direct Accounts (as defined

below), and (ii) transactions effected directly through BNYM by Covered Persons (as defined below) in Covered Accounts (as defined below). Such controls, as they may be revised from time to time hereunder, are referred to herein as the **"Controls"**. Solely for purposes of the Red Flags Section, the capitalized terms below will have the respective meaning ascribed to each:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **"Red Flag"** means a pattern, practice, or specific activity or a combination of patterns, practices or specific activities
which may indicate the possible existence of Identity Theft (as defined below) affecting a Registered Owner (as defined below) or a Covered
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **"Identity Theft"** means a fraud committed or attempted using the identifying information of another person without
authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **"Registered Owner"** means the owner of record of a Direct Account on the books and records of the Fund maintained
by BNYM as registrar of the Fund (the **"Fund Registry"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) **"Covered Person"** means the owner of record of a Covered Account on the Fund Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) **"Direct Account"** means an Account established directly with and through BNYM as a registered account on the Fund
Registry and through which the owner of record has the ability to directly conduct account and transactional activity with and through
BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) **"Covered Account"** means an Account established by a financial intermediary for another as the owner of record on
the Fund Registry and through which such owner of record has the ability to conduct transactions in Fund shares directly with and through
BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) **"Account"** means (1) an account holding Fund Shares with respect to which a natural person is the owner of record,
and (2) any other account holding Fund Shares with respect to which there is a reasonably foreseeable risk to the particular account owner's
customers from identity theft, including financial, operational, compliance, reputation, or litigation risks.

(ii) BNYM will provide the Fund with a printed copy of or Internet viewing access to the Controls.

(iii) BNYM will notify the Fund of Red Flags which it detects and reasonably determines to indicate a significant risk of Identity Theft
to a Registered Owner or Covered Person (**"Possible Identity Theft"**) and assist the Fund in determining the appropriate
response of the Fund to the Possible Identity Theft.

(iv) BNYM will (A) annually engage an independent auditing firm or other similar firm of independent examiners to conduct an examination
of BNYM management's assertion pertaining to the Controls and issue a report on the results of the examination (the **"Examination Report"**), and (B) furnish a copy of the Examination Report to the Fund; and

(v) Upon the Fund's reasonable request on not more than a quarterly basis, issue a certification in a form determined to be appropriate
by BNYM in its reasonable discretion, certifying to BNYM's continuing compliance with the Controls after the date of the most recent Examination
Report.

(2) The Fund agrees it is responsible for complying with and determining the applicability to the Fund of Section 615(e) of the Fair Credit Reporting Act of 1970, as amended, and regulations promulgated thereunder by the SEC or other applicable federal agency (the **"Red Flags Requirements"**), for determining the extent to which the Red Flags Services assist the Fund in complying with the Red Flags Requirements, and for furnishing any supplementation or augmentation to the Red Flags Services it determines to be appropriate, and that BNYM has given no advice and makes no representations with respect to such matters. This Red Flags Section shall not be interpreted in any manner which imposes a duty on BNYM to act on behalf of the Fund or otherwise, including any duty to take any action upon the occurrence of a Red Flag, other than as expressly provided for in this Red Flags Section. The Controls and the Red Flags Services may be changed at any time and from time to time by BNYM in its reasonable sole discretion to include commercially reasonable provisions appropriate to the Red Flags Requirements, as they may be constituted from time to time. BNYM shall provide to the Fund for its review notice of the nature or content of any such change that it reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(c)(2).

**(d) <u>Access To And Use Of The BNYM System</u>.** The terms of Schedule C to this Agreement shall apply to the Fund's access to and use of any component of the BNYM System (as defined in Schedule C). Commencing on the Service Effective Date, BNYM shall provide the Fund with access to and use of those components of the BNYM System for which the Fund pays a fee in accordance with the Fee Agreement or with respect to which the Fee Agreement indicates the fee is included in the Account Fees (as such term is used in the Fee Agreement).

**(e) <u>Onboarding Services</u>.** BNYM shall in consultation with an Authorized Person, or a person designated by an Authorized Person, develop and implement a plan to prepare the BNYM System and BNYM personnel for the transaction processing, recordkeeping and other Services to be provided under the Agreement (**"Onboarding Plan"**). The Fund shall reasonably cooperate with BNYM to implement the Onboarding Plan, including without limitation by providing personnel and other resources reasonably required by the Onboarding Plan and by performing the tasks described for, as applicable, the Fund in the Onboarding Plan. The obligations in this Section 3(e) shall terminate on the Service Effective Date.

**4. <u>Confidentiality</u>.**

(a) Each party shall implement procedures reasonably designed to keep the Confidential Information (as defined immediately below) of the other party in confidence and to allow use and disclosure of and access to Confidential Information solely in connection with the activities contemplated by this Agreement or as otherwise expressly agreed in writing. Each party acknowledges that the Confidential Information of the disclosing party will remain the sole property of such party.

(b) Subject to the exceptions, qualifications and other terms of subsections (c) and (d) below, **"Confidential Information"** means:

(i) this Agreement and its contents, all compensation agreements, arrangements and understandings (including waivers) respecting this
Agreement, disputes pertaining to the Agreement, and information about a party's exercise of rights hereunder, performance of obligations
hereunder or other conduct of a party in connection with the Agreement,

(ii) information and data of, owned by or about a disclosing party or its affiliates, customers, or subcontractors that may be provided
to the other party or become known to the other party in the course of the relationship established by this Agreement, regardless of form
or content, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) competitively sensitive material, and not generally known to the public, including, but not limited to, studies, plans, reports, surveys,
summaries, documentation and analyses, regardless of form, information about product plans, marketing strategies, finances, operations,
customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating
to the past, present or future business activities of the Fund or BNYM, their respective subsidiaries and Affiliates and the customers,
clients and suppliers of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) scientific, technical or technological information, designs, processes, procedures, formulas, or improvements that are commercially
valuable and secret in the sense that its confidentiality affords the Fund or BNYM a competitive advantage over its competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a confidential or proprietary concept, documentation, report, data, specification, computer software, source code, object code, flow
chart, database, invention, know how, trade secret, whether or not patentable or copyrightable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) information related to privacy measures, compliance, physical security, information security, disaster recovery, business continuity
and any other operational plans, procedures, practices and protocols;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) information exchanged between the parties in connection with the expansion of the business relationship between the parties, including
without limitation information relating to the possible execution of service agreements between the parties or Affiliates of the parties
relating to services other than those provided by this Agreement, the addition of services to this Agreement and the addition of parties,
individual funds or fund complexes, and specialized fund or fund-like products like 529 plans, tender funds and interval funds to this
Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) anything designated as confidential, and

(iii) to any extent not included within clause (i) or clause (ii) above: with respect to BNYM, the Proprietary Items (as defined in Schedule
C), any information within the BNYM System accessed by the Fund that is not Company Data (as defined in Schedule C) or any information
provided by BNYM from within the BNYM System that is not Company Data: and with respect to the Fund, Company Data and personal information
(as defined in Section 5).

(c) Information or data that would otherwise constitute Confidential Information under subsection (b) above, except for personal information which shall always remain Confidential Information, shall not constitute Confidential Information to the extent it:

(i) is already known to the receiving party at the time it is
obtained;

(ii) is or becomes publicly known or available through no wrongful
act of the receiving party;

(iii) is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of confidentiality;

(iv) is released by the protected party to a third party without
restriction; or

(v) has been or is independently developed or obtained by the receiving party without reference to the Confidential Information provided
by the protected party.

(d) Confidential Information of a disclosing party may be used or disclosed by the receiving party in the circumstances set forth below but except for such permitted use or disclosure shall remain Confidential Information subject to all applicable terms of this Agreement:

(i) in connection with activities contemplated by this Agreement;

(ii) as required by law or regulation or pursuant to a court order, subpoena, order or request of a governmental or regulatory or self-regulatory
authority or agency, or binding discovery request in pending litigation (provided the receiving party will provide the other party written
notice of such requirement or request, to the extent such notice is permitted and commercially reasonable, and subject to proper jurisdiction,
if applicable);

(iii) in connection with inquiries, examinations, audits or other reviews by a governmental, regulatory or self-regulatory authority or
agency, audits by independent auditors or accountants or requests for advice or opinions from counsel; or

(iv) the information or data is relevant and material to any claim or cause of action between the parties or the defense of any claim or
cause of action asserted against the receiving party.

(e) Subject to the exceptions in (d), each party agrees not to publicly disseminate, broadcast or release Confidential Information of the other party or mutual Confidential Information even if such action otherwise could be construed to be permitted by other provisions of this Section 4.

(f) The provisions of this Section 4 shall survive termination of this Agreement for a period of three (3) years after such termination.

**5. <u>Information Security</u>.** Each party hereto acknowledges and agrees that, subject to the reuse and re-disclosure provisions of Regulation S-P, 17 CFR Part 248.11, it shall implement procedures reasonably designed to limit disclosure of the non-public personal information of shareholders and former shareholders of the Fund obtained under this Agreement to disclosures appropriate to carrying out the activities contemplated by this Agreement or as otherwise agreed in writing or permitted by law or regulation. BNYM will comply with provisions of the Gramm-Leach Bliley Act of 1999 (**"GLB Act"**) with respect to the personal information of shareholders and former shareholders of the Fund. Except as expressly provided otherwise in this Agreement, "personal information" for purposes of this Agreement has the meaning ascribed to that term in the GLB Act. BNYM also agrees to implement procedures reasonably designed to protect "personal information" as that term is defined in 201 CMR 17.00: Standards For The Protection Of Personal Information Of Residents Of The Commonwealth (**"Massachusetts Privacy Regulation"**), consistent with the Massachusetts Privacy Regulation and any applicable federal regulations. BNYM will implement and maintain a comprehensive information security program with written policies and procedures reasonably designed to: (i) protect the security and confidentiality of personal information; (ii) protect against any anticipated threats or hazards to the security or integrity of personal information; (iii) protect against unauthorized access to or use of personal information that could result in substantial harm or inconvenience to individuals, and (iv) provide for appropriate disposal of personal information.

**6. <u>Cooperation with Accountants</u>.** BNYM shall cooperate with the independent public accountants for the Fund and shall take commercially reasonable measures to furnish or to make available to such accountants information relating to this Agreement and BNYM's performance of the obligations hereunder as requested by such accountants and necessary for the expression of their opinion.

**7. <u>Ownership Rights</u>.** Ownership rights with respect to property utilized in connection with the parties' use of the BNYM System shall be governed by applicable provisions of Schedule B.

**8. <u>Disaster Recovery and Business Continuity</u>.** BNYM shall maintain or arrange with third parties for back-up facilities (**"Back-Up Facilities"**) to the primary operations and data centers used by BNYM to provide the services (**"Primary Facilities"**). The Back-Up Facilities will be capable of providing the material services in the event an incident to the Primary Facilities significantly interrupts the delivery of a material service from that facility. BNYM shall maintain (i) a written disaster recovery plan providing for continued operation of critical components of the BNYM System in the event of an significant interruption in the performance or use of the BNYM System, and (ii) a written business continuity plan providing for the continued provision of critical services pursuant Section 3 of this Agreement in the event of a significant disruption to such services, which such plans shall provide, where appropriate to the particular plan, for BNYM (a) to maintain the Backup Facilities, (b) perform periodic disaster recovery and business continuity testing, and (c) maintain disaster recovery and business continuity capabilities and procedures that are commercially reasonable for a financial institution. In the event of equipment failures or service disruptions, BNYM shall implement the disaster recovery plan or business continuity plan, or both, in accordance with their terms, including using the Back-Up Facilities to the extent appropriate under such plans.

**9. <u>Compensation; Service Accounts, Fund Custodian Matters</u>.**

(a) As compensation for services rendered by BNYM during the term of this Agreement, the Fund will pay to BNYM such fees and charges (the **"Fees"**) as may be agreed to from time to time and set forth in writing by the Fund and BNYM (the **"Fee Agreement"**). In addition, the Fund agrees to pay, and will be billed separately in arrears for, reasonable expenses incurred by BNYM in the performance of its duties hereunder (**"Reimbursable Expenses"**).

(b) BNYM may establish demand deposit accounts or other accounts in its own name for the benefit of the Fund at third party financial institutions (**"Third Party Institution"**), including without limitation Third Party Institutions that may be an affiliate of BNYM (**"Affiliated Third Party Institutions"**) or a client of BNYM, for the purpose of administering funds received by BNYM in the course of performing its services hereunder (**"Service Accounts"**). BNYM will issue instructions to the Fund Custodian as appropriate to administer the Service Accounts. BNYM may establish Service Accounts primarily or exclusively with Affiliated Third Party Institutions and retain funds primarily or exclusively in the Service Accounts at Affiliated Third Party Institutions. BNYM and its Affiliated Third Party Institutions may derive a benefit from the funds placed on deposit with the Affiliated Third Party Institutions in Service Accounts due to the availability of the funds for use by the Affiliated Third Party Institutions in their business operations and BNYM takes that possibility of deriving benefit from such funds into consideration when determining the Fees and other terms set forth in the Fee Agreement. As of the Effective Date, BNYM does not receive any balance credits, interest income, dividend income or other money or money-equivalent benefits (**"Monetary Benefits"**) with respect to Service Accounts but reserves the right to retain any Monetary Benefits related to Service Accounts that may accrue to it or be paid to it in the future as well as the right to transfer amounts between Service Accounts for cash administration purposes.

(c) In connection with BNYM's performance of transfer agency services, the Fund acknowledges and agrees that:

(i) BNYM in its role as transfer
agent may be notified of a Fund payment obligation that BNYM as transfer agent is expected to satisfy, such as a same-day settlement
obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy

the particular payment obligation of the Fund may exceed the amount of funds then available for transfer in the relevant Service Accounts (such excess amount if transferred by BNYM being hereinafter referred to as an **"Overdraft Amount"**);

(ii) BNYM is not obligated to transfer any funds representing Overdraft Amounts and may in its sole discretion decline without liability
hereunder to transfer funds representing Overdraft Amounts;

(iii) Notwithstanding the absence of an obligation to do so, BNYM may elect to transfer funds representing Overdraft Amounts (from sources
other than the Service Accounts) as a courtesy to a Fund and to maintain BNYM's good standing with the NSCC and other participants in
the financial services industry and that by electing to transfer funds representing Overdraft Amounts BNYM does not, even if it has transferred
such funds as part of a regular pattern of conduct, waive any rights under this Section 9(c) or assume the obligation it has expressly
disclaimed in clause (ii) above and BNYM may at any time in its sole discretion and without notice decline to continue to make such transfers;

(iv) The Fund is at all times obligated to pay to BNYM an amount of money equal to the Overdraft Amounts that have not been offset by credits
posted to the relevant Service Account subsequent to the transfer of the Overdraft Amount and such amounts are payable, and shall be paid,
together with such accrued interest as may be charged by BNY Mellon Bank in accordance with the Custody Agreement (as defined in Schedule
C), by the Fund immediately upon demand by BNYM, except that t o the extent the Fund repays outstanding
Overdraft Amounts and any accrued interest to BNY Mellon Bank pursuant to the ninth paragraph of Schedule C, the Fund's obligation to
repay that amount to BNYM pursuant to this Section 9(c)(iv) shall be deemed satisfied; and

(v) Simultaneously with the execution of this Agreement the Fund will execute the letter agreement attached hereto as Schedule C with
BNY Mellon Bank as an Affiliated Third Party Institution in which one or more Service Accounts will be established and as the Fund Custodian.

(d) The undersigned hereby represents and warrants to BNYM that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to BNYM or to the adviser or sponsor to the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, up-front payments, signing payments or periodic payments made or to be made by BNYM to such adviser or sponsor or any affiliate of the Fund relating to the Agreement have been fully disclosed to the Board and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.

(e) No termination of this Agreement shall cause, and no provision of this Agreement shall be interpreted in any manner that would cause, BNYM's right to receive payment of its fees and charges for services actually performed hereunder, and the Fund's obligation to pay such fees and charges, to be barred, limited, abridged, conditioned, reduced, abrogated, or subject to a cap or other limitation or exclusion of any nature.

(f) Provisions of this Agreement providing for BNYM to receive commercially reasonable compensation or fees and reimbursement of expenses from the Fund for services or a course of conduct it might perform supplemental to the services expressly provided for herein or in circumstances outside the ordinary course of business shall not be diminished to any degree solely due to such compensation, fees and reimbursable expenses not being expressly provided for in the Fee Agreement.

(g) In the event the Fund or any class, tier or other subdivision of the Fund is liquidated, ceases operations, dissolves or otherwise winds down operations (**"Dissolution Event"**) or effects a final distribution to shareholders (a **"Final Distribution"**), the Fund shall be responsible for paying to BNYM all fees and reimbursing BNYM for all reasonable expenses associated with services to be provided by BNYM in connection with the Dissolution Event or Final Distribution, whether provided pursuant to a specific request of the Fund or provided by BNYM due to industry standards or due to obligations under applicable law or regulation by virtue of the services previously performed for Fund (**"Final Expenses"**). The Fund shall (i) as promptly as reasonably practicable notify BNYM in reasonable detail of actions taken by its Board with respect to any Dissolution Event or Final Distribution or any significant aspect of a Dissolution Event or Final Distribution, and furnish BNYM with copies of materials filed with the SEC or other applicable regulatory authority or distributed to shareholders with respect to a Dissolution Event or Final Distribution, (ii) calculate, set aside, reserve and withhold from the Final Distribution or from any distribution subsequent to Board approval of the Dissolution Event or Final Distribution all amounts necessary to pay the Final Expenses and shall notify BNYM as far in advance as practicable of any deadline for submitting materials appropriate or necessary for the determination of such amounts, and (iii) provide sufficient staff or make other accommodations to ensure timely payment of Final Expenses as they come due.

**10. <u>Instructions</u>.**

(a) BNYM will engage in conduct when so directed by a Written Instruction or an Implementing Communication if the Written Instruction or an Implementing Communication, as appropriate, complies with applicable requirements set forth in this Section 10.

(i) *<u>Written Instructions</u>* . Notwithstanding any other provision of this Agreement: (A) unless the
terms of this Agreement, Written Procedures or other written agreement between the Fund and BNYM expressly provide, in the reasonable
discretion of BNYM, all requisite details and directions for it to take a specific course of conduct, BNYM may, prior to engaging in a
course of conduct on a particular matter, whether the course of conduct is proposed by or otherwise originates with BNYM or is directed
by the Fund in a Fund Communication, require the Fund to provide it with Written Instructions with respect to the particular conduct,
and (B) BNYM may also require Written Instructions with respect to conduct specified in a Fund Communication if it reasonably determines
that the Agreement, Written Procedures or other written agreement between the Fund and BNYM provides for the Fund to furnish a Written
Instruction in connection with the specified conduct.

(ii) *<u>Implementing Communications</u>* . **"Implementing Communication"** means Fund Communications
that are not a Written Instruction and that BNYM has determined in accordance with clause (i) above are not required in whole or in part
to be the subject of a Written Instruction.

(b) Subject to the right of BNYM to require in accordance with Section 10(a)(i) that conduct directed by a Fund Communication be provided in a Written Instruction, BNYM reserves the right to decline to act in accordance with a Fund Communication:

(i) for a Bona Fide Reason; or

(ii) if the Fund Communication (or contents thereof) does not constitute in all material respects, in the sole
judgment of BNYM exercised reasonably, a **"Standard Instruction"**, which is hereby defined to mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an
instruction received by BNYM directing a course of conduct substantially similar in all material respects to a course of conduct provided for in a Written Procedure, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if a Written Procedure provides for a particular form of instruction to be used in connection with a matter
(a **"Standard Form"**), an instruction received by BNYM (I) on the specified Standard Form which responds appropriately
to all requirements of the specified Standard Form, or (II) in a format other than the specified Standard Form but conforming in all material
respects to, and responding appropriately to all requirements of, the specified Standard Form in BNYM's sole judgment exercised reasonably.

(c) (1) Notwithstanding the right reserved by BNYM in Section 10(b) to decline to engage in conduct directed by a Fund Communication that is not a Standard Instruction (such instruction being a **"Non-Standard Instruction"**), if BNYM determines in its sole judgment exercised reasonably that sufficient time exists under the circumstances to evaluate fully and implement the requested conduct it will engage in a Reasoned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNYM will act in accordance with a Non-Standard Instruction solely pursuant to the terms of a mutually agreeable written instrument executed by the Fund and BNYM with respect to the conduct constituting the Non-Standard Instruction (such written instrument is referred to herein as an **"Accepted Non-Standard Instruction"**). For the avoidance of doubt, such conduct is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice, BNYM may for a Bona Fide Reason terminate an Accepted Non-Standard Instruction with respect to its future conduct.

(d) (1) The Fund shall implement reasonable measures to ensure that Fund Communications received by BNYM are authorized, accurate and complete and shall have sole and exclusive responsibility for the authorization, accuracy and completeness of such Fund Communications. BNYM is not obligated to act, and may refrain from acting, on any Illegible Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNYM will as promptly as reasonable in consideration of the subject matter of the Fund Communication notify the Fund in a timely manner of its discovery that a Fund Communication is an Illegible Communication; <u>provided</u>, <u>however</u>, BNYM shall have no duty to discover an Illegible Communication. BNYM may act in reliance on Fund Communications as received by it and shall have no duty to inquire into any matter regarding the Fund Communication, including without limitation the validity, authority, truthfulness, accuracy or genuineness of the Fund Communication, or to verify the identity of an individual giving the Fund Communication; <u>provided</u>, <u>however</u>, BNYM shall be obligated to verify that the name of any person executing a Written Instruction is listed as an Authorized Person. BNYM may assume and rely on the assumption that any Fund Communication is not in any way inconsistent with the provisions of the Fund's Offering Memoranda or organizational documents, this Agreement or any vote, resolution or proceeding of the Fund's Board or shareholders. BNYM may also rely on and is authorized by the Fund to act in reliance on communications from shareholders of the Fund and from persons reasonably believed to be representatives of shareholders of the Fund with respect to all matters reasonably related to the services provided for herein other than those BNYM determine to be not in good order or which it reasonably rejects on other grounds (**"Shareholder Communications"**, and together with Fund Communications (excluding Fund Communications identified to the Fund as Illegible Communications), **"Service Communications"**). BNYM shall notify the Fund of any such rejections in accordance with Written Procedures.

(e) Absent Liable Conduct on the part of BNYM, BNYM shall not be liable to the Fund for any Loss of the Fund, and absent Liable Conduct on the part of BNYM, the Fund shall indemnify and defend BNYM in accordance with Section 12 against all Loss, directly or indirectly arising from or incurred due to or in connection with:

(i) BNYM's reasonable good faith interpretation of a Service Communication;

(ii) BNYM's reasonable reliance on, or conduct it reasonably engages in pursuant to, a Service Communication;

(iii) a delay in BNYM's implementing a course of conduct contained in an Illegible Communication;

(iv) BNYM's failure to engage in conduct requested by a Service Communication with respect to which it has no
duty to act;

(v) any error, omission, inaccuracy, inconsistency, misrepresentation, fraud, forgery or other defect connected
to a Service Communication;

(vi) any failure to receive an item intended to be a Service Communication or the delay of its actual receipt
or its receipt in a form, configuration or with contents other than as transmitted;

(vii) any interception of or unauthorized access to or use of a Service Communication or item intended to be a
Service Communication prior to receipt by BNYM; or

(viii) the invalidity or lack of truthfulness, accuracy, authority or genuineness of a Service Communication.

(f) In addition to any other provision of this Agreement that may be applicable to a particular Instruction, BNYM may include in the writing constituting a Standard Instruction, or in a Standard Form, appropriate operational, procedural and functional terms and provisions, provisions appropriate to its agency role, and provisions appropriate in light of or imposed by applicable law or regulations, rules of the DTCC, NSCC or similar service providers or governmental, regulatory or self-regulatory authority, or Industry Standards. In addition, in the absence of provisions in this Agreement that in the sole judgment of BNYM exercised reasonably provide sufficient authority, indemnification, limitations on liability or confidentiality and privacy protections, BNYM may require third parties purportedly authorized to act on behalf of or for the benefit of the Fund in connection activities contemplated by this Agreement, or the Fund, to execute a document containing such terms and conditions as BNYM may reasonably require prior to engaging in any course of conduct with such third parties.

(g) If BNYM receives Fund Communications that appear on their face to have been transmitted by an authorized agent of the Fund via (i) facsimile, email, or other electronic method that is not secure, or (ii) secure electronic transmission containing applicable authorization codes, passwords or authentication keys, the Fund acknowledges that recipients of such Fund Communications cannot determine the identity of the actual sender and that BNYM may conclusively presume that such Fund Communications have been property authorized.

(h) While reserving its right under this Section 10 to decline to act in accordance with instructions not constituting Written Instructions, BNYM may agree to act in accordance with Oral Instructions on a particular matter, and, with respect to each acceptance of Oral Instructions, the Fund agrees that it will deliver to BNYM, for receipt by 5:00 PM (Eastern Time) on the same business day as the day the Oral Instructions were given, Written Instructions which confirm the course of conduct contained in the Oral Instructions. Under all circumstances and for all purposes of the Agreement: BNYM's written memorialization of the Oral Instructions shall constitute the Written Instructions applicable to the particular matter; and the validity and authorization of such Written Instructions and of the conduct undertaken by BNYM and BNYM's right to rely on such Written Instructions shall not be abridged, abrogated or adversely impacted in any manner or under any circumstances.

(i) In the event facts, circumstances, or conditions exist or events occur, including without limitation situations contemplated by Section 10(d), and BNYM reasonably determines that it must take a course of conduct in response to such situation (including a course of action that constitutes taking no action) and must receive an Instruction from the Fund to direct its conduct, and BNYM so notifies two Authorized Persons of the Fund, and the Fund fails to furnish Instructions (**"Response Failure"**), BNYM will in good

faith seek to determine the appropriate course of conduct in response to the circumstances and will have all rights with respect the conduct taken in good faith in such circumstances (including a course of action that constitutes taking no action) that it would have if the conduct were specified in Written Instructions.

(j) Any form furnished by the Fund to third parties for use in connection with the activities or services of BNYM contemplated by this Agreement that does not constitute a Standard Form or a form that is substantially equivalent in all material respects to a Standard Form (**"Non-Standard Form"**) shall constitute a Non-Standard Instruction subject to all terms of this Section 10 applicable to Non-Standard Instructions . BNYM may without liability hereunder decline to accept or act upon a Non-Standard Form and the Fund indemnifies and releases BNYM for and from all Loss incurred in connection with reasonable conduct BNYM engages in in connection with the Non-Standard Form, including accepting or declining to accept or acting or declining to act upon a Non-Standard Form.

**11. <u>Terms Relating to Liability</u>.** 

(a) BNYM's sole and exclusive monetary liability to the Fund (and all persons claiming through or for the Fund) under this Agreement shall be for the direct money damages (i) that result from BNYM's breaches of the Agreement that constitute the intentional misconduct, reckless disregard, fraud or negligence in the performance of an obligation under this Agreement (**"Liable Conduct"**), and (ii) that are not excluded by another provision of this Agreement.

(b) BNYM's maximum aggregate cumulative monetary liability to the Fund and all persons or entities claiming through the Fund, considered as a whole, for all loss, cost, expense, damages, liabilities and obligations under or related to this Agreement or the services hereunder, the recovery of which is not excluded by another provision of this Agreement, shall not exceed (i) the Fees actually paid to BNYM by the Fund for services provided hereunder during the twelve (12) calendar months immediately preceding the last Loss Date; or (ii) if the last Loss Date occurs prior to the completion of twelve (12) full calendar months following the Service Effective Date, the greater of (A) all Fees paid with respect services rendered during the full calendar months that have elapsed subsequent to the Service Effective Date (**"Elapsed Months"**), or (B) the average monthly amount of Fees paid during the Elapsed Months multiplied by 12. The maximum aggregate cumulative liability of BNYM as specified by this Section 11(b) is referred to herein as the **"General Damage Cap"**.

(c) Notwithstanding any other provision, and for all purposes, of this Agreement:

Neither party nor its Affiliates shall be liable for any Loss (including Loss caused by delays, failure, errors, interruption or loss of data) or breach hereunder occurring directly or indirectly by reason of any event or circumstance, whether foreseeable or unforeseeable, which despite the taking of commercially reasonable measures is beyond its reasonable control, including without limitation: extraordinary forces of nature and natural disasters, such as floods, hurricanes, severe storms (storms with one or more severely destructive forces comparable to hurricane but not meeting technical hurricane criteria), tornados, earthquakes and wildfires; national or local states of emergencies; epidemics; action or inaction of civil or military authority; war, terrorism, riots or insurrection; criminal acts; job action by organized labor; building or area evacuations ordered by lawful authority; interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; denial of service attacks; non-performance by third parties (other than subcontractors of BNYM for causes other than those described herein); or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the foregoing (all and any of the foregoing being an **"Event Beyond Reasonable Control"**). Upon the occurrence of an Event Beyond Reasonable Control, the affected Party shall be excused from any non-performance caused by the Event Beyond Reasonable Control for so long as the Event Beyond Reasonable Control or damages caused by it prevail and such party continues to use

commercially reasonable efforts to attempt to perform the obligation so impacted, including invoking disaster recovery or business continuity plans when applicable.

(d) BNYM shall not be liable for any Loss arising out of any action, omission or conduct of any prior service provider of the Fund or for any failure to discover any action, omission or conduct of any prior service provider of the Fund that caused or could cause Loss.

(e) Notwithstanding any other provision of this Agreement, except to the extent a provision may expressly provide for indemnification of all Loss, in which case indemnification for all Loss shall be permitted, in no event shall either party, its Affiliates or any of its or their directors, officers, employees, agents or subcontractors be liable under the Agreement under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other losses which are not direct damages regardless of whether such losses or damages were or should have been foreseeable and regardless of whether any entity or person has been advised of the possibility of such losses or damages, all and each of which such loss is hereby excluded by agreement of the parties.

(f) No party may assert a claim or cause of action (or, if applicable, commence an arbitration or other alternate dispute resolution proceeding) against BNYM or any of its affiliates more than 18 months after the first event or occurrence comprising the conduct or alleged conduct upon which the cause of action is based.

(g) Each party shall have a duty to mitigate damages for which the other party may become responsible. BNYM shall be permitted to pursue recovery of amounts paid by BNYM to persons not entitled to such amounts or payments, including through all available legal remedies, and the Fund agrees to cooperate with BNYM (at BNYM's expense and request).

(h) With respect to securities data, files, reports, information and research furnished to BNYM by third parties (not delegated duties, subcontracted or otherwise engaged by BNYM to perform the services hereunder on its behalf) and included in the BNYM System (**"Securities Data"**), the Fund acknowledges that BNYM makes no warranty concerning the Securities Data and BNYM disclaims all responsibility for the Securities Data, including its content, accuracy, completeness, availability or timeliness of delivery, and BNYM shall not be liable for Loss caused by Errant Securities Data (as defined below); <u>provided</u>, <u>however</u>, with respect to transaction activity communicated to BNYM by the DTCC or NSCC, BNYM will maintain commercially reasonable processes and procedures to detect and attempt to resolve rejected transactions. **"Errant Securities Data"** means Securities Data not being provided to BNYM with the content and at the time which is standard for the industry or which is required for or used in the performance of any service provided for in the Agreement.

(i) If BNYM becomes aware of a matter that involves a signature guarantee, signature validation, or any other guarantee or certification regarding a signature, document or instrument, a fraudulent signature, document or instrument, a document or instrument that is alleged to be fraudulently procured, tendered or negotiated, any other matter involving a payment instrument, a payment or funds transfer system, or a payment clearance system, and any other matter that may give rise to a claim for recovery under applicable law or regulation or the rules of an industry utility (such as the NSCC or NACHA), BNYM will take commercially reasonable measures to investigate the facts of the matter and upon the conclusion of the investigation provide to the Fund access to all materials and information gathered during the investigation not subject to a confidentiality obligation to third parties and thereafter, as between the Fund and BNYM, any further action on behalf of the Fund or a shareholder in connection with the matter investigated shall be the sole and exclusive responsibility of the Fund. BNYM shall cooperate reasonably

to provide within a reasonable period information in its possession at the time in any ongoing investigation conducted by the Fund into such matters.

(j) BNYM shall be entitled to rely on, and engage in conduct based upon, its reasonable interpretation of **"Legal Authority"** (which is hereby defined to mean all laws and all regulations, rules, legal process and other acts and communications of an official nature of governmental, quasi-governmental bodies, regulatory and self-regulatory bodies) and the analysis and advice of legal counsel, including such reliance and conduct in circumstances when available Legal Authority is in conflict or does not provide unambiguous precedent or guidance. BNYM may rely and act in accordance with the analysis and advice of legal counsel that is reasoned notwithstanding the existence or availability of a differing legal analysis or advice or of different interpretations. For the avoidance of doubt, such conduct is included within the conduct described in clause (b) of Section 12 and the rights described in Section 12 apply in the event the Fund requests that BNYM engage in conduct other than in accordance with BNYM's reasonable interpretation of Legal Authority or reasoned legal analysis or legal advice and BNYM engages in such conduct.

(k) In connection with any dispute or action between the parties to this Agreement, unless recovery of legal fees or expenses is expressly provided for by a particular provision: no party to this Agreement shall be liable to any other party to this Agreement for any costs or expenses of any nature related to legal counsel, legal representation or legal action, including without limitation costs and expenses associated with litigation, threatened litigation and dispute resolution, court costs and costs of arbitration, discovery, experts, settlement and investigation that arise in connection with any claim, indemnification right, action or demand made or sought under this Agreement; each party shall bear its own such costs and expenses.

(l) This Section 11 shall survive termination of this Agreement.

**12. <u>Indemnification</u>.** The Fund agrees to indemnify, defend and hold harmless BNYM and its affiliates, and the respective directors, trustees, officers, agents and employees of each, from all Loss arising directly or indirectly from: (i) third party Claims based on conduct of the Fund or a Fund agent, contractor, subcontractor or prior or current service provider; (ii) BNYM's response to legal process from third parties compelling testimony or evidence production in connection with a Claim asserted against the Fund or its agents but not BNYM, (iii) conduct of BNYM as agent of the Fund not involving Liable Conduct in the execution of the conduct, including without limitation conduct required or permitted by the Agreement and conduct taken pursuant to Fund Communications, Written Procedures, Legal Authority, Section 10(h) (Response Failure), or Non-Standard Forms, and (iv) a Fund Error or Errant Securities Data. BNYM shall have no liability to the Fund or any person claiming through or for the Fund for any Loss caused in whole or in part by any conduct described in the preceding sentence. The Fund shall have no obligation to indemnify BNYM for any of the foregoing arising out of BNYM's Liable Conduct. This Section 12 shall survive termination of this Agreement.

**13. <u>Duration and Termination</u>.**

(a) This Agreement shall be effective on the Effective Date and continue, unless validly terminated pursuant to this Section 13 prior thereto, until the date which is the third (3<sup>rd</sup>) anniversary of the Service Effective Date (the **"Initial Term"**).

(b) (1) This Agreement shall automatically renew on the final day of the Initial Term and the final day of each Renewal Term for an additional term which will continue until the third (3<sup>rd</sup>) anniversary of such renewal date (each such additional term being a **"Renewal Term"**), unless the Fund, on one hand, or BNYM, on the other hand, gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial

Term or the then-current Renewal Term (a **"Non-Renewal Notice**"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate on the last day of the Initial Term or Renewal Term, as applicable, or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with a termination occurring pursuant to a termination notice provided for in Section 13(c) or 13(d) or a Non-Renewal Notice, if Deconversion Services are requested by the Fund BNYM shall make commercially reasonable efforts to perform the requested Deconversion Services as of the dates reasonably requested by the Fund, subject to BNYM's existing work and project schedules and the availability of personnel with requisite expertise.

(c) If a party (BNYM or the Fund) materially breaches this Agreement (a **"Defaulting Party"**) the other party (on one hand, BNYM; on the other hand, the Fund) (the **"Non-Defaulting Party"**) may give written notice thereof to the Defaulting Party (BNYM or the Fund) (**"Breach Notice"**), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party (**"Breach Termination Notice"**), in which case this Agreement shall terminate on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate), or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

(d) (1) Notwithstanding any other provision of this Agreement, if prior to the expiration of, as appropriate, the Initial Term or the then-current Renewal Term, the Fund gives notice to BNYM terminating this Agreement, other than pursuant to Section 13(c) or Section 13(f) (individually and collectively, **"Early Terminations"**), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the earlier to occur of the effective date of the Early Termination or the commencement date of any significant activities
related to the conversion or transfer of Fund records and accounts to a successor service provider, the Fund shall pay to BNYM the lesser
of (x) an amount equal to all fees and other charges and amounts that would be due under the Fee Agreement (excluding Reimbursable Expenses
if not to be incurred) from such payment date through the expiration of, as appropriate, the Initial Term or the then-current Renewal
Term as if services had been performed by BNYM and accepted by the Fund during such period in accordance with the Agreement; and (y) an
amount equal to all fees and other charges and amounts that would be due under the Fee Agreement (excluding Reimbursable Expenses if not
to be incurred) from such payment date through twelve (12) months as if services had been performed by BNYM and accepted by the Fund during
such period in accordance with the Agreement (**"Early Termination Fee"**). The Early Termination Fee shall be calculated
using the average of the monthly fees and other charges and amounts due to BNYM under this Agreement during the last three calendar months
immediately preceding the date of the notice of Early Termination (or, if not given, the date services are terminated hereunder) extrapolated
over the remaining term of the Agreement at such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund expressly acknowledges
and agrees that the Early Termination Fee is not a penalty but is reasonable compensation to BNYM for a termination of the Agreement
before the expiration of, as appropriate, the Initial Term or the then-current Renewal

Term and prior to receipt by BNYM of the compensation upon which the fees and other terms of this Agreement were based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Fund gives notice of Early Termination (or an Early Termination without such notice occurs due to a Constructive Termination)
after expiration of the notice period specified in Section 13(b), the references above to "expiration of, as appropriate, the Initial
Term or the then-current Renewal Term" shall be deemed to mean "expiration of the Renewal Term immediately following, as appropriate,
the Initial Term or the then-current Renewal Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of an Early Termination, this Agreement will terminate with respect to the Fund on the last to occur of the date contained
in a notice of termination, the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services)
or the date the Deconversion (or final Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision of this Agreement, if all Fund Shares in a Shareholder account, or a substantial portion of Fund Shares in a Shareholder account, are redeemed or repurchased by the Fund for cash or in-kind assets by or at the direction, coordination or inducement of the investment advisor to the Fund, the Fund distributor, the Fund sponsor, or an Affiliate of any of the foregoing (each a **"Related Person"**), and the proceeds of the redemption or repurchase are subsequently used to purchase interests, shares or units in a collective investment vehicle with investment goals or investment holdings substantially similar to the Fund serviced by another transfer agency service provider (including without limitation a Related Person or the Fund acting on its own behalf) (a **"Removed Account"**), the Fund will be deemed to have caused an Early Termination with respect to the Removed Accounts as of the day immediately preceding the first such redemption or repurchase and the Fund shall pay BNYM within 30 days of such date an Early Termination Fee calculated as if the Removed Accounts constituted a "Fund" (**"Removed Account Fee"**).

