# EDGAR Filing Document

**Accession Number:** 0001515001
**File Stem:** 0001133228-25-007726
**Filing Date:** 2025-7
**Character Count:** 943349
**Document Hash:** 2577412df7fa6142325ab1fb75e431a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-007726.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001133228-25-007726

**CONFORMED SUBMISSION TYPE**: 486BPOS

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harrison Street Real Estate Fund LLC
- **CENTRAL INDEX KEY:** 0001515001

**ORGANIZATION NAME:**
- **EIN:** 451872199
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22534
- **FILM NUMBER:** 251162645

**BUSINESS ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** 303-895-3773

**MAIL ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Real Estate Fund LLC
- **DATE OF NAME CHANGE:** 20240729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Multi-Manager Real Estate Income Fund LLC
- **DATE OF NAME CHANGE:** 20110831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Global Multi-Manager Real Estate Income Fund LLC
- **DATE OF NAME CHANGE:** 20110310
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harrison Street Real Estate Fund LLC
- **CENTRAL INDEX KEY:** 0001515001

**ORGANIZATION NAME:**
- **EIN:** 451872199
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-266297
- **FILM NUMBER:** 251162644

**BUSINESS ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237
- **BUSINESS PHONE:** 303-895-3773

**MAIL ADDRESS:**
- **STREET 1:** 5050 S. SYRACUSE ST., SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80237

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Real Estate Fund LLC
- **DATE OF NAME CHANGE:** 20240729

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Capital Multi-Manager Real Estate Income Fund LLC
- **DATE OF NAME CHANGE:** 20110831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Versus Global Multi-Manager Real Estate Income Fund LLC
- **DATE OF NAME CHANGE:** 20110310

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

As filed with the Securities and Exchange Commission on July 29, 2025

SECURITIES ACT FILE NO. 333-266297

INVESTMENT COMPANY ACT FILE NO. 811-22534

---

| | |
|:---|:---|
| U.S. SECURITIES AND EXCHANGE COMMISSION |  |
| WASHINGTON, D.C. 20549 |  |
| **FORM N-2** |  |
| REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | ☒ |
| PRE-EFFECTIVE AMENDMENT NO. | ☐ |
| POST-EFFECTIVE AMENDMENT NO. 8 | ☒ |
| AND/OR |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | ☒ |
| AMENDMENT NO. 34 | ☒ |

---

**HARRISON STREET REAL ESTATE FUND LLC**

(Exact Name of Registrant as Specified in Charter)

5050 S. Syracuse Street, Suite 1100

Denver, Colorado 80237

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (877) 200-1878

William R. Fuhs, Jr.

c/o Harrison Street Private Wealth LLC

5050 S. Syracuse Street, Suite 1100

Denver, Colorado 80237

(Name and Address of Agent for Service)

COPY TO:

David C. Sullivan, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199-3600

---

| | |
|:---|:---|
| APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after the effective date of this Registration Statement. | APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING: As soon as practicable after the effective date of this Registration Statement. |
| ☐ | Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans. |
| ☒ | Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan. |
| ☐ | Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto. |
| ☐ | Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act. |
| ☐ | Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. |
| &nbsp;&nbsp;&nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) | &nbsp;&nbsp;&nbsp;&nbsp;It is proposed that this filing will become effective (check appropriate box) |
| ☐ | when declared effective pursuant to Section 8(c) of the Securities Act |
| *The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.* | *The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.* |
| ☒ | immediately upon filing pursuant to paragraph (b) |
| ☐ | on (date) pursuant to paragraph (b) |
| ☐ | 60 days after filing pursuant to paragraph (a) |
| ☐ | on (date) pursuant to paragraph (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;If appropriate, check the following box: | &nbsp;&nbsp;&nbsp;&nbsp;If appropriate, check the following box: |
| ☐ | This post-effective amendment designates a new effective date for a previously filed post-effective amendment registration statement. |
| ☐ | This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_____. |
| ☐ | This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_____. |
| ☐ | This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_____. |
| Check each box that appropriately characterizes the Registrant: | 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). |
| ☐ | Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")). |
| ☐ | If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. |
| ☐ | New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing). |

---

**Explanatory Note**

This Registration Statement on Form N-2 is being filed in order to bring the financial statements up to date and to make certain other updates to the Fund's Prospectus and Statement of Additional Information.

#### PROSPECTUS DATED July 29 , 2025
![](harrisonlogo.jpg)

HARRISON STREET REAL ESTATE FUND LLC

(formerly, Versus Capital Real Estate Fund LLC)

#### Shares of Beneficial Interest: (VCMIX)
Harrison Street Real Estate Fund LLC (the "Fund") is a Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end investment management company that is operated as an interval fund. Shares of the Fund will be continuously offered under the Securities Act of 1933, as amended (the "Securities Act"), and repurchased by the Fund on a quarterly basis in an amount not less than 5% nor more than 25% of the Fund's outstanding Shares pursuant to Rule 23c-3 under the Investment Company Act. See "Prospectus Summary **–** Quarterly Repurchases of Shares." The Fund has elected and intends to qualify and be eligible to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

***Investment Objectives.The Fund's primary investment objective is to seek consistent current income, while the Fund's secondary objectives are capital preservation and long-term capital appreciation. The Fund's ability to achieve current income and/or long-term capital appreciation will be tempered by the investment objective of capital preservation.***

***Investment Strategies.The Fund pursues its investment objectives primarily by investing in (i) investments in third party private funds that themselves invest in real estate and in debt investments secured by real estate (collectively, "Private Funds"), and (ii) domestic and international publicly traded real estate securities, such as common and preferred stock of publicly listed real estate investment trusts ("REITs") and publicly traded real estate debt securities ("Real Estate Securities", and together with Private Funds, "Real Estate-Related Investments"). Under normal market conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Real Estate-Related Investments. The Fund may obtain this exposure directly or through one or more wholly-owned and/or controlled subsidiaries that engage in investment activities in securities or other assets and are treated as corporations or disregarded entities for tax purposes ("Subsidiaries"). In addition, the Fund may invest up to 20% of its net assets to gain exposure to other investments, including, without limitation, through (a) equity investments in real estate and other real estate-related assets through a subsidiary that expects to elect to be taxed as a real estate investment trust (the "VCMIX Sub-REIT"); (b) debt investments, including private debt associated with real estate, including real estate-related loans originated by bank or non-bank lenders; and (c) originating and syndicating loans directly with real estate companies or with projects focused on the management, development, construction, renovation, enhancement, maintenance and/or operation of real estate.***