(e) (1) In connection with any termination of this Agreement by the Fund, the Fund shall also pay to BNYM the amounts described in clauses (A) and (B) below not later than the **"Payment Date"**, which is hereby defined to mean (i) the date of termination of the Agreement (whether such date is determined by the sending of a Non-Renewal Notice, by designation of a date in a notice of termination), or, (ii) if either of the following, or both, should occur before such termination date, the date that either of the following first occurs: (aa) the date of cessation of a substantial portion of the services provided for in Section 3 of the Agreement, or (bb) the date that performance of significant Deconversion Services is scheduled to commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Fees and Reimbursable Expenses that may be owed by the Fund pursuant to Section 9(a) for services performed by BNYM pursuant to
the Agreement through and including the Payment Date (whether already invoiced, pending invoice or estimated in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount estimated in good faith by BNYM (**"Good Faith Estimate"**) for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any services to be provided
by BNYM following the Payment Date that may relate to a cessation of operations or the winding up of the affairs of the Fund or a termination
of the Agreement, including by way of example and not limitation, answering general shareholder inquiries, furnishing historical shareholder
account information to authorized parties, providing tax services with respect to transactions occurring before the termination such
as the filing of final tax forms, maintaining a Service Account for checks not yet cleared, and compliance with

record retention requirements (**"Trailing Services"**), at the fees set forth in the Fee Agreement or, if applicable fees are not provided for therein, at commercially reasonable rates, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the reasonable out-of-pocket expenses expected to be incurred in performing the Trailing Services (**"Reimbursable Trailing Expenses"**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) if BNYM is requested to perform any Deconversion Services (as defined below): (I) fees and charges of BNYM for such Deconversion Services
at the rates set forth in the Fee Agreement or, if applicable fees are not provided for therein, fees at commercially reasonable rates,
and (II) amounts to reimburse BNYM for any reasonable out-of-pocket expenses reasonably expected to be incurred in performing the Deconversion
Services. **"Deconversion Services"** means a Deconversion and any and all other measures taken and conduct engaged in by
BNYM associated with any transfer or movement of files, records, materials or information or a conversion thereof, including but not limited
to the transfer, movement or duplication of any files, records, materials or information and any conversion of such from the formats and
specifications of the BNYM System to the formats and specifications of a successor service provider or as otherwise specified by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For avoidance of doubt: to the extent BNYM performs any services pursuant to Section 3 or Schedule B of the Agreement subsequent to the Payment Date, the Fund shall pay for such services upon being invoiced for such services in accordance with the terms of the invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Within 120 days following the Deconversion (or final Deconversion if more than one):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall determine any (i) amounts payable by the Fund for services provided pursuant to Section 3 or Schedule B of the Agreement
that have not been paid, (ii) amounts payable by the Fund for Trailing Services, for reimbursement of reasonable out-of-pocket expenses
incurred in performing the Trailing Services, for Deconversion Services and for reimbursement of reasonable out-of-pocket expenses incurred
in performing the Deconversion Services that have not been paid by the Fund, whether or not included in whole or in part in the Good Faith
Estimate, and (iii) amounts paid by the Fund pursuant to Sections 13(e)(1)(B) and 13(e)(2) in excess of amounts actually owed by the Fund
to BNYM for the services indicated therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall net the amounts determined in accordance with clause (A) above and notify the Fund whether BNYM owes money to the Fund
or the Fund owes money to BNYM and the amount owed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Within seven (7) days of the notification provided for by Section 13(e)(3)(B), BNYM will pay the Fund any amount it owes the Fund and the Fund shall pay BNYM any amount it owes BNYM.

(f) A party hereunder is an **"Insolvent Party"**: (i) if it commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or if there is commenced against it any such case or proceeding; (ii) if it commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for itself or for any substantial part of its property or if there is commenced against it any such case or proceeding; (iii) if it makes a general assignment for the benefit of creditors; or (iv) if it states in any medium, written, electronic or otherwise, any public

communication or in any other public manner its inability to pay debts as they come due. Notwithstanding any other provision of this Agreement, upon the happening of any event or circumstance making a party an Insolvent Party (an **"Insolvency Event"**), the other party hereunder (the **"Solvent Party"**) may in its sole discretion terminate this Agreement immediately (and, for clarification, in the event of a termination hereunder effected by BNYM, immediately cease providing all services) by sending notice of termination to the Insolvent Party. The Solvent Party may exercise its termination right under this Section 13(f) at any time following the occurrence of the Insolvency Event notwithstanding that the Insolvency Event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by the Solvent Party of its termination right under this Section 13(f) shall be without any prejudice to any other remedies or rights available to the Solvent Party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding clause (iii) of Section 15, notice of termination under this Section 13(f) shall be considered effective when sent.

(g) References in this Agreement to a termination of the Agreement on or as of a particular day or date, unless specifically stated to be otherwise, means that termination occurs at 11:59 PM on the particular day or date.

(h) Any termination of this Agreement must occur in accordance with provisions of this Section 13.

**14. <u>Policies and Procedures</u>.**

(a) BNYM shall perform the services provided for in this Agreement in accordance with the written policies, processes, procedures, manuals, documentation and other operational guidelines of BNYM governing the performance of the services in effect at the time the services are performed (**"Standard Procedures"**). BNYM may embody in its Standard Procedures, including Standard Procedures for determining whether an instruction it receives is "in good order" (**"IGO"**) or is "not in good order" (**"NIGO"**), and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with generally accepted industry practices, principles or standards (**"Industry Standard"**). Likewise, when in connection with a providing a service, including IGO and NIGO determinations, BNYM is required to engage in conduct for which it does not have a Standard Procedure or Standard Procedures only partially address the facts and circumstances of a particular issue, BNYM may engage in and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with Industry Standards. In making the decisions described in the foregoing sentences BNYM may rely on such information, data, research, analysis and advice, including legal analysis and advice, as it reasonably determines appropriate under the circumstances. For clarification: the published guidelines of the Securities Transfer Association shall constitute an Industry Standard on the subject matter addressed therein. BNYM may revise the Standard Procedures in accordance with the provisions of this Section 14(a).

(b) (1) Notwithstanding any other provision of this Agreement, in the event facts, circumstances or conditions exist or events occur which would require a service to be provided hereunder other than in accordance with BNYM's Standard Procedures, or if BNYM is requested by the Fund, or a third party authorized to act for the Fund, to deviate from a Standard Procedure in connection with the performance of a service hereunder or institute a service or procedure with respect to which there is no Standard Procedure (collectively, a **"Non-Standard Procedure"**), then BNYM will engage in a Reasoned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Non-Standard Procedure that BNYM agrees to implement in a written instrument executed by the Fund and BNYM is referred to herein as an **"Exception Procedure"** and BNYM shall obligated to perform a Non-Standard Procedure only to the extent expressly provided for in an Exception

Procedure. For the avoidance of doubt, conduct engaged in pursuant to an Exception Procedure is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice BNYM may terminate an Exception Procedure for a Bona Fide Reason.

(c) In the event that Fund requests documentation, analysis or verification in whatsoever form regarding the commercial reasonableness or industry acceptance of conduct provided for in a Standard Procedure, BNYM will cooperate to furnish such materials as it may have in its possession at the time of the request without cost to the Fund, but the Fund agrees to reimburse BNYM for all reasonable out of pockets costs and expenses incurred, including the reasonable costs of legal or expert advice or analysis, reasonably determined to be necessary in obtaining additional materials in connection with the request.

(d) If in the course of acting in accordance with a Non-Standard Procedure, BNYM encounters questions, issues or uncertainty of a legal or other nature as to the appropriate course of conduct under the Non-Standard Procedure, the Fund agrees that any expenses incurred by BNYM in consulting with third parties, such as, without limitation, attorneys, auditors or accountants, to resolve the questions, issues or uncertainty shall be the responsibility of the Fund to be paid upon being invoiced by BNYM. Prior to engaging any such third party BNYM shall advise the Fund it is doing so and the Fund shall have the option of obtaining such consulting services on its own and providing the results to BNYM. For the avoidance of doubt, conduct engaged in pursuant to this Section 14(d) is included within the conduct described in clause (b) of Section 12.

(e) BNYM has adopted and during the effectiveness of the Agreement will maintain and comply with policies and procedures reasonably designed to comply with Rule 38a-1 under the 1940 Act.

**15. <u>Notices</u>.** Notices permitted or required by this Agreement shall be in writing and:

(i) addressed as follows, unless a notice provided in accordance with this Section 15 shall specify a different address or individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to BNYM, to BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809, Attention: President;
with a copy to BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809, Attention: Legal Department;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Fund, at <u> </u>,
Attention: <u> </u>;

(ii) delivered: by hand (personal delivery by an Authorized Person to addressee); private messenger, with signature of recipient; U.S.
Postal Service (with return receipt or other delivery verification provided); overnight national courier service, with signature of recipient,
facsimile sending device providing for automatic confirmation of receipt; and

(iii) deemed given on the day received by the receiving party.

**16. <u>Amendments</u>.** This Agreement, or any term thereof, including without limitation the Schedules hereto, may not be amended, changed, modified, supplemented, rescinded, terminated, cancelled, or discharged orally or in any other manner except by an agreement signed by the Parties set out in writing, excluding emails, specifically referencing that it is, as applicable, an amendment, change, modification, or supplement to or rescission, termination, cancellation, or discharge of this Agreement.

**17. <u>Assignment; Subcontracting</u>.** Except as expressly provided in this Section 17, no party may

assign, transfer or delegate this Agreement, or assign or transfer any right hereunder or assign, transfer or delegate any obligation hereunder, without the written consent of the other party and any purported assignment, transfer or delegation in violation of this Section 17 by a party shall be voidable at the option of the other party. For clarification: "assign," "transfer" and "delegate" as used in the foregoing sentence are intended to mean conveyances, whether voluntary or involuntary, whether by contract, a sale of a majority or more of the assets, equity interests or voting control of a party, merger, consolidation, dissolution, insolvency proceedings, court order, operation of law or otherwise, which fully and irrevocably vest in the assignee, transferee or delegatee, as applicable, some or all rights and/or obligations under the Agreement and fully and irrevocably divest the assignor, transferor or delegator, as applicable, of some or all rights and/or obligations under the Agreement. Notwithstanding the foregoing, and without the prior written consent of any party: To the extent appropriate under rules and regulations of the NSCC, BNYM may satisfy its obligations with respect to services involving the NSCC through an Affiliate that is a member of the NSCC by delegation or subcontracting; BNYM may assign, transfer and delegate this Agreement to an Affiliate and assign, transfer and delegate this Agreement in connection with a sale or transfer of a majority or more of its assets, equity interests or voting control, provided that BNYM gives the Fund sixty (60) days' prior written notice of such assignment, transfer or delegation, such assignment, transfer or delegation does not impair the Fund's receipt of services under this Agreement, and the assignee, transferee or delegatee agrees to be bound by all terms of this Agreement in place of BNYM; and BNYM may subcontract with, hire, engage or otherwise outsource to any third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNYM under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNYM of any of its liabilities hereunder.

**18. <u>Signatures; Counterparts</u>.** This Agreement may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Agreement physically delivered, on a copy of the Agreement transmitted by facsimile transmission or on a copy of the Agreement transmitted as an imaged document attached to an email, or by **"Electronic Signature"**, which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Agreement by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Agreement or of executed signature pages to counterparts of this Agreement, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Agreement and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Agreement.

 **19. <u>Miscellaneous</u>.** 

(a) <u>Entire Agreement</u>. This Agreement, and the related Fee Agreement, embody the final, complete, exclusive and fully integrated record of the agreement of the parties on the subject matter herein and therein and supersedes all prior agreements, understandings, proposals, responses to requests for proposal, memoranda of understanding or memoranda of any other nature, terms sheets, letters of intent and communications of any other nature relating to such subject matter.

(b) <u>Non-Solicitation</u>. During the effectiveness of this Agreement and for one year thereafter, the Fund shall not, directly or indirectly, knowingly solicit or recruit for employment or hire, or make a recommendation, or referral or otherwise knowingly assist or facilitate the solicitation or recruitment of any BNYM employee, for employment by any other entity. To "knowingly" solicit, recruit, hire, assist or facilitate, within the meaning of this provision, does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNYM employee by another entity if the BNYM employee was identified solely as a result of the BNYM employee's response to a general advertisement in a publication

of trade or industry interest or other similar general solicitation.

(c) <u>Changes That Materially Affect Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund agrees to provide BNYM with at least 30 days advance written notice of any new or modified Company Standard (as defined below) that could reasonably require revised or new Conduct, including without limitation revisions or additions to, or new, Shareholder Materials; <u>provided</u>, <u>however</u>, in the event 30 days' advance notice is not reasonably practicable under particular circumstances, the Fund shall provide as much advance notice as is reasonably practicable under those circumstances (**"Available Notice"**), but acknowledges and agrees that less than 30 days' notice may adversely impact BNYM's ability to perform an obligation hereunder or to respond to the Company Standard Change in a manner contemplated by Section 19(c)(2) and that BNYM shall have no liability and shall not be in breach of this Agreement or any performance standard if due in whole or in part to the Available Notice it is unable to perform an obligation in accordance with this Agreement. **"Company Standards"** means, collectively, as of a point in time that Company Standards is being determined, each feature, policy, procedure, service, operation, parameter or other aspect of whatsoever nature of the Fund that impacts or influences in any manner BNYM's provision of the Services or performance of an obligation, including without limitation all contents of the Fund's Shareholder Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision of the Agreement, including without limitation the description of services in Section 3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To the extent that any obligation, Service or course of conduct of BNYM provided for hereunder is configured or performed as it is at a particular time in whole or in part due to Company Standards, standards imposed by clearing corporations or other industry-wide service bureaus or organizations, or laws, rules, regulations, orders or legal process in effect at such time (**"Service Requirements"**) and BNYM's performance of that obligation, Service or course of conduct in compliance with any new or modified Service Requirement requires that BNYM develop, implement or provide a new or modified service, process, procedure, resource, functionality or conduct (**"New Service"**), or a new or modified Service Requirement requires that BNYM develop, implement or provide a New Service to remain in compliance with the Agreement, or the Fund requests that BNYM develop, implement or provide a New Service, BNYM shall be obligated to develop, implement or provide the New Service only in accordance with a written amendment to this Agreement entered into in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If in order to perform an obligation under this Agreement BNYM develops, implements or provides a New Service that it may not be obligated to develop, implement or provide pursuant to subsection (A) above but that it develops, implements and provides for clients generally due to a new or revised Service Requirement, BNYM it shall entitled to commercially reasonable fees and reimbursement of reasonable expenses for such development, implementation and performance if it elects to invoice Company for such, or to such other fees, charges or expense reimbursement as may be mutually agreed by the parties.

(d) <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

(e) <u>Requested Information and Documentation</u>. The Fund will provide in a timely manner such information and documentation as BNYM may reasonably request in connection with providing services under this Agreement and BNYM will not be liable for any Loss incurred by the Fund due to a failure or delay in providing such information or documentation.

(f) <u>Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This Agreement shall be deemed to be a contract made in Delaware and governed by Delaware law, without regard to its principles of conflicts of law that would apply the law of another jurisdiction. This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act (**"UCITA"**), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The parties hereby waive any right they may have to trial by jury in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement.

(g) <u>Severability</u>. The parties intend every provision of this Agreement to be severable. If a court of competent jurisdiction determines that any term or provision is illegal or invalid for any reason, the illegality or invalidity shall not affect the validity of the remainder of this Agreement. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. Without limiting the generality of this paragraph, if a court determines that any remedy stated in this Agreement has failed of its essential purpose, then all other provisions of this Agreement, including the limitations on liability and exclusion of damages, shall remain fully effective.

(h) <u>Parties in Interest</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Except with respect to those certain provisions providing for rights of the Custodian or obligations of the Fund with respect to the Custodian, and those certain provisions benefitting affiliates of the parties, this Agreement is not for the benefit of any other person or entity and there shall be no third party beneficiaries hereof. Unless expressly provided to the contrary herein: the parties to the Agreement alone shall have the right to enforce its provisions and any action to enforce the Agreement by a person not a party shall be void.

(i) <u>No Representations or Warranties</u>. Except as expressly provided in this Agreement, BNYM hereby disclaims all representations and warranties, express or implied, made to the Fund or any other person, including, without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (irrespective of any course of dealing, custom or usage of trade), of any services or any goods provided incidental to services provided under this Agreement. BNYM disclaims any warranty of title or non-infringement except as expressly set forth in this Agreement.

(j) <u>Customer Identification Program Notice</u>. To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Certain of BNYM's affiliates are financial institutions, and BNYM may, as a matter of policy, request (or may have already requested) the name, address and taxpayer identification number or other government-issued identification number of the Fund or others, and, if such other is a natural person, that person's date of birth. BNYM may also ask (and may have already asked) for additional identifying information, and BNYM may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

(k) <u>Requests to Transfer Information to Third Parties</u>. In the event that the Fund, other than pursuant to a Standard Procedure, whether by Written Instructions, Fund Communications or otherwise, requests

or instructs BNYM to send, deliver, mail, transmit or otherwise transfer to a third party which is not a subcontractor of BNYM and which is not the DTCC, NSCC or other SEC-registered clearing corporation, or to make available to such a third party for retrieval from within the BNYM System, any information in the BNYM System: BNYM may decline to provide the information requested on the terms contained in the request due to legal or regulatory concerns, transmission specifications not supported by BNYM, or other good faith or bona fide business reasons, but will in good faith discuss the request and attempt to accommodate the Fund with respect to the request, and BNYM will not be obligated to act on any such request unless it agrees in writing to the terms of the information transfer. In the event BNYM so agrees in writing to transfer information or make it available within the BNYM System: the Fund shall pay a reasonable fee for such activities upon being invoiced for same by BNYM; BNYM shall have no liability or duty with respect to such information after it releases the information or makes it available within the BNYM System, as the case may be, provided BNYM does not commit Liable Conduct when executing the express instructions of the written information transfer request; BNYM shall be entitled to the indemnification provided for at Section 12 pursuant to clause (b) in connection with the activities contemplated by any such written information transfer request, including for the avoidance of doubt third party claims; and BNYM may conclusively presume without a duty of independent verification that the Fund has received all applicable third party authorizations.

(l) <u>Service Indemnifications; Survival</u>. Any indemnification provided to BNYM by the Fund in connection with any service provided under the Agreement, including by way of illustration and not limitation, indemnifications provided in connection with an Accepted Non-Standard Instruction and indemnifications contained in any agreements regarding an Exception Procedure (**"Service Indemnifications"**), shall survive any termination of this Agreement. In addition, Sections 4, 5, 7, 10(d), (e), (g) - (i), 11, 12, 13(e), 19(e), (i), (k), (l) and (q) and provisions necessary to the interpretation of such Sections and any Service Indemnifications and the enforcement of rights conferred by any of the foregoing shall survive any termination of this Agreement. In the event the Board of the Fund authorizes a liquidation of the Fund or termination of the Agreement, BNYM may require as a condition of any services provided in connection with such liquidation or termination that the Fund make provisions reasonably satisfactory to BNYM for the satisfaction of contingent liabilities outstanding at the time of the liquidation or termination.

(m) <u>Compliance with Law</u>. Each of BNYM and the Fund agrees to comply in all material respects with the respective laws, rules, regulations and legal process applicable to the operation of its business. For clarification: With respect to BNYM, the foregoing requires compliance with laws, rules, regulations and legal process applicable to BNYM directly, not derivatively by virtue of providing services to the Fund. The Fund agrees that BNYM is not obligated to assist the Fund with, or bring the Fund into, compliance with laws, rules, regulations and legal process applicable to the Fund, except where BNYM has expressly agreed to assume such an obligation hereunder and then it is obligated only to perform strictly in accordance with the express terms of the assumed obligation.

(n) <u>Further Actions</u>. Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

(o) <u>Enterprise Nature of Services</u>. Notwithstanding any other provision of this Agreement, in furnishing the services provided for in this Agreement or any component or segment of such services BNYM may utilize any combination of its own employees, facilities, equipment, systems and other resources and the employees, facilities, equipment, systems and other resources of its Affiliates, including employees, facilities, equipment, systems and other resources shared by BNYM and its Affiliates, and BNYM may satisfy its obligations under this Agreement directly or through Affiliates. References to employees, facilities, equipment, systems or other resources of BNYM in this Agreement shall mean employees, facilities, equipment, systems or other resources of BNYM and its Affiliates considered

collectively. Notwithstanding the foregoing, nothing in this Section 19(q) shall have the effect of transferring any obligation of BNYM to any other entity, including Affiliates.

(p) <u>Centralized Functions</u>. The Bank of New York Mellon Corporation is a global financial organization that includes BNYM and provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the **"BNY Mellon Group"**). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, regulatory reporting, sales, administration, operations, technology services, product, client and client-customer communications, relationship management, storage and record retention, compilation and analysis of customer-related data, and other functions (the **"Centralized Functions"**) in one or more Affiliates and subsidiaries of the BNY Mellon Group, joint ventures and third-party service providers (the **"Centralized Providers"**). Notwithstanding any other provision of the Agreement and subject to the confidentiality obligations herein, the Fund consents to the foregoing centralization of functions, the receipt of services hereunder through the Centralized Functions, BNYM's disclosure of Fund information, including Fund Confidential Information, to the Centralized Providers, BNYM's use of such information in connection with the Centralized Functions, and BNYM's storage of names and business addresses of Fund employees and employees of its affiliates and sponsors with the Centralized Providers. In addition, the Fund consents to BNYM's use of Fund Confidential Information to analyze and improve product and service performance and for internal research and development activities, and to the BNY Mellon Group's aggregation of Fund Confidential Information on an fully anonymized basis with other similar client data for product and service development and distribution, for general marketing purposes and for producing market or similar analyses for its clients, provided that in any such case Fund Confidential Information cannot be identified or derived from any such aggregated and anonymized data. The BNY Mellon Group shall possess all ownership rights with respect to such aggregated anonymized data.

(q) <u>No Interpretation Against A Party</u>. All parties to the Agreement have had access to and use of legal counsel to the extent each has deemed sufficient and hereby irrevocably and unconditionally waive any claim or defense that this Agreement, or any provision of this Agreement, should be interpreted or construed against a party solely on the basis that the particular party drafted or was responsible for the drafting of the Agreement or a particular provision.

***[Remainder Of Page Intentionally Blank - Signatures Appear On Following Page]***

IN WITNESS WHEREOF, each of the parties hereto has caused this Transfer Agency And Shareholder Services Agreement to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Agreement by Electronic Signature, affirms authorization to execute this Agreement by Electronic Signature and that the Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

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| | |
|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **Innovation Access Fund** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

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**<u>SCHEDULE A</u>**

**<u>Definitions</u>**

As used in this Agreement:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Affiliate</u>" means an entity controlled by, controlling or under common control with the subject entity, with "control" for this purpose defined to mean direct or beneficial ownership of 50% or more of the equity interests of an entity and possession of the power to elect 50% or more of the entity's directors, trustees or similar persons performing policy-making functions.

"<u>Authorized Person</u>" means (i) with respect to the Fund, each individual identified to BNYM as an Authorized Person on the properly completed version of Schedule D most recently provided to BNYM, and (ii) with respect to BNYM, employees designated in writing as authorized to receive facsimile transmissions or emails, or both, as Written Instructions (as provided in the definition of Written Instructions). Any limitation on the authority of an Authorized Person of the Fund to give Instructions must be expressly set forth in Schedule D next to the individual's name.

"<u>BNY Mellon Bank</u>" means The Bank of New York Mellon, a New York chartered commercial bank and affiliate of BNYM, and its lawful successors and assigns.

"<u>BNYM Trust</u>" means BNY Mellon Investment Servicing Trust Company, an affiliate of BNYM, and its lawful successors and assigns.

"<u>Board</u>" means the Fund's Board of Directors or Board of Trustees, as applicable.

"<u>Bona Fide Reason</u>" means a bona fide legal, commercial or business reason including by way of example and not limitation the following:

(i) the course of conduct is not consistent or compliant with, is in conflict with, or requires a deviation from an Industry Standard
or a Written Procedure;

(ii) the course of conduct is not reasonably necessary or appropriate to or consistent with the services contemplated by this Agreement
or constitutes a change to a service;

(iii) the course of conduct is in conflict or inconsistent with or violates a law, rule, regulation, or order or legal process of any nature;

(iv) the course of conduct is in conflict or inconsistent with or will violate a provision of this Agreement or constitutes a unilateral
amendment of the Agreement;

(v) the course of conduct imposes on BNYM a risk, cost, liability or obligation not contemplated by this Agreement with potentially adverse
consequences to BNYM incurred from sources external to BNYM, including without limitation, for illustration and not limitation: sanction,
criticism, fines, penalties, examination comments or special examination of a governmental, regulatory or self-regulatory authority; civil,
criminal or regulatory action; a loss or downgrading of membership, participation or access rights or privileges in or to organizations
providing common

services to the financial services industry; or significant reputational harm.

(vi) the course of conduct imposes on BNYM a risk, cost, liability or obligation not contemplated by this Agreement related to internal
matters, such as, without limitation: imposes costs and expenses on BNYM that are not adequately recovered by payments the Fund indicates
it is willing to pay and BNYM reasonably anticipates disputes over invoices; contemplates higher or additional performance standards;
adds gain/loss, operational, strategic, compliance or credit risk; requires performance of a course of conduct customarily performed pursuant
to a separate service or fee agreement; requires more than an incidental increase in the resources required to provide services to the
Fund; or is reasonably likely to result in a diversion of resources or disruption in established work flows, course of operations or functioning
of controls;

(vii) the course of conduct requires technology, personnel with technological expertise, a technology service or product or another resource
that is not available on a commercially reasonable basis or constitutes a service or function that is not closely related to services
commonly performed by organizations acting as transfer agents, registrars, dividend disbursing agents and shareholder servicing agents
to SEC-registered open-end investment companies; or

(viii) BNYM lacks sufficient information, analysis or legal advice to determine that the conditions in clauses (iii) or (v) do not exist
and the Fund and BNYM fail to reach agreement on a reasonable method of paying any expense of obtaining such information.

"<u>Claim</u>" means any claim, demand, suit, action, obligation, liability, suit, controversy, breach, proceeding or allegation of any nature, claim for indemnification, including any threat of any of the foregoing (including but not limited to those arising out of or related to this Agreement) and regardless of the form of action or legal theory or forum.

"<u>Code</u>" means: (i) when reference is made to a specific Section of the "Code", the Internal Revenue Code as amended through the date of reference, otherwise (ii) the Internal Revenue Code as amended through the relevant date, the regulations promulgated by the IRS under the Internal Revenue Code, as amended through the relevant date, and the revenue rulings, revenue procedures, technical advice memorandums, notices and announcements published by the IRS with respect to the Internal Revenue Code, as amended through the relevant date.

"<u>Conduct</u>" or "<u>Course of Conduct</u>" (both capitalized and uncapitalized) means a single act, two or more acts, a single instance of an action not being taken or of forbearance given, two or more instances of an action not being taken or of forbearance given, or any combination of the foregoing.

"<u>Constructive Termination</u>" means events or circumstances that make it impractical or impossible for BNYM to perform some substantial portion or all of the services as contemplated by the Agreement on the Effective Date, including without limitation, for clarification, liquidations whether or not pursuant to plans of liquidation or reorganization.

"<u>Deconversion</u>" means the completion of the transfer of Fund data, information and records from the production database and production environment of the Fund in the BNYM System to the production database and production environment of the Fund in the computer system of a successor transfer agency services provider with the intention that on the next occurring business day such successor service provider will perform transfer agency services for the Fund utilizing such transferred data, information and records.

"<u>Dedicated Personnel</u>" means individuals employed by or under contract with BNYM whose primary

duty is providing services to or on behalf of the Fund.

"<u>DTCC</u>" means the Depository Trust Clearing Corporation, and its successors and assigns.

"<u>External Research</u>" means consultation with and the written opinions, analysis, research or other work product of third party technical specialists, legal counsel or other advisors, consultants or professionals.

"<u>FinCEN</u>" means the Financial Crimes Enforcement Network of the U.S. Department of the Treasury.

"<u>Fund Communication</u>" means any Instruction, direction, inquiry, notice, instrument, data, file or other information or communication of whatsoever nature BNYM receives, or reasonably believes it received, from the Fund through in-person interaction or a communications media of any nature, including without limitation communications media currently existing, such as telephone, facsimile transmission, telegraph, telegram, US Postal Service, personal delivery, private courier, commercial courier, electronic mail (email), private messaging systems, virtual private networks, or messaging systems constituting part of an industry utility (such as the NSCC) service, and communications media that may be developed in the future.

"<u>Fund Error</u>" means the Fund or a third party acting on behalf of the Fund or conveying Fund data or information committing an error, furnishing inaccurate, incorrect or incomplete data or information to BNYM or the Custodian or by other act or omission requiring Remediation Services.

"<u>Fund Shares</u>" (see "Shares")

"<u>Illegible Communication</u>" means a Fund Communication that BNYM in good faith determines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is vague, ambiguous or incomplete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) contains one or more errors that are not reconcilable or rectifiable on the face of the communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) was received too late to be acted upon in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is incapable of being implemented due to a failure to meet applicable specifications or system requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is in conflict with a previous or contemporaneous Fund Communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is incapable of being executed pursuant to the applicable Written Procedure or performance standard due to directions that are incompatible
with the Written Procedure or performance standard or other communication defect.

"<u>in good order</u>" means in accordance with all applicable requirements set forth in the Written Procedures, including receipt of any required supporting documentation.

"<u>Instructions</u>" means Oral Instructions and Written Instructions considered collectively or individually.

"<u>Intellectual Property Rights</u>" means copyright, patent, trade secret, trademark and any other proprietary or intellectual property rights.

"<u>Internal Research</u>" means consultation with and the written opinions, analysis, research or other work product of (i) individuals employed by or under contract with BNYM who are not Dedicated Personnel, and (ii) individuals who are Dedicated Personnel but the consultation or opinions, analysis, research or other work product is not incidental to the services performed by such individual for the Fund.

"<u>IRS</u>" means the Internal Revenue Service of the U.S. Department of the Treasury.

"<u>Loss</u>" and "<u>Losses</u>" means any one, or any series of related, losses, costs, damages, expenses, awards, judgments, assessments, fines, penalties, payments or payment obligations, reimbursements, adverse monetary consequences or monetary liabilities or obligations of any nature, including without limitation any of the foregoing arising out of any Claim or out of any obligation of one party to the other under this Agreement, including any obligation to indemnify and defend, and all costs of litigation or threatened litigation such as but not limited to court costs, costs of counsel, discovery, experts, settlement and investigation.

"<u>Loss Date</u>" means the date of occurrence of the event or circumstance causing a particular Loss, or the date of occurrence of the first event or circumstance in a series of events or circumstances causing a particular Loss.

"<u>NACHA</u>" means the National Automated Clearing House Association.

"<u>NSCC</u>" means the National Securities Clearing Corporation, and its successors and assigns.

"<u>Offering Memorandum</u>" means the offering memorandum of the Fund (i) on the Effective Date, and (ii) after the Effective Date with such changes to the offering memorandum on the Effective Date made in compliance with Section 19(c), including for clarification Section 19(c)(2).

"<u>Oral Instruction</u>" means an instruction (i) given to BNYM by voice in person, or in a person-to-person conversation over a telephone connection, by an Authorized Person of the Fund (or by a person reasonably believed by BNYM to be an Authorized Person of the Fund). BNYM may, in its sole discretion in each separate instance, consider and rely upon an instruction it receives from an Authorized Person via electronic mail as an Oral Instruction (unless the electronic mail satisfies the criteria, in the definition of Written Instruction, to constitute a Written Instruction, in which case it will constitute a Written Instruction).

"<u>Portfolio</u>" means each separate subdivision of the Fund, whether characterized or structured as a portfolio, tier, series or otherwise, but excludes classes unless for purposes of Sections 18(f)(1) and 18(f)(2) of the 1940 Act and Rules 18f-2 and 18f-3 promulgated by the SEC under the 1940 Act the class must be provided with rights and liabilities separate and distinct from all other subdivisions of the Investment Company.

"<u>Reasoned Consideration</u>" means the following:

(i) BNYM will in good faith consider implementing a Non-Standard Instruction or Non-Standard Procedure, as applicable, if the Fund requests
such in writing (including via e-mail) to its Customer Service Officer and provides all written materials, including descriptions, specifications,
business requirements and responses to questions of BNYM, that in the sole judgment of BNYM exercised reasonably are appropriate to fully
evaluate the request.

(ii) BNYM will attempt to evaluate the request with existing resources on the basis of the written materials but if at any time it determines
in its sole judgment exercised reasonably that Research is required to fully evaluate the request or the development, implementation or
performance of the Non-Standard Instruction or Non-Standard Procedure, as applicable, BNYM will notify the Fund of the Research required
by BNYM and resume the evaluation only if the Fund obtains and provides all Research required by BNYM or if the Fund authorizes BNYM in
a writing reasonably satisfactory to BNYM to obtain the required Research at the Fund's cost and expense.

(iii) BNYM may at any time after such a request is made, and before or after the written materials and, if applicable, the Research are
partially or fully furnished, decline without liability or further obligation to implement a Non-Standard Instruction or Non-Standard
Procedure, as applicable, (i) for a Bona Fide Reason, (ii) if it determines in its sole judgment exercised reasonably based on the course
of discussions that it and the Fund will be unable to agree in writing to mutually satisfactory terms and conditions governing the Non-Standard
Instruction or Non-Standard Procedure, as applicable, including without limitation appropriate procedures, indemnification and payment
terms, or (iii) solely with respect to a Non-Standard Instruction, insufficient time remains at that point in time to fully evaluate and
implement the requested alternative to the applicable Standard Instruction.

"<u>Remediation Services</u>" means the additional services required to be provided hereunder by BNYM or the Custodian in connection with a Fund Error in order to correct, remediate, adjust, reprocess, repeat, reverse or otherwise modify conduct previously taken in accordance with the Agreement to achieve the outcome originally intended by the previous conduct.

"<u>Research</u>" means either or both of External Research and Internal Research.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Services</u>" means the services described in Section 3 and Schedule C of the Agreement.

"<u>Service Effective Date</u>" means the date following the completion of all implementation services, in the case of a Fund that is a new start-up Fund, or the date following the completion of all conversion services, in the case of Fund that BNYM will be providing services to as a successor service provider, that the first live transaction is processed by the BNYM System for a public customer of the particular Fund on a production basis.

"<u>Shareholder Materials</u>" means the Fund's Offering Memorandum and statement of additional information or disclosure materials of similar function, such as a private offering memorandum, and any other materials relating to the Fund provided to Fund shareholders by the Fund.

"<u>Shares</u>" or "<u>Fund Shares</u>" means the shares or other units of beneficial interest of each Fund.

"<u>Written Instruction</u>" means:

(1) a written instruction (i) which is a Standard Instruction, or if not a Standard Instruction, then an Accepted Non-Standard Instruction, (ii) which is signed by an Authorized Person of the Fund (or a person reasonably believed by BNYM to be an Authorized Person of the Fund), (iii) which is agreed to in writing by BNYM on the instrument containing the written instructions, if such signature is required by BNYM as part of a Standard Form, (iv) which is addressed to and received by BNYM, and (iv) which is delivered by (A) hand (personally by the signing Authorized Person or by a third party providing confirmation of receipt), (B) private messenger, U.S. Postal Service or overnight national courier which provides confirmation of receipt with respect to the particular delivery signed by the receiving party, or (C) facsimile sending device which provides automatic confirmation of the standard details of receipt if the facsimile transmission is sent to an Authorized Person of BNYM or to the Relationship Manager or Customer Service Officer of BNYM;

(2) trade instructions transmitted to and received by BNYM by means of an electronic transaction

reporting system which requires use of a password or other authorized identifier in order to gain access; and

(3) electronic mail or "email" sent by an Authorized Person of the Fund to, and acknowledged by, an Authorized Person of BNYM.

"<u>Written Procedures</u>" means, collectively, Standard Procedures and Exception Procedures.

-------------------------------------------------------------------------------------------------------------------------------

<u>INDEX OF DEFINED TERMS</u>

<u>(includes defined terms through Schedule A; excludes terms defined in other Schedules)</u>

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>Term</u> | &nbsp;&nbsp;<u>Location</u> |
| &nbsp;&nbsp;1933 Act | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;1934 Act | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;1940 Act | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;19(a) Statement | &nbsp;&nbsp;§ 3(a)(4) |
| &nbsp;&nbsp;314(a) Procedures | &nbsp;&nbsp;§ 3(b)(4) |
| &nbsp;&nbsp;Accepted Non-Standard Instruction | &nbsp;&nbsp;§ 10(c)(iv) |
| &nbsp;&nbsp;Account | &nbsp;&nbsp;§ 3(c)(1)(i)(G) |
| &nbsp;&nbsp;Additional Fund | &nbsp;&nbsp;§ 19(l) |
| &nbsp;&nbsp;Affiliate | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Affiliated Third Party Institutions | &nbsp;&nbsp;§ 9(b) |
| &nbsp;&nbsp;Agreement | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;AML | &nbsp;&nbsp;§ 3(b)(l)(A) |
| &nbsp;&nbsp;AML Services | &nbsp;&nbsp;§ 3(b) |
| &nbsp;&nbsp;Appropriate List Matching Data | &nbsp;&nbsp;§ 3(b)(5)(C) |
| &nbsp;&nbsp;Approved Financial Intermediary | &nbsp;&nbsp;§ 3(a)(1)(D) |
| &nbsp;&nbsp;Authorized Person | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Available Notice | &nbsp;&nbsp;§ 19(c)(1) |
| &nbsp;&nbsp;Back-Up Facilities | &nbsp;&nbsp;§ 8 |
| &nbsp;&nbsp;BNYM | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;BNY Mellon Bank | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;BNY Mellon Group | &nbsp;&nbsp;§ 19(q) |
| &nbsp;&nbsp;BNYM System | &nbsp;&nbsp;§ 3(d) |
| &nbsp;&nbsp;BNYM Trust | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Board | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Bona Fide Reason | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Breach Notice | &nbsp;&nbsp;§ 13(c) |
| &nbsp;&nbsp;Breach Termination Notice | &nbsp;&nbsp;§ 13(c) |
| &nbsp;&nbsp;Centralized Functions | &nbsp;&nbsp;§ 19(q) |
| &nbsp;&nbsp;Change in Control | &nbsp;&nbsp;§ 13(d)(1)(iii) |
| &nbsp;&nbsp;Check Matter | &nbsp;&nbsp;§ 11(i) |
| &nbsp;&nbsp;CIP Regulations | &nbsp;&nbsp;§ 3(b)(3)(A) |
| &nbsp;&nbsp;Claim | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Code | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Commencement Date | &nbsp;&nbsp;§ 3(a)(1)(D) |
| &nbsp;&nbsp;Company Standards | &nbsp;&nbsp;§ 19(c)(1) |
| &nbsp;&nbsp;Comparison Results | &nbsp;&nbsp;§ 3(b)(4) |
| &nbsp;&nbsp;Compliance Failures | &nbsp;&nbsp;§ 3(a)(11)(B) |
| &nbsp;&nbsp;conduct | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Confidential Information | &nbsp;&nbsp;§ 4(b) |
| &nbsp;&nbsp;Constructive Termination | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Conforming Purchase Order | &nbsp;&nbsp;§ 3(a)(1)(C)(i) |

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| | |
|:---|:---|
| &nbsp;&nbsp;Controls | &nbsp;&nbsp;§ 3(c)(1)(i) |
| &nbsp;&nbsp;course of conduct | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Covered Account | &nbsp;&nbsp;§ 3(c)(1)(i)(F) |
| &nbsp;&nbsp;Covered Person | &nbsp;&nbsp;§ 3(c)(1)(i)(D) |
| &nbsp;&nbsp;Customer | &nbsp;&nbsp;§ 3(b)(3)(A)(i) |
| &nbsp;&nbsp;Data Elements | &nbsp;&nbsp;§ 3(b)(3)(A)(i) |
| &nbsp;&nbsp;Deconversion | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Deconversion Services | &nbsp;&nbsp;§ 13(e)(1)(B)(III) |
| &nbsp;&nbsp;Dedicated Personnel | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Defaulting Party | &nbsp;&nbsp;§ 13(c) |
| &nbsp;&nbsp;Direct Account | &nbsp;&nbsp;§ 3(c)(1)(i)(E) |
| &nbsp;&nbsp;Director | &nbsp;&nbsp;§ 3(b)(5)(A)(iii) |
| &nbsp;&nbsp;Dissolution Event | &nbsp;&nbsp;§ 9(g) |
| &nbsp;&nbsp;Distributor | &nbsp;&nbsp;§ 3(a)(1)(D) |
| &nbsp;&nbsp;DTCC | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Early Termination | &nbsp;&nbsp;§ 13(d)(1) |
| &nbsp;&nbsp;Early Termination Fee | &nbsp;&nbsp;§ 13(d)(1)(i) |
| &nbsp;&nbsp;Effective Date | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;Elapsed Months | &nbsp;&nbsp;§ 11(b) |
| &nbsp;&nbsp;Electronic Signature | &nbsp;&nbsp;§ 18 |
| &nbsp;&nbsp;Eligible Property | &nbsp;&nbsp;§ 3(a)(11)(A)(ii) |
| &nbsp;&nbsp;Errant Securities Data | &nbsp;&nbsp;§ 11(h) |
| &nbsp;&nbsp;Evaluation Report | &nbsp;&nbsp;§ 3(c)(1)(iv) |
| &nbsp;&nbsp;Event Beyond Reasonable Control | &nbsp;&nbsp;§ 11(c) |
| &nbsp;&nbsp;Exception Procedure | &nbsp;&nbsp;§ 14(b)(iv) |
| &nbsp;&nbsp;External Research | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;FATCA | &nbsp;&nbsp;§ 3(a)(13) |
| &nbsp;&nbsp;FATCA Services | &nbsp;&nbsp;§ 3(a)(13) |
| &nbsp;&nbsp;FATF Lists | &nbsp;&nbsp;§ 3(b)(5)(A)(ii) |
| &nbsp;&nbsp;Fee Agreement | &nbsp;&nbsp;§ 9(a) |
| &nbsp;&nbsp;Fees | &nbsp;&nbsp;§ 9(a) |
| &nbsp;&nbsp;FFI Regulations | &nbsp;&nbsp;§ 3(b)(2)(A) |
| &nbsp;&nbsp;Final Distribution | &nbsp;&nbsp;§ 9(g) |
| &nbsp;&nbsp;Final Expenses | &nbsp;&nbsp;§ 9(g) |
| &nbsp;&nbsp;FinCEN | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Foreign Financial Institution | &nbsp;&nbsp;§ 3(b)(2)(A)(i) |
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Background |
| &nbsp;&nbsp;Fund AML Laws | &nbsp;&nbsp;§ 3(b)(10) |
| &nbsp;&nbsp;Fund Communication | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Fund Custodian | &nbsp;&nbsp;§ 3(a)(1)(v) |
| &nbsp;&nbsp;Fund Data | &nbsp;&nbsp;§ 2 |
| &nbsp;&nbsp;Fund Error | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Fund List Data | &nbsp;&nbsp;§ 3(b)(5)(A) |
| &nbsp;&nbsp;Fund Procedures | &nbsp;&nbsp;§ 3(a)(1)(D) |
| &nbsp;&nbsp;Fund Registry | &nbsp;&nbsp;§ 3(c)(1)(i)(C) |
| &nbsp;&nbsp;Fund Shares | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;General Damage Cap | &nbsp;&nbsp;§ 11(b) |
| &nbsp;&nbsp;Good Faith Estimate | &nbsp;&nbsp;§ 13(e)(1)(B) |
| &nbsp;&nbsp;Identification Data | &nbsp;&nbsp;§ 3(a)(11)(C) |
| &nbsp;&nbsp;Identity Theft | &nbsp;&nbsp;§ 3(c)(1)(i)(B) |
| &nbsp;&nbsp;IGO | &nbsp;&nbsp;§ 14(a) |
| &nbsp;&nbsp;Implementing Communication | &nbsp;&nbsp;§ 10(a)(ii) |
| &nbsp;&nbsp;Illegible Communication | &nbsp;&nbsp;§ 10(d)(1) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Industry Standard | &nbsp;&nbsp;§ 14(a) |
| &nbsp;&nbsp;Information Requests | &nbsp;&nbsp;§ 3(b)(4) |
| &nbsp;&nbsp;in good order | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Initial Claim | &nbsp;&nbsp;§ 11(i) |
| &nbsp;&nbsp;Initial Term | &nbsp;&nbsp;§ 13(a) |
| &nbsp;&nbsp;Instructions | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Intellectual Property Rights | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Internal Research | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Investment Company | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;IRS | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Legal Authority | &nbsp;&nbsp;§ 11(j) |
| &nbsp;&nbsp;Legal Process Item | &nbsp;&nbsp;§ 3(a)(10) |
| &nbsp;&nbsp;Liable Conduct | &nbsp;&nbsp;§ 11(a) |
| &nbsp;&nbsp;Loss, Losses | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Loss Date | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Massachusetts Privacy Regulation | &nbsp;&nbsp;§ 5 |
| &nbsp;&nbsp;Monetary Benefits | &nbsp;&nbsp;§ 9(b) |
| &nbsp;&nbsp;NACHA | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;New Service | &nbsp;&nbsp;§ 19(c)(2)(A) |
| &nbsp;&nbsp;NIGO | &nbsp;&nbsp;§ 14(a) |
| &nbsp;&nbsp;Non-Defaulting Party | &nbsp;&nbsp;§ 13(c) |
| &nbsp;&nbsp;Non-Renewal Notice | &nbsp;&nbsp;§ 13(b)(1) |
| &nbsp;&nbsp;Non-Conforming Purchase Order | &nbsp;&nbsp;§ 3(a)(1)(C)(i) |
| &nbsp;&nbsp;Non-Standard Form | &nbsp;&nbsp;§ 10(j) |
| &nbsp;&nbsp;Non-Standard Instruction | &nbsp;&nbsp;§ 10(c) |
| &nbsp;&nbsp;Non-Standard Procedures | &nbsp;&nbsp;§ 14(b) |
| &nbsp;&nbsp;NSCC | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;NSCC Process | &nbsp;&nbsp;§ 3(a)(1)(D) |
| &nbsp;&nbsp;OFAC | &nbsp;&nbsp;§ 3(b)(5)(A)(i) |
| &nbsp;&nbsp;OFAC Lists | &nbsp;&nbsp;§ 3(b)(5)(A)(i) |
| &nbsp;&nbsp;Offering Memorandum | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Oral Instruction | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Overdraft Amount | &nbsp;&nbsp;§ 9(c)(i) |
| &nbsp;&nbsp;Payment Date | &nbsp;&nbsp;§ 13(e)(1) |
| &nbsp;&nbsp;PMLC Determination | &nbsp;&nbsp;§ 3(b)(5)(A)(iii) |
| &nbsp;&nbsp;Portfolio | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Possible Identity Theft | &nbsp;&nbsp;§ 3(c)(1)(iii) |
| &nbsp;&nbsp;Primary Facilities | &nbsp;&nbsp;§ 8 |
| &nbsp;&nbsp;Purchase Order | &nbsp;&nbsp;§ 3(a)(1)(D) |
| &nbsp;&nbsp;Red Flag | &nbsp;&nbsp;§ 3(c)(1)(i)(A) |
| &nbsp;&nbsp;Red Flags Requirements | &nbsp;&nbsp;§ 3(c)(2) |
| &nbsp;&nbsp;Red Flags Section | &nbsp;&nbsp;§ 3(c)(1) |
| &nbsp;&nbsp;Red Flags Services | &nbsp;&nbsp;§ 3(c)(1) |
| &nbsp;&nbsp;Registered Owner | &nbsp;&nbsp;§ 3(c)(1)(i)(C) |
| &nbsp;&nbsp;Reimbursable Expenses | &nbsp;&nbsp;§ 9(a) |
| &nbsp;&nbsp;Reimbursable Trailing Expenses | &nbsp;&nbsp;§ 13(e)(1)(B)(II) |
| &nbsp;&nbsp;Related Person | &nbsp;&nbsp;§ 13(d)(2) |
| &nbsp;&nbsp;Remediation Services | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Removed Accounts | &nbsp;&nbsp;§ 13(d)(2) |
| &nbsp;&nbsp;Removed Account Fee | &nbsp;&nbsp;§ 13(d)(2) |
| &nbsp;&nbsp;Renewal Term | &nbsp;&nbsp;§ 13(b)(1) |
| &nbsp;&nbsp;Research | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Response Failure | &nbsp;&nbsp;§ 10(i) |

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| | |
|:---|:---|
| &nbsp;&nbsp;Rule 17Ad-17 | &nbsp;&nbsp;§ 3(a)(8) |
| &nbsp;&nbsp;SEC | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Securities Data | &nbsp;&nbsp;§ 11(h) |
| &nbsp;&nbsp;Securities Laws | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Seed Money Purchaser | &nbsp;&nbsp;§ 3(a)(1)(A) |
| &nbsp;&nbsp;Services | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Service Accounts | &nbsp;&nbsp;§ 9(b) |
| &nbsp;&nbsp;Service Effective Date | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Service Communications | &nbsp;&nbsp;§ 10(d)(2) |
| &nbsp;&nbsp;Service Indemnifications | &nbsp;&nbsp;§ 19(l) |
| &nbsp;&nbsp;Service Requirements | &nbsp;&nbsp;§ 19(c)(2)(A) |
| &nbsp;&nbsp;shareholder | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;Shareholder Materials | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Shareholder Communications | &nbsp;&nbsp;§ 10(d)(2) |
| &nbsp;&nbsp;Shares | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Standard Form | &nbsp;&nbsp;§ 10(b)(ii)(B) |
| &nbsp;&nbsp;Standard Instruction | &nbsp;&nbsp;§ 10(b)(ii) |
| &nbsp;&nbsp;Standard Procedures | &nbsp;&nbsp;§ 14(a) |
| &nbsp;&nbsp;States and Territories of the United States | &nbsp;&nbsp;§ 3(a)(11)(A)(i) |
| &nbsp;&nbsp;Submitter | &nbsp;&nbsp;§ 3(a)(1)(C)(ii) |
| &nbsp;&nbsp;Third Party Institution | &nbsp;&nbsp;§ 9(b) |
| &nbsp;&nbsp;Trailing Services | &nbsp;&nbsp;§ 13(e)(1)(B)(I) |
| &nbsp;&nbsp;Transition Plan | &nbsp;&nbsp;§ 1(e) |
| &nbsp;&nbsp;UCC | &nbsp;&nbsp;§ 11(i) |
| &nbsp;&nbsp;UCC Program | &nbsp;&nbsp;§ 11(i) |
| &nbsp;&nbsp;UCITA | &nbsp;&nbsp;§ 19(f) |
| &nbsp;&nbsp;Unclaimed Property Laws | &nbsp;&nbsp;§ 3(a)(11)(A) |
| &nbsp;&nbsp;Unclaimed Property Services | &nbsp;&nbsp;§ 3(a)(11)(A) |
| &nbsp;&nbsp;UPS Commencement Date | &nbsp;&nbsp;§ 3(a)(11)(B) |
| &nbsp;&nbsp;U.S. Government Lists | &nbsp;&nbsp;§ 3(b)(5)(A) |
| &nbsp;&nbsp;Written Instruction | &nbsp;&nbsp;Schedule A |
| &nbsp;&nbsp;Written Procedures | &nbsp;&nbsp;Schedule A |

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[End of Schedule A]

**<u>SCHEDULE B</u>**

**<u>Terms And Conditions Governing Use Of The BNYM System</u>**

**SECTION 0. GENERAL**

**0.1 Capitalized Terms.** Capitalized terms not defined in this Schedule B shall have the meaning ascribed to them in the Main Agreement. Capitalized terms defined in this Schedule B shall have that meaning solely in this Schedule B and not in any other part of the Agreement unless expressly stated otherwise in a specific instance. References to Section numbers in this Schedule B shall mean Sections of this Schedule B unless expressly stated otherwise in a specific instance. References to the "Agreement" in this Schedule B means the Main Agreement and this Schedule B.

**0.2 Purpose.** BNYM utilizes some components of the BNYM System to perform the Core Services. But BNYM does not utilize all components of the BNYM System to provide the Core Services. Some components of the BNYM System are maintained by BNYM and offered to customers solely to permit customers to access the data and information maintained in the BNYM System in connection with the Core Services and put it to additional uses. Consequently, Company is given rights pursuant to this Schedule B (i) to access and use components of the BNYM System, from the Company System (as defined in Section 2.7), to engage in activities that are separate and distinct and apart from the activities engaged in by BNYM to provide the Core Services, and (ii) to authorize third parties, the "Permitted Users", to access and use certain Component Systems to engage in activities that are also separate and distinct and apart from the activities engaged in by BNYM to provide the Core Services. Such access and use of the BNYM System by Company from the Company System and by Permitted Users may include the ability to input data and information into the BNYM System that BNYM utilizes in performing the Core Services but which is not required for BNYM to perform the Core Services. This ability of Company and Permitted Users to access and use the BNYM System represents a service offered by BNYM that is supplemental to the Core Services. No access to or use of the BNYM System by Company or Permitted Users is permitted, required or contemplated by the Core Services or the Main Agreement. This Schedule B governs solely those supplemental services offered by BNYM and Company's use of them.

**SECTION 1. CERTAIN DEFINITIONS**

***"<u>Authorized Person</u>"*** means the employees of Company and Permitted Users who have been authorized by the Company in accordance with the applicable Documentation and procedures of BNYM to access and use the Licensed System or specific Component Systems and in connection with such access and use to be issued Security Codes (as defined at Section 2.6(b) below).

***"<u>BNYM Web Application</u>"*** means with respect to a relevant Component System the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces and databases residing on a computer system maintained by or for BNYM, accessible via the Internet at an Internet address furnished by BNYM for use of the particular Component System.

***"<u>Company</u>"*** means the Fund.

***"<u>Company Data</u>"*** means data and information regarding each Fund and the shareholders and shareholder accounts of each Fund which is inputted into the Licensed System and the content of records, files and reports generated from such data and information by the Licensed System.

***"<u>Company Web Application</u>"*** means the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces and databases residing on a computer system maintained by or for the Company, connected to the Internet and utilized by the Company in connection with its use of a Component System as contemplated by applicable Documentation.

***"<u>Component Effective Date</u>"*** means, with respect to each Component System of the Licensed System that Company is given the right to access and use, the date as of which the Company is first given such right to access and use.

***"<u>Component System</u>"*** means, as of its relevant Component Effective Date, each Listed System and each Support Function that is part of the Licensed System and, subsequent to a relevant Component Effective Date, such Listed Systems and Support Functions as they may be changed as provided in subsection (b) of the definition of Licensed System.

***"<u>Copy</u>"***, whether or not capitalized, means any paper, disk, tape, film, memory device, or other material or object on or in which any words, object code, source code or other symbols are written, recorded or encoded, whether permanent or transitory.

***"<u>Core Services</u>"*** means the services described in the Main Agreement that BNYM is obligated to perform for Company (for clarification: excluding the products and services provided pursuant to this Schedule B).

***"<u>Documentation</u>"*** means any user manuals, reference guides, specifications, documentation, instruction materials and similar recorded data and information, whether in electronic or physical output form, that BNYM makes available to, provides access to or provides to the Company, and that describe how the Licensed System is to be operated by users and set forth the features, functionalities, user responsibilities, procedures, commands, requirements, limitations and capabilities of and similar information about the Licensed System.

***"<u>Exhibit 1</u>"*** means Exhibit 1 to this Schedule B.

**"*<u>Employee</u>*"** and **"*<u>employee</u>*"** means officers and any employees of the Fund and officers and employees of Related Entities.

***"<u>General Upgrade</u>"*** means (i) an Upgrade that BNYM in its sole and absolute discretion incorporates into the Licensed System at no additional fees or charges to Company, and (ii) an Upgrade that BNYM offers to incorporate into the Licensed System without charge or at such additional fees and charges as the parties shall agree in writing and that Company accepts for incorporation into the Licensed System.

***"<u>Harmful Code</u>"*** means any computer code, software routine, or programming device designed to (a) disable, disrupt, impair, delete, damage, corrupt, reprogram, recode or modify in any way a computer processing system, computer network, computer service, a deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment (sometimes referred to as a "Trojan horse," "worm," "virus", "preventative routine," "disabling code," or "cookie" devices); (b) impair in any way the operation of any of the foregoing based on the elapsing of a period of time, advancement of a particular date or other numeral (sometimes referred to as "time bombs," "time locks," or "drop dead" devices); or (c) permit a non-authorized party to access, transmit or utilize, as appropriate, any computer processing system, computer network, computer service, deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment without proper consent (sometimes referred to as "lockups," "traps," "access codes," or "trap door" devices); or (d) any other similar harmful or hidden procedures, routines or mechanisms.

***"<u>Intellectual Property Rights</u>"*** means all intellectual property rights throughout the world, including copyrights, patents, mask works, trademarks, service marks, trade secrets, inventions (whether or not patentable), know how, authors' rights, rights of attribution, and other proprietary rights and all applications and rights to apply for registration or protection of such rights and the legal rights, interests and protections afforded under applicable patent, copyright, trademark, trade secret and other intellectual property laws.

***"<u>Licensed Services</u>"*** means all functions performed by the Licensed System.

***"<u>Licensed System</u>"*** means, collectively:

(a) as of its applicable Component Effective Date, any one or more of the following: (i) any Listed System to which the Company is given access to and use of by BNYM in its entirety; and (ii) any ***"<u>Support Function</u>"***, which

is hereby defined to mean any system, subsystem, software, program, application, interface, process, subprogram, series of commands or function, regardless of the degree of separability from or integration with a Listed System, that Company is given access to and use of to support its utilization of a Listed System - items within "Support Function" and this clause (ii) could be one or more parts of a Listed System or could be items which exist apart from any Listed System but which are provided to support utilization of a Listed System.

(b) Updates, General Upgrades and Company Modifications (as defined at Section 2.16) to the Listed Systems included within clause (a)(i) above and the systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands and functions included within clause (a)(ii) above.

***"<u>Listed Systems</u>"*** means the computer systems listed on Exhibit 1, whether mainframe systems, surround systems, subsystems or component systems, and in the case of the NSCC and CMS means as well the separate and distinct component systems of NSCC and CMS that BNYM may give Company access to and use of at Company's request in lieu of access to and use of the entire NSCC or CMS.

***"<u>Main Agreement</u>"*** means all parts of this Agreement other than this Schedule B.

***"<u>Marks</u>"*** means trademarks, service marks and trade names as those terms are generally understood under applicable intellectual property laws and any other marks, names, words or expressions of a similar character.

***"<u>Permitted User</u>"*** means a person other than an employee of the Company who is authorized by the Company pursuant to and in accordance with Section 2.1(a)(ii) and all applicable Documentation to access and use one or more specific Component Systems.

**"*<u>Product Assistance</u>*"** means assistance provided by BNYM personnel regarding the Licensed System, including regarding its impact on other software, functionality, usage and integration.

***"<u>Proprietary Items</u>"*** means:

(a) (i) All contents of the Listed Systems, (ii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions, regardless of the degree of separability from or integration with a Listed System, and whether or not part of a Listed System, that BNYM may at any time provide any customer with access to and use of to support the customer's s utilization of a Listed System, including the Support Functions, (iii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions which BNYM utilizes in providing any of the services, or engaging in any of the activities, contemplated by this Agreement, (iv) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions owned, leased, licensed or sublicensed by BNYM which interface with, provide data to or receive data from any of the foregoing, and (v) all updates, upgrades, revisions, modifications, refinements, releases, versions, instances, translations, enhancements and improvements to and of all or any part of the foregoing, whether in existence on, or occurring prior to or subsequent to, the Effective Date (collectively, the ***"<u>BNYM Software</u>"***);

(b) all facilities, central processing units, nodes, equipment, storage devices, peripherals and hardware utilized by BNYM in connection with the BNYM Software (the ***"<u>BNYM Equipment</u>"***);

(c) all documentation materials relating to the BNYM Software, including materials describing functions, capabilities, dependencies and responsibilities for proper operation of the Licensed System, including the Documentation, and all updates, upgrades, revisions, modifications, refinements, releases, versions, translations, enhancements and improvements to or of all or any part of foregoing (the ***"<u>BNYM Documentation</u>"***, and together with the BNYM Software and the BNYM Equipment, the ***"<u>System</u>"*** or the ***"<u>BNYM System</u>"***) and all versions of the BNYM System as they may exist after the Effective Date or may have existed at any time prior to the Effective Date;

(d) all methods, concepts, visual expressions, screen formats, file and report formats, interactivity techniques, engine protocols, models and design features used in the BNYM System;

(e) source code and object code for all of the foregoing, as applicable;

(f) all derivative works, inventions, discoveries, patents, copyrights, patentable or copyrightable items and trade secrets prepared or furnished by or for BNYM in connection with the performance of the services or in connection with any activities of the parties related to this Agreement;

(g) all materials related to the testing, implementation, support and maintenance of all of the foregoing;

(h) all other documentation, manuals, tutorials, guides, instructions, policy and procedure documents and other materials in any recorded medium prepared or furnished by or for BNYM in connection with the performance of the Licensed Services or in connection with any activities of the parties related this Agreement;

(i) the contents of all databases and other data and information of whatsoever nature in the BNYM System, other than Company Data, whether residing in the BNYM System or existing outside the BNYM System in recorded form whether in hardcopy, electronic or other format; and

(j) all copies of any of the foregoing in any form, format or medium.

***"<u>Related Entity</u>"*** means an entity that is not a competitor of BNYM in the transfer agency or omnibus subaccounting business services that provides investment advisory, investment management or administrative services to the Fund pursuant to one or more material agreements between the Fund and such entity filed with the SEC.

***"<u>Terms of Use</u>"*** means any privacy policy, terms of use or other terms and conditions made applicable by BNYM in connection with the Company's or a Permitted User's access to and use of a Component System or a BNYM Web Application or other access site or access method.

***"<u>Third Party Products</u>"*** means the products or services of parties other than BNYM that constitute part of the Licensed System.

***"<u>Third Party Provider</u>"*** means licensors, subcontractors and suppliers of BNYM furnishing the Third Party Products.

***"<u>United States</u>"*** means the states and the District of Columbia of the United States.

***"<u>Update</u>"*** means a modification to a Component System necessary to maintain the operation of the Component System in compliance with the Documentation in effect as of the Component System's applicable Component Effective Date and includes without limitation modifications correcting any design or operational errors in the Component System and modifications enabling the Component System to be operated in any revised operating environment issued by BNYM and excludes Upgrades.

***"<u>Upgrade</u>"*** means an enhancement to a Component System as it exists on its applicable Component Effective Date, new features and new functionalities added to the Component System as it exists on its applicable Component Effective Date, and all revisions, modifications, refinements, releases, enhancements and improvements to a Component System as it exists on its applicable Component Effective Date which change the operation of Component System rather than just bring it into compliance with the applicable Documentation.

**SECTION 2. ACCESS AND USE RIGHTS AND COMPANY OBLIGATIONS**

***2.1 <u>Access And Use Rights</u>.***

(a) (i) BNYM hereby grants to Company a limited, nonexclusive, nontransferable right to access and use the Licensed System in the United States through its employees (other than as expressly permitted otherwise by Section 2.1(a)(ii) below), solely in accordance with applicable Documentation, through the interfaces and telecommunication lines designated by BNYM, strictly for the internal business purposes of the Company, solely in support of the Core Services and solely for so long as any applicable fees are paid by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The right granted by Section 2.1(a)(i) includes, where such access and use is expressly contemplated by the Documentation applicable to a particular Component System to which the Company has been given access and use, the right to authorize persons not employees of the Company to access and use in the United States the specified Component System strictly in compliance with applicable Documentation, through the interfaces and telecommunication lines designated by BNYM, solely in support of the Core Services and solely for so long as any applicable fees are paid by Company. Except with respect to Fund shareholders seeking to access IAM, to exercise the right contained in this Section 2.1(a)(ii) the Company must designate such persons to BNYM and approve them in a writing that conforms to the requirements of applicable Documentation and procedures of BNYM and furnish any information reasonably requested by BNYM. Access to IAM for Fund shareholders shall occur in accordance with the Documentation applicable to IAM. Upon the exercise by Company of the right contained in this Section 2.1(a)(ii), the term Company shall be redefined for all purposes of this Agreement to mean the Company and all Permitted Users, individually and collectively, unless in an individual case the context clearly requires that the definition be restricted solely to the Company. The Company shall be responsible and liable for compliance by Permitted Users with all applicable terms of the Agreement as if the Permitted Users were its own employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Company may not, and shall not, under any circumstances grant any licenses or sublicense to any right granted by this Section 2.1 or subcontract or delegate any right granted by this Section 2.1 or use the Licensed System to provide services to third parties, other than shareholders of its Fund, or for any other purpose other than that described in Sections 2.1(a)(i) and (ii).

(b) The grant of rights in this Section 2.1 shall be construed narrowly. No right is conferred hereunder to Company or to any other party, except the right expressly provided for in this Section 2.1. The rights granted by this Section 2.1 shall immediately terminate without further action required on anyone's part, including without prior notification, upon the termination or expiration of the Agreement. BNYM and its licensors reserve all rights in the BNYM System not expressly granted to Company in this Section 2.1. Nothing in this Section 2.1 shall be construed to give Company rights of any nature in source code. The rights granted to Company by this Section 2.1 are sometimes referred to herein as the ***"<u>Licensed Rights</u>"***.

(c) For clarification:

Company may be given access to and use of a Listed System which contains integration points or links to one or more Support Functions that are part of a Listed System to which the Company has not been given access and use (***"<u>Linked Functions</u>"***). The Licensed Rights granted by this Section 2.1 to access and use a particular Listed System containing integration points or links to Linked Functions includes the right to access and use such Linked Functions, does not include the right to use the entire Listed System containing the Linked Functions or other subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions in that Listed System. To the extent exercise of Licensed Rights hereunder inadvertently or otherwise results in access to or use of a Component System or other system, subsystem, software, program, application, interface, process, subprogram, series of commands or function which is not part of the its Licensed System, all terms of this Agreement shall apply to such access and use.

***2.2 <u>Documentation</u>.*** Company shall use the Licensed System solely and strictly in accordance and compliance with the Documentation provided or made available to Company by BNYM from time to time and any specifications contained therein. Company may use only the number of copies of the Documentation that are provided to Company and may not make any additional copies of such Documentation, except that Company may copy the Documentation to the extent reasonably necessary for routine backup and disaster recovery purposes and upon request of an applicable regulatory authority. Company shall pay BNYM such fees as it has established for copies of the Documentation, if any, as listed in the Fee Agreement.

***2.3 <u>Third Party Software and Services</u>.*** Company acknowledges that Third Party Products may constitute part of the Licensed System. Company's use of Third Party Products shall be subject to the terms and conditions of this Agreement; <u>provided</u>, <u>however</u>, access, use, maintenance and support of Third Party Products made available to Company after an applicable Component Effective Date may be conditioned upon Company's execution of an agreement with the applicable Third Party Provider (***"<u>Third Party Agreement</u>"***) which would provide for certain

rights and obligations between the Company and the Third Party Provider (***"<u>Direct Third Party Product</u>"***), in which case the terms of the Third Party Agreement will also apply to Company's use of the particular Third Party Product. Notwithstanding the foregoing sentences of this Section 2.3, Company acknowledges that BNYM is not responsible for, nor does BNYM warrant the performance or other features of, nor can it fix errors or defects in, third party software and services and BNYM's sole obligation with respect to third party software and services is to inform the third party of any errors, defects, deficiencies or other matters regarding the third party software and services of which BNYM is made aware by Company and to request and pursue in a commercially reasonable manner remediation of the errors, defects or deficiencies by the third party to the extent BNYM reasonably determines remediation to be available pursuant to the terms of BNYM's agreement with the third party.

***2.4 <u>Compliance With Applicable Law</u>.*** Company shall comply with all laws, regulations, rules and orders of whatsoever nature of governmental bodies and authorities (whether legislative, executive, independent, self-regulatory or otherwise) applicable to the business or activities in connection with which it utilizes the Licensed System.

***2.5 <u>Responsibility For Use</u>.***

(a) The Company alone will be responsible for furnishing, or arranging for a third party to furnish, all data and information required by the Documentation and the specifications therein for the Licensed System to function and perform in accordance with the Documentation, other than the data and information residing in the Licensed System in connection with BNYM's performance of the Core Services. BNYM shall have no liability or responsibility for any Loss caused in whole or in part by the Company's or a Permitted User's exercise of the Licensed Rights or use of the Licensed System or by data or information of any nature inputted into the Licensed System by or under the direction or authorization of Company or a Permitted User; <u>provided</u>, <u>however</u>, this Section 2.5 shall not relieve BNYM of its obligation to act in accordance with its obligations under the Main Agreement. Company shall be responsible and solely liable for the cost or expense of regenerating any output or other remedial action if the Company, a Permitted User or an agent of either shall have failed to transmit properly and in the correct format any data or information, shall have transmitted erroneous or incorrect information or data, or shall have failed to timely verify or reconcile any such data or information when it is generated by the Licensed System (***"<u>Data Faults</u>"***).

(c) Company warrants that the data transmitted to the Licensed System by or under the direction or authorization of Company or Permitted Users will not disrupt, disable, harm, or otherwise impede in any manner the operation of the Licensed System or any associated software, firmware, hardware, or BNYM computer system or network.

***2.6 <u>Internal Control Obligations</u>.***

(a) Company shall adopt and implement commercially reasonable internal control procedures regarding the use of the Licensed System, which internal control procedures shall be reasonably designed to ensure that any use of the Licensed System complies with (i) Sections 2.1, 2.2, 2.6, 2.12, 2.17, 2.20 and 3.4 of this Schedule B, and (ii) applicable Documentation.

(b) Company shall establish and adhere to security policies and procedures intended to (i) safeguard the Licensed System from unauthorized or improper access and use from equipment utilized by the Company, (ii) safeguard the integrity and validity of any user identifications, passwords, mnemonics, security images, security questions and answers, token and supertoken generated character and symbols and any other data elements or information intended to restrict access to the Licensed Systems or to safeguard the information in or the operation of the Licensed System or any Component System in any manner from unauthorized users (***"<u>Security Codes</u>"***), and (iii) prevent unauthorized access to and protect electronically stored, processed or transmitted information. Such policies and procedures shall be at least equal to industry standards and any higher standard agreed upon by the Company and BNYM.

(c) Unless Company obtains prior written permission from BNYM, Company shall permit only Authorized Persons to use Security Codes assigned to or selected by Company with respect to the Licensed System. The Security Codes shall constitute Confidential Information of both Company and BNYM under the Agreement subject to all obligations thereunder, and Company shall not permit access to Security Codes to any person other than

Authorized Persons. Company shall notify BNYM immediately if Company has reason to believe that any person who is not an Authorized Person has obtained access to a Security Code or accessed or used the Licensed System, that an Authorized Person has accessed or used the Licensed System using Security Codes not assigned to that Authorized Person, that any other loss of confidentiality with respect to a Security Code has occurred or the security of the Licensed System has otherwise been breached. BNYM shall not be responsible or liable for any unauthorized use of valid Security Codes assigned to Authorized Persons or Permitted Users.

(d) Company shall verify and confirm all information entered on the Licensed System and shall notify BNYM of any error in any information entered on the Licensed System as soon as practicable following Company's knowledge of such error.

(e) Company will not recirculate, redistribute or otherwise retransmit or re-rout the Licensed System to any third party or authorize the use of any information included on the Licensed System on any equipment or display not authorized by BNYM without BNYM's prior express written approval.

***2.7 <u>Company Resources</u>.***

(a) Company will be solely responsible, at Company's expense, for procuring, maintaining, and supporting all third-party software other than Third Party Products and all workstations, personal computers, printers, controllers or other hardware or peripheral equipment at Company's sites (**"*<u>Company System</u>*"**) required for Company to operate the Licensed System in accordance with the Documentation and specifications provided by BNYM from time to time. BNYM will provide Company with specifications for Company System, including any requirements relating to the connection and operation of the Company System with the Licensed System and Third Party Products. Company shall conform its operating system environment to the operating system requirements provided by BNYM for the Licensed System. Company will support and maintain the Company System as necessary to ensure its operation does not impact the Licensed System adversely or otherwise in a manner not contemplated by the Documentation.

(b) Company shall, at its own expense, devote such of the Company System and other equipment, facilities, personnel and resources reasonably necessary to (a) implement the Licensed System, (b) be trained in the use of the Licensed System, (c) perform timely any electrical work and cable installation necessary for Company's use of the Licensed System, and (d) begin using the Licensed System on a timely basis. BNYM shall not be responsible for any delays or fees and costs associated with Company's failure to timely perform its obligations under this Section 2.7.

***2.8 <u>Company Telecommunications and Data Transmissions</u>.*** Company will be solely responsible for complying at all times with telecommunications requirements designated by BNYM for use of the Licensed System. Any data or information electronically transmitted by or on behalf of Company to the Licensed System will be so transmitted solely and exclusively in the format specified by BNYM.

***2.9 <u>Notices Of Material Increase In Use.</u>*** Company shall give advance written notice to BNYM whenever Company intends to increase its scope of use of the Licensed System in any material respect. Upon receipt of such notice, Company and BNYM shall mutually agree in writing on any required changes to the Company's scope of use for the Licensed System and, if applicable, the corresponding fees with respect to such increased scope.

***2.10 <u>Certifications and Audits</u>.*** Company shall promptly complete and return to BNYM any certifications which BNYM in its sole reasonable discretion may from time to time send to Company, certifying that Company is using the Licensed System in material compliance with the terms and conditions set forth in this Agreement. BNYM may, at its expense and after giving reasonable advance written notice to Company, enter Company locations during normal business hours and audit Company's utilization of the Licensed System, the number of copies of the Documentation in Company's possession, and the scope of use and information pertaining to Company's compliance with the provisions of this Agreement. The foregoing right may be exercised directly by BNYM or by delegation to an independent auditor acting on its behalf.

***2.11 <u>Taxes</u>***. The amounts payable by Company to BNYM in consideration of the performance of services by BNYM under the Agreement, including providing access to and use of the Licensed System pursuant to this

Schedule B, do not include, and Company will timely pay, all federal, state and local taxes (including sales, use, excise and property taxes), if any, assessed or imposed in connection therewith, <u>excluding</u> any taxes imposed upon BNYM based upon BNYM's net income.

***2.12 <u>Use Restrictions</u>.***

(a) Company will not do or attempt to do, and Company will not permit any other person or entity to do or attempt to do, any of the following, directly or indirectly:

(i) use or access or attempt to use or access any Proprietary Item for any purpose, at any location or in any manner not specifically
authorized by this Agreement;

(ii) make or retain any copy of any Proprietary Item except as
specifically authorized by this Agreement;

(iii) create, recreate or obtain the source code for any Proprietary Item;

(iv) refer to or otherwise use any Proprietary Item as part of any effort to develop other software, programs, applications, interfaces
or functionalities or to compete with BNYM or a Third Party Provider;

(v) modify, adapt, translate or create derivative works based upon any Proprietary Item, or combine or merge any Proprietary Item or part
thereof with or into any other product or service not provided for in this Agreement and not authorized in writing by BNYM;

(vi) remove, erase or tamper with any copyright or other proprietary notice printed or stamped on, affixed to, or encoded or recorded in
any Proprietary Item, or fail to preserve all copyright and other proprietary notices in any copy of any Proprietary Item made by Company;

(vii) sell, transfer, assign or otherwise convey in any manner any ownership interest or Intellectual Property Right of BNYM, or market,
license, sublicense, distribute or otherwise grant, or subcontract or delegate to any other person, including outsourcers, vendors, consultants,
joint venturers and partners, any right to access or use any Proprietary Item, whether on Company's behalf or otherwise;

(viii) subcontract for or delegate the performance of any act or function involved in accessing or using any Proprietary Item, whether on
Company's behalf or otherwise;

(ix) reverse engineer, re-engineer, decrypt, disassemble, decompile, decipher, reconstruct, re-orient or modify the circuit design, algorithms,
logic, source code, object code or program code or any other properties, attributes, features or constituent parts of any Proprietary
Item;

(x) take any action that would challenge, contest, impair or otherwise adversely effect an ownership interest or Intellectual Property
Right of BNYM;

(xi) use any Proprietary Item to provide remote processing, network processing, network communications, a service bureau or time sharing
operation, or services similar to any of the foregoing to any person or entity, whether on a fee basis or otherwise;

(xii) allow Harmful Code into any Proprietary Item, as applicable, or into any interface or other software or program provided by it to
BNYM, through Company's systems or personnel or Company's use of the Licensed Services or Company's activities in connection with this
Agreement; or

(xiii) engage in, or attempt to engage in, vulnerability assessments or penetration testing of the BNYM System of any nature, "ethical
hacking", "white hat hacking" or similar hacking of the BNYM System of any nature, or any other process or procedure intended
to identify or exploit flaws, vulnerabilities or weaknesses in the BNYM System, or otherwise engage in or attempt to engage in any activity
to use, access or test or expose the BNYM System other than access and use authorized by BNYM in accordance with security measures and
access methods approved by BNYM.

(b) Company shall, promptly after becoming aware of such, notify BNYM of any facts, circumstances or events regarding its or a Permitted User's use of the Licensed System that are reasonably likely to constitute or result in a breach of this Section 2.12, and take all reasonable steps requested by BNYM to prevent, control, remediate or remedy any such facts, circumstances or events or any future occurrence of such facts, circumstances or events.

***2.13 <u>Restricted Party Status</u>.*** Company warrants at all times that it is not a ***"<u>Restricted Party</u>"***, which shall be defined to mean any person or entity: (i) located in or a national of Cuba, Iran, Libya, North Korea, Sudan, Syria, or any other countries that may, from time to time, become subject to U.S. export controls for anti-terrorism reasons or with which U.S. persons are generally prohibited from engaging in financial transactions; (ii) on the U.S. Department of Commerce Denied Person's List, Entity List, or Unverified List; U.S. Department of the Treasury list of Specially Designated Nationals and Blocked Persons; or U.S. Department of State List of Debarred Parties; (iii)

engaged in activities involving nuclear materials or weapons, missile or rocket technologies, or proliferation of chemical or biological weapons; (iv) affiliated with or a part of any non-U.S. military organization, or (v) designated by the U.S. Government to have a status equivalent to any of the foregoing. If Company becomes a Restricted Party during the term of this Agreement, the Licensed Rights shall terminate immediately without notice and Company shall have no further rights to use the Licensed System.

***2.14 <u>Mitigation Measures</u>.*** Company shall take commercially reasonable measures (except measures causing it to incur out-of-pocket expenses which BNYM does not agree in advance to reimburse) to mitigate losses or potential losses to BNYM, including taking verification, validation and reconciliation measures that are commercially reasonable or standard practice in the Company's business.

***2.15 <u>Company Dependencies</u>.*** To the extent an obligation of BNYM under this Schedule B is dependent and contingent upon Company's or Permitted User's performance of an action or refraining from performing an action that has been specified or described in this Schedule B or the Documentation or that is part of practices and procedures which are commercially reasonable or standard in the user's industry (***"<u>Company Dependency</u>"***), BNYM shall not be liable for Loss to the extent caused by or resulting from, or that could have been avoided but for, a failure to properly perform or a delay in properly performing a Company Dependency and BNYM's obligation to perform an obligation contemplated by this Agreement shall be waived or delayed to the extent the performance of the related Company Dependency is not properly performed or is delayed .

***2.16 <u>Software Modifications</u>.*** Company may request that BNYM, at Company's expense, develop modifications to the software constituting a part of the Licensed System that BNYM generally makes available to customers for modification (***"<u>Software</u>"***) that are required to adapt the Software for Company's unique business requirements. Such requests, containing the material features and functionalities of all such modifications in reasonable detail, will be submitted by Company in writing to BNYM in accordance with the applicable, commercially reasonable procedures maintained by BNYM at the time of the request. Company shall be solely responsible for preparing, reviewing and verifying the accuracy and completeness of the business specifications and requirements relied upon by BNYM to estimate, design and develop such modifications to the Software. BNYM shall have no obligation to develop modifications to the Licensed System requested by Company, but may in its discretion agree to develop requested modifications which it, in its sole discretion, reasonably determines it can accomplish with existing resources or with readily obtainable resources without disruption of normal business operations provided Company agrees at such time in writing to pay all costs and expenses, including out-of-pocket expenses, associated with the customized modification. BNYM shall be obligated to develop modifications under this Section 2.16 only upon the execution of and in accordance with a writing containing, to BNYM's reasonable satisfaction, all necessary business and technical terms, specifications and requirements for the modification as determined by BNYM in its sole judgment (***"<u>Customization Order</u>"***) and Company's agreement to pay all costs and expenses, including out-of-pocket expenses, associated with the customized modification (***"<u>Customization Fee Agreement</u>"***). All modifications developed and incorporated into the Licensed System pursuant to a Customization Order are referred to herein as ***"<u>Company Modifications</u>"***. BNYM may make Company Modifications available to all users of the Licensed System, including BNYM, at any time after implementation of the particular Company Modification and any entitlement of Company to reimbursement on account of such action must be contained in the Customization Fee Agreement.

***2.17 <u>Export of Software</u>.*** The Company and Permitted Users are without exception prohibited from (i) accessing or using the BNYM System outside the United States, or (ii) exporting, transmitting, transferring or shipping any Proprietary Item to a country or jurisdiction outside the United States. No provision of the Agreement shall be interpreted to require BNYM to permit access or use outside the United States or to export any Proprietary Item to a country or jurisdiction outside the United States. The Company shall comply with all applicable export and re-export restrictions and regulations of the U.S. Department of Commerce or other U.S. agency or authority and the Company may not transfer a Proprietary Item in violation of any such restrictions and regulations.