***Shares. This Prospectus applies to the offering of a single class of shares of beneficial interest of the Fund (the "Shares"). The Shares are continuously offered at the Fund's net asset value ("NAV") per Share as of the date that the request to purchase Shares is received and accepted by or on behalf of the Fund. The Shares will not be listed on any securities exchange and it is not anticipated that a secondary market for the Shares will develop. Moreover, these securities are subject to substantial restrictions on transferability and may only be transferred or resold in accordance with the Limited Liability Company Agreement of the Fund (as amended and restated from time to time, the "LLC Agreement").***

#### Investing in the Shares involves risks that are described in the "Risk Factors" section of this Prospectus.
&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund does not intend to list its Shares on any securities exchange during the offering period, and the Fund does not expect a secondary market in the Shares to develop. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified timeframe.** 

i<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• **You should not expect to be able to sell your Shares other than through the Fund's repurchase offers, regardless of how the Fund performs. If you are able to sell your Shares, other than through the Fund's repurchase offers, you will likely receive less than your purchase price.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **Even though the Fund will offer to repurchase Shares on a quarterly basis, you should consider Shares of the Fund to be an illiquid investment. There is no guarantee that you will be able to sell your Shares at any given time or in the quantity that you desire.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The Fund, the Subsidiaries, the VCMIX Sub-REIT, and the underlying Private Funds may utilize borrowings and financial leverage and significant risks may be assumed as a result. See "Risk Factors – Leverage Risk."** 

&nbsp;&nbsp;&nbsp;&nbsp;• **The amount of distributions that the Fund may pay, if any, is uncertain.** 

&nbsp;&nbsp;&nbsp;&nbsp;• **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.** 

This Prospectus sets forth the information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Statement of Additional Information (the "SAI"), dated July 29, 2025, has been filed with the U.S. Securities and Exchange Commission (the "SEC"). The SAI is incorporated by reference into this Prospectus in its entirety. You can request a copy of the SAI, the Fund's annual and semi-annual reports or other information about the Fund without charge or make other shareholder inquiries by writing to the Fund at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237 or by calling (877) 200-1878. You can also obtain the SAI, the Fund's annual and semi-annual reports, and other information about the Fund on the Adviser's website, located at www.harrisonstpw .com. The SAI, material incorporated by reference, and other information about the Fund are also available on the SEC's website (http://www.sec.gov).

**Neither the SEC nor any state securities commission has approved or disapproved these securities or determined whether this Prospectus is truthful or complete, nor have they made, nor will they make, any determination as to whether anyone should buy these securities. Any representation to the contrary is a criminal offense. Shares are not deposits or obligations of, or guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

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

ii<br>

------

#### OFFERING PROCEEDS

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to Public<sup>(1)</sup>** | **Sales Load<sup>(2)</sup>** | **Proceeds to the Fund<sup>(1),(3)</sup>**  |
| Shares | At current NAV | $0.00 | Amount invested at current NAV |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) An indefinite number of
 Shares are offered on a best efforts basis and are offered on a continuous basis at a price equal to the Fund's NAV per Share as
 of the date that the request to purchase Shares is received and accepted by or on behalf of the Fund. The Shares do not carry a "sales
 load" so the price to the public will equate to the proceeds to the Fund. The proceeds set forth herein have not been reduced
 by the other expenses of issuance and distribution set forth in "Part C – Other Information – Other Expenses of
 Issuance and Distribution."

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Shares are not subject
 to a "sales load," as defined in the Investment Company Act. See "Distribution Arrangements."

&nbsp;&nbsp;&nbsp;&nbsp;(3) Foreside Funds Distributors
 LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), serves as the Fund's
 "statutory underwriter," within the meaning of the Securities Act, and "principal underwriter," within the meaning
 of the Investment Company Act, and facilitates the distribution of the Shares. The Fund, the Adviser and/or the Distributor may authorize
 one or more financial intermediaries (*e.g.*, banks, broker/dealers, investment advisers, trusts,
 financial industry professionals, etc., collectively referred to as "Intermediaries" and individually as "Intermediary")
 to receive orders and provide certain related services on behalf of the Fund. Additionally, the Adviser has entered into distribution
 and/or servicing agreements to compensate certain Intermediaries for distribution-related activities and/or for providing ongoing services
 in respect of clients to whom they have distributed Shares of the Fund. Such compensation to the Intermediaries is paid by the Adviser
 out of the Adviser's own resources and is not an expense of the Fund or Fund shareholders. These payments may create a conflict
 of interest for the Intermediaries by providing an incentive to recommend the Fund's shares over other potential investments that
 may also be appropriate for the clients of such Intermediaries. These payments may also have the effect of increasing the Fund's
 assets under management, which would increase management fees payable to the Adviser. There is no limit on the amount of such compensation
 paid by the Adviser to the Intermediaries, subject to the limitations imposed by FINRA. Such Intermediaries may provide varying investment
 products, programs, platforms and accounts through which investors may purchase or participate in a repurchase of Shares of the Fund.
 Platform fees, administration fees, shareholder services fees and sub-transfer agent fees are not paid by the Fund as compensation for
 any sales or distribution activities.

iii<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#pro) | [1](#pro) |
| [SUMMARY OF FUND EXPENSES](#sum) | [21](#sum) |
| [FINANCIAL HIGHLIGHTS](#fin) | [23](#fin) |
| [RISK FACTORS](#ris) | [25](#ris) |
| [USE OF PROCEEDS](#use) | [50](#use) |
| [THE FUND](#the) | [51](#the) |
| [INVESTMENT OBJECTIVES, INVESTMENT STRATEGIES AND INVESTMENT FEATURES](#inv) | [51](#inv) |
| [MANAGEMENT OF THE FUND](#man) | [57](#man) |
| [SUITABILITY OF THE INVESTMENT](#sui) | [61](#sui) |
| [HOW TO PURCHASE SHARES](#how) | [61](#how) |
| [REPORTS TO SHAREHOLDERS](#rep) | [63](#rep) |
| [LEGAL PROCEEDINGS](#leg) | [63](#leg) |
| [DISTRIBUTION POLICY AND DISTRIBUTION REINVESTMENT POLICY](#dis) | [63](#dis) |
| [QUARTERLY REPURCHASES OF SHARES](#qua) | [63](#qua) |
| [CALCULATION OF NET ASSET VALUE](#cal) | [65](#cal) |
| [DESCRIPTION OF SHARES](#des) | [69](#des) |
| [TAXES](#tax) | [69](#tax) |
| [DISTRIBUTION ARRANGEMENTS](#dist) | [72](#dist) |
| [PRIVACY NOTICE](#pri) | [73](#pri) |

---

You should rely only on the information contained in this Prospectus. The Fund has not authorized anyone to provide you with different information. The Fund is not making an offer of securities in any state where the offer is not permitted. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date on the front of this Prospectus.

iv<br>

------

#### PROSPECTUS SUMMARY
*This summary highlights information contained elsewhere in this Prospectus. It does not contain all of the information that may be important to you and your investment decision. You should carefully read this entire Prospectus, including the matters set forth under "Risk Factors," and the Statement of Additional Information (the "SAI"). In this Prospectus and the SAI, unless the context otherwise requires, references to "the Fund," "we," "us" and "our" refer to Harrison Street Real Estate Fund LLC.* 

#### The Fund
Harrison Street Real Estate Fund LLC (the "Fund") is a Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end investment management company that is operated as an interval fund. Shares of the Fund will be continuously offered under the Securities Act of 1933, as amended (the "Securities Act"). Shares of the Fund have no history of public trading, nor is it intended that such shares will be listed on a public exchange, and therefore should be treated by investors as an illiquid investment (see "Risk Factors" below in this Prospectus). The Fund has elected to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code").