***2.18 <u>Permitted Users Contemplated By Documentation</u>.*** Notwithstanding any other provision of the Agreement, to the extent Documentation applicable to a particular Component System contemplates that Company Data will be transmitted or transferred to a Permitted User outside the BNYM System, that Company Data will be made available within the BNYM System for retrieval by a Permitted User for use outside the BNYM System, that the Company Data will be provided or made available to Permitted Users within the BNYM System for use by the

Permitted User within the BNYM System or within a system of the Permitted User, or that the Company may authorize Permitted Users to access and use Company Data contained within the Licensed System in any other manner:

(i) The Company hereby grants to BNYM a worldwide, royalty-free, non-exclusive right and license to display the Company Data through any
BNYM Web Application contemplated by the Documentation for the applicable Component System and hereby authorizes and directs BNYM, as
appropriate, to transmit, transfer, make available and provide the Company Data to Permitted Users, as contemplated by the Documentation
applicable to the particular Component System, including without limitation through the Internet via a BNYM Web Application or other communication
link or method or access site or method designated by BNYM for use of the particular Component System;

(ii) The Company hereby authorizes and directs BNYM, (A) to permit Permitted Users to view and use Company Data within the Licensed System
as contemplated by applicable Documentation, (B) to act on behalf of a shareholder in any way contemplated by applicable Documentation
and authorized by the Company in accordance with applicable Documentation, including to effect purchases, sales, redemptions, distributions,
exchanges, transfers and other activities and to change the status, data or information involving a shareholder account or assets in a
shareholder account, and (C) to the extent contemplated by applicable Documentation, to permit Permitted Users to download and store,
copy in on-line and off-line form, reformat, perform calculations with, and distribute, publish, transmit, and display the Company Data
in the systems of the Permitted User and to and through any relevant BNYM Web Application;

(iii) The Company shall have sole responsibility for imposing any desired use restrictions on Permitted Users to the extent use restrictions
are contemplated by the applicable Documentation and BNYM shall cooperate in a commercially reasonable manner in imposing such use restrictions
to the extent the applicable Documentation contemplates a role for BNYM in imposing such use restrictions;

(iv) The Company acknowledges and agrees that it alone is responsible for entering into agreements with Permitted Users governing the terms
and conditions, as between the Company and the Permitted User, of the Permitted User's use of the Company Data; the Company releases BNYM
from any and all responsibility and duty for obtaining any such agreements, including agreements relating to confidentiality and privacy
of the data and information, and for any monitoring, supervision or inspection of Permitted Users of any nature; the Company releases
BNYM from any Loss the Company may incur, and will indemnify and defend BNYM for all Loss it may incur, arising or resulting from or in
connection with Company Data after BNYM, as appropriate, transmits, transfers, makes available or provides the Company Data to the Permitted
User in accordance with applicable Documentation, whether through a BNYM Web Application or otherwise;

(v) The Company shall be responsible and liable to BNYM for the acts and omissions of Permitted Users while accessing and using a Component
System pursuant to authorization from the Company and shall indemnify and defend BNYM for all Loss arising from or related to acts or
omissions by a Permitted User that would constitute a breach of this Agreement if committed by the Company, that constitute reckless or
intentional misconduct or that constitute a breach of a duty of the Permitted User imposed by this Schedule B; and

(vi) BNYM may immediately terminate access to and use of the Licensed System by a Permitted User if BNYM reasonably believes conduct of
the Permitted User would constitute a breach of this Agreement if committed by the Company, constitutes reckless or intentional misconduct,
or constitutes a breach of a duty of the Permitted User imposed by this Schedule B, applicable Documentation or applicable Terms of Use.

***2.19 <u>Communications with Third Parties regarding Component System Services</u>.*** The Company shall be solely responsible for communicating with third parties to the extent such is reasonably required for services to be provided in accordance with the Documentation for the particular Component System.

***2.20 <u>Compliance with Terms Of Use</u>.*** The Company's and, to the extent applicable in connection with a particular Component System, each Permitted User's use of a Component System, a BNYM Web Application and any other access site or access method to a particular Component System shall be conducted in material compliance

with applicable Terms of Use. In addition, Permitted Users shall be required to comply with requirements set forth in applicable Documentation, including requirements relating to Security Codes, as a condition to use of particular Component Systems.

***2.21 <u>Third Party Providers To The Company</u>.*** The Company shall have sole responsibility to maintain through itself or its agents all agreements with third party providers that may be appropriate for use of a Component System and to pay as they come due all fees and charges associated with such agreements either directly or as passed through on invoices of BNYM.

***2.22 <u>Fees</u>.*** The Company shall be obligated to pay to BNYM such fees and charges for access and use of any part of the Licensed System as may be set forth in the Fee Agreement and such fees and charges shall be paid in accordance with any applicable provisions set forth in the Main Agreement.

**SECTION 3. PROVISIONS REGARDING BNYM**

***3.1 <u>Right to Modify</u>.*** BNYM may alter, modify or change the Licensed System or any component, code, language, function, format, design, architecture, security measure or other element of whatsoever nature of the Licensed System and implement such alterations, modifications and changes into the Documentation and/or the Licensed System as Updates or Upgrades applicable to Company's continued use of the Licensed System after such implementation; <u>provided</u>, <u>however</u>, at no time shall this section be interpreted in such a manner as to allow BNYM by such alterations, modifications or changes to alter the License granted by Section 2.1 or modify any other service obligation of BNYM under this Agreement.

***3.2 <u>Training and Product Assistance</u>.*** BNYM agrees to use commercially reasonable efforts to provide requested training and Product Assistance for Company's personnel at BNYM's facilities or at Company's facilities in connection with access to and use of the Licensed System and subsequent Updates, as reasonably requested by Company, at BNYM 's then-current charges and rates for such services. All reasonable travel and out-of-pocket expenses incurred by BNYM personnel in connection with and during such training or Product Assistance shall be borne by Company upon pre-approval in writing.

***3.3 <u>Monitoring</u>.*** BNYM is not responsible for Company's or Permitted User's use of the Licensed System but shall have the right to monitor such use on BNYM's network solely to verify compliance with the terms and conditions set forth herein and for operational purposes related to the delivery of services by the Licensed System.

***3.4 <u>BNYM Failure to Receive Data</u>.*** BNYM shall not be liable for data or information which the Company, a Permitted User or an agent of either transmits or attempts to transmit to BNYM in connection with its use of a Component System and which is not received by BNYM or for any failure of a Component System to perform a function in connection with any such data or information. BNYM shall not be obligated to ascertain the accuracy, actual receipt by it or successful transmission to it of any data or information in connection with the Company's or a Permitted User's use of a Component System or to confirm the performance of any function by a Component System based on the transmission of instructions, data or information to BNYM in connection with such use by the Company or a Permitted User. Sole responsibility for the foregoing shall rest with the party initiating the transmission.

***3.5 <u>ACH Activity</u>.*** To the extent contemplated by the Documentation, and to the extent authorized by the Company and agreed to by BNYM in its sole discretion, BNYM will accept bank account information over the Internet or other communication channel from Permitted Users and take such other actions as may be appropriate to facilitate movement of money to and from shareholder accounts through the Automated Clearing House (**"ACH"**). The Company shall be solely responsible for all market risk (gain/loss liability) associated with transactions utilizing the ACH process.

**SECTION 4. OWNERSHIP AND OTHER RIGHTS**

***4.1 <u>BNYM Ownership</u>.***

(b) In the event a Company Web Application contains a Proprietary Item or other intellectual property of BNYM, including, but not limited to, rights in copyrighted works, trademarks and trade dress, BNYM shall retain all rights in such Proprietary Item or other intellectual property. To the extent a Proprietary Item or other intellectual property of BNYM is duplicated within a Company Web Application to replicate the "look and feel," "trade dress" or other aspect of the appearance or functionality of a BNYM Web Application or other component of the BNYM System, BNYM grants to the Company a limited, non-exclusive, non-transferable right to use such Proprietary Item or other intellectual property for the duration of its authorized use of the applicable Component System. The right granted by the foregoing sentence is limited to the intellectual property needed to replicate the appearance of the particular BNYM Web Application or other component of the BNYM System and does not extend to any other Proprietary Item or other intellectual property owned by BNYM. Company shall immediately cease using such Proprietary Item or other intellectual property immediately upon termination of the Licensed Rights governing the relevant Component System.

(c) This Agreement is not an agreement of sale, and no title, patent, copyright, trademark, service mark, trade secret, intellectual property or other ownership rights to any Proprietary Items are transferred to Company by virtue of this Agreement. Upon BNYM's request, the Company shall promptly inform BNYM in writing of the quantity and location of any tangible Proprietary Item furnished to Company in connection with this Agreement. Nothing contained in this Agreement, no disclosure of BNYM Confidential Information and no use of Proprietary Items hereunder shall be construed as granting to or conferring on Company any rights, by license or otherwise, for any invention, discovery or improvement made, conceived, or acquired by BNYM prior to or after the date hereof. No patent application that may hereafter be made, and no claim to any trade secret or other protection, shall be prejudiced by any disclosure of Confidential Information or use of Proprietary Items hereunder. Any sale, assignment or transfer of any nature or in any manner, or any attempt to do such, by Company or any party through Company of any ownership interest or Intellectual Property Right of BNYM in the Proprietary Items shall be void. Any subcontracting or delegation of any right to access or use a Proprietary Item and any subcontracting for or delegation of the performance of any activities or functions involved in accessing or using a Proprietary Item shall be void and unenforceable against BNYM.

***4.2 <u>Company Ownership</u>.*** Company will own its respective right, title, and interest, including Intellectual Property Rights, in and to the Company Data. Company hereby grants BNYM a limited, nonexclusive, nontransferable license to access and use the Company Data, and consents to BNYM's permitting access to, transferring and transmitting Company Data, all as appropriate to Company's use of the Licensed Rights or as contemplated by the Documentation.

***4.3 <u>Mutual Retention of Certain Rights</u>.*** Each party acknowledges and agrees that, other than the Licensed Rights provided for by Section 2.1 of this Schedule B, this Agreement does not give a party any right, title or interest in or to any ownership or other rights of the other party to property. Any software, interfaces or other programs a party provides to the other party hereunder (i) shall be used solely by such receiving party and only during the term of the Agreement and only for the purpose it was provided and in accordance with the provisions of this Agreement, and (ii) shall not be used by such party or any affiliate for any other purpose or to connect to or with any other person. To the extent the Intellectual Property Rights of one party are cached to expedite communication, such party grants to the other party a limited, non-exclusive, non-transferable right to use such Intellectual Property

Rights for a period of time no longer than that reasonably necessary for the communication and a party shall immediately cease using such Intellectual Property Rights immediately upon termination of the Licensed Rights governing the relevant Component System.

***4.4 <u>Use of Hyperlinks</u>.*** To the extent use of hyperlinks is contemplated by the Documentation for a particular Component System: The Company hereby grants to BNYM a royalty-free, nonexclusive, nontransferable and revocable right to use the Company's hyperlink in connection with the relevant Licensed Services; BNYM hereby grants to the Company a royalty-free, nonexclusive, nontransferable and revocable right to use BNYM 's hyperlink in connection with providing the relevant Licensed Services; each party shall reasonably cooperate with the other party concerning the placement, location and destination of such hyperlinks; and a party shall immediately cease using another party's hyperlink immediately upon termination of the Licensed Rights governing the relevant Component System.

***4.5 <u>Use of Marks</u>.*** To the extent one party's Marks must be utilized by the other party in connection with the operation of a particular Component System or the Licensed Services related to the particular Component System: the Company hereby grants to BNYM a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System; BNYM hereby grants to the Company a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System; all use of Marks shall be in accordance with the granting party's reasonable policies regarding the advertising and usage of its Marks as established from time to time; the Company hereby grants BNYM the right to display the Company's Mark's on applicable BNYM Web Applications and in advertising and marketing materials related to the BNYM Web Application and the Licensed Services provided by the relevant Component System; each party shall retain all right, title and interest in and to its Marks worldwide, including any goodwill associated therewith, subject to the limited right granted in this Section 4.5; use of the Marks hereunder by the grantee pursuant to this limited right shall inure to the benefit of the trademark owner and grantees shall take no action that is inconsistent with the trademark owner's ownership thereof; each party shall exercise reasonable efforts within commercially reasonable limits, to maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided to it by the other party in writing from time to time, and all "point and click" features relating to Authorized Persons' acknowledgment and acceptance of such disclaimers and notifications; and a party shall immediately cease using another party's Marks immediately upon termination of the Licensed Rights governing the relevant Component System.

**SECTION 5. REPRESENTATIONS, WARRANTIES & COVENANTS; INDEMNIFICATION**

***5.1 <u>Right to Grant Rights; No Infringement; BNYM Indemnification</u>.***

(a) BNYM warrants to Company that BNYM has the full legal right to grant Company the right to use the Licensed System, as and to the extent permitted under this Agreement, and that the Licensed System when properly used for the purpose and in the manner specifically authorized by this Agreement, does not to BNYM's knowledge infringe in any material respect upon any United States patent or copyright or any trade secret or other proprietary right of any person. BNYM shall defend and indemnify Company against any third party claim to the extent attributable to a violation of the foregoing warranty. BNYM shall have no liability or obligation under this Section 5.1 unless Company gives written notice to BNYM within ten (10) days (provided that later notice shall relieve BNYM of its liability and obligations under this Section 5.1 only to the extent that BNYM is prejudiced by such later notice) after any applicable infringement claim is initiated against Company and allows BNYM to have sole control of the defense or settlement of the claim. The remedies provided in this Section 5.1 are the sole remedies for a breach of the warranty contained in this Section 5.1. If any applicable claim is initiated, or in BNYM's sole opinion is likely to be initiated, then BNYM shall have the option, at its expense, to:

(i) modify or replace the Licensed System or the infringing part of the Licensed System so that the Licensed System is no longer infringing;
or

(ii) procure the right to continue using or providing the infringing
part of the Licensed System; or

(iii) if neither of the remedies provided for in clauses (i) and (ii) can be accomplished in a commercially reasonable fashion, limit or
terminate the Licensed Rights with respect to the infringing part of the

Licensed System and refund any fees paid by the Company with respect to future periods affected by such limitation or termination.

(b) Neither BNYM nor any Third Party Provider shall have any liability under any provision of this Agreement with respect to any performance problem, warranty, claim of infringement or other matter to the extent attributable to (i) Company's use of a Proprietary Item in a negligent manner or any manner not consistent with this Schedule B or Company's breach of this Schedule B; (ii) any modification or alteration of a Proprietary Item made by anyone other than BNYM or made by BNYM at the request or direction of the Company, (iii) BNYM's compliance with the instructions or requests of Company relating to a Proprietary Item; (iv) any combination of a Proprietary Item with any item, service, process or data not provided by BNYM, (v) third parties gaining access to a Proprietary Item due to acts or omissions of Company, (vi) third party software not recommended by BNYM or the use of open source software, (vii) Company's failure to license and maintain copies of any third-party software required to operate the any BNYM Software, (viii) Company's failure to operate the BNYM Software in accordance with the Documentation, or (ix) Data Faults. (collectively, ***"<u>Excluded Events</u>"***). Company will indemnify, and with respect to third party claims will defend, and hold harmless BNYM and Third Party Providers from and against any and all Loss and claims resulting or arising from any Excluded Events.

***5.2 <u>BNYM Warranties</u>.*** BNYM warrants that:

(i) except for Direct Third Party Products, with respect to which no warranty is made, and subject to the last sentence of Section 2.3,
the Licensed System, if used in accordance with applicable Documentation, will operate in material conformity with applicable Documentation,
and in the event of a breach of this clause (i) BNYM shall take commercially reasonable actions to restore performance of the Licensed
System to the requirements of the foregoing warranty; and

(ii) BNYM owns, or has the right to use under valid and enforceable agreements, all Intellectual Property Rights reasonably necessary for
and related to the provision of the Licensed Rights and to grant the right granted under Section 2.1.

***5.3 <u>Warranty Disclaimer</u>.*** THE LICENSED SYSTEM AND ALL RELATED SERVICES ARE MADE AVAILABLE TO COMPANY ON AN "AS IS", "AS AVAILABLE" BASIS. UNLESS A SPECIFIC WARRANTY IS EXPRESSLY GIVEN IN THIS SCHEDULE C, NO WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, IS MADE IN THIS SCHEDULE C, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO THE AVAILABILITY, CONDITION, MERCHANTABILITY, NON-INFRINGEMENT, DESIGN, OPERATION OR FITNESS FOR OR SATISFACTION IN REGARDS TO A PARTICULAR PURPOSE.

***5.4 <u>Limitation of Warranties</u>.*** The warranties made by BNYM in this Schedule B, and the obligations of BNYM under this Schedule B, run only to Company and not to its affiliates, its customers or any other persons.

**SECTION 6 OTHER PROVISIONS**

***6.1 <u>Scope of Services</u>.*** The scope of services to be provided by BNYM under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to the Company, unless the parties hereto expressly agree in writing to any such increase. BNYM shall not be obligated to develop or implement Upgrades, but to the extent it elects to do so Section 3.1 shall apply.

***6.2 <u>Additional Provision Regarding Governing Law</u>.*** This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act (***"<u>UCITA</u>"***), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein.

***6.3 <u>Third Party Providers</u>.*** Except for those terms and conditions that specifically apply to Third Party Providers, under no circumstances shall any other person be considered a third party beneficiary of this Agreement or otherwise entitled to any rights or remedies under this Agreement. Except as may be provided in Third Party Agreements, Company shall have no rights or remedies against Third Party Providers, Third Party Providers shall have no liability of any nature to the Company, and the aggregate cumulative liability of all Third Party Providers to the Company shall be $1.

***6.4 <u>Liability Provisions</u>.***

(a) Notwithstanding any provision of the Main Agreement or this Schedule B, BNYM shall not be liable under this Schedule B under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other damages which are not direct damages regardless of whether such damages were or should have been foreseeable and regardless of whether any entity has been advised of the possibility of such damages, all and each of which damages is hereby excluded by agreement of the parties.

(b) Notwithstanding any provision of the Main Agreement or this Schedule C, BNYM's cumulative, aggregate liability to the Company for any Loss, including Loss arising from Claims for indemnification pursuant to the Main Agreement and this Schedule C, that arises or relates to a term of this Schedule C, the recovery of which is not otherwise excluded or barred by another provision of this Agreement, shall not exceed: (i) with respect to Claims regarding a Component System for which specific fees and/or charges are set forth in the Fee Agreement (**"Fee Based Components"**), the fees and charges paid by Company to BNYM for the particular Component System for the six (6) full calendar months immediately prior to the date the last Claim of Loss relating to the particular Component System arose (**"Fee Based Cap"**), and (ii) with respect to Claims regarding a Component System which is not a Fee Based Component (<u>i.e.</u>, fees are included in account fees or otherwise incorporated into other fees) (**"Non-Fee Based Component"**), the fees and charges paid by Company to BNYM for all services rendered under the Agreement, minus fees and charges paid with respect to Fee Based Components, for the six (6) full calendar months immediately prior to the date the last Claim of Loss relating to any Non-Fee Based Component arose (**"Non-Fee Based Cap"**, and collectively with the Fee Based Cap, a **"BNYM System Cap"** or the **"BNYM System Caps"**). Any amounts paid to Company that are subject to either BNYM System Cap shall reduce the General Damage Cap (as defined in the Main Agreement) by such amount and no amounts shall be payable or paid under this Section 6.4 of Schedule C that would cause the General Damage Cap to be exceeded.

(c) In the event of a material breach of this Schedule B by BNYM with respect to the operation of a particular Component System, Company's sole and exclusive termination remedy shall be to terminate the Licensed Rights granted by this Schedule B to the particular Component System with respect to which the material breach occurred by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of the Agreement, but the Company shall not be entitled to terminate any other provision of the Agreement or the Licensed Rights with respect to any other Component System. For purposes of clarification: The foregoing sentence is not intended to restrict, modify or abrogate any remedy available to a Company under another provision of the Agreement for a breach of Schedule B by BNYM other than the termination remedy.

***6.5 <u>Assignment</u>.*** Company may not, and shall not under any circumstances, assign, license, sublicense, grant rights to use or otherwise transfer any Licensed Rights or any right in or part thereof or any obligation under this Schedule B, and any such assignment or transfer or attempted assignment or transfer shall be void.

***6.6 <u>Return of Proprietary Items</u>.*** Upon a termination of this Agreement or a termination of the right to use the Licensed System or a right to use a particular Component System, Company shall immediately cease attempts to access and use the relevant Component Systems and related Proprietary Items, and Company shall promptly return to BNYM all copies of the relevant Documentation and any other related Proprietary Items then in Company's possession. Company shall remain liable for any payments due to BNYM with respect to the period ending on the date of termination or any Continuation Period, as applicable, and any charges arising due to the termination.

***6.7 <u>Conflicts</u>.*** Applicable terms of the Main Agreement shall apply to this Schedule B but any conflict between a term of the Main Agreement and this Schedule B shall be resolved to the fullest extent possible in favor of the term in this Schedule B.

***6.8 <u>Exclusivity</u>.*** Company shall solely and exclusively use the Licensed System to perform the computing functions and services made available to the Company by the Licensed System. For clarification: this means the Company will not use any system, subsystem, component or functionality of another service provider to perform functions or services similar to those provided by the Licensed System.

 ****

***6.9 <u>Term</u>.*** The term of this Schedule B shall be the same as the term in effect for the Main Agreement, including with respect to any renewal terms. Additionally, with respect to each Component System to which the Company is given access and use, the term applicable to BNYM's obligation to furnish the Component System and the Company's obligation to pay the fees and charges applicable to the Component System (***"<u>Component System Obligations</u>"***) shall be the same as the term applicable to the Core Services, including with respect to any renewal term. For clarification: this Schedule B and the Component System Obligations may be terminated only in connection with a termination of the Main Agreement in accordance with the termination provisions set forth in the Main Agreement, except where this Schedule specifically sets forth an additional termination right.

***6.10 <u>Confidentiality</u>.*** Company agrees to maintain the confidentiality of and protect the Proprietary Items and to prevent access and use not permitted hereunder with at least the same degree of care that it utilizes with respect to its own proprietary and nonpublic material, including without limitation agreeing:

(i) not to disclose to or otherwise permit any person access to, in any manner, the Proprietary Items, or any part thereof in any form
whatsoever, except that such disclosure or access shall be permitted to an employee of Company in the course of his or her employment
and who is bound to maintain the confidentiality thereof;

(ii) not to use the Proprietary Items for any purpose other than in connection with the Company's exercise of the Licensed Rights, without
the consent of BNYM; and

(iii) to promptly report to BNYM any facts, circumstances or events that are reasonably likely to constitute or result in a breach of this
Section 6.10 or a breach of Section 4 of the Main Agreement with respect to the Proprietary Items, and take all reasonable steps requested
by BNYM to prevent, control, remediate or remedy any such facts, circumstances or events or any future occurrence of such facts, circumstances
or events.

***6.11 <u>Provisions Applicable Solely to IAM</u>.*** In connection with any permitted access and use of IAM, the Company agrees, at its expense, to;

(a) Provide, or retain other persons to provide, all computers, telecommunications equipment, encryption technology and other materials, services, equipment and software reasonably necessary to develop and maintain a Company Web Application as contemplated by IAM Documentation, including the functionality necessary to maintain the hypertext links to IAM (***"<u>Company IAM Site</u>"***);

(b) Promptly provide BNYM written notice of changes in Fund policies or procedures requiring changes to the IAM settings or parameters or services (***"<u>Parameter Changes</u>"***); provided, however, this provision shall be interpreted to require BNYM to modify only adjustable settings and parameters already provided for in IAM in response to a Parameter Change and not to require BNYM to effect any Upgrade;

(c) Work with BNYM to develop Internet marketing materials for Permitted Users and forward a copy of appropriate marketing materials to BNYM;

(d) Promptly revise and update applicable offering memoranda and other pertinent materials, such as user agreements, to include the appropriate consents, notices and disclosures, including disclaimers and information reasonably requested by BNYM;

(e) With respect to the Company IAM Site, maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided by BNYM in writing from time to time, and all "point and click" features relating to acknowledgment and acceptance of such disclaimers and notifications; and

(f) Design and develop the Company IAM Site functionality necessary to facilitate, implement and maintain the hypertext links to IAM and the various inquiry and transaction web pages and otherwise make the Company IAM Site available to Permitted Users.

***6.12 <u>Termination and Suspension by BNYM</u>.***

(a) In the event of a material breach of this Schedule B by Company, BNYM may terminate the Licensed Rights in their entirety and all access to and use of the Licensed System by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of the Agreement.

(b) In the event BNYM reasonably believes in good faith that any activity (i) of the Company or a Permitted User constitutes a breach of a provision of this Schedule B governing access to or use of the BNYM System, or (ii) any activity presents a threat to the integrity or security of the BNYM System or the information contained within it (a ***"<u>Use Incident</u>"***), BNYM may without incurring any liability hereunder, temporarily suspend access to and use of the Licensed System or a Component System solely for the amount of time necessary for the investigation and resolution of the issues, and shall notify the Company as soon as practicable under the circumstances of such action and the conduct believed to be a Use Incident. BNYM shall exercise this right with diligence to minimize the impact of any such suspension. The parties agree to promptly cooperate in good faith to address such issues. The Company shall indemnify BNYM for all Loss, and to the extent applicable defend BNYM against all Loss, resulting from or arising out of or in connection with a Use Incident attributable to conduct of the Company, an Authorized Person or Permitted User.

***6.13 <u>Equitable Relief</u>.*** Company agrees that BNYM would not have an adequate remedy at law in the event of a breach or threatened breach of a Use Provision by the Company and that BNYM would suffer irreparable injury and damage as a result of any such breach. Accordingly, in the event Company breaches or threatens to breach a Use Provision, in addition to and not in lieu of any legal or other remedies BNYM may pursue hereunder or under applicable law, Company hereby consents to the granting of equitable relief (including the issuance of a temporary restraining order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction, without the necessity of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened breach. In any proceeding upon a motion for such equitable relief, BNYM's ability to answer in damages shall not be interposed as a defense to the granting of such equitable relief.

***6.14 <u>Survival</u>.*** Sections 2.1(b), 2.12, 4.1, 4.2, 4.3, 6.10, provisions which by their nature are applicable after an agreement termination, provisions expressly stated to survive termination and any provisions appropriate to interpret such provisions or to determine the rights or obligations of the parties surviving termination of the Agreement by law, shall survive any termination of the Main Agreement, this Schedule B or the Licensed Rights.

***6.15 <u>Provisions Applicable Solely to the 22c-2 System</u>.*** *[Reserved][Intentionally Omitted]*

***6.16 <u>Internet and Mobile Applications</u>.***

(a) Each party acknowledges that the Internet is an unsecured, unstable, unregulated, unorganized and unreliable network, and that to the extent the ability of the other party to provide or perform services or duties hereunder is dependent upon the Internet and equipment, software, systems, data and services provided by various telecommunications carriers, equipment manufacturers, firewall providers, encryption system developers and other vendors and third parties, each party agrees that the other shall not be liable in any respect for the functions or malfunctions of the Internet.

(b) In connection with the use of any device by the Company or a Permitted User which utilizes a wireless connection, whether to a router or other computer equipment or to a wireless telecommunications network or system, in whole or in part to access the BYNM System directly or through the Internet, BNYM shall not be responsible in any respect for the functions or malfunctions of such telecommunications network or system or wireless connection or for the loss of personal information or Security Codes or for events of identity theft occurring through such telecommunications network or system or wireless connection.

***6.17. <u>Requirement For Written Consent or Written Release</u>.*** No failure to act, no omission, no failure to respond, object or deny consent, and no other instance of an absence of action or communication (collectively, "Forbearance") shall be construed as a consent or waiver (implied, constructive, deemed or otherwise) under this Schedule B. Any conduct (as defined in the Main Agreement) not expressly permitted by this Schedule B, notwithstanding any number of occurrences of the conduct, any number of requests to engage in the conduct, any failures of BNYM to discover the conduct and any number of related Forbearances, shall be prohibited in the absence of a written consent to the conduct or a written waiver of a relevant prohibition or restriction.

***6.18 <u>Aggregation And Other Third Party Services</u>*.**

(a) In the event (i) BNYM facilitates connectivity with, develops or implements functionality, APIs, transmission protocols or any other technological service, product or item that permits or enables a third party acting on behalf of the Company or a Permitted User to access or use a Component System or any part of the BNYM System for any purpose (***"<u>Connected Component</u>"***), including without limitation to access, use, extract, retrieve, input or modify Company Data or other confidential, private or personal information of the Company or a Permitted Use or to conduct financial or non-financial transactions (such access and use being an ***<u>"Investment Service</u>"***, and such third party being an ***"<u>Investment Service Provider</u>"***), (ii) Company elects to access and use or permit Permitted Users to access and use a Connected Component, and (iii) in connection therewith the Company or a Permitted User furnishes one or more Security Codes to the Investment Service Provider:

(1) Company acknowledges that in order to permit an Investment Service Provider to provide an Investment Service BNYM may implement or
operate information security processes, procedures, features or characteristics with respect to the Connected Component that differ from
the information security processes, procedures, features and characteristics it maintains for some or all of the other components of the
BNYM System ( ***" <u>Security Differences</u> "***) and in consideration for its access and use of a Connected Component
or for BNYM permitting Permitted Users to access and use a Connected System it consents to the existence of the Security Differences and
agrees that the Security Differences do not constitute negligence or other Liable Conduct on the part of BNYM; and

(2) Company agrees that BNYM bears no liability or responsibility of any nature to Company for any Loss or other consequences arising
to any extent from any access to or use of a Connected Component by or through an Investment Service Provider's technology system, and
that it shall indemnify and defend BNYM in accordance with the terms of Section 12 of the Main Agreement for all Loss incurred by BNYM
or its affiliates arising to any extent from any access to or use of a Connected Component by or through an Investment Service Provider's
technology system.

(b) BNYM bears no liability or responsibility for Loss or other consequences arising from the use of a Security Code established by or for the Company or a Permitted User by any person not specifically permissioned by the Security Code to access and use the BNYM System or any of its Component Systems or from the use of such Security Code other than as specifically permissioned by the Security Code.

**[Remainder of Page Intentionally Blank]**

**<u>EXHIBIT 1 TO SCHEDULE D</u>**

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| Active Advisor/<br> AdvisorCentral | A portal for trusts, financial advisors, broker/dealers and other financial intermediaries to view mutual fund and client account data on the transfer agent mainframe via the Internet if permitted access by Company and for Company back offices to view the same data. |

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| | |
|:---|:---|
| ACE | ACE Settlement (Automated Control Environment) - Performs automated mutual fund settlement, dividend settlement, tax withholding tracking, and gain loss settlement and produces the supersheet that contains a summary of dollar and share activities. Includes in the foregoing all estimation functions previously performed by ACE Estimate. |

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| | |
|:---|:---|
| AOS | AOS (Advanced Output Solutions) Digital Reports - Provides access to and the ability to print certain print/mail output generated by the Document Solutions system in connection with services provided to customers of clients, such as customer statements, customer confirmations and customer tax forms. |

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| | |
|:---|:---|
| CMS\* | (Customer Management Suite) - the combination of functionalities, systems and subsystems which together provide the following capabilities: workflow management, electronic document processing, integrated Web-based front-end processing, customer relationship management and automated servicing of brokers and investors. The principal subsystems are Correspondence, Customer Relationship Manager (automates call center activities), Image and Operational Desktop and includes E-Forms. |

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| | |
|:---|:---|
| Data<br> Delivery | (Includes DAZL - Data Access Zip Link) Applications which extract broker/dealer data at the representative level, branch level and broker/dealer level and third party administrator data from the transfer agent mainframe and transmits it to Company designated end users for viewing. |

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DRAS (Data Repository and Analytics Suite) - a relational data base for management reporting which consists of the Company's entire customer information base as copied nightly from the transfer agent mainframe and includes an integrated reporting tool.

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| | |
|:---|:---|
| FPT | (Fund Pricing Transmission) (formerly known as PRAT) - application that receives fund price and rate information from fund accounting agents on a nightly basis, edits and performs quality control checks on the information, then uploads the prices and rates to the mainframe recordkeeping system, allows the user the ability to view, enter, upload, download, and print price/rate information. |

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| | |
|:---|:---|
| FSR | (Full Service Retail) - principal transfer agent mainframe system which performs comprehensive processing and shareholder recordkeeping functions, including: transaction processing (purchases, redemptions, exchanges, transfers, adjustments, and cancellations), distribution processing (dividends and capital gains), commission processing and shareholder event processing (automatic investment plans, systematic withdrawal plans, systematic exchanges); creating and transmitting standard and custom data feeds to support printed output (statements, confirmations, checks), sales and tax reporting. FSR interfaces and exchanges data with various surround systems and subsystems and includes a functionality providing for direct online access. Also includes a functionality that temporarily stores systems-generated reports electronically before being transferred to COLD. |

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| | |
|:---|:---|
| IAM | (Internet Account Management, also known as Active Investor) - application permitting account owners via the Internet to view account information and effect certain transactions and account maintenance changes and includes an administrator site. Optional security enhancements may be offered through this site. |

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| | |
|:---|:---|
| IFM | (Intermediary Fee Management System) - application that facilitates the management, processing and payment of amounts owed by Fund to financial intermediaries as distribution expenses. |

---

IFS (Web Services/BOB/Statement) Back-office Browser, Web Services, Statement Rendering, Social Security Database Administration Reporting APIs for client portal.

JIRA Work management tool used to log and track issues encountered by clients or operations.

Mobius Document management system that provides for the storage and retrieval of reports generated on a mainframe. Mobius replaced COLD.

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| | |
|:---|:---|
| NSCC\* | (National Securities Clearing Corporation) - application allowing web-based utility at user's desktop to support processing linked to NSCC activity, including networking, Fund/SERV, DCC&S, Commission/SERV, mutual fund profile, and transfer of retirement assets, and includes NEWS (NSCC Exception Workflow Processing) which provides for the inputting of reject and exception information to the NSCC system. |

---

OOM (Online Output Management) - functionality permitting user to view within the Document Solutions processing system (performs print mail and tax form production and fulfillment services) the location of a specific output, such as a confirmation or statement, in the Document Solutions work flow.

SA3 (Subaccounting DRAS/SBO Applications) - Subaccounting management information system reporting.

---

| | |
|:---|:---|
| SRP | SuRPAS Classic - provides mutual fund sub accounting record keeping functionality, trade aggregation, and fee calculation and payment to the broker dealer community and their asset manager partners. The application interfaces with multiple brokerage systems to enable trade placement, aggregation, settlement and reconciliation with any fund family. When integrated with a brokerage platform, mutual fund trading and settlement is streamlined and operationally efficient in support of the Asset Servicing business. |

---

SR2 SuRPAS UI - Portal providing user interface to internal and external users to application functionality of the core SRP (SuRPAS Classic) platform.

Treasury Edge Application permitting inquiry of ACH and wire activity and DDA information.

TRS (Tax Reporting Service) - functionality performing all applicable federal and state tax reporting (tax form processing and corrections), tax-related information reporting, and compliance mailings (including W-9, W-8, RMD, B-Notice, and C-Notice).

22c-2 System The data warehousing, analytic and administrative applications together with the related software, interfaces, functionalities, databases and other components provided by BNYM to assist fund sponsors and their principal underwriters in satisfying requirements imposed by Rule 22c-2.

\* For clarification: Company or an Authorized User may be given a right to access and use one or more separable components of this system rather than the entire system and any right to access and use one of more of such separable components is limited to the functionalities of the separable components even if certain of functionalities of the separable components may include integration points with functionalities of other system components.

[End to Exhibit 1 to Schedule B]

[End to Schedule B]

**<u>Schedule C</u>**

Dated: February __, 2022

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Re: <u>Letter Agreement Relating to the Demand Deposit Accounts Established by BNY Mellon Investment Servicing (US) Inc. at The Bank of New York Mellon for the Benefit of the Fund</u>

Dear Sirs:

This Schedule D constitutes Schedule D to the **"TA Agreement"**, which is hereby defined to mean the Transfer Agency And Shareholder Services Agreement, dated as of the date first indicated above (**"Schedule C Effective Date"**), between BNY Mellon Investment Servicing (US) Inc. (**"BNYM"**) and Innovation Access Fund (the **"Fund"**). Capitalized terms not defined in this Schedule D shall have the meaning ascribed to them in the TA Agreement.

The Fund is party to a Custody Agreement with The Bank of New York Mellon (the **"Bank"**) dated as of the Schedule C Effective Date. Such agreement, as it may be amended in the future, is referred to herein as the **"Custody Agreement"**.

The TA Agreement provides, among other things, for BNYM to provide cash administration services to the Fund, utilizing one or more demand deposit accounts or other accounts established at the Bank in the name of BNYM for the benefit of the Fund (the **"DDA"**). In particular, BNYM will utilize the DDAs (i) to accept payments for the purchase of Fund shares and forward such payments once funds have been collected to the Bank for deposit into the custody account of the Fund established with the Bank pursuant to the Custody Agreement (**"Custody Account"**); and (ii) in connection with redemptions of Fund shares by Fund shareholders and with cash distributions effected by the Fund, such as dividend payments and capital gains distributions, to accept monies from the Bank drawn from the Custody Account and to remit such amounts to appropriate parties.

In connection with BNYM's performance of transfer agency services and in particular the cash administration services described above, BNYM may be notified of a Fund payment obligation that BNYM as transfer agent is expected to satisfy, such as a same-day settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular payment obligation of the Fund may exceed the amount of funds then available for transfer in the relevant DDAs (such excess amount if transferred by BNYM being hereinafter referred to as an **"Overdraft Amount"**).

The need to transfer an Overdraft Amount may occur due to any one or more of the transfer needs of the Fund that arise in the ordinary course of the Fund's business, such as, by way of illustration, and not limitation: transfers needed in order to satisfy the Fund's same day settlement obligations with the NSCC; and purchase payments being forwarded to the Custody Account one day after receipt while the check representing the payment takes more than one day to clear.

The Fund acknowledges, consents and agrees with the statements made above and as follows:

Overdraft Amounts shall constitute advances, overdrafts, outstanding indebtedness and an outstanding obligation of the Fund under the Custody Agreement and shall be deemed to be a loan made by the Bank to the Fund.

The Fund agrees that the Bank shall at no time be under any obligation whatsoever to advance funds or to extend credit in connection with the transfer agency activities conducted by BNYM on behalf of the Fund and in particular the cash administration activities described herein, including without limitation an advance or extension of credit constituting an Overdraft Amount, even if it has done so as part of a regular pattern of conduct, and that the Bank may at any time in its sole discretion and without notice decline to continue or re-extend any such advance or credit.

Notwithstanding the absence of an obligation to do so, the Bank may in its sole discretion elect to transfer on behalf of the Fund an amount of funds that constitutes an Overdraft Amount and that by electing to transfer funds constituting an Overdraft Amount the Bank does not, even if it has transferred funds constituting Overdraft Amounts as part of a regular pattern of conduct in the past waive any rights under this letter agreement or assume the obligation it has expressly disclaimed in the immediately preceding paragraph and the Bank may at any time in its sole discretion and without notice decline to continue to make such transfers.

The Fund is at all times obligated to pay to the Bank an amount of money equal to the Overdraft Amounts and such amounts are payable, and shall be paid, together with such accrued interest as may be charged by the Bank in accordance with the Custody Agreement, by the Fund immediately upon demand by the Bank, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest to BNYM pursuant to Section 9(c)(iv) of the TA Agreement, the Fund's obligation to repay that amount to the Bank pursuant to this letter agreement shall be deemed satisfied.

In order to secure repayment of Overdraft Amounts, the Fund agrees that the Bank shall to the maximum extent permitted by law have a continuing lien, security interest, security entitlement and right of setoff in and to any property, including without limitation, any investment property or any financial asset, of the Fund at any time held by the Bank for the benefit of the Fund or in which the Fund may have an interest which is then in the Bank's possession or control or in possession or control of any third party acting on the Bank's behalf. In addition, at any time when the Fund shall not have honored any of its obligations, the Bank shall have the right without notice to the Fund to retain or set-off, against such obligations, any cash the Bank may directly or indirectly hold for the account of the Fund, and any obligations (whether matured or unmatured) that the Bank may have to the Fund.

This Agreement has been duly authorized, executed and delivered by the Fund, constitutes its valid and legally binding obligation, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits its execution or performance of this agreement.

This agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The parties consent to the exclusive jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. **The parties hereby waive any right to trial by jury they may have in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this agreement.**

This Letter Agreement may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Letter Agreement physically delivered, on a copy of the Letter Agreement transmitted by facsimile transmission or on a copy of the Letter Agreement transmitted as an imaged document attached to an email, or by **"Electronic Signature"**, which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Letter Agreement by electronic, digital or other technological methods. Each counterpart executed in

accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Letter Agreement or of executed signature pages to counterparts of this Letter Agreement, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Letter Agreement and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Letter Agreement.

IN WITNESS WHEREOF, each of the parties hereto has caused this Letter Agreement to be executed as of the Schedule C Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Letter Agreement by Electronic Signature, affirms authorization to execute this Letter Agreement by Electronic Signature and that the Electronic Signature represents an intent to enter into this Letter Agreement and an agreement with its terms.

---

| | | |
|:---|:---|:---|
| Sincerely, | ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| **Innovation Access Fund** | **The Bank Of New York Mellon** | **The Bank Of New York Mellon** |
| By: |  |  |
|  | By: |  |
| Name: |  | Authorized Signer |
| Title: | Name: |  |

---

**<u>Schedule D</u>**

**<u>Authorized Persons</u>**

Each of the following individuals is an "Authorized Person" of the "Fund", as those terms are defined and used in the Transfer Agency And Shareholder Services Agreement, dated as of April __, 2022, by and between BNY Mellon Investment Servicing (US) Inc. and Innovation Access Fund.

---

| | |
|:---|:---|
| Name: | __________________________________________________ |
| Name: | __________________________________________________ |
| Name: | __________________________________________________ |
| Name: | __________________________________________________ |
| Name: | __________________________________________________ |
| Name: | __________________________________________________ |
| Name: | __________________________________________________ |
| Name: | __________________________________________________ |

---

Terms not specifically defined in this Schedule D shall have the meaning ascribed elsewhere in the Agreement.