#### Adviser
The Fund's investment adviser is Harrison Street Private Wealth LLC (formerly, Versus Capital Advisors LLC) (the "Adviser"), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). See "Management of the Fund – Adviser and Investment Management Fee." Headquartered in Denver, CO, the Adviser is an asset management firm that specializes in real asset investing with approximately $4.5 billion in assets under management as of June 30, 2025. The Adviser has entered into sub-advisory agreements with Principal Real Estate Investors, LLC ("PrinREI") and Security Capital Research & Management Incorporated ("Security Capital") (each a "Sub-Adviser" and, collectively, the "Sub-Advisers") in connection with the management of a portion of the Fund's assets allocated to it by the Adviser. From time to time, the Adviser may determine not to allocate any of the Fund's assets to the Sub-Advisers. See "Management of the Fund – Sub-Advisers and Sub-Advisory Fees."

#### Continuous Offering
The Fund is offering shares of beneficial interest of the Fund (collectively, the "Shares") on a continuous basis at the Fund's net asset value ("NAV") per Share. The NAV per Share is computed by dividing the Fund's NAV by the total number of Shares outstanding at the time the determination is made.

Shares of the Fund will be sold to: (i) institutional investors, including registered investment advisers ("RIAs"), banks, brokers/dealers, trust companies or similar financial institutions investing for their own account or for accounts for which they act as a fiduciary and have authority to make investment decisions (subject to certain limitations) and clients of such institutional investors that have accounts for which such institutional investors are bound by an applicable fiduciary standard, and (ii) the executive officers, directors, general partners, or employees of the Fund or the Adviser. The minimum initial investment per institutional investor of the Fund (including, with respect to clause (i) above, cumulative investments of the clients of any institutional investor of the Fund) is $10 million and the minimum for those investors referred to in clause (ii) above is $10,000. The Adviser has the authority to waive the minimum investment requirements or allow investors in the Fund who do not fit the above descriptions under certain circumstances.

Investors should carefully consider the Fund's risks and investment objectives, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program. An investment in the Fund involves a high degree of risk. It is possible that investing in the Fund may result in a loss of some or all of the amount invested. Before making an investment decision, investors should (i) consider the suitability of this investment with respect to an investor's or a client's investment objectives and individual situation and (ii) consider factors such as an investor's or a client's net worth, income, age and risk tolerance. Investment should be avoided where an investor (or an investor's client) has a short-term investing horizon and/or cannot bear the loss of some or all of their investment. Investing in the Shares involves risks that are described in the "Risk Factors" section of this Prospectus.

The Fund may close at any time to new investors and, during such closings, dividend reinvestment and additional or new Share purchases may only be executed by institutions that are existing shareholders and their clients. Following any such closure, the Fund may re-open to new investors and subsequently close again to new investors at any time at the discretion of the Adviser. Any such opening and closing of the Fund will be disclosed to the investors via a supplement to this Prospectus.

1<br>

------

#### **TABLE OF CONTENTS**
Foreside Funds Distributors LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) (the "Distributor"), serves as the Fund's principal underwriter and distributor of the Fund's Shares. The Adviser retains the right to approve any proposed investor in the Fund prior to its purchase of Shares through the Distributor. In addition, both the Adviser and the Fund reserve the right to reject any purchase order for any reason.

#### Interval Fund
Shares are not redeemable. The Fund is operated as an interval fund and, as such, has established a repurchase policy pursuant to Rule 23c-3 under the Investment Company Act that provides that each quarterly period the Fund will offer to repurchase not less than 5% nor more than 25% of the Fund's outstanding Shares. The Fund will not be required to repurchase Shares at a shareholder's option nor will Shares be exchangeable for units, interests or shares of any investment of the Fund. As a result, an investor may not be able to sell or otherwise liquidate his, her or its Shares, whenever such investor would prefer. The Fund is intended for long-term investors and the liquidity risk may be greater for investors expecting to sell their Shares in a relatively short period after purchase. If and to the extent that a public trading market ever develops for the Shares, shares of closed-end investment companies frequently trade at a discount from their NAV per Share and initial offering prices. For those investors that cannot bear risk of loss or relative lack of liquidity, investment in the Fund may not be suitable. The Shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment. **There is no assurance that you will be able to tender your Shares when or in the amount that you desire.** See "Quarterly Repurchases of Shares", "Risk Factors – Interval Fund Risk" and "– Liquidity Risk."

#### Use of Proceeds
The Fund will invest the proceeds of the continuous offering of Shares on an ongoing basis in accordance with its investment objectives and policies as stated below. In addition, for cash management purposes, the proceeds of this offering may be invested by the Fund in short-term, high-quality debt securities, money market instruments, money market funds, and/or liquid real estate-focused exchange-traded funds, in addition to, or in lieu of, investments consistent with the Fund's investment objectives and investment policies. See "Risk Factors" for more discussion of the potential limitations on the Fund's ability to invest consistent with its investment objectives and investment policies.

#### Investment Objectives and Strategies
The Fund's primary investment objective is to seek consistent current income, while the Fund's secondary objectives are capital preservation and long-term capital appreciation. The Fund's ability to achieve current income and/or long-term capital appreciation will be tempered by the investment objective of capital preservation. The Adviser seeks to achieve the Fund's objective by investing primarily in (i) investments in third party private funds that themselves invest in real estate and in debt investments secured by real estate (*i.e.*, private REITs) and investment funds and other pooled investment vehicles (collectively, "Private Funds"), and (ii) domestic and international publicly traded real estate securities, such as common and preferred stock of publicly listed REITs and other real estate-related companies and publicly traded real estate debt securities ("Real Estate Securities" and together with Private Funds, "Real Estate-Related Investments"). Under normal market conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Real Estate-Related Investments. The Fund may obtain this exposure directly or through one or more wholly-owned and/or controlled subsidiaries that engage in investment activities in securities or other assets and are treated as corporations or disregarded entities for tax purposes ("Subsidiaries"). In addition, the Fund may invest up to 20% of its net assets to gain exposure to other investments, including, without limitation, through (a) equity investments in real estate and other real estate-related assets through a subsidiary that expects to elect to be taxed as a real estate investment trust (the "VCMIX Sub-REIT"); (b) debt investments, including private debt associated with real estate, including real estate-related loans originated by bank or non-bank lenders; and (c) originating and syndicating loans directly with real estate companies or with projects focused on the management, development, construction, renovation, enhancement, maintenance and/or operation of real estate. The principal investment strategies of the Fund reflect the aggregate operations of the Fund, its Subsidiaries, and the VCMIX Sub-REIT.