BNYM may at all times rely on the most recently dated Schedule D. For clarification: this means that BNYM will at all times and under all circumstances rely on and use a properly completed Schedule D until it is replaced by a properly completed Schedule D bearing a later date. A Schedule D will take effect on the date signed by BNYM.

For clarification: BNYM is not obligated to verify signatures nor issue nor require any security IDs, passwords or other security codes in connection with its interaction with Authorized Persons in such capacity.

---

| | | | |
|:---|:---|:---|:---|
| **Innovation Access Fund** | **Innovation Access Fund** | Acknowledged and accepted: | Acknowledged and accepted: |
|  |  | **BNY Mellon Investment Servicing (US) Inc.** | **BNY Mellon Investment Servicing (US) Inc.** |
| By: | ________________________________ |  |  |
| Name: | ________________________________ | By: | ________________________________ |
| Title: | ________________________________ | Name: | ________________________________ |
| Date: | ________________________________ | Title: | ________________________________ |
|  |  | Date: | ________________________________ |

---

## Ex-99.K3

**Exhibit (k)(3)**

**INNOVATION ACCESS FUND<br> EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

THIS EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT is made as of the 13<sup>th</sup> day of November, 2025, by and between Innovation Access Fund, a Delaware statutory trust (the "Fund"), and SilverBay Capital Management LLC, a Delaware limited liability company ("SilverBay"). All capitalized terms used herein and not defined shall have the meaning ascribed to them in the registration statement of the Fund.

W I T N E S S E T H:

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end, management investment company; and

WHEREAS, SilverBay serves as the investment adviser of the Fund pursuant to an agreement between SilverBay and the Fund, dated as of November 13, 2025 (the "Investment Advisory Agreement");

NOW, THEREFORE, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SilverBay (or an affiliate thereof) agrees to pay or absorb the ordinary operating expenses of the Fund so as to ensure that the Fund's annual expense ratio, excluding: (i) the Management Fee; (ii) the Incentive Fee; (iii) any Distribution and Shareholder Servicing Fees for Class A Shares or servicing fees for Class W Shares; (iv) any acquired fund fees and expenses; (v) transactional costs associated with consummated and unconsummated transactions, including legal costs and brokerage commissions, associated with the acquisition, disposition and maintenance of investments by the Fund; (vi) any interest expense; (vii) taxes; (viii) dividend and interest expenses relating to any short sales; and (ix) extraordinary expenses (expenses resulting from events and transactions that are distinguished by their unusual nature or by the infrequency of their occurrence), does not exceed 0.75% per annum for each class (the "Expense Limitation").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This Agreement will remain in effect through the later of December 31, 2028 or 48 months from the Initial Investor Commencement Date, unless sooner terminated at the sole discretion of the Board. The Fund may terminate this Agreement upon 30 days' written notice to SilverBay. This Agreement will terminate automatically upon the termination of the Fund's Investment Advisory Agreement (other than a termination resulting from an "assignment," as defined by the 1940 Act and the rules thereunder, of the Investment Advisory Agreement) unless a new Investment Advisory Agreement with Silverbay (or an affiliate of SilverBay) to replace the terminated agreement becomes effective upon such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. The Fund agrees to carry forward for a period not to exceed three (3) years from the date on which an expense is incurred by SilverBay any ordinary operating expenses of the Fund (less the Exclusions) in excess of the Expense Limitation that are paid or assumed by SilverBay (or an affiliate of SilverBay) pursuant to this Agreement ("Excess Operating Expenses") and to reimburse SilverBay (or an affiliate of SilverBay) in the amount of such Excess Operating Expenses as set forth herein. Such reimbursement will be made as promptly as possible, but only to the extent it does not cause the ordinary operating expenses of the Fund (less the Exclusions) for any year to exceed the Expense Limitation in effect at the time the expense was waived, paid or absorbed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement shall be construed in accordance with the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable law of the State of New York, 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;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement constitutes the entire agreement between the parties hereto with respect to the matters described herein.

[*Remainder of page left blank.*]

IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written.

INNOVATION ACCESS FUND

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| | |
|:---|:---|
| By: | /s/ Gregory D. Jakubowsky |
| Name: | Gregory D. Jakubowsky |
| Title: | Trustee and Principal Executive Officer |

---

SILVERBAY CAPITAL MANAGEMENT LLC

---

| | |
|:---|:---|
| By: | /s/ Jennifer Shufro |
| Name: | Jennifer Shufro |
| Title: | Managing Director |

---

[*Signature Page to Expense Limitation Agreement*]

## Ex-99.R1

**Exhibit (r)(1)**

**CODE OF ETHICS**

**OF<br> INNOVATION ACCESS FUND<br> &<br> ACAP STRATEGIC FUND**

This Code of Ethics (the "Code") has been adopted by the Board of Trustees (the "Board") of each of Innovation Access Fund and ACAP Strategic Fund (collectively, the "Fund") in compliance with Rule 17j-l (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of recommended investments and investment intentions of the Fund may abuse their fiduciary duties and otherwise to deal with the type of conflict of interest situations to which the Rule is addressed. This Code applies to the Fund's independent board members -- or, *independent access persons* (as defined below). Each *access person* of the Fund (as defined by the Rule) that is employed by the investment adviser of the Fund, its managing member or a principal underwriter of the Fund is required to comply with the provisions of any code adopted by that service provider and such individual will not be subject to this Code (except where indicated to the contrary herein).<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Purpose

This Code states the general principle for the operations of the Fund, sets the standard for the members of the Board, and establishes procedures to ensure transactions are carried out consistent with the standard. It differs from a code of ethics for an operating company because the Fund contracts with others to provide all the services required by shareholders and the Fund's officers are generally employees of service providers. Accordingly, the Board, in entering into contracts on behalf of the Fund, shall evaluate the code of ethics of each service provider to determine that it has established principles that give reasonable assurance the Fund will be managed consistent with the long-term interests of all shareholders. In addition, the Board shall evaluate the practices of a service provider to determine that the practices are consistent with its principles by considering:

· the tone set by senior management of a service provider regarding the way in which the business will be managed; and

<sup>8</sup> The scope of the Code and its applicability reflect the fact that separate codes of ethics have been adopted by SilverBay Capital Management LLC (the "Adviser") and Alkeon Capital Management, LLC, the Adviser's managing member (the "Statement of Policies and Procedures") and by Breakwater Group Distribution Services, L.L.C. (the "Breakwater Code"), respectively. (Breakwater Group Distribution Services, L.L.C. serves as the distributor of shares of beneficial interest ("shares") of the Fund and is referred to herein as the "Distributor.") All personnel of the Adviser and the Distributor who are "access persons" of the Fund, as such term is defined by the Rule, are subject to the provisions of either the Breakwater Code or the Statement of Policy and Procedures, as applicable, which have been approved by the Board in accordance with the requirements of the Rule, and such persons shall not be subject to the terms of this Code.

· the candor of the service provider's employees and their commitment to serve all clients fairly, and the responsiveness of the service provider to addressing issues that arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Definitions – As used herein:

*Independent Access Person*

An *independent access person* is a trustee of the Fund who is not an "interested person" (as defined by the 1940 Act) of the Fund or the Adviser or its managing member. The Fund's Chief Compliance Officer (the "CCO") shall maintain a list of *independent access persons* of the Fund and advise them of their status once a year.

*Covered Security and a Covered Security Transaction*

A *covered security* is any stock, bond or other instrument as defined in Section 2(a)(36) of the 1940 Act. A *covered security* is not a security issued by the Government of the United States, a bankers' acceptance, a bank certificate of deposit, commercial paper, high quality short-term debt instruments or shares issued by a registered open-end investment company. A *covered security transaction* includes, among other things, a transaction in a *covered security*, an option to purchase or sell a *covered security* and an over-the-counter contract on a narrow-based index of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Governing Principles

The general principle is that the Fund shall be managed and its shares shall be distributed in compliance with all applicable laws, regulations and policies set forth in corporate documents and regulatory filings and in accordance with high business standards.

The Board shall fulfill its fiduciary and oversight responsibility with respect to each service provider by monitoring its operations, serving as a resource, forming opinions regarding the quality and scope of the services provided, and taking such actions as may be required.

In that regard, fiduciary principles govern the personal investment activities of the Fund's *independent access persons*, including, at a minimum, the following: (1) the duty at all times to place the interests of the Fund first; (2) the requirement that all personal securities transactions be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility; and (3) the fundamental standard that personnel providing services to the Fund should not take inappropriate advantage of their positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Policy Regarding Insider Trading

No *access person* or *independent access person* (or any family member of such person) who has any material non-public information relating to a *covered security* or to any publicly-traded companies with whom the Fund or its Adviser (or its affiliates) do business, such as clients, partners, or suppliers, may buy or sell such *covered securities* (or securities of such

publicly-traded companies), pass the information to others for use in trading in securities or otherwise attempt to take advantage of the information.

&nbsp;&nbsp;&nbsp;&nbsp;E. Standard of Conduct

Each *independent access person* shall render decisions based upon the best interest of the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;F. Procedures

These procedures are intended to assure compliance with the standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.</u> <u>Personal Security Transactions</u> 

An independent member of the Board is a person who is not an "interested person" of the Fund or of a service provider, as that term is defined in the 1940 Act. Each independent member shall comply with the provisions in this portion of the Code as reasonably necessary to prevent such persons from violating the anti-fraud provisions of the Rule.

*Prohibited Security Transactions in Covered Securities*

No *independent access person* shall purchase or sell, directly or indirectly any *covered security* in which such *independent access person* has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, or cause any account over which he or she has any direct or indirect influence or control to purchase or sell any *covered security*, if at the time of such purchase or sale he or she knew or should have known the *covered security* is being considered for purchase or sale, or is being purchased or sold, for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.</u> <u>Reporting</u> 

*Independent access persons* shall report to the Chair of the Board, who shall have responsibility for reviewing each report, on a quarterly (if applicable) and an annual basis as follows:

*Quarterly Report*

No quarterly report shall be filed unless at the time of a *covered security transaction*, the *independent access person* knew or in the ordinary course of fulfilling his or her official duties as a Board member should have known, that during the 15-day period immediately preceding or following the date of the transaction, the *covered security* was purchased or sold or was being considered for purchase or sale for the Fund. It is the responsibility of the Fund officers and the Adviser (and its affiliates) to keep to a minimum any discussion pertaining to *covered securities* that are being considered or being actively traded for the Fund and to alert *independent access persons* when such a discussion occurs so that they can either pre-clear a personal transaction or avoid trading the *covered security*.

*Annual Report*

An annual report shall be filed stating whether he or she has read the Code and complied with its provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Recordkeeping

The CCO shall maintain the following records for a period of six years and shall keep all reports filed pursuant to this Code confidential except that such reports may be made available to the Securities and Exchange Commission ("SEC") or any representative thereof upon proper request:

1. A copy of the Code;

2. A list of all *independent access persons* and a list of persons responsible for reviewing their reports;

3. A record of all pre-clearances;

4. A record of any violation and of any action taken;

5. A copy of each report filed under this Code; and

6. A copy of each written report and certification furnished to the Board by the CCO, on the Fund's behalf (as required by Section K below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Doing Business with or Borrowing Money from the Fund

No *independent access person*, no members of their families, no company for which they serve as a director, access person, nor any partnership or association of which they are a member, may:

1. Borrow money or other property from the Fund, directly or indirectly, except the Fund may own debt securities including commercial paper of such a company provided the securities are issued on the same terms of other comparable securities.

2. Buy or sell any security or other property from or to the Fund as principal unless permitted to do so by statute, rule or order of the SEC (or an interpretation by its staff) and done pursuant to procedures established by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Owning Shares of Stock of a Broker, Investment Adviser or Affiliated Company

No *independent* access *person* nor any member of his or her immediate family may own, directly or indirectly, any security issued by the Adviser or the Distributor, or by an affiliated company of the Adviser or the Distributor.

J. Receiving or Giving Gifts

No *independent access person* may:

1. Directly or indirectly, give to, solicit or receive from any person with whom he or she transacts business on behalf of the Fund or that may be related, directly or indirectly, to any transaction of the Fund, any gratuities in money or services of more than nominal value.

2. Use assets of the Fund to reward or remunerate officials of any government for decisions or actions favorable to the Fund or to its access persons.

3. Use assets of the Fund for political contributions for the support of political parties or political candidates.

4. Establish any unrecorded fund or bookkeeping account for any purpose.

5. Give any information or data of or about the Fund to anyone except as is already public, without the pre-clearance of the Fund's CCO.

6. Falsely report or record any expenditure of monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Review of the Code by the Board

On an annual basis, the Board shall review the operation of this Code and shall adopt such amendments (pursuant to Section L below) as may be necessary to assure that the provisions of the Code continue to establish standards and procedures that are reasonably designed to detect and prevent activities that would constitute violations of the Rule.

In connection with the annual review of the Code, the CCO, on the Fund's behalf, will provide to the Board, and the Board will consider, a written report that:

1. Describes any issues arising under the Code or related procedures during the past year, including, but not limited to, information about material violations of the Code or any procedures adopted in connection therewith and that describes the sanctions imposed in response to material violations; and

2. Certifies that the Fund and each service provider have adopted procedures reasonably necessary to prevent access persons from violating the Code.

L. Amendments and Modifications

This Code may not be amended or modified, in any material respect, except in a written form which is specifically approved by majority vote of the Board's independent trustees.

Dated as of November 13, 2025

Adopted by the Board of Trustees of Innovation Access Fund.

## Ex-99.R2

**Exhibit (r)(2)**

**ALKEON CAPITAL MANAGEMENT, LLC**

**SILVERBAY CAPITAL MANAGEMENT LLC**

**STATEMENT OF POLICIES AND PROCEDURES**

**AUGUST 21, 2011**

(last updated March 2024)

**PART I.**

**INTRODUCTION**

This Statement of Policies and Procedures (this "Statement") addresses the responsibilities of the Employees of the Firm (hereinafter defined) concerning applicable regulatory, compliance and operational issues. The Statement does not attempt to describe every requirement relating to these activities, but summarizes some of those issues and establishes general policies and procedures that apply to all Employees.

The Firm and its Employees have a fiduciary duty to the Firm's clients and are required to maintain the highest ethical standards and to comply with all applicable federal and state securities laws. Employees must report any violations of this Statement promptly to the CCO (hereinafter defined).

If you violate any provision contained in this Statement, you may be subject to discipline or sanctions by the Firm at the Firm's sole discretion, including fines, dismissal, suspension without pay, loss of pay or bonus, loss of severance benefits, demotion or other sanctions, whether or not the violation also constitutes a violation of law. Furthermore, the Firm may initiate or cooperate in civil or criminal proceedings against any Employee relating to or arising from any such violation.

This Introduction and Parts II (Personal Investments), III (Code of Employee Conduct) and IV (Insider Trading) constitute the Firm's code of ethics pursuant to Rule 204A-1 under the Advisers Act and Rule 17j-1 under the ICA (hereinafter defined).

With respect to the Firm's service as an investment adviser/subadviser to RICs (hereinafter defined), (i) this Statement should be read in conjunction with the compliance policies and procedures applicable to the management of each such RIC (each a "RIC Compliance Manual"); and (ii) in the event of a conflict, the Firm follows the RIC Compliance Manual. For more information on each RIC Compliance Manual, contact the CCO (see Exhibit H for the RIC Compliance Manual).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**General Procedures**. The Firm will provide each Employee with a copy of this Statement and any amendments. When each Employee receives this Statement, he or she must sign a Compliance Manual Acknowledgement in the form maintained on ACA ComplianceAlpha. The Certification acknowledges that the Employee has received and understands this Statement (as amended) and includes the Employee's agreement to comply with it. At the same time, each new Employee also must complete a Questionnaire in the form attached as Exhibit B. Each new Employee also must complete the Political Contributions Disclosure in the form attached as Exhibit C. Thereafter, each Employee immediately must notify the CCO if any of the information in his or her Questionnaire becomes inaccurate in any respect. The Firm uses ACA ComplianceAlpha, a web-based compliance program to assist in providing certain documents pursuant to this Statement and to assist Employees in submitting some or all of the brokerage statements, trade confirmations, certificates, requests and other submissions required pursuant to the Statement. Employees must familiarize themselves with that program and request the CCO's assistance if they have questions about its functions.

No later than 10 days after becoming an Employee, each Employee must provide an Initial Holdings Report via ACA ComplianceAlpha which includes all of his or her, and his or her Family Members', Proprietary Accounts, and confirm via ACA ComplianceAlpha, list using Exhibit A, or provide brokerage statements with all securities in which the Employee or any of his or her Family Members has any Beneficial Ownership. The information contained in the Initial Holdings Report must be current as of a date no more than 45 days prior to such employment commencement date. Employees must also submit an Annual Holdings Report once each 12-month period and the information contained in the Annual Holdings Report must be current as of a date no more than 45 days prior to the date the report was submitted. The Employee must also obtain, on a Personal Investment Request via ACA ComplianceAlpha, prior approval from the CCO of certain types of transactions specified in Part II.B.

Quarterly, each Employee must sign a Certificate of Compliance via ACA ComplianceAlpha certifying that he or she has complied in all respects with this Statement and must update any information that is not current or complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Chief Compliance Officer**. Employees who have questions about this Statement should contact the chief compliance officer of the relevant Firm entity (the "CCO") (or the CCO's designated substitute or successor) (the "CCO's Substitute"). The CCO is competent and knowledgeable regarding the Advisers Act and has full responsibility and authority to enforce and further develop this Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Mandatory Reporting of Violations**. Employees must report promptly any violation of this Statement to the CCO. Reports may be anonymous. Neither the Firm nor any Employee may retaliate against anyone who makes such a report. Any such retaliation is grounds for discipline or sanction, including immediate dismissal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Whistleblower Protections**. Nothing in this Statement or in any agreement between an Employee and the Firm prohibits Employees from reporting possible violations of federal laws or regulations to the SEC or any other government agency or making other disclosures that are protected under federal whistleblower laws and regulations, including the Defend Trade Secrets Act, without notifying or obtaining approval from the CCO. Employees have the right to (1) disclose in confidence trade secrets to federal, state and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law, and (2) disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. Employees will not be subject to discipline or sanctions by the Firm for making any such reports or disclosures protected under federal whistleblower laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**

**Annual Review**. The Firm's executive officers (including the CCO) review this Statement annually to determine its adequacy and the effectiveness of its implementation. The review considers any compliance matters that arose during the previous year, any changes in the Firm's or its affiliates' activities and any changes in the Advisers Act or applicable regulations. Reviews may, but are not required to, include sampling of data that the Statement requires be maintained and testing of procedures that the Statement requires be conducted. The Firm may conduct interim reviews to respond to significant compliance events, changes in business arrangements and regulatory developments. The Firm documents its annual review in writing.

Reviews of the policies and procedures described in Part II (Personal Investments) should: (1) assess whether Employees followed the required internal procedures, such as pre-approval, and compare the personal trading to any restricted lists; (2) assess whether the Employee is trading for his or her own account in the same securities he or she is trading for Client Accounts and, if so, whether the Client Accounts are receiving terms as favorable as the Employee takes for himself or herself; and (3) periodically analyze the Employee's pre-approved trades that may indicate abuse, including market timing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**Definitions**. To make it easier to review and understand these policies and procedures, some terms are defined below:

"**ACA ComplianceAlpha**" means the ACA Compliance employee level compliance management system, which, among other things, provides employee personal trading surveillance tools, and a portal for Employees to submit certain required certifications, preclearance requests, and brokerage account information.

"**Advertisement**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any direct or indirect communication made to more than one person (or to any person if the communication includes hypothetical performance, subject to certain exceptions), that offers the Firm's investment advisory services to prospective clients or Investors or that offers new investment advisory services to current clients or Investors, 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;(2) Any Endorsement or Testimonial for which the Firm provides compensation<sup>1</sup>, directly or indirectly, and any uncompensated Endorsement or Testimonial that is included in the Firm's communications to current or prospective clients or Investors.

An "Advertisement" does not include information contained in a statutory or regulatory notice, filing, or other required communication, provided that such information is reasonably designed to satisfy the requirements of such notice, filing, or other required communication.

Employees should assume that all communications that offer or market the Firm's services are Advertisements subject to the Marketing Rule unless the Employee has consulted with the CCO or the Managing Director of Legal and Compliance to confirm that a particular one-on-one communication or a live, oral communication is not an Advertisement.

"**Advisers Act**" means the Investment Advisers Act of 1940, as amended.

"**Beneficial Ownership**" of a security by a person means the person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares with any other person (a) any pecuniary, financial or other interest in such security, (b) voting power, which includes the power to vote, or to direct the voting of, such security, or (c) investment power, which includes the power to dispose, or to direct the disposition, of such security; or

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<sup>1</sup> "Compensation" includes both direct and indirect cash and non-cash compensation. Non-cash compensation may include fee waivers, so-called "refer-a-friend" discounts, directed brokerage, Firm-provided gifts or entertainment and other benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provides any investment advice regarding such security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Has the right to acquire such security within sixty days, through (a) the exercise of any option, warrant or right, (b) the conversion of a security, (c) the exercise of the power to revoke a trust, discretionary account or similar arrangement, (d) the automatic termination of a trust, discretionary account or similar arrangement, or (e) any other means; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Directly or indirectly creates or uses a trust, proxy, power of attorney, pooling arrangement or any other contract, arrangement, or device with the purpose or effect of divesting such person of beneficial ownership of such security or preventing the vesting of such beneficial ownership as part of a plan or scheme to evade reporting requirements of the Exchange Act. For example, a federal court has held that a party to a cash-settled total return swap (a "swap" being an agreement to "exchange cash flows on two financial instruments over a specific period of time") was deemed to be a "beneficial owner" of the underlying securities, even though the party had no pecuniary, financial or other interest in or right to acquire, vote or dispose of the underlying securities. Because a party to a swap or other derivative may have Beneficial Ownership of the underlying securities, the facts and circumstances should be fully disclosed to the CCO to determine whether the Firm may have Beneficial Ownership of the underlying securities.

"**Broker**" means a securities broker or a futures commission merchant.

"**CEA**" means the Commodity Exchange Act, as amended.

"**Client Account**" means any client, Investment Fund or RIC to which or for whom the Firm provides investment advisory services.

"**CCO**" means the chief compliance officer of the relevant Firm entity (or his/her successor). If the CCO is unavailable, or with respect to the CCO's own reports or pre-approval requests, "CCO" shall mean his/her designated substitute. In addition, wherever this Statement refers to a disclosure requirement to the CCO, or a request, approval, consent or similar action by the "CCO," such disclosure may be made to, and any action may be taken by, any member of the Firm's legal and compliance team.

"**Contribution**" means a gift, subscription, loan, advance, deposit of money, or anything of value made for the purpose of influencing an election for a federal, state or local office, including any payments for debts incurred in such an election. It also includes transition or inaugural expenses incurred by a successful candidate for state or local office.

"**Covered Associate**" means (1) the Firm's manager and any executive officer or other individual with a similar status or function, (2) any Employee who solicits a Government Entity for the Firm, (3) any person who supervises, directly or indirectly, any such Employee or (4) any political action committee controlled by the Firm or by any of its Covered Associates. The CCO has authority to decide which Employees will be deemed Covered Associates.

**"Covered Investment Pool"** means (1) any investment company registered under the ICA that is an investment option of a plan or program of a Government Entity or (2) any investment company that would be an investment company under ICA section 3(a) but for the exclusion provided by ICA section 3(c)(1), 3(c)(7) or 3(c)(11).

"**CRS**" means the Standard for Automatic Exchange of Financial Account Information in Tax Matters - the Common Reporting Standard, issued by the Organisation for Economic Cooperation and Development, and any associated guidance and any applicable intergovernmental agreement or guidance that implements this Standard.

"**DOL**" means the U.S. Department of Labor.

"**Employee**" means each person who is an employee, officer, member or manager of the Firm, and any other person whom the CCO, in his sole discretion, notifies will be subject to this Statement or aspects of this Statement (which may include, for example, the Firm's independent service providers (such as information technology personnel or other frequent service providers with access to the Firm's trading and client information)).

"**Endorsement**" means any statement by a person other than a current client or Investor (such as a third party placement agent or other solicitor) that: (1) indicates approval, support, or recommendation of the Firm or its supervised persons or describes that person's experience with the Firm or its supervised persons; (2) directly or indirectly solicits any current or prospective client or Investor to be a client or an Investor; or (3) refers any current or prospective client or Investor to be a client or an Investor.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended.

"**ERISA Plan**" means an employee benefit plan subject to Title I of ERISA (including any SEP-IRA with employee participants).

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Family Members**" of an Employee, means his or her immediate family sharing the Employee's household.

"**FATCA**" means the Foreign Account Tax Compliance Act, including its implementing regulations and guidance, and any legislation, regulations or guidance in the British Virgin Islands, the Cayman Islands and Luxembourg that give effect to the respective intergovernmental agreement between the United States and each of those jurisdictions under FATCA.

"**FINRA**" means the Financial Industry Regulatory Authority.

"**Firm**" means Alkeon Capital Management, LLC, SilverBay Capital Management LLC and each of their affiliates that are engaged in the business of providing investment advisory/subadvisory services or serving as the general partner or manager of an Investment Fund.

**"Government Entity"** means any state or local government, any of its agencies or instrumentalities, or any public pension plan or other collective government fund, including any participant-directed plan such as a 403(b), 457 or 529 plan.

"**ICA**" means the Investment Company Act of 1940, as amended.

"**Insider**" means (except for purposes of Part IV (Insider Trading)), any person who directly or indirectly has Beneficial Ownership of more than 10% of any class of equity securities

registered under the Exchange Act, or who is an officer or director of an issuer with a class so registered. "Insider" for purposes of Part IV (Insider Trading) is defined therein.

"**Investor**" means an investor in an Investment Fund.

"**Investment Fund**" means any U.S. or non-U.S. investment fund or pool of which the Firm or one of its affiliates serves as investment adviser, general partner or both (including any such investment fund or pool in which the only investors are the Firm, any affiliate of the Firm or any Employee), but excluding clients that the Firm does not control, such as the RICs and investment funds for which the Firm is a sub-adviser.

"**IPO**" means initial public offering.

"**Marketing Rule**" means Rule 206(4)-1 of the Advisers Act.

"**Non-Discretionary Account**" means a securities investment or trading account held in the name of an Employee or one or more of his or her Family Members, or of which that Employee or one or more of his or her Family Members has Beneficial Ownership, for which such Employee or such Family Member (or the brokerage firm effecting the transactions on behalf of the applicable securities investment or trading account) has represented to the CCO that none of Employee or Employee's Family Members maintains or has any direct or indirect investment influence or control over the Accounts or prior knowledge about transactions in the Accounts.

**"Official"** means any person (including any election committee for the person) who was, at the time of the Contribution, an incumbent, candidate or successful candidate for elective office of a Government Entity if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of the Firm or has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of the Firm.

"**Proprietary Account**" means a securities investment or trading account maintained by or for (1) an Employee or any of his or her Family Members, or where that Employee or any of his or her Family Members has Beneficial Ownership; provided however that inclusion of Family Members other than spouse or minor children may be rebutted 2) any person who is financially dependent on the Employee, 3) any person that the CCO deems necessary to monitor for conflicts of interest or improper use of Firm confidential and proprietary information by way of their securities investment or trading account activity or (4) a proprietary investment or trading account maintained for the Firm or its Employees (excluding an Investment Fund). The term "Proprietary Account" does not include a Client Account (such as an Investment Fund advised by the Firm that is wholly owned by one or more of the Firm's Employees) or any Non-Discretionary Account.

**"Regulated Persons"** means certain broker-dealers and registered investment advisers that are subject to prohibitions against participating in pay-to-play practices and are subject to the SEC's oversight and, in the case of broker-dealers, the oversight of a registered national securities association, such as FINRA.

"**Retirement Plan Investor**" means an ERISA Plan, IRA or "owner-only" plan. An "owner-only plan" includes a Keogh plan or SEP-IRA that covers only owners of an unincorporated business and their spouses or the sole shareholder of a corporation and the shareholder's spouse.

"**RIC"** means an investment fund that is registered under the ICA (including, but not limited to, ETFs and mutual funds). References to RICs that the Firm manages or sub-advises mean Advantage Advisers Xanthus Fund, LLC and ACAP Strategic Fund.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Securities Act**" means the Securities Act of 1933, as amended.

"S**ecurity**" means any investment instrument commonly viewed as a security, including any common stock, option, warrant, right to acquire securities or convertible instrument, as well as any ETF, commodity futures contract, commodity option, swap or other derivative instrument, whether issued in a public or private offering.

"**Statement**" means this Statement of Policies and Procedures.

"**Testimonial**" means any statement by a current client or Investor in an Investment Fund: (1) about the client or Investor's experience with the Firm or its supervised persons; (2) that directly or indirectly solicits any current or prospective client or Investor to be a client or an Investor; or (3) that refers any current or prospective client or Investor to be a client or an Investor.

"**U**.**S**." means the United States of America.

**PART II.**

**PERSONAL INVESTMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Personal Accounts and Reports .

&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. No later than 10 days after becoming an Employee or receiving this Statement, and at least once each calendar year thereafter, each Employee must identify to the CCO all of the Employee's and the Employee's Family Members' Proprietary Accounts, and must provide to the Firm a Holdings Report disclosing the following information regarding investments in which Employee or any of Employee's Family Members has Beneficial Ownership, whether or not such securities or other investments are in a Proprietary Account (other than Non-Discretionary Accounts): (a) the title, type, number of shares or principal amount (as applicable), and the exchange ticker symbol or CUSIP number (as applicable) of any such security; (b) any cryptocurrency or similar token (for this purpose, any such assets shall be treated as "securities" whether or not they in fact are securities under applicable law); and (c) any investments in private placements (including interests in hedge funds, private equity funds or direct equity investments, but excluding the Investments Funds and Alkeon-sponsored retirement plans). The Holdings Reports (Initial and Annual) are completed via ACA ComplianceAlpha. This obligation may also be satisfied for each Proprietary Account by attaching brokerage statements of that account current as of forty-five days prior to the date the Employee submits the Holdings Report.

The Holdings Report need not disclose (a) shares of open-end investment companies registered under the ICA (mutual funds) that are not affiliated with or sub-advised by the Firm (but disclosure of closed-end funds and ETFs is required), (b) securities issued by the government of the U.S., (c) money market instruments (e.g. bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high-quality short-term debt instruments), (d) shares of money market funds, (e) investments in the Investment Funds and Alkeon-sponsored retirement plans (because those investments are reported and pre-approved through other means) or (f) Proprietary Accounts such as mutual fund accounts or "529" plans so long as the only assets that can be purchased in those accounts are items described in clauses (a) through (d) above.

&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. Each Employee must advise the CCO and receive authorization before opening any new Proprietary Account (other than a Proprietary Account that will hold only securities that, pursuant to Part II, Section A.1, need not be disclosed in Holdings Reports).

&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. Each Employee who wants to designate an account as a Non-Discretionary Account must provide representations to the satisfaction of the CCO regarding the non-discretionary status of the account. Until the CCO receives such representations, the account will be considered a Proprietary Account. The CCO may: (a) seek additional information regarding the third-party manager who manages the Non-Discretionary Account to confirm that such Employee has no direct or indirect influence or control over such account by, for example, obtaining information regarding the Employee's relationship to such manager (i.e., independent professional versus friend or relative); (b) request periodic certifications from the manager regarding such influence or control; and (c) request reports on holdings or transactions in the Non-Discretionary Account.

&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. Each Employee must arrange for duplicate copies of all trade confirmations and brokerage statements relating to each of his or her Proprietary Accounts to be sent promptly and directly by the brokerage firm or other financial institution where the Proprietary Account is maintained to the Firm, to the attention of the CCO, or such other method of compliance that the CCO may, in his/her discretion, determine and communicate to Employees. This obligation may be satisfied by connecting brokerage accounts to ACA ComplianceAlpha for electronic feeding to the platform and is the encouraged method for Proprietary Account reporting. Duplicate copies are not required with respect to Proprietary Accounts that hold only securities that, pursuant to Part II, Section A.1, need not be disclosed in Holdings Reports.

&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. For each securities trade by an Employee for which a confirmation is not available or that is not carried out through a brokerage account, such as a private securities transaction, the CCO may request that the Employee promptly provide the CCO with a written statement of the date, security, nature of the transaction, price, parties and brokers involved in such trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No later than 30 days after the end of each calendar quarter, each Employee must certify to the Firm that he or she has complied with this Statement during that quarter and disclose to the Firm all personal securities transactions by the Employee and the Employee's Family Members during that quarter (other than in Non-Discretionary Accounts) and complete information regarding each Proprietary Account where such securities are held Alternatively, the Employee may certify that all such information is in the account statements and confirmations provided to the Firm during that quarter and that as of the date of the certificate, all such information is accurate and complete. If such information is incomplete or inaccurate as of the date of the certification, the Employee must update or correct the information. The form to use for this purpose is maintained in ACA ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The CCO will review each of the reports required to be filed under this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pre-Trade Approval Requirement .

The CCO must pre-approve in writing all personal securities transactions by Employees and Family Members (whether or not through Proprietary Accounts), other than long purchases and subsequent sales of any of the following securities: (a) mutual funds that are not affiliated with or sub-advised by the Firm (but pre-approval of transactions in closed-end registered investment companies and ETFs is required), (b) securities issued by the government of the U.S., any state or any non-U.S. jurisdiction, (c) money market instruments (e.g. bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high-quality short-term debt instruments) and (d) shares of money market funds. The pre-approval requirement also applies to (i) securities acquired in IPOs and private placements and (ii) transactions in any cryptocurrency or similar token (for this purpose, any such assets shall be treated as "securities" whether or not they in fact are securities under applicable law). Prior approval is not required for any security purchased pursuant to a dividend reinvestment plan if the Employee previously obtained approval of the dividend-paying security. The form of Personal Trading Request is maintained on ACA ComplianceAlpha.

The CCO will notify the Employee promptly of approval or denial of clearance to trade, which is automatically communicated via ACA ComplianceAlpha. If approval is granted, he or she must complete that trade on that business day; provided, however, that the Employee may not buy or sell a security for any Proprietary Account until the business day after orders for the Client Accounts in that security have been filled and any buying or selling program by the Client Accounts in that security has ceased. Transactions in options, derivatives or convertible instruments for a Proprietary Account that are related to a transaction in an underlying security for the Client Account ("inter-market front running") are subject to the same restrictions. If the trade is not made on the same business day of approval, the Employee must request approval again. If approval is granted for participation in a private placement, the Employee must fully subscribe or commit to the offering within a reasonable time period of the date of approval, as determined by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Review of Personal Trading Information .

The CCO may at his/her discretion request any confirmations, statements or other information he or she believes necessary to verify compliance with this Statement. The Firm reserves the right to require an Employee to reverse, cancel or freeze, at the Employee's expense, any transaction or position in a security if the Firm believes such transaction or position might violate this Statement or appears improper. Except as required to enforce this Statement or to participate in any investigation concerning violations of applicable law, the Firm will keep all such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Client Priority .

As required by the second paragraph of section B above, Employees must give first priority to all purchases and sales of securities for Client Accounts before executing transactions for Proprietary Accounts, and must conduct their personal trading in a manner that does not conflict with the interests of any Client Account. Although it is not possible to list all potential conflicts of interest, each of the following acts is always prohibited:

&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. Knowingly purchasing securities for Proprietary Accounts, directly or indirectly, without making a good faith determination whether those securities are appropriate for investment by a Client Account (as required by the second paragraph of section B above);

&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. Knowingly purchasing or selling securities for Proprietary Accounts, directly or indirectly, in a way that adversely affects transactions in Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Using knowledge of securities transactions by a Client Account to profit personally, directly or indirectly, by the market effect of such transactions; 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. Giving to any person information not generally available to the public about contemplated, proposed or current purchases or sales of securities by or for a Client Account, except to the extent necessary to effect such transactions or with the approval of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Principal Transactions .

Without first obtaining the prior written approval of the CCO and the written consent of the applicable Client Account, neither the Firm nor an Employee may engage in principal transactions between (a) a Proprietary Account or any account in which Employees and such Employee's Family Members collectively have a greater than 25% Beneficial Ownership (such as a Client Account or any Investment Fund) and (b) a Client Account.

**PART III.**

**CODE OF EMPLOYEE CONDUCT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Outside Activities .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Conflicts of Interest .

It is a violation of an Employee's duty of loyalty to the Firm for that Employee, without the CCO's prior consent, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rebate, directly or indirectly, to any person or entity any compensation received from the Firm;

&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. Accept, directly or indirectly, from any person or entity, other than the Firm, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Firm or a Client Account (for example, directing a particular transaction in exchange for any such compensation); but see Part III (Code of Employee Conduct), Section G below regarding permissible gifts and entertainment (where no such *quid pro quo* relationship exists); 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;3. Beneficially own any security of, or have, directly or indirectly, any financial interest in, any other organization engaged in any securities, financial or related business, unless previously disclosed to the CCO pursuant to Part II (Personal Investments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Communications .

Each Employee must ensure that communications (whether written or oral) regarding the Firm or the Client Accounts to Investors, clients, prospective Investors or clients and regulatory authorities are accurate. The CCO supervises the appropriate Employees and, if the CCO deems it appropriate, any third-party service provider (such as an administrator, accountant or law firm), in reviewing any account statement, offering materials, periodic letters to Investors or clients or potential Investors or clients, published prior performance, and advertisements. Employees are not

permitted to discuss the Firm or any related matters with any member of the press or other journalists without the prior approval of the CCO. Any requests for information from journalists should be directed to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The CAN-SPAM Act of 2003 .

The Firm's periodic email reports to clients, Investors and potential clients and Investors may be deemed "unsolicited commercial emails." An unsolicited commercial email is any email message, the primary purpose of which is the commercial advertisement or promotion of a commercial product or service. The following or similar language should be included in any such email messages (unless the reports are distributed solely to the Firm's current clients and Investors in Client Accounts managed by the Firm and to others who have requested to receive such reports):

<u>For Alkeon Capital Management, LLC</u>:

Pursuant to the CAN-SPAM Act, this email may be considered an advertisement or solicitation. If you do not want to receive further emails from Alkeon Capital Management, LLC, please reply to this email and ask to be removed from our mailing list.

Alkeon Capital Management, LLC

350 Madison Avenue, 20th Floor

New York, NY 10017

(212) 716-6840

<u>For SilverBay Capital Management LLC</u>:

Pursuant to the CAN-SPAM Act, this email may be considered an advertisement or solicitation. If you do not want to receive further emails from SilverBay Capital Management LLC, please reply to this email and ask to be removed from our mailing list.

SilverBay Capital Management LLC

350 Madison Avenue, 20th Floor

New York, NY 10017

(212) 716-6840

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Protection of Client Assets .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Receipt of Client or Investor Funds</u>. No Employee shall use client assets for his or her own purpose or benefit or receive client assets for any reason. Any Employee who knows or has reason to believe that another Employee has engaged in such behavior must immediately report such information to the CCO. Any Employee who accidentally receives client (or Investor) assets (such as a check made out directly to the Firm or a U.S. Investment Fund) should immediately (and in any event within three business days) return such assets to the person from whom they came.

&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. <u>Delivery of Audited Financials of U.S. Investment Funds</u>. The Firm must deliver to each Investor in a U.S. Investment Fund a copy of the annual audited financial statements no later than 120 days after the end of the audit period (typically December 31). The audit must be prepared by a firm registered and subject to the regular inspection by the PCAOB.

&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. <u>Acting to Obtain Client Custody</u>. Without the advance approval of the CCO, an Employee may not act in any capacity that would cause the Firm to be deemed to have custody of a Client Account's assets. Prohibited activities include acting as a personal custodian or trustee for a client or client's trust, obtaining any power of attorney or account signatory authority of a client's account or assets or entering into any business transaction jointly with a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Involvement in Litigation/Contacts with Regulatory Authorities or the Press .

An Employee should advise the CCO immediately if he or she is contacted by any regulatory authority (including the SEC, FINRA, any securities exchange or any state regulatory authority) or the press or becomes involved in or threatened with litigation or an administrative investigation or proceeding of any kind, is served with a subpoena, notice of deposition, becomes subject to any judgment, order or arrest. Employees should refer all inquiries from all regulatory authorities or the press to the CCO. An Employee's failure to comply with these provisions may result in discipline, up to and including termination.

Employees should be aware that the Firm's internal and external counsel represent the Firm and not the Employee individually. As a result, communication between the Employee and counsel will not be privileged vis-à-vis confidential from the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Entertainment, Gifts and Favoritism .

&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. <u>Receipt by Employees</u>. An Employee may not seek or accept gifts, favors, preferential treatment, or valuable consideration of any kind offered from brokers, vendors or other companies or persons involved in the securities industry. Limited exceptions to this policy may be made with the approval of the CCO, and the following items may be accepted from brokers, vendors or other companies or persons without the CCO's permission as long as the Employee adheres to the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Breakfast or lunch provided at the Firm is permissible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Flowers or food and/or wine baskets for the Firm generally are permissible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Occasional gifts with a face value of $250 or less (for example, a bottle of wine) are permissible. Employees must report to the CCO any gift in excess of $250 and receive CCO approval before the Employee accepts it. The CCO will record any approved gift in a gift log.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Reasonable entertainment (for example, a meal, a round of golf or tickets to a sporting event) provided by vendors or brokers on occasion are permissible if a representative of that vendor or broker attends the event. However, travel expenses offered by the

vendor or broker (such as airfare or hotel accommodations) generally are not permitted. If you are uncertain as to the reasonableness of the entertainment, you should discuss the matter in advance with the CCO.

&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. <u>Additional DOL-Related Reporting Requirements</u>. If any Investment Fund is deemed to be a "plan assets fund" (see Part X.F.2) or the Firm has any Client that is an ERISA Plan, an Employee may be required to report any gifts or entertainment over $10 to the CCO and the CCO may require the Employee to return or decline the gift or entertainment.

&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. <u>Gifts or Entertainment from the Firm or Employees</u>. An Employee may not offer or give <u>any</u> gift, favor, preferential treatment or other valuable consideration in connection with the Firm's business to (a) a trustee or other fiduciary of an ERISA Plan, (b) any employee of a federal, state or local governmental pension plan, (c) any officer, employee, or other "instrumentality" of any foreign government (see section 4 below), or (d) any officer, agent, shop steward, employee or other representative of a labor organization, including any union-affiliated pension plan (a "Taft-Hartley Plan"). An Employee may, give to any other person (individual or company) occasional and reasonable gifts or entertainment in accordance with prevailing industry norms.

&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. <u>Foreign Governments and their Instrumentalities</u>. The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government. Civil and criminal penalties for violating the FCPA can be severe, so Employees should consult with the CCO prior to giving any gifts or entertainment to individuals or entities who may be affiliated with foreign governments.

Quarterly, each Employee must certify in the Certificate of Compliance (maintained in ACA ComplianceAlpha) to the Firm that such Employee has complied with this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Registration, Licensing and Testing Requirements .

Each Employee should check with the CCO to ensure that he or she has complied with any applicable registration, licensing and testing requirements required as a result of such Employee's duties and position. These requirements may arise under the Advisers Act, the Commodity Exchange Act, the ICA, the Securities Act of 1933, the Exchange Act, the Employee Retirement Income Security Act of 1974, state broker-dealer and investment adviser statutes, rules and regulations adopted by the SEC, the Commodity Futures Trading Commission, the National Futures Association, the DOL, state and local governments and their related pension plans (for example, due to lobbyist registration requirements) and other regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Email, Text or Instant Messaging and Website Monitoring .

Employees should only use the email accounts, IM software and approved devices (with installed monitoring software as applicable) provided by the Firm for all Firm business conducted

via email or IM. Employees are prohibited from using any other electronic communications or devices for business purposes (unless administrative and limited in nature, for example advising on a delay for a meeting arrival, alerting a colleague to check his/her business emails or receiving PINs for two-factor authentication or similar purposes), including but not limited to any blackberry instant messages ("BBMs"), iMessages, WhatsApp messages, or SMS texts (except for on firm-provided devices when monitoring software is installed). Employees may not install any IM systems on their Firm computers or firm-provided devices without the CCO's consent. Employees may use the messaging facilities of LinkedIn or other social networking sites for the limited purpose of contacting a person on behalf of the Firm and asking for direct email or other contact information.

Employees may use Firm email accounts, IMs and firm-provided devices for occasional personal communications (but each Employee should be aware that all such communications are subject to review and disclosure).

The CCO will require each Employee to submit a certification at the end of each calendar quarter that such Employee has followed the foregoing electronic communication policies.

Employees should be aware that all emails and IMs (whether or not Firm-related) that are sent through Firm accounts are the Firm's property and may be retained indefinitely. The Firm also may monitor and record Employees' internet activity. All such information that the Firm keeps is subject to periodic review by the Firm or its agents (such as attorneys and compliance consultants), and may be subject to review by the SEC and other regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Social Networks, Blogs and Similar Services.

Employees may not mention the Firm or post any message or information about their co-workers, the Firm, its clients, the Investment Funds, the Investors, the Firm's investments, or its Employees' investments on any social network, internet message board, chat room, blog or similar service, without the CCO's consent. The only specific exception relates to LinkedIn profiles. On LinkedIn only, an Employee may identify "Alkeon Capital Management, LLC" as such person's employer, describe the Firm as an "investment management" firm and provide a general description of the Firm (without references to the Investment Funds or the fact that the Firm manages "hedge funds" or "venture funds"). The Alkeon venture team also may (a) post commentary on industry trends or commentary on publicly-announced information regarding investments or developments at portfolio companies (without references to the performance of investments in such companies) and (b) list the names of the portfolio companies with which the Employee was involved prior to joining the Firm (without references to the performance of investments in such companies); provided, however, that the CCO may require any such postings be deleted or modified for any reason. In addition, the CCO may require that any such LinkedIn profiles include a list of all publicly-announced VC investments that the Firm has made or a reference to the VC portfolio page of the Firm's website referencing all publicly announced VC investments. Employees may not mention the Firm or any derivation thereof on Facebook or other personal social network (and should keep the employment section of their profiles undisclosed).

**PART IV.**

**INSIDER TRADING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Policy Statement on Insider Trading**. The Firm is in the business of obtaining and analyzing information about companies and their securities to give the Firm the basis for profitably trading and recommending investments in securities. Generally, such investigation and analysis help investors to make informed investment decisions, which is one of the goals of the federal securities laws. It is illegal, however, to trade or recommend trades in a security while using or even, in some cases, while merely possessing, material, nonpublic information about that security or its issuer. It is the Firm's policy to conduct its business in full compliance with the law, and to ensure that its Employees do so.

This Statement applies to the Firm and all of its Employees. Each Employee should review this Statement carefully. Any questions should be directed to the CCO.

Although the law concerning insider trading is evolving, it generally prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in securities by an insider while in possession of material, nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in securities by a non-insider while in possession of material, nonpublic information, where the
information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential, or was misappropriated;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating material, nonpublic information to others, or recommending a securities transaction to others
while in possession of material, nonpublic information about the security or the company in question (commonly called "tipping").

The Firm forbids any of its Employees from (i) trading either personally or on behalf of others, including Client Accounts, on material, nonpublic information; (ii) communicating material, nonpublic information to others in violation of the law; or (iii) knowingly assisting someone engaged in these activities. Importantly, Employees need to be aware that federal securities laws around insider trading apply to both publicly traded and private securities (e.g., see *SEC vs. Stiefel Laboratories Inc*.).

All information relating to the Firm's activities, including investment analyses, investment recommendations, and proposed and actual trades for the Firm or Client Accounts, is proprietary to the Firm and must be kept confidential, except as necessary for an Employee to perform his or her duties for the Firm or as provided in Part I (Introduction), or Section D, regarding activity protected under applicable whistleblowing statutes. Employees must not trade on such information for Proprietary Accounts and, without the prior approval of the CCO, must not disclose it to anyone inside or outside the Firm who does not need the information in the course of the Firm's 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;1. <u>Background</u>.

The SEC is responsible for enforcing the federal securities laws. State laws generally correspond to the federal laws and impose additional obligations and liabilities. The federal statutes that are most frequently the basis for SEC investigations and prosecutions are Exchange Act section 10(b) and SEC Rule 10b-5 thereunder. These are the general antifraud provisions of the federal securities laws. Among other things, Rule 10b-5 prohibits insider trading, which has been given high priority in SEC enforcement efforts.

&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. <u>Key Terms and Concepts</u>.

"**Insiders**" of a company are generally its officers, directors, employees and controlling shareholders. In addition, persons outside a company who gain inside information in the course of dealings with that company may be considered "temporary insiders" of the company and thus be bound by the same legal restrictions as traditional insiders. For example, outside financial advisers, investment bankers, lawyers or accountants retained to represent or assist the company on an ongoing basis or in major corporate transactions are insiders for purposes of insider trading laws. Under this analysis, the Firm and its Employees can become temporary insiders of a company if the Firm advises or performs other services for the company. If you receive material, nonpublic information regarding a company that comes directly or indirectly from any insider (temporary or traditional), do not trade in that company's securities in your Proprietary Accounts or for any Client Accounts and do not discuss the information with any other person without first consulting the CCO.

"**Tipping**" is disclosing material, nonpublic information about a company or its securities to a third party, when such disclosure is not made strictly for corporate purposes. The disclosure may be by an insider of the company, by one who has misappropriated the information from the company in question or from another person or company, or by anyone who received information traceable to an insider or one who has misappropriated the information. Those who disclose the information are called "tippers"; those who receive the information are called "tippees." If you trade on the basis of tipped information, you may incur criminal and civil liability, even if you receive the information second- or third-hand, or more remotely, if the other requirements for finding liability are present. The same legal standards apply to remote tippees. In addition, if you tip information to others, you may be liable for any profits gained or losses avoided by a tippee, *even if you did not trade*. If someone tips information to you, do not disclose the information to anyone except as required by this Statement. You and the Firm may be liable if *anyone* trades on material, nonpublic information received from or through you. Recently, in Salman v. United States, No. 15-628, the Supreme Court clarified the scope of the "personal benefit" prong of tipper/tippee liability for insider trading by unanimously confirming Bassam Salman's conviction for trading on inside tips from relatives, ruling that tips passed between relatives and friends are illegal even if the insider receives no pecuniary benefit.

Trading while in possession of certain nonpublic information is illegal if the information is "**material**." Material information is information about a company or its securities of such importance that it has substantial likelihood of altering the "total mix of information" regarding the company. It is information that, if generally known, would affect the market price of the security. Material information can relate to current events or possible future events. When

information relates to a possible future event, materiality is determined by balancing the probability that the event will occur and the anticipated magnitude of the event in light of the totality of the company's activities. The more likely it is that an event will occur, the less significant the event needs to be for the information to be deemed material; the more significant the event, the less likely the probability of its occurrence needs to be for the information to be deemed material. Whether a particular item of information is material may depend on how specific it is, the extent to which it differs from public information, and its reliability in light of its source, its nature, and the circumstances under which it was received.

If a transaction in which you are involved becomes the subject of scrutiny by the SEC, the materiality of any inside information will be evaluated with 20/20 hindsight, and the mere fact that someone traded while in possession of the information will contribute to the conclusion that it was material. When in doubt, assume information is material.

Information that Employees should consider material includes, among other things, information about earnings estimates; changes in previously released earnings estimates; manufacturing problems; changes in control or management; mergers; acquisitions; tender offers; joint ventures; changes in assets; major litigation; liquidity problems; significant new products, discoveries, services or contracts; the cancellation or loss of significant orders, products, services or contracts; change in auditors or auditor notification that the issuer may no longer rely on an auditor's audit report; events regarding the issuer's securities; defaults on senior securities; calls of securities for redemption; repurchase plans; stock splits or changes in dividends; changes to rights of security holders; public or private sales of additional securities; and bankruptcies or receiverships.

Material information also can relate to events or circumstances affecting the market for a company's securities. For example, a reporter for *The Wall Street Journal* was criminally liable for disclosing to others the dates that articles about various companies would be published in *The Wall Street Journal* and whether those reports would be favorable or not.

You should refer any questions about whether certain information is material to the CCO.

"**Nonpublic**" information is information that has not been disseminated in a manner that makes it available to public investors generally. If information is being disseminated to traders generally by brokers and institutional analysts, such information would be considered public unless there is a reasonable basis to believe that such information is confidential and came from an insider. Information that has been selectively disclosed to a few analysts or investors is not public. Public information is information that has been disclosed in a manner sufficient to ensure that it is available to the investing public, such as by disclosure in a report filed with the SEC or publication in the Dow Jones broad tape, *Reuters Economic Services*, the Associated Press or United Press International wire services, newspapers of general circulation in New York City, or, if the subject company's operations or stockholders are geographically localized, in local news media, or the electronic media. When information becomes public, persons who were aware of the information when it was nonpublic must wait to trade until the market absorbs the information. You should refer any questions about whether certain information has become public to the CCO.

"**Misappropriation**" is a basis for insider trading liability that is established when trading occurs based on material, nonpublic information that was misappropriated from another person. This theory can and has been used to reach a variety of individuals who are not traditional or temporary insiders. The *Wall Street Journal* reporter mentioned above was found by the U.S. Supreme Court to have defrauded the *Wall Street Journal* when he misappropriated information about upcoming articles from the *Wall Street Journal* and used the information for trading in the securities markets. Similarly, a partner in a law firm was held to use a "deceptive device" in violation of Exchange Act section 10(b) by misappropriating information from his law firm and the law firm's client, in breach of his fiduciary duty owed to this law firm and the client, by trading in securities of a company regarding which the client was preparing a tender offer.

&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. <u>Penalties for Insider Trading</u>.

Penalties for trading on or tipping of material, nonpublic information are severe and may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. civil injunction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. disgorgement of the profit gained or the loss avoided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. civil penalty of up to three times the profit gained or the loss avoided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. criminal fine of up to $5 million for an individual or $25 million for an entity (in addition to civil penalties based on the profit gained or the loss avoided); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. jail time of up to 20 years.

A company or any manager or supervisor who fails to take adequate steps to prevent illegal trading on, or tipping of, material, nonpublic information is subject to similar penalties. Persons guilty of insider trading violations, whether through actual trading, tipping, or failing to supervise, are also open to private suits for damages by contemporaneous traders in the market.

Any SEC investigation, even one that does not result in criminal or civil prosecution, can irreparably damage the Firm's reputation and an individual's career. It is essential to avoid even the appearance of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Procedures to Implement the Firm's Policies against Insider Trading .

The Firm has established the following procedures to help Employees avoid insider trading, and to help the Firm to prevent, detect and impose sanctions against insider trading. Every Employee must follow these procedures. If you have any questions about the procedures, you should consult the CCO.

&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. <u>Identify Material, Nonpublic Information</u>.

Before trading for yourself or others (including Proprietary Accounts or Client Accounts) in the securities of a company about which you may have received potential inside information, consider the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Is the information material? Is this information that an investor would consider important in making his or her investment decisions? Would this information affect the market price of the securities if it were generally known? Could this information cause investors to change their trading?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Is the information nonpublic? To whom has it been provided? Has it been filed with the SEC? Has it been effectively communicated to the marketplace by being published in *Reuters Economic Services*, *The Wall Street Journal* or other publications of general circulation or appearing on the wire services or electronic media?

&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. <u>Avoid Using or Disclosing Material, Nonpublic Information</u>.

If you believe that you may possess material, nonpublic information, or if you believe the Firm's activities may have created material, nonpublic information, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Immediately cease all trading in securities of the company that is the subject of the material, nonpublic information, including trading on behalf of the Firm, Client Accounts and Proprietary Accounts. In addition, after you receive the information, there should be no trades in securities of the company in question in the accounts of your Family Members or other relatives, business associates, or friends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Immediately cease recommending any transaction in any of the securities of the company in question to anyone, including Client Accounts, other Employees, Family Members and other relatives, business associates and friends. This includes making any comment about the company that could in any way be interpreted as a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Do not discuss the material, nonpublic information with anyone except as required by this Statement. Do not refer to the information in hallways, elevators, stairways, restaurants, taxis or any other place where you may be overheard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Immediately inform the CCO of all details of the situation, so that appropriate security procedures can be implemented Firm-wide (including putting the security about which the material, non-public information relates on the Firm's restricted list).

&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. <u>Restrict Trading in Securities Related to Material, Nonpublic Information</u>.

If appropriate, the Firm may impose trading restrictions, including temporary Firm-wide bans on trading in the securities to which the material, nonpublic information relates or management review of all Employee trades in certain securities.

&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. <u>Contacts with Third Parties</u>.

Employees should direct requests for information from third parties such as the press and analysts to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Employee or Family Member Serving as Director, Officer or Consultant .

From time to time, an Employee may serve as a director of a company in which the Firm has a securities position, to monitor, preserve, protect or enhance the value of the position for the benefit of Client Accounts or for other similar purposes. In addition, from time to time, Family Members of Employees may serve as directors, employees, officers or consultants for companies in which the Firm has a securities position. During these periods, the Firm may take additional precautions to prevent inadvertent violations of this Statement and to avoid the appearance of impropriety.

&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. <u>Notice</u>.

An Employee must inform the Firm immediately if the Employee or any of his or her Family Members serves or is about to serve as a director, employee, officer or consultant of a public company. Employees are required to complete certifications biannually in ACA ComplianceAlpha reporting whether any Family Members of theirs serves in any such capacity at a public company.

&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. <u>Restrictions on Trading Without Advance Approval or During Black-Out Periods</u>.

When an Employee or a Family Member of an Employee serves as a director, officer, employee or consultant of a company, the following procedures apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No Employee or Family Member of that Employee may trade in the securities of the subject company for Client Accounts or for his or her Proprietary Account without the prior consent of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. No Employee may trade in the securities of the subject company for Client Accounts or for his or her Proprietary Account during any "black-out" period or similar period of trading restrictions established by the subject company and applicable to its directors, officers, employees or consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Client or Investor Serving as Director, Officer, Employee or Consultant.**

From time to time, a client or Investor may serve as a director, officer, employee or a consultant for companies in which the Firm or an Employee has a securities position. During these periods, if the Firm is aware of such a situation, the Firm may, in the CCO's discretion, take additional precautions to ensure that inadvertent violations do not occur and to avoid the appearance of impropriety.

&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. <u>Notice</u>.

An Employee must inform the Firm immediately if (a) the Employee becomes aware that any client or Investor of the Firm serves or is about to serve as a director, officer, employee, or consultant to any company that issues securities that are publicly traded and believes, given the circumstances, that there is a reasonable likelihood that the Firm could obtain nonpublic information from such client or Investor **<u>or</u>** (b) the Employee actually obtains any material, nonpublic information from such a client or Investor.

&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. <u>Restrictions on Trading Without Advance Approval or During Blackout Periods</u>.

When a client or Investor of the Firm serves as a director, officer, employee or consultant of a company, if the Firm is aware of such a situation, the Firm may, in the CCO's discretion, require procedures such as those set forth above regarding advance approval in "blackout" periods for trading in securities of the company for which the client or Investor serves as a director, officer, employee or consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. **Supervisory Procedures.**

The Firm's supervisory procedures have two objectives: preventing and detecting insider trading.

&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. <u>Preventing Insider Trading</u>.

To prevent insider trading, the Firm takes steps, such as adopting and implementing this Statement, to familiarize Employees with the nature of insider trading and with the Firm's policies and procedures relating to insider trading. The Firm also reviews this Statement on a regular basis and updates it as necessary. The Firm has designated the CCO as the person responsible for answering questions about material, nonpublic information and insider trading and tipping. The CCO will help Employees to determine whether information is material and nonpublic.

If the Firm determines that an Employee has material, nonpublic information, the Firm will take the measures described above to prevent dissemination of such information and restrict trading in the securities to which the information relates and access to the information. Finally, the Firm will advise Employees when and if it is permissible to trade in such securities. Generally, a reasonable period must pass for the marketplace to have an opportunity to evaluate and respond to the information before trading will be permitted.

&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. <u>Detecting Insider Trading</u>.

To detect insider trading, the Firm has adopted the policies and procedures relating to personal securities transactions by the Firm's Employees and Family Members set forth in Part II (Personal Investments). Employees should direct any questions about these policies and procedures or how they apply in particular situations to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. **Research Consultants.**

Employees may from time to time seek to consult with experts (whether on a paid or unpaid basis) in connection with research regarding securities. The Firm maintains a Policy and Procedures Relating to the Use of Research Consultants (attached as Exhibit E) that Employees must follow in connection with any such discussions. These policies are designed to reduce the likelihood that the Firm receives material nonpublic information in connection with those discussions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. **Alternative Data**

Employees may from time to time engage third party non-traditional or alternative data providers ("Data Providers") in connection with its research regarding securities. The Firm maintains a Policy and Procedures Relating to Alternative Data Arrangements (attached as Exhibit F) that Employees must follow in connection with any such Data Provider engagements. These policies are designed to reduce the likelihood that the Firm receives material nonpublic information in breach of a duty or in violation of law in connection with such engagements.

**<u>EXHIBIT A</u>**

HOLDINGS REPORT

\*To be completed if not done by alternative method (e.g. ComplianceAlpha or statements)

Alkeon Capital Management, LLC

Attention:

Greg Jakubowsky

Ladies and Gentlemen:

Attached are complete and accurate lists of (or brokerage statements describing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All accounts with any brokerage firm or financial institution held in my name or the name of any of my spouse, my minor children, relatives or other persons living with me and any other persons to whom I contribute support, or in which any such person has Beneficial Ownership<sup>1</sup> over which any of such persons exercises control, with respect to which any of such persons provides any investment advice, or for which any of such persons participates, directly or indirectly, in the selection of investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The title, type, number of shares or principal amount (as applicable), and the exchange ticker symbol or CUSIP number (as applicable) of any investments in the accounts described above; (b) any cryptocurrency or similar token (for this purpose, any such assets shall be treated as "securities" whether or not they in fact are securities under applicable law); and (c) any investments in private placements (including interests in hedge funds, private equity funds or direct equity investments, but excluding the Investments Funds and Alkeon-sponsored retirement plans).

I understand that you require this list to monitor my compliance with the Statement of Policies and Procedures (the "Statement") of Alkeon Capital Management, LLC (the "Firm"). I agree to notify the Firm and obtain its consent before opening any new account that is within the description above. I agree to request that all brokerage firms or other financial institutions identified on the attachment furnish the Firm with copies of brokerage statements and trade confirmations and any other information concerning activity in any of the listed accounts.

This information is correct and complete as of ___________, 20__.

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| |
|:---|
| Signed: |
| Print Name: |
| Date: |

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------

<sup>1</sup> "Beneficial Ownership" is defined in section F of the Introduction of the Firm's Statement of Policies and Procedures in effect on the date hereof.

LIST OF ACCOUNTS

AS OF _____________, 20__

FOR

_______________________________

[Name of Employee]

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| | | |
|:---|:---|:---|
| **Registered in the Name of:** | **Financial/Brokerage Institution** | **Account Number** |

---

If none, initial here: **___**

HOLDINGS REPORT

FOR

**_______________________________**

**[**Name of Employee**]** 

AS OF

**_______________________________**

**[**Date**]**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Title of Investment** | **Type of<br> Investment<br> (*e.g.*, common,<br> preferred, note,<br> bond, private<br> fund,<br> cryptocurrency)** | **Number of<br> Shares<br> or Principal<br> Amount** | **Exchange<br> Ticker**<br> **Symbol or<br> CUSIP<br> (if any)** | **Financial/Brokerage**<br> **Institution Where<br> Securities Are Held<br> (if any)** | **Account Name and<br> Number** |

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**<u>EXHIBIT B</u>**

QUESTIONNAIRE

**Name: ______________________________________**

**Date of Completion of Questionnaire: _______________**

The above listed Employee/Contractor/Consultant/Adviser agrees immediately to notify the CCO at Alkeon Capital Management, LLC if any of foregoing information becomes inaccurate in any respect while he or she is employed by or provides services by Alkeon Capital Management, LLC. Italicized terms are defined at the end of this Questionnaire. One event may result in "yes" answers to more than one of the questions below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Yes** | **No** |
| A. | (1) | **Have you ever:** |  |  |
|  | (a) | been convicted or found guilty of, or pled guilty or nolo contendere ("no contest") to, in a domestic, foreign or military court, any *felony*? | ◻ | ◻ |
|  | (b) | been *charged* with any *felony*? | ◻ | ◻ |
|  | (c) | been convicted or found guilty of, or pled guilty or nolo contendere ("no contest") to, in a domestic, foreign or military court, a *misdemeanor* involving: (i) the purchase or sale of securities, investments or an *investment-related* business or any fraud, (ii) any transaction in or advice concerning futures, options, leverage transactions or securities, (iii) any of the following sections of the Internal Revenue Code of 1986: Section 7203 (willful failure to file return, supply information or pay a tax); 7204 (fraudulent statements or failure to make a statement); 7205 (fraudulent withholding exemption certificate or failure to supply information); or 7207 (fraudulent returns, statements or other documents), (iii) any of the following sections of the United States Criminal Code: Section 152 (concealment of assets, false claims or bribery in connection with bankruptcy); 1341 (mail fraud); 1342 (mail fraud); 1343 (mail fraud); Chapter 25 (counterfeiting and forgery); Chapter 47 (fraud or false statements in a matter within the jurisdiction of a United States department or agency); or Chapter 95 or 96 (racketeering or racketeering influence), (iv) false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, theft, embezzlement, gambling, racketeering or a conspiracy to commit any of the foregoing offenses, or (v) making any false filing with the SEC? | ◻ | ◻ |
|  | (d) | been *charged* with a *misdemeanor* specified in A(1)(c)? | ◻ | ◻ |
|  | (e) | in a case brought by a domestic or foreign governmental body, been permanently or temporarily enjoined, or otherwise restrained, after a hearing or default or as the result of a settlement, consent decree, judgment, order or other arrangement, from engaging in or continuing any activity involving: (i) any transaction in or advice concerning futures, options, leverage transactions or securities; (ii) embezzlement, theft, extortion, fraud, fraudulent conversion, forgery, counterfeiting, false pretenses, bribery, gambling, racketeering or misappropriation of funds, securities or property; (iii) the making of any false filing with the SEC; (iv) the purchase or sale of securities; or (v) any *investment related business*? | ◻ | ◻ |
|  | (f) | in a case brought by a domestic or foreign governmental body, been found, after a hearing or default or as a result of a settlement, judgment, consent decree or other arrangement, to: (i) have violated any provision of any *investment-related* statute or regulation; or (ii) have violated any statute, rule, regulation or order which involves embezzlement, theft, extortion, fraud, fraudulent conversion, forgery, counterfeiting, false pretenses, bribery, gambling, racketeering or misappropriation of funds, securities or property; or (iii) have willfully aided, abetted, counseled, commanded, induced any other person to, or procured a violation by any other person of, any of the statutes, rules, regulations or orders listed in subpart (ii) of this question? | ◻ | ◻ |
|  | (g) | been barred by any agency of the United States from contracting with the United States? | ◻ | ◻ |
|  | (2) | **Based upon activities that occurred while you exercised *control* over it, or while you were a *principal* at it, has an organization ever:** |  |  |
|  | (a) | been convicted or found guilty of, or pled guilty or nolo contendere ("no contest") to, in a domestic, foreign or military court, any *felony*? | ◻ | ◻ |
|  | (b) | been *charged* with any *felony*? | ◻ | ◻ |
|  | (c) | been convicted or found guilty of, or pled guilty or nolo contendere ("no contest") to, in a domestic, foreign or military court, any *misdemeanor* specified in A(1)(c)? | ◻ | ◻ |
|  | (d) | been *charged* with any *misdemeanor* specified in A(1)(c)? | ◻ | ◻ |
|  | (e) | in a case brought by a domestic or foreign governmental body, been permanently or temporarily enjoined, after a hearing or default or as the result of a settlement, consent decree or other arrangement, from engaging in or continuing any activity specified in A(1)(e) | ◻ | ◻ |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Yes** | **No** |
|  | (f) | in a case brought by a domestic or foreign governmental body, been found, after a hearing or default or as the result of a settlement, consent decree or other arrangement to have: (i) have violated any provision of any *investment-related* statute or regulation; or (ii) have violated any statute, rule, regulation or order which involves embezzlement, theft, extortion, fraud, fraudulent conversion, forgery, counterfeiting, false pretenses, bribery, gambling, racketeering or misappropriation of funds, securities or property; or (iii) have willfully aided, abetted, counseled, commanded, induced any other person to, or procured a violation by any other person of, any of the statutes, rules, regulations or orders listed in subpart (ii) of this question? | ◻ | ◻ |
|  | (g) | been barred by any agency of the United States from contracting with the United States? | ◻ | ◻ |
| B. | **Has the U**.**S**. **Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), any Federal regulatory agency, including the National Credit Union Administration and any other federal banking agency, any state regulatory agency (or an agency or officer of a state performing like functions), any *foreign financial regulatory authority*, or any other regulatory authority ever:** | **Has the U**.**S**. **Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), any Federal regulatory agency, including the National Credit Union Administration and any other federal banking agency, any state regulatory agency (or an agency or officer of a state performing like functions), any *foreign financial regulatory authority*, or any other regulatory authority ever:** |  |  |
|  | (1) | *found* you to have made a false statement or omission? | ◻ | ◻ |
|  | (2) | *found* you to have been *involved* in a violation of its regulations or statutes? | ◻ | ◻ |
|  | (3) | *found* you to have been a cause of an *investment-related* business having its authorization to do business denied, suspended, revoked, or restricted? | ◻ | ◻ |
|  | (4) | entered an *order* against you in connection with *investment-related* activity? | ◻ | ◻ |
|  | (5) | imposed a civil money penalty on you, or *ordered* you to cease and desist from any activity? | ◻ | ◻ |
|  | (6) | issued a *final order* that bars you from (i) association with an entity regulated by such commission, authority, agency, or officer, (ii) engaging in the business of securities, insurance or banking, or (iii) engaging in savings association or credit union activities? | ◻ | ◻ |
|  | (7) | issued a *final order* based on a violation of any law or regulation that prohibits fraudulent, manipulative, or deceptive conduct? | ◻ | ◻ |
|  | (8) | denied, suspended, or revoked your registration or license or otherwise, by *order* or other agreement, prevented you, or any entity of which you were a *principal* (based on activities that occurred while you were a principal), from associating with an *investment-related* business or restricted your activities or ability to engage in any business in the *financial services industry*? | ◻ | ◻ |
| C. | **If you answered "yes" to question in B(8), are any of the orders or agreements currently in effect against you?** | **If you answered "yes" to question in B(8), are any of the orders or agreements currently in effect against you?** | ◻ | ◻ |
| D. | **Has any self-regulatory organization or commodities exchange ever:** | **Has any self-regulatory organization or commodities exchange ever:** |  |  |
|  | (1) | *found* you to have made a false statement or omission? | ◻ | ◻ |
|  | (2) | *found* you to have been *involved* in a violation of its rules (other than a violation designated as a "*minor rule violation*" under a plan approved by the U.S. Securities and Exchange Commission)? | ◻ | ◻ |
|  | (3) | *found* you to have been the cause of an *investment-related* business having its authorization to do business denied, suspended, revoked or restricted? | ◻ | ◻ |
|  | (4) | disciplined you by expelling or suspending you from membership, barring or suspending your association with its members, or restricting your activities? | ◻ | ◻ |
| E. | **Are you subject to an order of the SEC that:** | **Are you subject to an order of the SEC that:** |  |  |
|  | (1) | is entered pursuant to sections 15(b) or 15B(c) of the Securities Exchange Act of 1934, as amended (the "1934 Act") or sections 203(e) or 203(f) of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and that (ii) places limitations on your activities, functions or operations, or (iii) bars you from being associated with any entity or from participating in the offering of any penny stock? | ◻ | ◻ |
|  | (2) | was entered within the past 5 years and orders you to cease and desist from committing or causing a violation or future violation of (i) any scienter-based anti-fraud provision of the federal securities laws, including without limitation section 17(a)(1) of the Securities Act of 1933, as amended (the "1933 Act"), section 10(b) or section 15(c)(1) of the 1934 Act, rule 10b-5 under the 1934 Act, section 206(1) of the Advisers Act or any other rule or regulation thereunder, or (ii) Section 5 of the 1933 Act? | ◻ | ◻ |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Yes** | **No** |
| F. | **Have you been notified that you are now the subject of any:** | **Have you been notified that you are now the subject of any:** |  |  |
|  | (1) | pending criminal *proceeding* that involves an *investment-related* business, fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses? | ◻ | ◻ |
|  | (2) | regulatory complaint or *proceeding* that could result in a "yes" answer to any part of B? | ◻ | ◻ |
|  | (3) | *investigation* that could result in a "yes" answer to any part of A, B, or D? | ◻ | ◻ |
| G. | **Are you suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?** | **Are you suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?** | ◻ | ◻ |
| H. | **Have you filed (as a registrant or issuer), or were you an underwriter or named as an underwriter involved in, any registration statement or Regulation A offering statement filed with the SEC that, within the past five years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or are you, as of the date hereof, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?** | **Have you filed (as a registrant or issuer), or were you an underwriter or named as an underwriter involved in, any registration statement or Regulation A offering statement filed with the SEC that, within the past five years, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or are you, as of the date hereof, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?** | ◻ | ◻ |
| I. | **Are you subject to a United States Postal Service false representation order entered within the past five years, or are you, as of the date hereof, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?** | **Are you subject to a United States Postal Service false representation order entered within the past five years, or are you, as of the date hereof, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?** | ◻ | ◻ |
| J. | **Has your authorization to act as an attorney, accountant or federal contractor ever been revoked or suspended, or has any other professional attainment, designation or license that relates to you been revoked or suspended because of a violation of rules relating to professional conduct?** | **Has your authorization to act as an attorney, accountant or federal contractor ever been revoked or suspended, or has any other professional attainment, designation or license that relates to you been revoked or suspended because of a violation of rules relating to professional conduct?** | ◻ | ◻ |
| K. | (1) | **Has any domestic, foreign or military court ever:** |  |  |
|  | (a) | *enjoined* you in connection with any *investment-related* activity? | ◻ | ◻ |
|  | (b) | *found* that you were *involved* in a violation of any *investment-related* statute(s) or regulation(s)? | ◻ | ◻ |
|  | (c) | dismissed, pursuant to a settlement agreement, an *investment-related* civil action brought against you by a state or *foreign financial regulatory authority*? | ◻ | ◻ |
|  | (2) | **Have you been notified that you are now the subject of any pending civil action or other civil *proceeding* that could result in a "yes" answer to any part of K(1)?** | ◻ | ◻ |
|  | (3) | **Have you been notified that you are the subject of any *order*, judgment or decree permanently or temporarily enjoining, or otherwise limiting, you from engaging in any *investment-related* activity, or from violating any *investment-related* statute, rule or order?** | ◻ | ◻ |
| L. | (1) | **Have you ever been named as a respondent/defendant in an *investment-related* consumer-initiated arbitration or civil litigation which alleged that you were *involved* in one or more *sales practice violations* and which:** |  |  |
|  | (a) | is still pending, or; | ◻ | ◻ |
|  | (b) | resulted in an arbitration award or civil judgment against you, regardless of amount, or; | ◻ | ◻ |
|  | (c) | was settled for an amount of $10,000 or more? | ◻ | ◻ |
|  | (2) | **Have you ever been the subject of an *investment-related*, consumer-initiated complaint, not otherwise reported under question I(1) above, which alleged that you were *involved* in one or more *sales practice violations*, and which complaint was settled for an amount of $10,000 or more?** | ◻ | ◻ |
|  | (3) | **Within the past twenty four (24) months, have you been the subject of an *investment-related*, consumer-initiated written complaint which:** |  |  |
|  | (a) | alleged that you were *involved* in one or more *sales practice violations* and contained a claim for compensatory damages of $5,000 or more (if no damage amount is alleged, the complaint must be reported unless the firm has made a good faith determination that the damages from the alleged conduct would be less than $5,000), or; | ◻ | ◻ |
|  | (b) | alleged that you were *involved* in forgery, theft, misappropriation or conversion of funds or securities? | ◻ | ◻ |
|  | (4) | **Are you currently the subject of, or have you been the subject of, an arbitration claim alleging damages in excess of $2,500, involving any of the following:** |  |  |
|  | (a) | any investment or an *investment-related* business or activity? | ◻ | ◻ |
|  | (b) | fraud, false statement, or omission? | ◻ | ◻ |

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Yes** | **No** |
|  | (c) | theft, embezzlement or other wrongful taking of property? | ◻ | ◻ |
|  | (d) | bribery, forgery, counterfeiting or extortion? | ◻ | ◻ |
|  | (e) | dishonest, unfair or unethical practices? | ◻ | ◻ |
|  | (5) | **Are you currently subject to, or have you been *found* liable in, a civil, *self-regulatory organization*, or administrative *proceeding* involving any of the following?** |  |  |
|  | (a) | an investment or *investment-related* business or activity? | ◻ | ◻ |
|  | (b) | fraud, false statement, or omission? | ◻ | ◻ |
|  | (c) | theft, embezzlement or other wrongful taking of property? | ◻ | ◻ |
|  | (d) | bribery, forgery, counterfeiting or extortion? | ◻ | ◻ |
|  | (e) | dishonest, unfair or unethical practices? | ◻ | ◻ |
| M. | **Have you ever voluntarily *resigned*, been dis*charged* or permitted to *resign* after allegations were made that accused you of:** | **Have you ever voluntarily *resigned*, been dis*charged* or permitted to *resign* after allegations were made that accused you of:** |  |  |
|  | (1) | violating *investment-related* statutes, regulations, rules or industry standards of conduct? | ◻ | ◻ |
|  | (2) | fraud or the wrongful taking of property? | ◻ | ◻ |
|  | (3) | failure to supervise in connection with *investment-related* statutes, regulations, rules or industry standards of conduct? | ◻ | ◻ |
| N. | **Within the past 10 years:** | **Within the past 10 years:** |  |  |
|  | (1) | have you made a compromise with creditors, filed a bankruptcy petition or been the subject of an involuntary bankruptcy petition? | ◻ | ◻ |
|  | (2) | based on events that occurred while you exercised *control* over it, has an organization made a compromise with creditors, filed a bankruptcy petition or been the subject of an involuntary bankruptcy petition? | ◻ | ◻ |
|  | (3) | based on events that occurred while you exercised *control* over it, has a broker or dealer been the subject of an involuntary bankruptcy petition, or had a trustee appointed, or had a direct payment procedure initiated under the Securities Investor Protection Act? | ◻ | ◻ |
| O. | **Has a bonding company ever denied, paid out on, or revoked a bond for you?** | **Has a bonding company ever denied, paid out on, or revoked a bond for you?** | ◻ | ◻ |
| P. | **Do you have any unsatisfied judgments or liens against you?** | **Do you have any unsatisfied judgments or liens against you?** | ◻ | ◻ |

---

Employee/Contractor/Consultant/Adviser hereby certifies that the answers contained in this Questionnaire are true, correct and complete in all respects.

Signature

**<u>DEFINITIONS</u>**

 ****

***CHARGED*** means being accused of a crime in a formal complaint, information, or indictment (or equivalent formal charge).

 ****

***CONTROL*** means the power to direct or cause the direction of the management or policies of a company, whether through ownership of securities, by contract, or otherwise. Any individual *firm* that is a director, partner or officer exercising executive responsibility (or having similar status or functions) or that directly or indirectly has the right to vote 25 percent or more of the voting securities or is entitled to 25 percent or more of the profits is presumed to control that company.

 ****

***ENJOINED*** includes being subject to a mandatory injunction, prohibitory injunction, preliminary injunction or a temporary restraining order.

 ****

***FELONY***, for *jurisdictions* that do not differentiate between felony or misdemeanor, is an offense punishable by a sentence of at least one year imprisonment and/or a fine of at least $1,000. The term also includes a general court martial.

 ****

***FINAL ORDER*** means a written directive or declaratory statement issued by a federal or state agency described in §230.506(d)(1)(iii) of Regulation D under applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency*.*

 ****

***FINANCIAL SERVICES INDUSTRY*** means the commodities, securities, accounting, banking, finance, insurance, law or real estate industries.

 ****

***FIRM*** means a broker-dealer, investment adviser or issuer, as appropriate.

 ****

 ****

***FOUND*** includes adverse final actions or determinations, including consent decrees in which the respondent has neither admitted nor denied the findings or settlement or record purposes only, but does not include agreements, deficiency letters, examination reports, memoranda of understanding, letters of caution, admonishments and similar informal resolutions of matters.

 ****

***INVESTIGATION*** includes: (a) grand jury investigations; (b) U.S. Securities and Exchange Commission investigation after the "Wells" notice has been given; (c) FINRA investigations after the "Wells" notice has been given or after a person associated with a member, as defined in FINRA Bylaws, has been advised by the staff that it intends to recommend formal disciplinary action; (d) formal investigations by other *SROs*; or (e) actions or procedures designated as investigations by *jurisdictions*. The term *investigation* does not include subpoenas, preliminary or routine regulatory inquiries or requests for information, deficiency letters, "blue sheet" requests or other trading questionnaires or examinations.

 ****

***INVESTMENT-RELATED*** pertains to securities, commodities, banking, insurance or real estate (including, but not limited to, acting as or being associated with a broker, dealer, issuer, investment company, investment adviser, municipal securities dealer, government securities broker or dealer, futures sponsor, bank, underwriter, paid solicitor or savings association).

 ****

***INVESTMENT-RELATED STATUTE*** means the Commodity Exchange Act, the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Advisers Act of 1940, the Investment Company Act of 1940, the Securities Investors Protection Act of 1970, the Foreign Corrupt Practices Act of 1977, Chapter 96 of Title 18 of the United States Code, any similar statute of any state or foreign jurisdiction.