The Fund's investment strategy seeks to attain portfolio stability and favorable risk-adjusted investment returns with a focus on income and a low correlation to the publicly-traded equities markets. The Fund pursues its investment strategy by seeking to diversify its overall investment portfolio by: (i) geography: asset holdings primarily in the United States but with certain holdings across the rest of North America, Europe, Asia, Australia and other geographic regions;

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#### **TABLE OF CONTENTS**
(ii) property type: investments in multi-family, industrial, office, retail, hotel and other property types; (iii) strategy: differing property and securities acquisition, underwriting, leverage and management strategies; and (iv) capital structure: investments that include debt and equity securities, including preferred stock.

***Private Funds. The Fund gains exposure to real estate-related assets in part through investments in Private Funds. Some of these Private Funds themselves invest in real estate through underlying REITs. Other Private Funds invest in debt investments secured by real estate either directly or through entities that do not qualify as REITs. The Fund intends to identify Private Funds with managers that focus on the major property types within commercial real estate (multi-family, industrial, office and retail), but the Fund may also seek exposure to Private Funds focused on certain specialty property types (e.g., data centers, self-storage, seniors housing) and debt investments in respect of certain other property types with strong credit characteristics. Private Funds typically accept investments on a continuous basis, have quarterly repurchases, and do not have a defined termination date. The Fund intends to invest no more than 15% of its assets in traditional pooled investment vehicles that would be investment companies but for Sections 3(c)(1) or 3(c)(7) of the Investment Company Act ("3(c)(1)/3(c)(7) Funds") (excluding for the avoidance of doubt, entities that qualify to be treated for tax purposes as REITs, that would otherwise qualify for an exemption pursuant to Section 3(c)(5)(C) of the Investment Company Act, or that would not be investment companies for reasons other than the exemptions in Section 3(c)(1) or 3(c)(7) of the Investment Company Act (collectively, "Other Private Funds")). Additionally, the Fund will not invest in Private Funds that hold themselves out as "hedge funds." The Fund may invest in Private Funds with a variety of real estate-related strategies and risk/return characteristics. Under normal circumstances, a significant portion of the Fund's assets are expected to be invested in Private Funds (i.e., private funds that invest in real estate and debt investments secured by real estate).***

***Real Estate Securities. The Fund may invest directly in Real Estate Securities, including equity and debt securities issued by real estate-related companies. The Adviser has engaged the Sub-Advisers to invest the Fund's assets in Real Estate Securities.***

*Global Real Estate Equities. The Fund seeks global real estate equity investments that the Adviser believes will generate competitive total returns and current income. These investments typically include equity securities issued by U.S. and non-U.S. real estate companies, including REITs and similar REIT-like entities. REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment similar to that of U.S. REITs. The Fund may also invest in securities of foreign companies in the form of American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs"). The Sub-Advisers employ a risk-managed investment approach that focuses on companies the Sub-Advisers believe have potential for growth and/or strong income characteristics.* 

*Real Estate Preferred Equities. The Fund seeks real estate preferred equity investments that the Adviser believes will generate high income and capital preservation. These investments typically include preferred stock of REITs and other real estate-related companies. The Sub-Advisers apply differing strategies, including, but not limited to, a value-oriented investment approach focused on credit quality and company fundamentals. The Sub-Advisers will evaluate the fundamental characteristics of the issuers, including creditworthiness and prevailing market factors. This approach will take into account an issuer's corporate and capital structures and placement of the preferred securities within that structure.* 

***Real Estate Equity Investments through the VCMIX Sub-REIT. The VCMIX Sub-REIT will be structured to hold or invest, directly or indirectly, in real estate and real estate-related assets and will invest primarily in direct ownership of real estate properties or in joint ventures or partnerships that hold real estate. The VCMIX Sub-REIT may also engage in the acquisition, development, redevelopment, leasing, management, and disposition of real estate assets. Investments may be made in a broad range of geographic markets and property types, depending on market conditions and opportunities. The Fund will maintain direct or indirect voting control of the VCMIX Sub-REIT. The Fund will report its investment in the VCMIX Sub-REIT in accordance with generally accepted accounting principles. The Fund's investments in the VCMIX Sub-REIT will be valued utilizing the fair value principles outlined within the Fund's Valuation Policy. See "Calculation of Net Asset Value." Leverage incurred directly by the VCMIX Sub-REIT will be aggregated with the Fund's leverage for purposes of complying with Section 18 of the Investment Company Act. For purposes of complying with its fundamental and non-fundamental investment restrictions and policies pursuant to Section 8 of the Investment Company Act, except in the case of the Fund's policy with respect to the purchase of real estate, the Fund will aggregate its direct investments with the investments of the VCMIX Sub-REIT. The VCMIX Sub-REIT may engage external management companies for property-level oversight of its investments.***

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***Real Estate-Related Debt. The Fund may invest in real estate debt investments, including commercial real estate loans and other real estate-related securities. The Fund may originate or otherwise directly invest in privately issued real estate debt. The Fund's investments in privately issued real estate debt typically will consist of senior debt and subordinated debt. Senior debt includes loans and loan-related investments structured with a senior security interest in real estate assets and/or cash flows from the real estate asset including contractual lease revenues. These loans are expected to vary in maturity, but typically have longer durations than subordinated debt and may include a combination of fixed and floating rate interest payments. Subordinated debt investments are secured by secondary claims against the real estate asset and its cash flow. These claims are subordinated to those of the senior debt, which has priority in collateral and cashflow. Subordinated debt typically will have relatively short maturities and floating interest rates. The Fund may also seek to invest in real estate-related debt that generates stable income streams of attractive and consistent cash distributions. The Fund may make such investments in first mortgage loans as well as subordinated debt (B-notes and mezzanine loans), commercial mortgage-backed securities ("CMBS"), participating loans, bridge loans and other secured and unsecured real estate-related debt. There is no limit on the maturity or duration of any individual security and/or other investment in which the Fund may invest. Duration is a measure of a debt instrument's sensitivity to interest rate changes. For example, if a loan has a duration of 5 years, the price of the loan will increase (decrease) by approximately 5% for every 1% decrease (increase) in interest rates.***

The Adviser evaluates investment opportunities originated by or arranged through an extensive network of relationships with real estate and other asset managers, origination platforms, financial intermediaries and other parties ("Arrangers"). The Adviser evaluates opportunities involving a combination of direct lending Arrangers that focus on different sectors and different types of loans in an attempt to limit the Fund's concentration in any single real estate sector or risk and return profile. The Adviser has full discretion to increase or reduce the number of Arrangers through which it sources opportunities based on the market environment or Fund growth trajectory.