 ****

***INVOLVED*** means engaging in an act or omission or aiding, abetting, counseling, commanding, inducing, conspiring with or failing reasonably to supervise another in doing an act or omission.

 ****

***JURISDICTION*** means a state, the District of Columbia, the Commonwealth of Puerto Rico, or any subdivision or regulatory body thereof.

 ****

***MINOR RULE VIOLATION*** is a violation of a *self-regulatory organization* rule that has been designated as "minor" pursuant to a plan approved by the U.S. Securities and Exchange Commission. A rule violation **may** be designated as "minor" under a plan if the sanction imposed consists of a fine of $2,500 or less, and if the sanctioned person does not contest the fine. Check with the appropriate *self-regulatory organization* to determine if a particular rule violation has been designated "minor" for these purposes.

 ****

***ORDER*** means a written directive issued pursuant to statutory authority and procedures, including an order of denial, exemption, suspension or revocation but does not include special stipulations, undertakings or agreements relating to payments, limitations on activity or other restrictions unless they are included in an order.

 ****

***PRINCIPAL*** means: (A) an individual who is: (i) a sole proprietor of a sole proprietorship; (ii) a general partner of a partnership; (iii) a director, president, chief executive officer, chief operating officer or chief financial officer of a corporation, limited liability company or limited partnership; (iv) in charge of a business unit, division or function of a corporation, limited liability company or limited partnership if the unit, division or function is subject to regulation by the CFTC; (v) a manager, managing member or a member vested with the management authority for a limited liability company or limited partnership; (vi) a chief compliance officer; (vii) an individual who directly or indirectly, through agreement, holding companies, nominees, trusts or otherwise: (1) is the owner of 10% or more of the outstanding shares of any class of such entity's stock; (2) is entitled to vote 10% or more of any class of such entity's voting securities; (3) has the power to sell or direct the sale of 10% or more of any class of such entity's voting securities; (4) has contributed 10% or more of such entity's capital; (5) is entitled to receive 10% or more of such entity's net profits; or (6) has the power to exercise a controlling influence over a registrant's activities that are subject to regulation by the CFTC; or (B) an entity that: (i) is a general partner of a registrant; (ii) is the direct owner of 10% or more of any class of a registrant's securities; or (iii) has directly contributed 10% or more of a registrant's capital unless such capital contribution consists of subordinated debt contributed by: (1) an unaffiliated bank insured by the Federal Deposit Insurance Corporation; (2) a United States branch or agency of an unaffiliated foreign bank that is licensed under the laws of the United States and regulated, supervised and examined by United States government authorities having regulatory responsibility for such financial institutions; or (3) an insurance company subject to regulation by any State.

 ****

***PROCEEDING*** includes a formal administrative or civil action initiated by a governmental agency, *self-regulatory organization* or *foreign financial regulatory authority*, a *felony* criminal indictment or information (or equivalent formal charge) or a *misdemeanor* criminal information (or equivalent formal charge), but does not include an arrest or similar charge effected in the absence of a formal criminal indictment or information (or equivalent formal charge).

 ****

***RESIGN*** or ***RESIGNED*** relates to separation from employment with any employer, is **not** restricted to *investment-related* employment, and includes any termination in which the allegations are a proximate cause of the separation, even if you initiated the separation.

***SALES PRACTICE VIOLATIONS*** shall include any conduct directed at or involving a customer which would constitute a violation of: any rules for which a person could be disciplined by any *self-regulatory organization*; any provision of the Securities Exchange Act of 1934; or any state statute prohibiting fraudulent conduct in connection with the offer, sale or purchase of a security or in connection with the rendering of investment advice.

 ****

***SELF-REGULATORY ORGANIZATION*** *("SRO")* means any national securities or commodities exchange, any national securities association (e.g., FINRA), any registered clearing agency, or any other private, non-governmental organization authorized to set and enforce standards of conduct for any industry.

**<u>EXHIBIT C</u>**

CONTRIBUTIONS DISCLOSURE

Alkeon Capital Management, LLC

Attention:

Greg Jakubowsky

Capitalized terms used herein and are defined in the Statement of Policies and Procedures (the "Statement") of Alkeon Capital Management, LLC (the "Firm").

I am either a current Employee of the Firm who recently received the Firm's "pay to play" policy or a newly hired Employee.

**<u>Check One</u>:**

◻ Attached is a complete and accurate list of all Contributions that I have made in the previous two years.

◻ I am a new Employee and the CCO has determined that I will not solicit clients. Attached is a complete and accurate list of all Contributions that I have made in the previous six months).

I understand that you require this list to monitor my compliance with the Statement. I agree to notify the Firm and obtain its consent before making any new Contributions.

This information is correct and complete as of ___________, 20__.

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| |
|:---|
| Signed: |
| Print Name: |
| Date: |

---

C-1<br>

LIST OF CONTRIBUTIONS

AS OF _____________, 20__

FOR

**_______________________________**

**[**Name of Employee**]**

---

| | | | |
|:---|:---|:---|:---|
| Date of<br> Contribution | &nbsp;&nbsp;&nbsp;Recipient of Contribution and<br> Office or Position for which<br> Candidate is Running | Amount of<br> Contribution | &nbsp;&nbsp;&nbsp;&nbsp;Eligible to Vote<br> for Candidate? |

---

If none, initial here: _____________.

C-2<br>

**<u>EXHIBIT D</u>**

CONTRIBUTIONS REQUEST

Name: ___________________________________________________________________

Date of Request: ___________________________________________________

Capitalized terms used herein are defined in the Statement of Policies and Procedures (the "Statement") of Alkeon Capital Management LLC (the "Firm").

**<u>Details of Proposed Contribution:</u>**

Name of person or entity making the Contribution (if other than Employee):

_______________________________________

Recipient of Contribution Name: ________________________________ Title: ___________

Office or position for which the recipient is running: ____________________________

If the recipient currently holds a government office or position, list that office or position:

_______________________________________

Proposed contribution amount (dollar value): $_______________________

If previous contributions have been made to the same candidate in the same election, list the aggregate amount of all previous contributions: $_________________

Are you eligible to vote for the candidate? Yes / No

Intended Date of Contribution: _______________________

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| |
|:---|
| Signed: |
| Print Name: |

---

D-1<br>

**<u>EXHIBIT E</u>**

POLICY AND PROCEDURES RELATING TO THE USE OF RESEARCH CONSULTANTS

I. <u>Overview</u> 

From time to time, the Firm, as part of its research process, may communicate with research consultants who receive compensation from the Firm or from a third party (e.g., Gerson Lehrman Group) ("Research Consultants"). Persons communicating with Research Consultants must be sensitive to the risk that the Firm will become aware of information that, among other things, may require it to restrict its trading in certain securities. Accordingly, all Firm personnel that have contact with Research Consultants must comply with the procedures and guidelines described below. These procedures and guidelines should be read in conjunction with the policies and procedures regarding insider trading set forth in the Firm's Code of Ethics.

II. <u>General Guidelines Regarding Use of Research Consultants</u> 

The Firm's policies and procedures regarding insider trading apply to the use of all Research Consultants. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You must accurately identify your affiliation with an investment adviser to a Research Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may not seek, and should try to avoid obtaining, material, non-public information from a Research
Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may not seek, and should try to avoid obtaining, information from a Research Consultant if it appears
that disclosure of that information to you may violate a confidentiality obligation or similar duty on the part of the Research Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· You may not seek, and should try to avoid obtaining, information from a Research Consultant if it appears
to you that the Research Consultant received the information in violation of a confidentiality obligation or similar duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If you believe that you may have obtained material, non-public information from a Research Consultant,
or otherwise received information in breach of a confidentiality obligation or similar duty, you must promptly end the consultation and
immediately notify Alkeon's Chief Compliance Officer (the "CCO") or if not available Alkeon's Director of Legal
and Compliance (the "Legal/Compliance Director"). You may not trade or recommend the purchase or sale of securities related
to such information, or otherwise communicate the substance of the information at issue to anyone unless and until you have received the
prior approval in writing from at least one of these officers. The foregoing procedures and restrictions apply to material, non-public
information about any public company obtained from a Research Consultant, regardless of the focus of the Firm's research or consultation,
and regardless of the identity of the Research Consultant's employer. Accordingly, you must abide by these procedures if you believe
you

E-1<br>

have obtained material, non-public information or any information received in breach of a confidentiality obligation or similar duty from a Research Consultant about a company that the Firm is researching or about any other company or companies within the same industry or sector (i.e., competitors) or in related industries or sectors.

III. <u>Specific Procedures Relating to Engagement of and Discussions with Research Consultants</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Pre-Approval</u> 

Every proposed engagement of, and each and every consultation with a Research Consultant, must be pre-approved in writing by the CCO and/or the Legal/Compliance Director. To obtain pre-clearance, you must submit the following information through the Firm's proprietary consultation monitoring database: (i) the full name of the Research Consultant, and his or her employer (if any) and position; (ii) the network with which such Research Consultant is affiliated, if applicable; (iii) the proposed date or period of engagement or consultation; and (iv) a description of the objective of the consultation or engagement and the nature of the services to be provided. The Firm's proprietary database maintains all of the foregoing information. In addition, the Firm requires each Research Consultant to complete a written questionnaire prior to each consultation to establish, among other things, (x) what relationship, if any, the Research Consultant has to the company or companies the Firm is researching and (y) what relationship, if any, the Research Consultant has to any public company.

In general, a Research Consultant may not be an officer, director, or employee of any issuer either (i) whose securities are held by one or more client accounts managed by the Firm (collectively, "Client Accounts") or (ii) whose securities are being considered for investment for a Client Account(s) and as to which the Research Consultant's advice is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Restrictions</u> 

Consultation with a Research Consultant that is an officer, director or employee of a public company will be chaperoned by a member of the legal/compliance team and shall result in the restriction of such company's securities for a period of no less than 30 calendar days. The CCO or the Legal/Compliance Director may, in his or her discretion, also restrict the trading of a public company's securities due to consultation with a former officer, director or employee of that company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Interview Guidelines</u> 

In addition to the foregoing requirements, during the course of the interview, you should ensure that the information being discussed is not the type of information that could potentially constitute material, non-public information or otherwise be subject to a confidentiality obligation. You should promptly end the conversation and immediately contact the CCO or the Legal/Compliance Director if you believe that you may have received material, non-public information or any other information in breach of a duty owed by the Research Consultant to anyone. Trading in any security related to the communication or the substance of the information

E-2<br>

in question is not permitted unless and until the CCO or the Legal/Compliance Director approves the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Monitoring</u> 

You must ensure that the CCO and the Legal/Compliance Director receive copies of all reports from the Research Consultants before you receive such materials. The CCO or the Legal/Compliance Director will review those reports.

You should notify the CCO or the Legal/Compliance Director immediately if you become aware of any information about a Research Consultant or other information that might warrant a re-evaluation of the Firm's relationship with any Research Consultant. The CCO or the Legal/Compliance Director may conduct due diligence on the firms facilitating consultations with Research Consultants when appropriate.

E-3<br>

**<u>EXHIBIT F</u>**

POLICY AND PROCEDURES RELATING TO ALTERNATIVE DATA ARRANGEMENTS

Alkeon Capital Management LLC (the "Firm") may enter into arrangements with alternative data providers ("Data Providers") under which the Firm obtains data, research, analysis or other forms of information that is not within traditional data sources, such as financial statements, SEC filings, management presentations, press releases, or any information used to augment traditional asset allocation models by providing additional insight into investment opportunities or risk management procedures. Examples of alternative data ("Data") include but are not limited to geolocation (e.g., foot traffic), credit card transactions, email receipts, point-of-sale transactions, web site usage, mobile app or app store analytics, satellite images, social media posts, online browsing activity, shipping container receipts, product reviews, price trackers, shipping trackers, internet activity and quality data. The Firm has implemented the following measures which are designed to address the risks associated with receiving Data from Data Providers. These risks include that the Data contains or is derived from information which is non-public, material and obtained in violation of law or in breach of a duty; that the Data is collected using deceptive practices, including the collection of data under false or misleading pretenses; or that the Data contains personal data, such as personally identifiable information or personal health information, in violation of privacy laws. These procedures and guidelines should be read in conjunction with the policies and procedures regarding insider trading set forth in the Firm's Code of Ethics.

<u>Procedures</u>

Prior to obtaining Data (excluding sample "dummy data" sets used solely for formatting/data architecture/taxonomy purposes and Data received at no cost for trial purposes) from a Data Provider, the Firm will (i) conduct diligence on the Data Provider and the types of Data made available to the Firm; (ii) enter into a contract with the Data Provider for the Data; and (iii) periodically review the Data received from the Data Provider and the terms of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;A. Diligence

1. Initial Diligence of the Data Provider. Prior to the Firm entering into a contract with a Data Provider,
members of the Firm's Legal Department will conduct due diligence on the Data Provider that may include, among other considerations,
(a) receiving a due diligence questionnaire from the Data Provider (which may take the form of the Firm's standard due diligence
questionnaire for Data Providers, or other adequate documentation provided by the Data Provider or a third party data broker on its behalf),
(b) evaluating the data sources and (as applicable) relevant consents and contractual language related to those sources, (c) reviewing
the Data Provider's website or other online presence for a description of its services and (d) to the extent necessary, evaluating
the Data Provider's compliance procedures with a representative of the Data Provider. Further diligence may also include discussing
the Data Provider's specific practices with outside counsel.

In addition, in the case of Data Providers which engage in automated data collection processes commonly known as "web scraping", the Firm will undertake reasonable diligence in its evaluation of the Data Provider with respect to web scraping, including

F-1<br>

ascertaining whether the Data Provider or its underlying data sources employ scraping techniques in collecting data and, if so, confirming through, among other things, the vendor's oral and/or written responses to diligence questions and/or contractual representations, that the vendor's scraping techniques are lawful and consistent with industry standards. This may include, without limitation, that the Data Provider (a) only collects data from the public portions of websites (unless the Data Provider has a license that allows it to collect data that is behind a log-in or pay wall); (b) collects data in a way that will not unduly impact a website's operation or functionality (e.g., flooding a website that prevents others from accessing the site, or conducting excessive downloads from a site that can negatively impact a site's performance); and (c) ensures that the Data Provider's web scraping activities are traceable back to it such that the target site can communicate with the scraper if the scraping is problematic in any way.

2. Periodic Diligence. In addition to conducting diligence prior to onboarding an alternative data provider
or receiving a new data product, the Firm will conduct periodic diligence on an on-going basis. Employees should immediately alert the
Legal Department if they believe an approved data set may contain MNPI or personal information. Employees should also immediately alert
the Legal Department if an existing research provider has shifted its approach to research or is offering data products that differ from
the products approved by the Legal Department so that the Legal Department can determine whether additional diligence is required.

3. Documentation. Personnel engaged in the diligence of the Data Provider and its Data will document their
review of the Data Provider and the information provided by the Data Provider. Documentation may include, among other things, diligence
questionnaires and other materials received from the Data Providers, memos prepared by the Firm's Legal Department, notes, and/or
email responses to inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;B. **Agreement with the Data Provider**. The Firm will enter into a contract with each Data Provider.
Depending on determinations made during its diligence, the Firm may seek to incorporate contractual representations into its contract
to, among other things, reflect the results of the diligence process.

F-2<br>

## Ex-99.R3

**Exhibit (r)(3)**

**CODE OF ETHICS** 

**Breakwater Group Distribution Services, L.L.C.** 

**Adopted December, 2009 <br>Amended August, 2016** 

**Section I Statement of General Principles** 

This Code of Ethics (the "Code") has been adopted by Breakwater Group Distribution Services, L.L.C. ("Breakwater" or the "Firm") in accordance with the regulatory requirements of Sections 204A and 206 of the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 204A-1 thereunder and Section 17(j) of the Investment Company Act of 1940, as amended (the "1940 Act") and Rule 17j-1 thereunder. The purpose of the Code is to set forth and reinforce the fiduciary principals that govern the conduct of the Firm and its personnel.

As it relates to Rule 17j-1 of the 1940 Act, the purpose of the Code is to establish standards and procedures that are reasonably designed for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Firm may abuse their fiduciary duties to the Firm or any of the funds or other accounts managed by the Firm and otherwise to deal with the types of conflict of interest situations to which Rule 17j-1 is addressed. As it relates to Section 204A of the Advisers Act, the purpose of the Code is to establish procedures that are reasonably designed to prevent the misuse of material non-public information in violation of the federal securities laws by persons associated with the Firm.

Every employee (including directors, officers and partners or other persons occupying a similar status or performing similar functions, collectively referred to herein as "Employees") of the Firm must read and retain this Code, and should recognize that he or she is subject to its provisions.

The Code is based on the principle that Employees, who in the course of their duties make, participate in or obtain information regarding, investment recommendations made to, or investment transactions conducted for, any Client Account (as defined below), owe a fiduciary duty to the Client Account and the Firm to conduct personal securities transactions in a manner that does not interfere with Client Account transactions or otherwise take unfair advantage of his or her position. All Employees shall place the interests of each Client Account before their own personal interests. Technical compliance with the Code will not automatically insulate any Employee from scrutiny of transactions that show a pattern of compromise or abuse of the individual's fiduciary duties to any account. Accordingly, all Employees must seek to avoid any actual or potential conflicts between their personal interests and the interests of each account.

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**Section II Definitions** 

"**Annual Certification**" means an Annual Certification of Compliance with the Code, in the form attached as **Exhibit D**.

"**Beneficial Ownership**" has the meaning set forth in paragraph (a)(2) of Rule 16a-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and for purposes of this Code should be deemed to include, but not be limited to, any interest by which an Employee or any person in control of a Proprietary Account (as defined below) can directly or indirectly derive a monetary or other economic benefit from the purchase, sale (or other acquisition or disposition) or ownership of a Security (as defined below), including for this purpose any such interest that arises as a result of: a general partnership interest in a general or limited partnership; an interest in a trust; a right to dividends that is separated or separable from the underlying Security; a right to acquire equity Securities through the exercise or conversion of any derivative Security (whether or not presently exercisable).

"**Chief Compliance Officer**" means the person(s) designated by Breakwater to serve as the senior compliance officer.

"**Client Account**" means any account managed by the Firm, including, but not limited to, Investment Funds, wrap accounts and separately managed accounts.

**"Contribution"** means a gift, subscription, loan, advance, deposit of money, or anything of value made for the purpose of influencing an election for a federal, state or local office, including any payments for debts incurred in such an election. It also includes transition or inaugural expenses incurred by a successful candidate for state or local office.

"**Control**" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act, and includes the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with the company. Control shall be presumed to exist where a person owns beneficially, either directly or through one or more companies, more than 25% of the voting Securities of a company.

**"Covered Associate"** means (1) the Firm's manager and any executive officer or other individual with a similar status or function, (2) any Employee who solicits a Government Entity for the Firm, (3) any person who supervises, directly or indirectly, any such Employee or (4) any political action committee controlled by the Firm or by any of its Covered Associates. The Chief Compliance Officer has authority to decide which Employees will be deemed Covered Associates.

"**Family Members**" of an Employee, means his or her spouse (other than a legally separated or divorced spouse of the Employee), minor children and any relative or other person living with him or her (regardless of family relationship or marital status) and any other person to whom he or she contributes support.

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**"Government Entity"** means any state or local government, any of its agencies or instrumentalities, or any public pension plan or other collective government fund, including any participant-directed plan such as a 403(b), 457 or 529 plan.

"**Initial Certification**" means an Initial Certification of Compliance with the Code, in the form attached as **Exhibit C**.

"**Investment Fund**" means any U.S. or non-U.S. investment fund, including registered and unregistered investment funds, or pool of which the Firm or one of its affiliates serves as investment adviser, general partner or both (including any such investment fund or pool in which the only investors are the Firm, any affiliate of the Firm or any Employee), but excluding clients that the Firm does not control, such as investment funds for which the Firm is a sub-adviser.

"**Non-Discretionary Account**" means a securities investment or trading account held in the name of an Employee or one or more of his or her Family Members, or of which that Employee or one or more of his or her Family Members has Beneficial Ownership, for which such Employee or such Family Member has submitted to the Chief Compliance Officer a fully executed Certificate of Non-Discretionary Account Status in a form similar to the form attached as **Exhibit E**. For purposes of this Code, "**Non-Discretionary Account**" includes automatic investment plans or other programs in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation, including a dividend reinvestment plan, and accounts over which the Employee has no direct or indirect influence or control (*e.g.*, a blind trust or trust managed by a third party).

**"Official"** means any person (including any election committee for the person) who was, at the time of the Contribution, incumbent, candidate or successful candidate for elective office of a Government Entity if the office is directly or indirectly responsible for, or can influence the outcome of, the hiring of the Firm or has authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of the Firm.

"**Proprietary Account**" means (1) a securities investment or trading account held in the name of an Employee or any of his or her Family Members, or of which the Employee or any of his or her Family Members has direct or indirect Beneficial Ownership, or (2) a proprietary investment or trading account maintained for the Firm or its Employees (excluding an Investment Fund). The term "**Proprietary Account**" does not include a Non-Discretionary Account. For the avoidance of doubt, a Proprietary Account also includes any account maintained by or for any partnership, corporation or other entity in which the Employee has a 25% or greater beneficial interest, or in which the Employee exercises effective control.

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**"Regulated Person"** means certain broker-dealers and registered investment advisers that are subject to prohibitions against participating in pay-to-play practices and are subject to the Securities and Exchange Commission's ("SEC") oversight and, in the case of broker-dealers, the oversight of a registered national securities association, such as the Financial Industry Regulatory Authority.

"**Reportable Security**" means a Security (as defined below), except that it does not include:

(i) Direct
 obligations of the Government of the United States and other Sovereign
 Debt;

(ii) Bankers'
 acceptances, bank certificates of deposit, commercial paper and high
 quality short-term debt instruments, including repurchase
 agreements;

(iii) Shares
 issued by money market funds;

(iv) Shares
 issued by registered open-end funds other than: (a) exchange-traded funds;
 (b) registered funds managed by the Firm; or (c) registered funds whose
 adviser or principal underwriter controls the Firm, is controlled by the
 Firm, or is under common control with the Firm (each a "reportable fund");
 and

(v) Shares
 issued by unit investment trusts, other than exchange-traded funds, that
 are invested exclusively in one or more registered open-end funds, none of
 which are reportable funds.

"**Security**" shall have the meaning set forth in Section 202(a)(18) of the Advisers Act (15 U.S.C. 80b-2(a)(18)) and should be deemed to include any and all stock, debt obligations, and similar instruments of whatever kind, including any right or warrant to purchase a security, or option to acquire or sell a security, a group or index of securities or a foreign currency. References to a Security in this Code (*e.g*., a prohibition or requirement applicable to the purchase or sale of a Security) shall be deemed to refer to and to include any warrant for, option in, or Security immediately convertible into that Security, and shall also include any financial instrument which has an investment return or value that is based, in whole or part, on that Security (collectively, "Derivatives"). Therefore, except as otherwise specifically provided by this Code: (i) any prohibition or requirement of this Code applicable to the purchase or sale of a Security shall also be applicable to the purchase or sale of a Derivative relating to that Security; and (ii) any prohibition or requirement of this Code applicable to the purchase or sale of a Derivative shall also be applicable to the purchase or sale of a Security relating to that Derivative.

A Security is "being considered for purchase or sale" when a recommendation to purchase or sell that Security has been made or communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

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**Section III Applicability, Objective and General Prohibitions** 

This Code applies to all of the Firm's Employees.<sup>1</sup> **Accordingly, all Employees are expected to conduct their personal activities in accordance with the standards set forth in this Code.** Therefore, an Employee may not engage in any personal investment transaction under circumstances where the Employee benefits from or interferes with the purchase or sale of investments by an Client Account. In addition, Employees may not use information concerning the investments or investment intentions of any Client Account, or their ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of any Client Account. Disclosure by an Employee of such information to any person outside of the course of the responsibilities of the Employee to the Firm will be deemed a violation of this prohibition. All Employees must also comply with applicable federal securities laws and with the policies regarding the misuse of material, non-public information, which are set forth in Section V.

Employees may not engage in conduct that is deceitful, fraudulent, or manipulative, or which involves false or misleading statements, in connection with the purchase or sale of Securities by the Firm. In this regard, Employees should recognize that Rule 17j-1 under the 1940 Act and Section 206 under the Advisers Act make it unlawful for any affiliated person or principal underwriter of a fund, or any affiliated person of such a person, or any adviser directly or indirectly, in connection with the purchase or sale of a Security held or to be acquired by a Client Account to:

(i) employ any device,
 scheme or artifice to defraud a Client Account;

(ii) make any untrue
 statement of a material fact with respect to a Client Account or omit to
 state to the Firm a material fact necessary in order to make the statements made, in light of the
 circumstances under which they are made, not misleading;

____________________<br>

<sup>1</sup> Rule 204A-1 of the Advisers Act requires all "Access Persons" of a registered investment adviser to report, and the investment adviser to review, personal securities transactions and holdings periodically. The Advisers Act defines "Access Person" to mean any supervised person of any investment adviser who: (1) has nonpublic information regarding any advisory clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any fund or account, or (2) makes securities recommendations to advisory clients, or who has access to such recommendations that are nonpublic. Further, the Advisers Act defines "Supervised Person" to mean any partner, director, manager and officer (or other person occupying a similar status or performing similar functions) or employee of the investment adviser, or any other person who provides investment advice on behalf of the investment adviser and is subject to the firm's supervision and control. As applied to the Firm, and for purposes of this Code, the Firm's "Supervised Persons" consist of all of the Firm's Employees and all of the Firm's Employees are "Access Persons"; *provided, however*, that the Chief Compliance Officer may determine that a particular employee or officer of Breakwater is not an "Access Person" of ACAP Strategic Fund and, thus, need not be covered by the Code. Notwithstanding the foregoing, the Chief Compliance Officer may, in his or her sole discretion, determine that any other person who provides services to the Firm but is not an employee, officer, member or manager of the Firm, may be deemed to be an "Access Person" of the Fund and thus, subject to this Code (including, for example, the Firm's independent service providers, such as information technology personnel or other frequent service providers with access to the Firm's trading and client information. The Chief Compliance Officer shall be responsible for notifying such individuals of their responsibilities, including reporting obligations, under this Code.

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(iii) engage in any act,
 practice, or course of business that operates or would operate as a fraud
 or deceit upon a Client Account; or

(iv) engage in any
 manipulative practice with respect to the Firm.

**Section IV Compliance with Applicable Federal Securities Laws** 

In addition to the general principles of conduct stated in the Code and the specific trading restrictions and reporting requirements described below, the Code requires all Employees to comply with applicable federal securities laws. These laws include the Securities Act of 1933, as amended, the Exchange Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act of 1999, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to the Client Accounts and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**Section V Prohibition Against Insider Trading**

&nbsp;&nbsp;&nbsp;&nbsp;**(A) Introduction**

This Section V of the Code is intended to satisfy the requirements of Section 204A of the Advisers Act, which is applicable to the Firm and requires that the Firm establish and enforce procedures designed to prevent the misuse of material, non-public information by its members, officers, directors and employees.

The Firm is in the business of obtaining and analyzing information about companies and their securities to give the Firm the basis for profitably trading and recommending investments in securities. Generally, such investigation and analysis helps investors to make informed investment decisions, which is one of the goals of the federal securities laws. It is illegal, however, to trade or recommend trades in a security while using or even, in some cases, while merely possessing, material, nonpublic information about that security or its issuer. Trading Securities while in possession of material, non-public information, or improperly communicating that information to others, may expose an Employee to severe penalties. Criminal sanctions may include a fine of up to $5 million and/or 20 years imprisonment. The SEC can recover the profits gained or losses avoided through the violative trading, a penalty of up to three times the illicit windfall, and an order permanently barring an Employee from the securities industry. Moreover, persons guilty of insider trading violations, whether through actual trading, tipping, or failing to supervise, are also open to private suits for damages by contemporaneous traders in the market. In addition, any violation of this Section V can be expected to result in serious sanctions by the Firm, which may include dismissal of any Employees involved.

Any SEC investigation, even one that does not result in criminal or civil prosecution, can irreparably damage the Firm's reputation and an individual's career. It is essential to avoid even the appearance of impropriety.

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&nbsp;&nbsp;&nbsp;&nbsp;**(B) Policy on Insider Trading** 

It is the Firm's policy to conduct its business in full compliance with the law, and to ensure that its Employees do so. No Employee may trade a Security, either personally or on behalf of any other person or account (including Client Accounts), while in possession of material, non-public information concerning that Security or the issuer thereof, nor may any Employee communicate material, non-public information to others in violation of the law. Furthermore, the Firm forbids any of its Employees from knowingly assisting someone engaged in these activities. This policy extends to Employees' activities within and outside their duties with the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;**(C) Key Terms and Concepts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) *Material Information***

Information is material where there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions. Generally, this includes: (i) information that, if publicly disclosed, is reasonably certain to have a substantial effect on the price of a company's securities, or (ii) information that could cause insiders to change their trading patterns. Information that Employees should consider material includes, without limitation, changes in dividend policies, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidity problems, significant management changes and significant new products, services or contracts.

Material information can also relate to events or circumstances affecting the market for a company's securities. Information about a significant order to purchase or sell securities or the portfolio holdings of a fund may, in some contexts, be material. Pre-publication information regarding reports to be published in the financial press may also be material. For example, in 1987, the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a reporter from <u>The Wall Street Journal</u> was found criminally liable for disclosing to others the dates that reports on various companies would appear in <u>The Wall Street Journal</u> and whether those reports would be favorable or not.

No simple test exists to determine when information is material; assessments of materiality involve a highly fact specific inquiry. For this reason, you should direct any questions about whether information is material to the Chief Compliance Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) *Non-Public Information***

Information is "public" when it has been disseminated broadly to investors in the marketplace. For example, information is public after it has become available to the general public through a public filing with the SEC or some other government agency, or appears in the Dow Jones broad tape, <u>Reuters Economic Services</u>, the Associated Press or United Press International wire services, <u>The Wall Street Journal</u> or other newspapers of general circulation in New York City, or, if the subject company's operations or stockholders are geographically localized, in local news media, or the electronic media, and after sufficient time has passed so that the information has been disseminated widely. In addition, if information is being disseminated to traders generally by brokers or institutional analysts, such information would be considered public unless there is a reasonable basis to believe that such information is confidential and came from a corporate insider. Information that has been selectively disclosed to a few analysts or investors is not public. Until information has been effectively communicated to the market place, it is considered to be "non-public."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) *"Insiders"***

"Insiders" of a company are generally its officers, directors, employees and controlling shareholders. In addition, persons outside a company who gain inside information in the course of dealings with that company may be considered "temporary insiders" of the company and thus be bound by the same legal restrictions as traditional insiders. For example, outside financial advisers, investment bankers, lawyers or accountants retained to represent or assist the company on an ongoing basis or in major corporate transactions are insiders for purposes of insider trading laws. Under this analysis, the Firm and its Employees can become temporary insiders of a company if the Firm advises or performs other services for the company. If you receive material, nonpublic information regarding a company that comes directly or indirectly from any insider (temporary or traditional), do not trade in that company's securities in your Proprietary Accounts or for any Client Accounts and do not discuss the information with any other person without first consulting the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** *"****Tipping****"*

"Tipping" is disclosing material, nonpublic information about a company or its securities to a third party, when such disclosure is not made strictly for corporate purposes. The disclosure may be by an insider of the company, by one who has misappropriated the information from the company in question or from another person or company, or by anyone who received information traceable to an insider or one who has misappropriated the information. Those who disclose the information are called "tippers"; those who receive the information are called "tippees." If you trade on the basis of tipped information, you may incur criminal and civil liability, even if you receive the information second- or third-hand, or more remotely, if the other requirements for finding liability are present. The same legal standards apply to remote tippees. In addition, if you tip information to others, you may be liable for any profits gained or losses avoided by a tippee, *even if you did not trade*. If someone tips information to you, do not disclose the information to anyone except as required by this Code. You and the Firm may be liable if *anyone* trades on material, nonpublic information received from or through you.

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&nbsp;&nbsp;&nbsp;&nbsp;**(D) Applicable Procedures** 

An Employee, before executing any trade for himself or herself or a Client Account, must determine whether he or she has material, non-public information. To make this determination, ask yourself the following questions:

(i) Is the information <u>material</u>? Is this information that an investor would
 consider important in making his or her investment decisions? Is this
 information that would substantially affect the market price of the
 securities if generally disclosed? Is this information which could cause
 insiders to change their trading habits?

(ii) Is the information <u>nonpublic</u>? To whom has this information been
 provided? Has the information been filed with the SEC, or been effectively
 communicated to the marketplace by being published in <u>Reuters Economic Services</u>, <u>The Wall Street Journal</u> or other
 publications of general circulation, or by appearing on the wire
 services?

If, after consideration of the above, you believe that the information is material and nonpublic, or if you have a question as to whether the information is material and nonpublic, you should take the following steps:

\* &nbsp;&nbsp;&nbsp;&nbsp; Report the information and proposed trade immediately to the Chief Compliance Officer, so that appropriate security procedures can be implemented Firm-wide (including putting the security about which the material, non-public information relates on a restricted list). 

\* &nbsp;&nbsp;&nbsp;&nbsp; Do not purchase or sell the Securities on behalf of anyone, including trading on behalf of the Firm, Client Accounts and Proprietary Accounts. In addition, after you receive the information, there should be no trades in Securities of the company in question in the accounts of your Family Members or other relatives, business associates, or friends. 

\* &nbsp;&nbsp;&nbsp;&nbsp; Immediately cease recommending any transaction in any of the Securities of the company in question to anyone, including Client Accounts, other Employees, Family Members and other relatives, business associates and friends. This includes making any comment about the company that could in any way be interpreted as a recommendation. 

\* &nbsp;&nbsp;&nbsp;&nbsp; Do not communicate the information to any person, other than to the Chief Compliance Officer. Do not refer to the information in hallways, elevators, stairways, restaurants, taxis or any other place where you may be overheard. 

After the Chief Compliance Officer has reviewed the issue, the Firm will determine whether the information is material and non-public and, if so, what action such Firm and the Employee should take.

Employees must consult with the Chief Compliance Officer before taking any action. This degree of caution will protect Employees, Client Accounts and the Firm.

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&nbsp;&nbsp;&nbsp;&nbsp;**(E) Certain Relationships and Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) Contacts with Public Companies** 

Contacts with public companies will sometimes be a part of the Adviser's research efforts. The Firm may make investment decisions on the basis of conclusions formed through such contacts and analysis of publicly available information. Difficult legal issues arise, however, when, in the course of these contacts, an Employee becomes aware of material, non-public information. This could happen, for example, if a company's chief financial officer prematurely discloses quarterly results, or an investor relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the Firm must make a judgment as to its further conduct. All Employees should contact the Chief Compliance Officer immediately if they believe that they may have received material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) Client Relationships**

It is possible that an investor in a Client Account may be employed by, or associated with, a publicly traded company (including, for instance, service as a director, officer, employee or consultant of such company). Additionally, investors may have affiliations within the hedge fund, investment management or securities industries. Employees must be extremely careful not to trade or communicate material nonpublic information which might be conveyed by these types of investors or persons occupying similar positions. You should be particularly careful about situations where the investor is another investment professional and a person with whom you discuss investment-related matters. To protect yourself, our clients and the Firm, you should contact the Chief Compliance Officer immediately if you believe that you may have received material, nonpublic information. The Firm may, in the discretion of the Chief Compliance Officer, impose "blackout" periods or other trading procedures with respect to the Securities of companies for which an investor in a Client Account serves as a director, officer, employee or consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) Private Investments in Public Equity** 

Employees may be approached by third parties (including brokers) soliciting the purchase for clients of securities being offered in private placements by publicly traded companies (commonly referred to as "PIPEs" transactions). Such offerings generally are not known by the public and, upon disclosure to the public, could have a significant effect on the price of a company's stock. If any Employee becomes aware of such a transaction or proposal (regardless of whether the issuer or soliciting party requires a non-disclosure agreement), the information must be reported to the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4) Arbitrage Activities** 

Arbitrage activities must be conducted with particular care. Absent authorization or clearance from the Chief Compliance Officer or his designee, initial arbitrage positions (for both client and personal trading purposes) should only be taken after a significant corporate event is announced or information affecting the securities markets generally or a specific industry segment thereof is disclosed. Arbitrage personnel should limit contacts with bankers, lawyers and other advisers of parties involved in various transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5) Tender Offers** 

Tender offers represent a particular concern under the laws governing insider trading for two reasons. First, tender offer activity often produces extraordinary gyrations in the price of the target company's Securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule that expressly forbids trading and "tipping" while in possession of material, non-public information regarding a tender offer received from the tender offer, or, the target company or anyone acting on behalf of either. Employees should exercise particular caution any time they become aware of non-public information relating to a tender offer.

(**6) Employee or Family Member Serving as Director, Officer or Consultant** 

From time to time, an Employee may serve as a director of a company in which the Firm has a securities position, to monitor, preserve, protect or enhance the value of the position for the benefit of Client Accounts or for other similar purposes. In addition, from time to time, Family Members of Employees may serve as directors, officers or consultants for companies in which the Firm has a securities position. During these periods, the Firm may take additional precautions to prevent inadvertent violations of this Code and to avoid the appearance of impropriety. (See Section IX. (B) "Outside Business Activities, Relationships and Directorships of Employees and their Family Members and Related Trading Restrictions" below for additional procedures.)

&nbsp;&nbsp;&nbsp;&nbsp;**(F) Supervisory Procedures** 

The Firm's supervisory procedures have two objectives: preventing and detecting insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) Preventing Insider Trading** 

To prevent insider trading, the Firm is taking steps, such as adopting and implementing this Code, to familiarize Employees with the nature of insider trading and with the Firm's policies and procedures relating to insider trading. The Firm also reviews this Code on a regular basis and updates it as necessary. The Firm has designated the Chief Compliance Officer as the person responsible for answering questions about material, nonpublic information and insider trading and tipping. The Firm will help Employees to determine whether information is material and nonpublic.

If the Firm determines that an Employee has material, nonpublic information, the Firm will take the measures described above to prevent dissemination of such information and restrict trading in the securities to which the information relates and access to the information. Finally, the Firm will advise Employees when and if it is permissible to trade in such securities. Generally, a reasonable period must pass for the marketplace to have an opportunity to evaluate and respond to the information before trading will be permitted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) Detecting Insider Trading** 

To detect insider trading, the Firm has adopted the policies and procedures relating to personal securities transactions by the Firm's Employees and Family Members set forth herein. Employees should direct any questions about these policies and procedures or how they apply in particular situations to the Chief Compliance Officer.

**Section VI Prohibited Transactions** 

&nbsp;&nbsp;&nbsp;&nbsp;**(A)** An Employee may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any Security, and may not sell or otherwise dispose of any Security in which he or she has direct or indirect Beneficial Ownership, if he or she knows or should know at the time of entering into the transaction that: (i) the Firm has purchased or sold the Security within the last seven (7) calendar days, or is considering purchasing or selling or is going to purchase or sell the Security in the next seven (7) calendar days; or (ii) any person, on behalf of the Firm, has within the last seven (7) calendar days considered purchasing or selling the Security for any Client Account, or is considering purchasing or selling the Security in the next seven (7) calendar days, unless the Employee:

(1) obtains pre-clearance
 of such transaction pursuant to Section VII; and

(2) provides the Chief
 Compliance Officer with the reports and other information described in
 Section VIII.

&nbsp;&nbsp;&nbsp;&nbsp;**(B)** While pre-clearance is still required, the prohibitions against trading in Securities seven (7) days before or after a Client Account may do so do not apply to transactions in a Security (which shall for the purpose of this exemption be deemed to include a series of related transactions in a Security) involving 500 shares or less of the stock of an issuer that has a market capitalization (*i.e.*, outstanding shares multiplied by the current price per share) of $1 billion or more; provided that the general prohibitions of this Code shall be applicable to these transactions and that no orders for a Client Account are being executed or contemplated on the trading day that pre-clearance is requested.

**Section VII Government Contributions ("Pay-to-Play")** 

&nbsp;&nbsp;&nbsp;&nbsp;**(A) Policy Statement on Contributions** 

The Firm complies with Advisers Act Rule 206(4)-5 (the "SEC Rule") regarding "pay-to-play" practices by investment advisers. The rule generally prohibits the Firm from providing investment advisory services for compensation to a Government Entity (whether as an Investor or as a separate account) for two years after the Firm or its Covered Associates make a Contribution on or after March 14, 2011 to an Official (which generally means a governmental official who (1) is directly or indirectly responsible for, or can influence the outcome of, the engagement of the Firm to provide investment advice or (2) has the authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the engagement of the Firm to provide investment advice). The rule has exceptions (all described further below) for (i) Contributions by new Covered Associates who do not solicit clients, (ii) *de minimis* contributions and (iii) under limited circumstances, certain returned Contributions. **To ensure compliance with the rule, no Employee may make any Contribution without the Chief Compliance Officer's prior approval.** 

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An Employee may make a contribution to a political action committee (a "PAC") without seeking pre-clearance so long as such contribution is not intended to do indirectly what the "pay-to-play" rules prohibit be done directly. For example, any such contribution to a PAC may not be earmarked for a particular Official or known to be provided for the benefit of a particular Official. Employees must use good judgment in connection with all such contributions and should consult with the Chief Compliance Officer if there is any actual or apparent question about the propriety of a potential Contribution.