***Other Investments. In certain circumstances or market environments, the Fund may reduce its investment in Real Estate-Related Investments and hold a larger position in short-term, high-quality debt securities, money market instruments, money market funds, exchange-traded funds, and/or cash or cash equivalents. The Fund may also invest excess cash balances in these types of investments, as deemed appropriate by the Adviser. The Fund may use derivative strategies for hedging exposure to foreign currencies and interest rates. In addition, in pursuing its investment objective, the Fund may seek to enhance returns through the use of leverage. The Fund intends to utilize leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors.***

#### Core, Core Plus and Value Added Investments
*Core. The Fund may have exposure to strategies that target high-quality portfolios with real estate assets that provide relatively lower and more stable returns. Core investments are typically located in primary markets and in the main property types (offices, retail, industrial and residential) and are stable, well-maintained and well-leased. The Fund intends to identify investments within this strategy that anticipate limited leverage (i.e., approximately 20% to 35%) or additional capital investment, maintain relatively stable and high occupancy levels and typically carry premium rents within a market.* 

*Core Plus. The Fund may have exposure to strategies that seek moderate risk portfolios with real estate that provides moderate returns. Core plus investments are predominantly core but with an emphasis on a modest value added approach. The focus of these investments is on the main property types, in both primary and secondary markets, in buildings generally in good condition that require some form of enhancement (i.e., repositioning and/or releasing). The Fund intends to identify investments within this strategy that anticipate moderately low leverage (i.e., approximately 35% to 50% of the gross asset value of a Private Fund) and some additional capital investment.* 

*Value Added. To a lesser extent than core and core plus, the Fund may have exposure to strategies that typically focus on more aggressive active asset management and often employ relatively more leverage. Value added investment portfolios typically target lower quality buildings, in both primary and secondary markets in the main property types. Properties are considered value added when they exhibit management or operational problems, require physical improvement, and/or suffer from capital constraints. Buildings often require enhancement to upgrade them (i.e., redevelopment/repositioning/releasing). To the extent the Fund invests in this strategy, the Fund intends to identify investments that anticipate moderate leverage (i.e., approximately 50% to 65%) and additional capital investment.* 

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#### Investments in Subsidiaries
The Fund may make or hold portfolio investments directly or indirectly through the Subsidiaries. References herein to the Fund include references to a Subsidiary in respect of the Fund's investment exposure. The Fund will comply with certain provisions of the Investment Company Act applicable to the Fund on an aggregate basis with the Subsidiaries, including provisions relating to investment policies (Section 8), affiliated transactions and custody (Section 17), and capital structure and leverage (Section 18). To the extent that any Subsidiary directly incurs leverage in the form of debt, such leverage will be aggregated with the Fund's leverage for purposes of complying with Section 18 of the Investment Company Act. VCMIX Subsidiary LLC, a Delaware limited liability company (the "VCMIX Subsidiary"), has the same investment objectives and strategies as the Fund and, like the Fund, is managed by the Adviser. The Fund may invest in the VCMIX Subsidiary in order to pursue its investment objectives and strategies in a potentially tax-efficient manner.

#### Selection of Private Funds and Sub-Advisers
The Adviser follows certain general guidelines when reviewing and selecting Private Funds and Sub-Advisers. See "Investment Objectives, Investment Strategies and Investment Features – Selection of Private Funds and Sub-Advisers." Although the Adviser will attempt to apply the guidelines consistently, the guidelines involve the application of subjective and qualitative criteria and the selection of Private Funds and Sub-Advisers is a fundamentally subjective process. The use of the selection guidelines may be modified or eliminated at the discretion of the Adviser. There can be no assurance that the Adviser will be able to access Private Funds or Sub-Advisers that will enable the Fund to meet its objectives.

#### Borrowing/Leverage
In pursuing its investment objective, the Fund (directly or indirectly, including through one or more Subsidiaries or the VCMIX Sub-REIT) may add leverage to its portfolio through borrowings, such as through bank loans or commercial paper and/or other credit facilities, or by utilizing reverse repurchase agreements and similar financing transactions, dollar rolls, and/or credit default swaps. The Fund may use leverage to make additional investments, to satisfy repurchase requests from Fund shareholders, to provide the Fund with temporary liquidity, or as a temporary measure for extraordinary or emergency purposes, including for the payment of dividends or the settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund. The Fund may add leverage to its portfolio by utilizing a bank loan secured by the portfolio securities of the Fund, commercial paper, and/or other borrowings available to the Fund. Property level debt is expected to be incurred by operating entities held by the VCMIX Sub-REIT and secured by real estate and other assets owned by such operating entities. If an operating entity were to default on a loan, the lender's recourse would be to the mortgaged property and the lender would typically not have a claim to other assets of the Fund or its subsidiaries. The Fund intends to utilize borrowings and other forms of leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors. Leveraging is a speculative technique and the use of leverage involves increased costs and risk, including increased variability of the Fund's net income, distributions and net asset value in relation to market changes. There can be no assurance that a leveraging strategy will be used or that it will be successful during any period in which it is employed. The Fund may lose money through the use of leverage. See "Risk Factors – Leverage Risk." The Fund has, and may in the future, borrow money in order to repurchase its Shares. The Fund may also borrow to facilitate investments or to seek to enhance returns. The Fund intends to limit its borrowing and the overall leverage of its portfolio to an amount that does not exceed 33-1/3% of the Fund's gross asset value. Any leverage at the Fund, Subsidiary, or the VCMIX Sub-REIT level will be in addition to financial leverage that a Private Fund may use as part of its capital structure.

#### Board of Directors
The Fund's board of directors (the "Board") has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Directors are not "interested persons" of the Fund, the Adviser, the Distributor, the Sub-Advisers, or any affiliates of any of the foregoing, as defined by the Investment Company Act (the "Independent Directors").

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#### Investment Management Fee
The Fund pays the Adviser an investment management fee equal to 0.95% annually of the average daily NAV of the Fund (the "Investment Management Fee"). The Investment Management Fee is accrued daily and payable quarterly in arrears. The Investment Management Fee is paid to the Adviser out of the Fund's assets. Because the Investment Management Fee is calculated based on the Fund's average daily NAV and is paid out of the Fund's assets, it reduces the NAV of the Shares. To the extent the Fund makes investments through a Subsidiary or the VCMIX Sub-REIT, the Adviser may receive additional compensation at an annual rate based on the Subsidiary's average daily net assets for providing management services to the Subsidiary or the VCMIX Sub-REIT. The Adviser has contractually agreed to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from each of the VCMIX Subsidiary and to waive the investment management fee it receives from the VCMIX Sub-REIT such that, for the collective net assets of the Fund, the VCMIX Subsidiary, and the VCMIX Sub-REIT, the total Investment Management Fee is calculated at a rate of 0.95%.

The Fund pays each Sub-Adviser a sub-advisory fee based on the net assets of the Fund managed by such Sub-Adviser. Pursuant to its sub-advisory agreement, PrinREI is paid a management fee by the Fund that is assessed on a sliding scale from 0.60% down to 0.49% based on assets under management. Pursuant to its sub-advisory agreement, Security Capital is paid a management fee by the Fund that is assessed on a sliding scale from 1.0% down to 0.45% based on assets under management.

To the extent that the Fund invests in Private Funds, the Fund will be subject to the management fees, including asset-based and performance fees, if any, charged by the Private Funds on the portion of the Fund's assets invested in such Private Funds. See "Summary of Fund Expenses" and "Management of the Fund – Adviser and Investment Management Fee" for more information regarding the Investment Management Fee and other Fund expenses.

#### Other Fees and Expenses
BNY Mellon Investment Servicing (US) Inc. (the "Transfer Agent") performs certain transfer agency services for the Fund. In consideration for providing such services, the Fund pays the Transfer Agent fees of approximately 0.01% of the Fund's average annual NAV, assuming anticipated weighted average assets in the Fund of approximately $1.8 billion over the fiscal year. This includes certain minimum payments for services provided. All such fees shall accrue daily and will be paid periodically.

The Bank of New York Mellon ("BNY Mellon") performs certain administrative and accounting services for the Fund. In consideration for providing such services, the Fund pays BNY Mellon annual fees of approximately 0.04% of the Fund's average annual NAV, assuming anticipated weighted average assets in the Fund of approximately $1.8 billion over the fiscal year. This includes certain minimum payments for services provided. All such fees shall accrue daily and will be paid periodically.

UMB Fund Services, Inc., 235 W. Galena St., Milwaukee, WI 53212, is expected to replace BNY Mellon Investment Servicing (US) Inc. in providing transfer agency services and The Bank of New York Mellon in providing administrative and accounting services to the Fund on or around September 30, 2025.

UMB Bank, n.a. ("UMB Bank") performs custodial services for the Fund. In consideration for providing such services, the Fund pays UMB Bank annual fees of approximately 0.01% of the Fund's average NAV, assuming anticipated weighted average assets in the Fund of approximately $1.8 billion over the fiscal year.

The Fund's shareholders will bear all fees and expenses incurred in the business of the Fund, including all management fees and other expenses charged by, or otherwise attributable to the Fund's investment in, the Private Funds, any Subsidiary, and the VCMIX Sub-REIT. The Fund pays the management fees charged by the Private Funds and any Subsidiary, which, for the Private Funds, may include both asset-based and performance-based fees. In addition, to the extent investment opportunities are made available through Arrangers, the Fund may be responsible for sourcing fees and other compensation, such as ongoing monitoring fees, a portion of which may be charged based on the performance of certain investments.

#### Suitability of Investment
Investing in the Fund involves a considerable amount of risk. Shareholders may lose some or all of their investment in the Fund. Investing 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. An investment in the Fund may not be suitable for investors who may need their investment or any return from their investment in the Fund in a specified time frame.

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Before making your investment decision, you and/or your personal financial advisor should (i) consider the suitability of this investment with respect to your investment objectives and personal situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. The Fund should be considered to be an illiquid investment. You will not be able to redeem your Shares on a daily basis because the Fund is a closed-end fund. In addition, while a shareholder has a limited ability to transfer or resell Shares pursuant to the provisions of the Limited Liability Company Agreement of the Fund (as amended and restated from time to time, the "LLC Agreement"), the Fund's Shares are not traded on an active market and there is currently no secondary market for the Shares. However, limited liquidity will be available through quarterly repurchases of Shares by the Fund of at least 5% of the outstanding Shares during each quarterly period. See "Risk Factors – Interval Fund Risk" and "– Liquidity Risk."

#### Distribution Policy and Distribution Reinvestment Policy
To qualify for treatment as a RIC, the Fund is required to distribute at least 90% of its "investment company taxable income" (as that term is defined in the Code without regard to the deduction for dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) to shareholders each year in accordance with the distribution requirements applicable to RICs under the Code. The Fund intends to satisfy this requirement through regular quarterly distributions to shareholders. In addition, the Fund may make distributions to shareholders of all or a portion of the Fund's net long term capital gains realized on transactions in its investments. The Fund will establish reasonable cash reserves to meet Fund cash payment obligations prior to making distributions. For U.S. federal income tax purposes, the Fund's distributions may be treated in the hands of shareholders as, among other things, ordinary income, qualified dividends, capital gains, or returns of capital. The portion of a distribution treated as a return of capital is not taxable, but reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares. To the extent the distribution exceeds a shareholder's basis in its Shares, such shareholder will recognize a capital gain. See "Taxes."

All distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder affirmatively elects not to reinvest in Shares pursuant to the Fund's Distribution Reinvestment Policy. Shareholders may elect initially not to reinvest by indicating that choice in writing to the Fund's transfer agent. Thereafter, shareholders are free to change their election by contacting the Fund's transfer agent (or, alternatively, by contacting the selling agent that sold such shareholder its Shares, who will inform the Fund). Shares purchased by reinvestment will be issued at their NAV on the ex-dividend date. There is no sales load or other charge for Shares received by reinvestment. The Fund reserves the right to suspend or limit at any time the ability of shareholders to reinvest distributions. The automatic reinvestment of distributions does not relieve participants of any U.S. federal income tax that may be payable (or required to be withheld) on such distributions. See "Taxes" and "Description of Shares."

#### Quarterly Repurchases of Shares
The Fund provides liquidity through quarterly repurchase offers pursuant to Rule 23c-3 under the Investment Company Act (each, a "Repurchase Offer"). The Fund's fiscal year ends on the last day of March each year. Once each fiscal quarter, the Fund will offer to repurchase at NAV not less than 5% nor more than 25% of the outstanding Shares, unless such offer is suspended or postponed in accordance with regulatory requirements. The Repurchase Offer amount will be determined by the Board before each Repurchase Offer. The offer to repurchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities. Shareholders will be notified in writing of each Repurchase Offer and the date the Repurchase Offer ends (the "Repurchase Request Deadline"). Shares will be repurchased at the NAV per Share determined as of the close of business typically as of the Repurchase Request Deadline, but no later than the 14th day after the Repurchase Request Deadline (each, a "Repurchase Pricing Date").