&nbsp;&nbsp;&nbsp;&nbsp;**(B) Policy Regarding Contributions** 

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| | |
|:---|:---|
| (1) | <u>Contributions Disclosure and Request.</u> Prior to becoming an Employee or on receiving this Policy, the prospective Employee or Employee must disclose to the Chief Compliance Officer all of his or her Contributions in the previous two years unless the Chief Compliance Officer determines that such person will not solicit clients (in which case the person must disclose to the Chief Compliance Officer all of his or her Contributions in the previous six months. The form of Contributions Disclosure is attached as **Exhibit G**. Each new Employee must complete **Exhibit G**. |
| (2) | <u>Contribution Approvals</u>. Each Employee must use a Contributions Request (attached as **Exhibit H**) to advise the Chief Compliance Officer and receive the Chief Compliance Officer's prior written approval before making any Contribution. The Chief Compliance Officer must obtain the prior written approval of the Chief Compliance Officer's substitute before making any Contributions. The Chief Compliance Officer or the Chief Compliance Officer's substitute will notify the Employee of approval or denial of clearance to make a Contribution. So long as the Employee notifies the Firm through a Contributions Request, an Employee may be given permission for Contributions per individual totaling up to $350 per election to an Official for whom the individual is entitled to vote, and up to $150 per election to an Official for whom the individual is not entitled to vote. |
|  | Quarterly, each Employee's Certificate of Compliance (attached as **Exhibit D**) must certify to the Firm that such Employee has complied with this Policy and give the Firm a report disclosing all Contributions made during that quarter or confirm that the Employee has requested and received all required approvals for each Contribution. |
| (3) | <u>Review of Contributions</u>. The Firm will review all Contributions that it and its Employees make to monitor compliance with this Section VII. The Firm reserves the right to require an Employee to cancel and request a reimbursement of, at the Employee's expense, any Contribution if the Firm believes such Contribution might violate this Section VII or appears improper (see "Return of Contributions" below). Except as required to enforce this Section VII or to participate in any investigation concerning violations of applicable law, the Firm will keep all such information confidential. |

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(4) <u>Return of Contributions</u>. The Chief Compliance Officer may require an Employee to cancel or request the reimbursement of, at the Employee's expense, any Contribution under the circumstances described above. Under limited circumstances, the Firm will not be subject to the "pay-to-play" rule's restrictions due to a particular Contribution if the Firm discovers that Contribution within four months, such Contribution does not exceed $350 and the contributor obtains a return of that Contribution within 60 days of the Firm's discovery of that Contribution. The Firm may only rely on this exception twice in any calendar year and only once for any Employee (regardless of time period).

&nbsp;&nbsp;&nbsp;&nbsp;**(C) Restrictions on Using Third Parties to Solicit Government Entities** 

The Firm and its Covered Associates may not pay, or agree to pay, a third party (such as a solicitor or placement agent) to solicit any Government Entity on the Firm's behalf unless that third party is a Regulated Person.

&nbsp;&nbsp;&nbsp;&nbsp;**(D) Restrictions on Coordinating or Soliciting Contributions** 

The Firm and its Covered Associates may not coordinate, or solicit any person or political action committee to make, any (a) Contribution to an Official of a Government Entity to which the Firm is providing (or seeking to provide) advisory services or (b) any payment to a political party of a state or locality where the Firm is providing or seeking to provide advisory services to a Government Entity.

**Section VIII Employee Personal Trading Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;**(A) Client Priority** 

In addition to other applicable requirements relating to Employees' personal trading set forth herein, Employees must conduct their personal trading in a manner that does not conflict with the interests of any Client Account. Although it is not possible to list all potential conflicts of interest, each of the following acts always is prohibited:

(1) Knowingly
 purchasing or selling securities for Proprietary Accounts, directly or
 indirectly, in a way that adversely affects transactions in Client
 Accounts;

(2) Using
 knowledge of securities transactions by a Client Account to profit
 personally, directly or indirectly, by the market effect of such
 transactions; and

(3) Giving to
 any person information not generally available to the public about
 contemplated, proposed or current purchases or sales of securities by or
 for a Client Account, except to the extent necessary to effect such
 transactions or with the approval of the Chief Compliance
 Officer.

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&nbsp;&nbsp;&nbsp;&nbsp;**(B) Transactions Subject to Pre-Clearance** 

All transactions in Proprietary Accounts, including an Employee's participation in initial public offerings ("IPOs") and limited offerings, are subject to pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;**(C) Obtaining Pre-Clearance** 

Pre-clearance of a personal transaction in a Security may be obtained only from the Chief Compliance Officer or a person who has been designated by the Chief Compliance Officer to pre-clear transactions. The Chief Compliance Officer and these designated persons are each referred to as a "Clearing Officer." A Clearing Officer seeking pre-clearance with respect to his or her own transaction shall obtain such clearance from another Clearing Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**(D) Time of Clearance** 

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| | |
|:---|:---|
| (1) | An Employee may pre-clear a trade only where such person has a present intention to effect a transaction in the Security for which pre-clearance is sought. An Employee cannot obtain a general or open-ended pre-clearance to cover the eventuality that he or she may buy or sell a Security at some future time depending upon market developments. Consistent with the foregoing, Employees may not simultaneously request pre-clearance to buy and sell the same Security. |
| (2) | Pre-clearance of a trade shall be valid and in effect only for the business day pre-clearance is given; *provided, however,* that the Employee may not buy or sell a Security for any Proprietary Account until the business day after orders for the Client Accounts in that Security have been filled and any buying or selling program by the Client Accounts in that Security has ceased; *provided further, however,* that pre-clearance for a proposed transaction expires automatically upon the Employee's receipt of facts or circumstances that would have prevented a proposed trade from being pre-cleared had such facts or circumstances been known by a Clearing Officer at the time the proposed transaction was approved. Accordingly, if an Employee becomes aware of new or changed facts or circumstances that give rise to a question as to whether pre-clearance could be obtained if a Clearing Officer was aware of such facts or circumstances, the Employee shall be required to so advise a Clearing Officer and obtain a new pre-clearance before proceeding with such transaction |
|  | If a pre-cleared trade is not made on the required day, the Employee must request approval again. If approval is granted to participation in a private placement, the Employee must fully subscribe for the offering within two weeks of the date of approval. |

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&nbsp;&nbsp;&nbsp;&nbsp;**(E) Form** 

Pre-clearance must be obtained in writing by completing and signing the form provided for that purpose, which form shall set forth the details of the proposed transaction, and by obtaining the signature of a Clearing Officer. The form to be used in seeking pre-clearance is attached as **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;**(F) Filing** 

Copies of all completed pre-clearance forms, with the required signatures, shall be retained by the Clearing Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**(G) Factors Considered in Pre-Clearance of Personal Transactions** 

A Clearing Officer may refuse to grant pre-clearance of a personal transaction in his or her sole discretion without being required to specify any reason for the refusal. Generally, a Clearing Officer will consider the following factors and any other factors he or she deems appropriate in determining whether or not to pre-clear a proposed transaction:

(1) Whether the amount or nature of the transaction or person making it is likely to affect the price or market for the Security;

(2) Whether the person making the proposed purchase or sale is likely to benefit from purchases or sales being made or being considered on behalf of a Client Account;

(3) Whether the chance of a conflict of interest is remote; and

(4) Whether the transaction is likely to affect any Client Account adversely.

&nbsp;&nbsp;&nbsp;&nbsp;**(H) Pre-Clearance Exceptions** 

In recognition of the involuntary nature of certain transactions, certain transactions are excepted from the pre-clearance requirements; however, the restrictions and reporting obligations of the Code of Ethics will continue to apply to any transaction exempted from pre-clearance pursuant to this Section. Accordingly, the following transactions will be exempt **only** from the preclearance requirements:

(1) Purchases
 or sales that are non-volitional on the part of the Employee, such as
 purchases that are made pursuant to a merger, tender offer or exercise of
 rights;

(2) Purchases
 or sales pursuant to a Non-Discretionary Account; *provided, however*, that the establishment of the
 Non-Discretionary Account be reported to, and approved by, a Clearing
 Officer (through the submission of a Certificate of Non-Discretionary
 Account Status in a form similar to the form attached as **Exhibit E**), and provided further than transactions in IPOs and limited offerings pursuant to
 a Non-Discretionary Account remain subject to the pre-clearance
 procedures; and

(3) Transactions in
 securities that are not Reportable
Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;**(I) Oversight of Personal Trading Information** 

Separate and apart from the reports and certifications of Employees required under Section VIII below, the Chief Compliance Officer may, in his or her sole discretion, request any confirmations, statements or other information he or she believes necessary to verify compliance with this Code. The Firm reserves the right to require an Employee to reverse, cancel or freeze, at the Employee's expense, any transaction or position in a Security if the Firm believes such transaction or position might violate this Code or appears improper. Except as required to enforce this Code or to participate in any investigation concerning violations of applicable law, the Firm will keep all such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;**(J) Principal Transactions** 

Neither the Firm not an Employee may engage in principal transactions between a Proprietary Account and a Client Account.

**Section IX Reports by Employees** 

It is the responsibility of each Employee to take the initiative to comply with the requirements of this Section VIII. Any effort by the Firm to facilitate the reporting process does not change or alter that responsibility. The Chief Compliance Officer, in his or her sole discretion, may determine the manner in which all such reports shall be submitted (whether electronically through a third party service provider or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;**(A) Initial Certifications and Holdings Reports** 

Within ten days of becoming an Employee or receiving this Code, Employees are required to complete and submit to the Chief Compliance Officer an Initial Certification in the form attached as **Exhibit C** and a Holdings Report in the form attached as **Exhibit F**.

The Holding Report includes a list of all Proprietary Accounts along with a listing of any Reportable Securities in which the Employee or any of the Employee's Family Members has Beneficial Ownership whether or not in a Proprietary Account. No such report is necessary with respect to Reportable Securities in Non-Discretionary Accounts. The Holdings Report must contain the following information (which must be current as of a date not more than 45 days before the person became an Employee):

(1) the title
 and type of Security, the exchange ticker symbol or CUSIP number (as
 applicable), number of shares, and principal amount of each Security in
 which the Employee had any direct or indirect Beneficial Ownership when
 the person became an Employee;

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(2) the name
 of any broker, dealer or bank with which the Employee maintained an
 account in which any Securities were held for the direct or indirect
 benefit of the Employee as of the date the person became an Employee;
 and

(3) the date
 the Report is submitted.

Any new positions in Proprietary Accounts must be effected through and held in a brokerage account with a broker that has been pre-approved by the Chief Compliance Officer or other appropriate signatory of the Firm, as determined by the Chief Compliance Officer. Further, Employees must make arrangements so that duplicate confirmations and statements relating to all Proprietary Accounts are sent to the Chief Compliance Officer, unless an exemption from this requirement is granted in writing by the Chief Compliance Officer.

Timely submission of the Initial Certification and Holdings Report, along with a copy of the most recent monthly or periodic statement for each Proprietary Account and copies of all confirmations of transactions effected after the date of such statement, shall satisfy the requirements of this Section VIII, provided that all information set forth in (1) and (2) above is contained the statements and confirmations. *[****Note****: This includes statements and confirms of persons other than the Employee if the Employee has Beneficial Ownership of Securities held in the account.]* 

&nbsp;&nbsp;&nbsp;&nbsp;**(B) Quarterly Transaction Reports** 

(1) Within 30
 days after the end of each calendar quarter, each Employee shall make a
 written report to the Chief Compliance Officer of all transactions
 occurring in the quarter by which he or she acquired or disposed of
 Beneficial Ownership (including transactions of the Employee's Family
 Members) of any Reportable Security (other than transactions in
 Non-Discretionary Accounts).

Such report is hereinafter called a "Quarterly Transaction Report."

(2) A Quarterly Transaction Report shall be on the form attached as **Exhibit B** and must contain the following information with respect to each Reportable Security:

(a) Date and nature of the transaction (purchase, sale or any other type of acquisition or disposition);

(b) Title and exchange ticker number or CUSIP number, the interest rate and maturity (if applicable), the number of shares or principal amount of each Security and the price at which the transaction was effected;

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| | | |
|:---|:---|:---|
|  | (c) | Name of the broker, dealer or bank with or through whom the transaction was effected; and |
|  | (d) | The date the report is submitted. |
| (3) | An Employee shall not be required to file a Quarterly Transaction Report for a calendar quarter if the Chief Compliance Officer is being furnished with confirmations and statements for all Proprietary Accounts of such Employee, provided that the Employee has no transactions in Reportable Securities, other than those reflected in the confirmations and statements for such accounts. *[Note: This includes statements and confirms of persons other than the Employee if the Employee has Beneficial Ownership of Securities held in the account.]* | An Employee shall not be required to file a Quarterly Transaction Report for a calendar quarter if the Chief Compliance Officer is being furnished with confirmations and statements for all Proprietary Accounts of such Employee, provided that the Employee has no transactions in Reportable Securities, other than those reflected in the confirmations and statements for such accounts. *[Note: This includes statements and confirms of persons other than the Employee if the Employee has Beneficial Ownership of Securities held in the account.]* |
| (4) | Each Employee must notify the Chief Compliance Officer promptly of any new account opened during a quarter containing Securities in which the Employee has Beneficial Ownership. The Employee must provide: (i) the name of the broker, dealer or bank with whom the Employee established the account; (ii) the date the account was established, and (iii) the date the report is submitted. | Each Employee must notify the Chief Compliance Officer promptly of any new account opened during a quarter containing Securities in which the Employee has Beneficial Ownership. The Employee must provide: (i) the name of the broker, dealer or bank with whom the Employee established the account; (ii) the date the account was established, and (iii) the date the report is submitted. |

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&nbsp;&nbsp;&nbsp;&nbsp;**(C) Annual Certifications and Annual Holdings Reports** 

Annually, each Employee is required to complete and submit to the Chief Compliance Officer an Annual Certification in the form attached as **Exhibit D** and a Holdings Report in the form attached as **Exhibit F**. The Holdings Report includes a list of all Proprietary Accounts, along with a listing of any Securities in which the Employee has Beneficial Ownership that are not held in a Proprietary Account. The Holdings Report must include the information (which must be current as of a date no more than 45 days before the Report is submitted) set forth in Section VIII(A)(1) and (2). The Annual Certification and Holdings Report must be submitted no later than 10 days after the end of each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;**(D) Trade Confirmations and Brokerage Statements for Proprietary Accounts** 

(1) Each
 Employee must arrange for duplicate copies of all trade confirmations and
 brokerage statements related to each of his or her Proprietary Accounts to
 be sent promptly and directly by the brokerage firm or other financial
 institution where the Proprietary Account is maintained to the Firm, to
 the attention of the Chief Compliance Officer, or such other method of
 compliance that the Chief Compliance Officer may, in his or her
 discretion, determine and communicate to Employees. Duplicate copies are
 not required with respect to Proprietary Accounts that hold only
 Securities that are  **<u>not</u>** "Reportable Securities"
 as defined herein.

(2) For each
 trade by an Employee for which a confirmation is not available or that is
 not carried out through a brokerage account, such as a private securities
 transaction, the Employee is responsible for promptly providing the Chief
 Compliance Officer with a written statement of the date, security, nature
 of the transaction, price, parties and brokers involved in such trade. In
 that connection, Employees must be mindful of the pre-clearance
 requirements pertaining to limited offerings set forth in Section VII,
 "Employee Personal Trading Procedures," herein.

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&nbsp;&nbsp;&nbsp;&nbsp;**(E) Reporting Exemptions** 

(1) An
 Employee need not submit reports (initial, quarterly or annual) with
 respect to Securities held in accounts over which the Employee has no
 direct or indirect influence or control (*e.g.*, a blind trust), including Non-Discretionary Accounts. Each
 Employee who wants to designate an account as a Non-Discretionary Account
 must submit to the Chief Compliance Officer a Certificate of
 Non-Discretionary Account Status in the form attached as **Exhibit E**. Until the Chief Compliance Officer
 receives a fully executed Certificate, the account will be considered a
 Proprietary Account.

(2) An
 Employee need not submit quarterly transaction reports with respect to
 purchases made by reinvesting cash dividends pursuant to a
 DRIP.

**Section X Additional Employee Conduct Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;**(A) Confidentiality of Client Account Transactions and Firm Activities** 

Until disclosed in a public report to investors of a Client Account or in a report filed with the SEC in the normal course, all information concerning the Securities held or being considered for purchase or sale by any Client Account and all other information relating to the Firm's activities, including, but not limited to, investment analyses and investment recommendations is proprietary to the Firm and must be kept confidential, except as necessary for an Employee to perform his or her duties for the Firm. Such information should be treated as material, nonpublic information; that is, Employees must not trade on it for Proprietary Accounts and, without the prior approval of the Chief Compliance Officer, must not disclose it to anyone inside or outside the Firm who does not need the information in the course of the Firm's business. Discussing the Firm's investment positions or sharing material nonpublic information with an Employee's personal fund manager, asset manager, wealth advisor or any other investment professional is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;**(B) Outside Business Activities, Relationships and Directorships of Employees and their Family Members and Related Trading Restrictions** 

(1) Employees
 may not: (i) engage in any outside business activities or maintain a
 business relationship with any person or company that may give rise to
 conflicts of interest or jeopardize the integrity or reputation of a
 Client Account or the Firm; or (ii) engage in outside business activities
 or maintain relationships with any person or company that may be
 inconsistent with the interests of a Client Account or the
 Firm.

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| | | |
|:---|:---|:---|
| (2) | To avoid conflicts of interest, Employees are prohibited from engaging in any securities or investment activities outside the scope of the Employee's activities on behalf of the Firm (whether for the Employee or for any other person), including managing a non-client investment account, without prior approval of the Chief Compliance Officer and implementation of arrangements to allow trading to be monitored in those accounts and procedures to ensure that trading for the accounts does not have the potential to impact adversely client accounts managed by the Firm. | To avoid conflicts of interest, Employees are prohibited from engaging in any securities or investment activities outside the scope of the Employee's activities on behalf of the Firm (whether for the Employee or for any other person), including managing a non-client investment account, without prior approval of the Chief Compliance Officer and implementation of arrangements to allow trading to be monitored in those accounts and procedures to ensure that trading for the accounts does not have the potential to impact adversely client accounts managed by the Firm. |
| (3) | All outside activities of an Employee that include a material time commitment, provide for compensation to the Employee or involve employment, teaching assignments, lectures, publication of articles, or radio or television appearances, must in either case, be approved in advance by the Chief Compliance Officer or his or her designee. The Chief Compliance Officer may require full details about the outside activity, including the number of hours involved and the compensation that the Employee will receive. | All outside activities of an Employee that include a material time commitment, provide for compensation to the Employee or involve employment, teaching assignments, lectures, publication of articles, or radio or television appearances, must in either case, be approved in advance by the Chief Compliance Officer or his or her designee. The Chief Compliance Officer may require full details about the outside activity, including the number of hours involved and the compensation that the Employee will receive. |
| (4) | Employees are required to obtain the prior written approval of the Chief Compliance Officer or his or her designee before accepting any directorship or appointment as an officer of, or engagement as consultant to, any business, charitable organization or non-profit organization. In addition, an Employee must inform the Chief Compliance Officer immediately if any of the Employee's Family Members serves or is about to serve as a director, officer or consultant of a company that issues Securities. | Employees are required to obtain the prior written approval of the Chief Compliance Officer or his or her designee before accepting any directorship or appointment as an officer of, or engagement as consultant to, any business, charitable organization or non-profit organization. In addition, an Employee must inform the Chief Compliance Officer immediately if any of the Employee's Family Members serves or is about to serve as a director, officer or consultant of a company that issues Securities. |
|  | When an Employee or a Family Member of an Employee serves as a director, officer or consultant of a company that issues Securities (assuming, in the case of the Employee that the Chief Compliance Officer has provided written approval of such service), the following procedures apply: | When an Employee or a Family Member of an Employee serves as a director, officer or consultant of a company that issues Securities (assuming, in the case of the Employee that the Chief Compliance Officer has provided written approval of such service), the following procedures apply: |
|  | (i) | No Employee or Family Member of that Employee may trade in the Securities of the subject company for Client Accounts or for his or her Proprietary Account without the prior consent of the Chief Compliance Officer. |
|  | (ii) | No Employee may trade in the Securities of the subject company for Client Accounts or for his or her Proprietary Account during any "black-out" period or similar period of trading restrictions established by the subject company and applicable to its directors, officers or consultants. |

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&nbsp;&nbsp;&nbsp;&nbsp;**(C) Gratuities, Entertainment and Favoritism** 

---

| | |
|:---|:---|
| (1) | <u>Receipt by Employees</u>. An Employee may not seek or accept gifts, favors, preferential treatment, or valuable consideration of any kind offered from brokers or other companies or persons involved in the securities industry. Limited exceptions to this policy may be made with the approval of the Chief Compliance Officer, and the following items may be accepted from brokers or vendors without the permission of the Chief Compliance Officer, so long as the Employee adheres to the following guidelines: (i) breakfast or lunch provided at the Firm is permissible; (ii) flowers or food and/or wine baskets for the Firm generally are permissible; (iii) occasional gifts with a face value of $100 or less (for example, a bottle of wine) are permissible. Employees must report to the Chief Compliance Officer any gift in excess of $100 before the Employee accepts it, and the Chief Compliance Officer may require the Employee to return such a gift. The Chief Compliance Officer will record any approved gift in a gift log. |
|  | Reasonable entertainment (for example, a meal, a round of golf or tickets to a sporting event) provided by vendors or brokers on occasion are permissible if a representative of that vendor or broker attends the event. However, travel expenses offered by the vendor or broker (such as airfare or hotel accommodations) generally are not permitted. If you are uncertain as to the reasonableness of the entertainment, you should discuss the matter in advance with the Chief Compliance Officer. |
| (2) | <u>From Employees</u>. An Employee may not offer or give any gift, favor, preferential treatment or other valuable consideration of any kind in connection with the Firm's business, except for occasional and reasonable gifts and entertainment (if the Employee is present). Employees must report any payment (including each gift and all entertainment) made in connection with the Firm's business to a labor organization (including any union-affiliated pension plan (a "Taft-Hartley Plan")) and its officers, agents, shop stewards, employees or other representatives (such as union-appointed trustees). The Chief Compliance Officer must track all such payments by the Firm and its Employees to such persons (even if the Firm does not reimburse the Employee for such payments) and report to the Department of Labor aggregate payments to any such person over a calendar year that exceed $250. |
| (3) | <u>Foreign Governments and their Instrumentalities</u>. The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government. Civil and criminal penalties for violating the FCPA can be severe, so Employees should consult with the Chief Compliance Officer prior to giving any gifts or entertainment to individuals or entities who may be affiliated with foreign governments. |

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&nbsp;&nbsp;&nbsp;&nbsp;**(D) Reporting Illegal or Unethical Behavior; Mandatory Reporting of Violations** 

Employees are encouraged to report to management any suspected illegal or unethical conduct on the part of other Employees of which they become aware or any situations in which they are concerned about the "best course of action". Moreover, Employees **<u>must</u>** report promptly any violation of this Code or actual illegal conduct on the part of other Employees of which they become aware to the Chief Compliance Officer. Reports may be anonymous. Neither the Firm nor any Employee may retaliate against anyone who makes such a report. Any such retaliation is grounds for discipline or sanction, including immediate dismissal.

**Section XI Administration and Review of the Code and Other Items** 

&nbsp;&nbsp;&nbsp;&nbsp;**(A)** The administration of this Code shall be the responsibility of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**(B)** The duties of the Chief Compliance Officer are as follows:

(1) The Chief Compliance Officer will continuously maintain a current list of the names of all Employees.

(2) The Chief Compliance Officer will provide each Employee with a copy of the Code (and any amendments) and inform each Employee of his or her duties and obligations hereunder. Each Employee must acknowledge receipt of the Code and amendments thereto.

(3) The Chief Compliance Officer will obtain the Initial and Annual Certifications, the initial and annual holdings reports and the Quarterly Transaction Reports and brokerage confirmations and statements from Employees. The Chief Compliance Officer will periodically review and assess holdings reports, transaction reports and brokerage confirmations and statements for, among other things, consistency with pre-clearance forms and client transactions.

(4) The Chief Compliance Officer will maintain or supervise the maintenance of all records and reports required to be kept by the Firm pursuant to the Code.

(5) If the Chief Compliance Officer determines that a violation of this Code has occurred, he or she will advise management of the Firm and will in consultation with management (and counsel as necessary) impose such sanctions as may be appropriate, including disgorgement of profits, censure, suspension or termination of the employment of the violator. All material violations of the Code and any sanctions imposed as a result thereto will be maintained as part of the Firm's records as specified below in Section X(C).

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&nbsp;&nbsp;&nbsp;&nbsp;**(C)** The Chief Compliance Officer shall maintain and cause to be maintained in an easily accessible place, the following records:

(1) A copy of each Code that has been in effect at any time during the past five years;

(2) A record of any violation of the Code(s) described in (C)(1), above and of any action taken as a result of such violation for a period of not less than five (5) years from the end of the fiscal year in which the violation occurred;

(3) A copy of all written acknowledgements of the receipt of the Code and amendments for each Employee who is currently, or within the past five years was, an Employee (these records must be kept for five years after the individual ceases to be an Employee);

(4) A copy of each report made by an Employee and brokerage confirmations and statements submitted on behalf of an Employee for a period of not less than five (5) years from the end of the year in which such report, confirmation or statement was made or submitted;

(5) a list of the names of persons who are currently, or within the past five years were, Employees (or otherwise subject to the Code).

(6) A record of any decision and supporting reasons for approving the acquisition of Securities by an Employee, including decisions relating to investments in initial public offerings and limited offerings; and

(7) A record of persons responsible for reviewing reports and copies of reports provided pursuant to Section X(F).

(8) A list of all Contributions made to Officials including any payments made to state or local political parties and political action committees. The list must be maintained in chronological order identifying (a) each contributor and recipient, (b) the amount and date of each Contribution or payment and (c) whether a Contribution was subject to the exception for certain returned Contributions provided under Rule 206(4)-5 under the Advisers Act (that is, a Contribution that is excepted because (i) the Contribution was made to an Official for whom the Covered Associate could not vote, (ii) the Firm discovered the Contribution within four months of the date it was made, (iii) the Contribution did not exceed an aggregate of $350 to any Official in one election and (iv) such Contribution was returned to the Covered Associate within sixty days of the Firm's discovery).

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(9) A list of all Covered Associates.

(10) A list of (a) all Government Entities to
 which the Firm has provided advisory services in the past five years and
 (b) all Government Entities that are currently invested, or were invested,
 in the past five years in a Covered Investment Pool managed by the Firm,
 including any Government Entity that selects a Covered Investment Pool
 managed by the Firm to be an option of a plan or program of a Government
 Entity, such as a 529, 457 or 403(b) plan.

&nbsp;&nbsp;&nbsp;&nbsp;**(D)** The Chief Compliance Officer may delegate to one or more other officers or employees of the Firm such responsibilities of the Chief Compliance Officer as he or she may deem appropriate; provided, that it shall be the responsibility of the Chief Compliance Officer to supervise the performance by such persons of the responsibilities that have been delegated to them.

&nbsp;&nbsp;&nbsp;&nbsp;**(E)** The Board of Directors/Trustees of any registered investment company advised or sub-advised by the Firm must approve this Code and any material amendments to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**(F) Annual Review** 

The Chief Compliance Officer will review annually this Code to determine its adequacy and effectiveness and prepare a written report that describes any issues arising under the Code since the last report, including information about material violations of the Code and sanctions imposed in response to such violations. The report must include a discussion of whether any waivers that might be considered important by the Board were granted during the period. The report must also certify that the Firm has adopted procedures reasonably necessary to prevent "access persons" (*i.e.*, supervised persons of the Firm who: (i) have access to nonpublic information regarding any clients' purchase or sale of Securities, or nonpublic information regarding portfolio holdings of any fund the Firm or its control affiliates manage, or (ii) are involved in making Securities recommendations to clients, or have access to such recommendations that are nonpublic) from violating the Code.

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**EXHIBIT A** 

**<u>REQUEST FOR PERMISSION TO ENGAGE IN PERSONAL TRANSACTION</u>** 

Name:

Date of Request:  

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| | | |
|:---|:---|:---|
| Details of Proposed Transaction: | Details of Proposed Transaction: |  |
|  | Circle Purchase or Sale | Purchase/Sale |
|  | Date of Transaction | |
|  | Indicate Name of Issuer and |  |
|  | Symbol | |
|  | Type of Security (e.g., Note, |  |
|  | Common Stock, Preferred Stock) | |
|  | Quantity of Shares or Units | |
|  | Price per Share/Unit | |
|  | Approximate Dollar Amount | |
|  | Account for which Transaction | |
|  | Will Be Made |  |
|  | Name of Broker | |

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| |
|:---|
| You may execute the proposed transaction described above no later than the response date below (or, in the case of an investment in a private placement, no later than two weeks from the response date below). |
| You may execute the proposed transaction described above no later than the response date below (or, in the case of an investment in a private placement, no later than two weeks from the response date below). |
| You **<u>may not</u>** execute the proposed transaction. |

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Reason for Decision **[required for decision on requests regarding IPOs/restricted securities]**

  <br> Authorized Signature

Date of Response:  

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**EXHIBIT B** 

**<u>QUARTERLY TRANSACTION REPORT</u>** 

I certify that this report, together with the confirmations and statements for any Proprietary Account(s) as to which I have arranged for the Chief Compliance Officer to receive duplicate confirmations and statements, identifies all transactions during the calendar quarter in which I acquired or disposed of any Security in which I had or have any direct or indirect Beneficial Ownership that are required to be reported by me pursuant to the Code. (If no such transactions took place write "NONE".) Use reverse side if additional space is needed.

<u>PURCHASES AND ACQUISITIONS</u> 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | No. of |  | Purchase |  |  |
|  | Shares or |  | Price Per |  |  |
|  | Principal |  | Share or |  | Executing |
| Date | Amount | Name of Security | Unit | Account | Broker |

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<u>SALES AND OTHER DISPOSITIONS</u> 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | No. of |  |  |  |  |
|  | Shares or |  | Sale Price |  |  |
|  | Principal |  | Per Share |  | Executing |
| Date | Amount | Name of Security | or Unit | Account | Broker |

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Date Completed:   Signature:   <br> Print Name:  

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**EXHIBIT C** 

**<u>FORM OF INITIAL CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS</u>** 

I have read and understand the Code of Ethics (the " Code") of Breakwater Group Distribution Services, L.L.C. ("Breakwater" or the "Firm"), a copy of which has been provided to me, and any other policies and procedures that the Firm has provided to me (such as the Firm's employee manual). I recognize that the provisions of the Code apply to me and agree to comply in all respects with the procedures described therein. In particular, without limiting the foregoing, I certify that I have:

&nbsp;&nbsp;&nbsp;&nbsp;● disclosed to the Firm the existence and
 location of all securities and commodities trading accounts (including IRA
 accounts and other retirement accounts) in which I have, or my spouse, any
 of my minor children, any relative or relatives or other persons living
 with me (regardless of family relationship or marital status) and any
 other person to whom I contribute support has, any Beneficial Ownership
 (as defined in the Code), over which any of such persons exercises control
 or provides any investment advice, or for which any of such persons
 participates, directly or indirectly, in the selection of securities (see
 Section VIII of the Code); <br>

&nbsp;&nbsp;&nbsp;&nbsp;● disclosed to the Firm all transactions in
 such accounts through the date of this certification (for example, by
 providing duplicates of all brokerage statements to the Firm) (see Section
 VIII of the Code); <br>

&nbsp;&nbsp;&nbsp;&nbsp;● notified the Chief Compliance Officer of any
 outside activities that require advance approval (see Section X of the
 Code); <br>

&nbsp;&nbsp;&nbsp;&nbsp;● complied with the Firm's policies regarding
 gifts (including obtaining approval for gifts or entertainment when
 required by those policies) (see Section X of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;● reviewed and complied with the Firm's
 policies regarding insider trading (see Section V of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;● disclosed to the Firm all Contributions as
 required and confirm that I have requested and received all required
 approvals for each such Contribution made during this period (see Section
 VII); and <br>

&nbsp;&nbsp;&nbsp;&nbsp;● not conducted substantive Firm business
 through personal emails accounts, personal instant messaging accounts or
 texts of any kind and confirmed that my computer, laptop, cell phone, PDA
 or other device that contains Firm information is password protected.

If any such information is incomplete or inaccurate, I have attached to this certificate all documents and information necessary to update or correct any previous disclosures.

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| |
|:---|
| Signed: |
| Print Name: |

---

Date:

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**EXHIBIT D** 

**<u>FORM OF CERTIFICATION OF COMPLIANCE WITH CODE OF ETHICS</u>** 

I have read and understand the Code of Ethics (the "Code") of Breakwater Group Distribution Services, L.L.C. ("Breakwater" or the "Firm"), a copy of which has been provided to me, and any other policies and procedures that the Firm has provided to me (such as the Firm's employee manual), or the date of my most recent Certificate of Compliance, whichever is later. I recognize that the provisions of the Code apply to me and agree to comply in all respects with the procedures described therein. In particular, without limiting the foregoing, I certify that I have:

&nbsp;&nbsp;&nbsp;&nbsp;● disclosed to the Firm the existence and
 location of all securities and commodities trading accounts (including IRA
 accounts and other retirement accounts) in which I have, or my spouse, any
 of my minor children, any relative or relatives or other persons living
 with me (regardless of family relationship or marital status) and any
 other person to whom I contribute support has, any Beneficial Ownership
 (as defined in the Code), over which any of such persons exercises control
 or provides any investment advice, or for which any of such persons
 participates, directly or indirectly, in the selection of securities (see
 Section VIII of the Code); <br>

&nbsp;&nbsp;&nbsp;&nbsp;● disclosed to the Firm all transactions in
 such accounts through the date of this certification (for example, by
 providing duplicates of all brokerage statements to the Firm) (see Section
 VIII of the Code); <br>

&nbsp;&nbsp;&nbsp;&nbsp;● notified the Chief Compliance Officer of any
 outside activities that require advance approval (see Section X of the
 Code); <br>

&nbsp;&nbsp;&nbsp;&nbsp;● complied with the Firm's policies regarding
 gifts (including obtaining approval for gifts or entertainment when
 required by those policies) (see Section X of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;● reviewed and complied with the Firm's
 policies regarding insider trading (see Section V of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;● Disclosed to the Firm all Contributions as
 required and confirm that I have requested and received all required
 approvals for each such Contribution made during this period (see Section
 VII); and <br>

&nbsp;&nbsp;&nbsp;&nbsp;● not conducted substantive Firm business
 through personal emails accounts, personal instant messaging accounts or
 texts of any kind and confirmed that my computer, laptop, cell phone, PDA
 or other device that contains Firm information is password protected.

If any such information is incomplete or inaccurate, I have attached to this certificate all documents and information necessary to update or correct any previous disclosures.

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| |
|:---|
| Signed: |
| Print Name: |

---

Date:

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**EXHIBIT E** 

**<u>FORM OF CERTIFICATE OF NON-DISCRETIONARY ACCOUNT STATUS</u>** 

**[DATE]** 

[Breakwater Group Distribution Services, LLC] (the "Firm") <br>350 Madison Avenue <br>New York, NY 10017 <br>Attention: [Greg Jakubowsky, Chief Compliance Officer]

Ladies and Gentlemen:

I have been requested to send you this letter relating to the securities trading account or accounts (the "Accounts") that **[INSERT NAME OF EMPLOYEE]** ("Employee") **[add, if necessary:** and the following Family Members<sup>1</sup> of the Employee, **[INSERT NAMES OF FAMILY MEMBERS, IF APPLICABLE]** maintain with **[NAME OF BROKERAGE/ ADVISORY FIRM]**. I understand that the Firm will rely on this statement to monitor compliance with the Code of Ethics of Breakwater Group Distribution Services, L.L.C. and the personal trading policies and procedures set forth therein.

I hereby certify that, since **[INSERT EMPLOYEE'S EMPLOYMENT DATE WITH BREAKWATER]**, none of Employee or Employee's Family Members maintains or has any direct or indirect investment influence or control over the Accounts. Additionally, since that date, our firm has not executed any transactions in any securities in the Accounts at the instruction of Employee or any of Employee's Family Members.

---

| |
|:---|
| **[NAME OF BROKERAGE/ADVISORY FIRM]** |
| By: |

---

Print Name:  

Title:

____________________<br>

<sup>1</sup> For purposes of this letter a ""Family Member" of an Employee, means his or her spouse, minor children and any relative or other person living with him or her (regardless of family relationship or marital status) and any other person to whom he or she contributes support.

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**<u>EXHIBIT F</u>** 

**<u>FORM OF HOLDINGS REPORT</u>** 

[Breakwater Group Distribution Services, LLC] (the "Firm") <br>350 Madison Avenue, 9th Floor <br>New York, NY 10017 <br>Attention: [Greg Jakubowsky, Chief Compliance Officer]

Ladies and Gentlemen:

Attached are complete and accurate lists of all accounts with any brokerage firm or financial institution held in my name or the name of any of my spouse, my minor children, relatives or other persons living with me and any other persons to whom I contribute support, or in which any such person has Beneficial Ownership (as defined in the Code of Ethics of Breakwater Group Distribution Services, L.L.C. (the "Code of Ethics")). These accounts hold each security in which I have, or my spouse, any of my minor children, any relative or relatives or other persons living with me and any other person to whom I contribute support has, any Beneficial Ownership, over which any of such persons exercises control, with respect to which any of such persons provides any investment advice, or for which any of such persons participates, directly or indirectly, in the selection of securities.

I understand that you require this list to monitor my compliance with the Code of Ethics. I agree to notify the Firm and obtain its consent before opening any new account that is within the description above. I agree to request that all brokerage firms or other financial institutions identified on the attachment furnish the Firm with copies of brokerage statements and trade confirmations and any other information concerning activity in any of the listed accounts.

This information is correct and complete as of ___________, 20__.

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| |
|:---|
| Signed: |
| Print Name: |

---

Date:

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LIST OF SECURITIES AND COMMODITIES ACCOUNTS <br>AS OF _____________, 20__

FOR <br>_______________________________<br>[Name of Employee]

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| | | |
|:---|:---|:---|
| Registered in the Name of: | Financial/Brokerage Institution | Account Number |

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If none, initial here: ___

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**<u>EXHIBIT G</u>** 

**<u>CONTRIBUTIONS DISCLOSURE</u>** 

Breakwater Group Distribution Services, L.L.C. <br>350 Madison Avenue <br>New York, NY 10017 <br>Attention: Greg Jakubowsky

Capitalized terms used herein and are defined in the Code of Ethics (the "Code") of Breakwater Group Distribution Services, L.L.C. ("Breakwater" or the "Firm").

I am either a current Employee of the Firm who recently received the Firm's "pay-to-play" policy or a newly hired Employee.

**<u>Check One</u>:** 

☐ Attached is a complete and accurate list of all Contributions that I have made in the previous two years (but not prior to March 14, 2011).

☐ I am a New Employee and the CCO has determined that I will not solicit clients. Attached is a complete and accurate list of all Contributions that I have made in the previous six months.

I understand that you require this list to monitor my compliance with the Code. I agree to notify the Firm and obtain its consent before making any new Contributions.

This information is correct and complete as of ___________, 20__.

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| |
|:---|
| Signed: |
| Print Name: |

---

Date:

------

LIST OF CONTRIBUTIONS <br>AS OF _____________, 20__

FOR <br>_______________________________ <br>**[**Name of Employee**]** 

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| | | |
|:---|:---|:---|
| Date of Contribution | Recipient of Contribution and | Amount of Contribution |
|  | Office or Position for which |  |
| | Candidate is Running | |

---

If none, initial here: _____________.

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**<u>EXHIBIT H</u>** 

**<u>CONTRIBUTIONS REQUEST</u>** 

Name:

Date of Request:  

Capitalized terms used herein and are defined in the Code of Ethics (the "Code") of Breakwater Group Distribution Services, L.L.C. ("Breakwater" or the "Firm").

**<u>Details of Proposed Contribution:</u>**

Name of person or entity making the Contribution (if other than Employee): <br>  

Recipient of Contribution Name:   Title:  

Office or position for which the recipient is running:  

If the recipient currently holds a government office or position, list that office or position: <br>  

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| Proposed contribution amount (dollar value): | $|

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| If previous contributions have been made to the same candidate in the same election, list the |
| aggregate amount of all previous contributions: |

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| Are you eligible to vote for the candidate? | Yes / No |

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Intended Date of Contribution:  

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| Signed: |
| Print Name: |

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