Shareholders will be notified in writing about each Repurchase Offer, how they may request that the Fund repurchase their Shares and the Repurchase Request Deadline. Shares tendered for repurchase by shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase amounts established for that Repurchase Request Deadline. The time between the notification to shareholders and the Repurchase Request Deadline is expected to be approximately 30 days, but may vary from no more than 42 days to no less than 21 days. Certain authorized institutions, including Intermediaries, custodians and clearing platforms, may set times prior to the Repurchase Request Deadline by which they must receive all shareholder repurchase requests and may require certain additional information. In addition, certain clearing houses may require shareholders to submit repurchase requests only on the Repurchase Request Deadline. Payment pursuant to the repurchase will be made by checks to the shareholder's

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address of record, or credited directly to a predetermined bank account no more than 7 days after the Repurchase Pricing Date (the "Repurchase Payment Date"). The Board may establish other policies for repurchases of Shares that are consistent with the Investment Company Act, regulations thereunder and other applicable laws.

The Shares will not be subject to an early withdrawal charge.

If Share repurchase requests exceed the number of Shares in the Fund's Repurchase Offer, the Fund may, in its sole discretion, (i) repurchase the number of Shares in the Fund's Repurchase Offer, allocating such repurchase among the shareholders on a pro rata basis based on the number of Shares tendered by each of the shareholders; or (ii) increase the number of Shares to be repurchased by up to 2.0% of the Fund's outstanding Shares. If the Fund determines to repurchase additional Shares beyond the Repurchase Offer amount and if shareholders tender an amount of Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each of the shareholders. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered. Because of the potential for proration, tendering shareholders may not have all of their tendered Shares repurchased by the Fund in any Repurchase Offer.

In addition, in the event a Repurchase Offer is oversubscribed, the Fund may offer to repurchase at NAV outstanding Shares tendered by the estate of a deceased shareholder or such deceased shareholder's descendants (an "Estate Offer"). The amount of any Estate Offer (determined as a percentage of the Fund's outstanding Shares as of the Repurchase Pricing Date) will be approved by the Board, taking into account the liquidity of the Fund's assets. In the event an Estate Offer is oversubscribed, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each shareholder participating in the Estate Offer. The Adviser may require information it deems appropriate under the circumstances to verify a shareholder's eligibility to participate in an Estate Offer, and it is possible that certain Intermediaries may not be able to process or meet the requirements for Estate Offer requests.

#### Taxation
The Fund has elected and intends to qualify and be eligible to be treated each year as a RIC under the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on its taxable income and gains that it timely distributes to shareholders in accordance with the requirements of the Code. 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. Distributions are taxable as described herein whether shareholders receive them in cash or reinvest them in additional shares.

Although the Fund is considered a non-diversified fund within the meaning of the Investment Company Act, the Fund must satisfy certain diversification tests under the Code in order to qualify as a RIC. For the purpose of satisfying those tests as well as the 90% gross income test, the Fund will in certain cases be required to "look through" to the character of the income, concentrations of any issuer's securities and investments held by the Private Funds or managed in the Fund's public securities portfolio. However, unlike registered investment companies, Private Funds are not obligated by regulation to disclose publicly the contents of their portfolios. Any lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the allocation of its assets, and otherwise comply with the requirements for taxation as a RIC under the Code, and ultimately may limit the universe of Private Funds in which the Fund can invest. In order to ensure compliance with all applicable regulatory requirements, the Fund will seek Private Funds that utilize private REITs and private taxable corporation investment structures for federal tax purposes under the Code, for the direct and indirect ownership of real assets.

If the Fund were to fail to qualify and be eligible to be treated as a RIC, the Fund would be subject to corporate-level taxation, thereby reducing the return on a shareholder's investment. 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. See "Taxes" and, in the SAI, "Tax Aspects."

#### Risk Factors
An investment in the Fund is subject to a high degree of risk. Risks of investing in the Fund, or in an investment vehicle managed by Managers (as defined below) utilized by the Fund, include, but are not limited to, those outlined below. For purposes of this section, references to "the Adviser" should be read to include the Sub-Advisers and the Managers and references to "the Fund" should be read to include the Private Funds, the Subsidiaries, and the VCMIX Sub-REIT, in each case as applicable. See "Risk Factors" and elsewhere in this Prospectus where risks of investment are

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discussed in more detail. You should consider carefully the risks before investing in the Shares. You may also wish to consult with your legal and tax advisors before deciding whether to invest in the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Real Estate-Related Securities Risk**. The Fund will not invest in real estate directly, but will invest in real estate-related debt,
 consisting of mezzanine and first mortgage debt, and directly in real estate through the VCMIX Sub-REIT and other entities that qualify
 to be treated for tax purposes as REITs or investment vehicles treated similarly as private REITs for tax purposes. In general, real estate
 values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different
 regions, and the strength of specific industries that rent properties. The capital value of the Fund's investments may be significantly
 diminished in the event of a downward turn in real estate market prices.

The Fund will also invest in commercial real estate loans, mortgage loans, CMBS, B-Notes, mezzanine loans, and other similar types of investments. Commercial real estate loans are secured by multifamily or commercial property and are subject to risks of delinquency and foreclosure. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. If the Fund makes or invests in mortgage loans and there are defaults under those mortgage loans, the Fund may not be able to repossess and sell the underlying properties in a timely manner. The resulting time delay could reduce the value of the investment in the defaulted mortgage loans.

The Fund will also invest in commercial real estate mortgage-backed securities. A mortgage-backed security is an obligation of the issuer backed by a mortgage or pool of mortgages or a direct interest in an underlying pool of mortgages. Some mortgage-backed securities make payments of both principal and interest at a variety of intervals; others make semi-annual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). Investing in mortgage-back securities involves certain risks, including the failure of a counterparty to meet its commitments, adverse interest rate changes and the effects of prepayments on mortgage cash flows. The yield characteristics of mortgage-backed securities differ from those of traditional fixed income securities. The major differences typically include more frequent interest and principal payments (usually monthly), the adjustability of interest rates of the underlying instrument, and the possibility that prepayments of principal may be made substantially earlier than their final distribution dates. Market factors adversely affecting mortgage loan repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable rate mortgages.

&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity Risk**. The Fund will invest a substantial portion of its assets in restricted securities and other investments that are illiquid.
 Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities
 Act, or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration
 under the Securities Act. The Fund may be unable to sell restricted and other illiquid securities at the most opportune times or at prices
 approximating the value at which it purchased such securities. The Fund's portfolio may include a number of investments for which
 no market exists and which have substantial restrictions on transferability.

In addition, the Fund's interests in the Private Funds are subject to substantial restrictions on transfer. The Fund may liquidate an interest and withdraw from a Private Fund pursuant to limited withdrawal rights. Some Private Funds may subject the Fund to a lockup period or otherwise suspend the repurchase rights of their shareholders, including the Fund, from time to time. Further, Private Fund managers may impose transfer restrictions on the Fund's interests. There may be no secondary market for the Fund's interests in the Private Funds. The illiquidity of these interests may adversely affect the Fund were it to have to sell interests at an inopportune time.

The VCMIX Sub-REIT and the Subsidiaries are expected to invest in illiquid assets, and the Fund's investments in such entities will be illiquid. The VCMIX Sub-REIT and the Subsidiaries may be unable to sell their assets, or be forced to sell them at reduced prices. The Fund also may invest directly in other private securities that it may not be able to sell at the Fund's current carrying value for the securities. The illiquidity of these securities may adversely affect the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;• **Debt Securities and Related Investments Risk**. The Fund intends to invest in real estate-related debt securities, including but not limited
 to senior secured debt, subordinated debt, real-estate related loans, mezzanine debt, and other similar types of investments. These securities
 are subject to credit risk and interest rate risk. In addition, certain factors may affect materially and adversely the market price and
 yield of such debt securities, including investor demand, changes in the financial condition of the borrower, government fiscal policy
 and domestic or worldwide economic conditions. It is likely that many of the debt securities in which the Fund may invest will be unrated,
 or, if rated, below investment grade (commonly referred to as "high yield" securities or "junk bonds"), and whether
 or not rated, the debt securities may have speculative characteristics. The Adviser is partially reliant on its relationships with arrangers
 in connection with the Adviser's ability to source private debt and loan opportunities for the Fund. To the extent the Adviser is
 unable to develop or maintain relationships with qualified arrangers, the Adviser may have difficulty ensuring the Fund's access
 to suitable private debt and loan opportunities. In addition, privately negotiated investments in loans and illiquid securities of private
 companies require substantial due diligence and structuring, and the Fund may not be able to achieve its desired investment pace. These
 factors increase the uncertainty, and thus the risk, of investing in the Fund. To the extent the Fund is unable to deploy its capital,
 its investment income and, in turn, the results of its operations, will likely be materially adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;• **Credit Risk**. Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by the Fund may be
 unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or
 unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security
 will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks.

&nbsp;&nbsp;&nbsp;&nbsp;• **Active Management Risk**. Identifying and allocating assets among appropriate investments is difficult and involves a high degree of uncertainty.
 The performance of the Fund depends in large part upon the Adviser's successful application of analytical skills and investment
 judgment; the ability of the Adviser to choose successful sub-advisers and managers of the Private Funds (collectively,
 the sub-advisers and managers of Private Funds are referred to herein as "Managers"); and the ability of the
 Adviser to develop and implement investment strategies that achieve the Fund's investment objectives . Although the
 Adviser monitors the Managers, it is possible that one or more Managers may take substantial positions in the same instruments
 or markets at the same time, thereby interfering with the Fund's investment goal. The Adviser and the Managers are subject
 to various risks, including risks relating to operations and back office functions, property management, accounting, administration,
 risk management, valuation services and reporting, and may also face competition from other industry participants that
 may be more established, have larger asset bases and have larger numbers of qualified management and technical personnel.

While the Fund and the Adviser will evaluate regularly each Private Fund and its Manager and each Sub-Adviser to determine whether their respective investment programs are consistent with the Fund's investment objectives and whether the investment performance is satisfactory, the Adviser will not have any control over the investments made by a Private Fund and limited control over the investments made by the Sub-Advisers. The Adviser's or a Sub-Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. Even though Private Funds are subject to certain constraints, the Managers may change aspects of their investment strategies without prior notice to the Fund.

Conflicts of interest may arise from the fact that the Adviser, the Managers and their respective affiliates may be carrying on substantial investment activities for other clients in which the Fund has no interest. In addition, the Adviser, the Managers and their respective affiliates, and any of their respective officers, directors, partners, members or employees, may invest for their own accounts in various investment opportunities, including in private investment funds, private investment companies or other investment vehicles in which the Fund will have no interest. Furthermore, the Adviser, the Managers and their respective affiliates manage the assets of and/or provide advice to registered investment companies, private investment funds and individual accounts other than the Fund, which could compete for the same investment opportunities as the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interest Rate Risk**. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities or other types of bonds
 to rise (*e.g.*, central bank monetary policies, inflation rates, general economic conditions, reduced market demand for
 low yielding investments, etc.). In recent years , the U.S. Federal Reserve and

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other central banks have raised interest rates from historically low levels, resulting in rising interest rates across the financial system. These central banks may continue to increase interest rates or, alternatively, decrease them as inflationary and market conditions change. Interest rate increases may result in a decline in the value of the fixed income or other investments held by the Fund that move inversely to interest rates. A decline in the value of such investments would result in a decline in the Fund's NAV. Additionally, further changes in interest rates could result in additional volatility and could cause Fund shareholders to tender their Shares for repurchase at its regularly scheduled repurchase intervals. The Fund may need to liquidate portfolio investments at disadvantageous prices in order to meet such repurchases. Further increases in interest rates could also cause dealers in fixed income securities to reduce their market making activity, thereby reducing liquidity in these markets. To the extent the Fund holds fixed income securities or other securities that behave similarly to fixed income securities, the longer the maturity dates are for such securities will result in a higher likelihood of a decrease in value during periods of rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;• **Leverage Risk**. There are significant risks associated with borrowings and leverage. Leverage is a speculative technique that may expose
 the Fund to greater risk and increased costs. There is no assurance that a leveraging strategy would be successful. Leverage involves
 risks and special considerations for shareholders including:

&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood of greater
 volatility of NAV of the Shares, and of the investment return to shareholders, than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• the risk that fluctuations
 in interest rates on borrowings and short-term debt that the Fund must pay will reduce the return to the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• the effect of leverage
 in a declining market or a rising interest rate environment, which would likely cause a greater decline in the NAV of the Shares than
 if the Fund were not leveraged;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for an increase
 in operating costs, which may reduce the Fund's total return; and

&nbsp;&nbsp;&nbsp;&nbsp;• the possibility either
 that dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Shares will fluctuate because such
 costs vary over time.

In addition to any borrowing utilized by the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT and the Private Funds in which the Fund invests may utilize leverage. While leverage presents opportunities for increasing the Fund's, the VCMIX Subsidiary's, the VCMIX Sub-REIT's, or a Private Fund's total return, it has the effect of potentially increasing losses as well. If income and appreciation on investments made with borrowed funds are less than the required interest payments on the borrowings, the value of the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT, or the Private Fund will decrease. Additionally, any event which affects adversely the value of an investment by the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT, or a Private Fund would be magnified to the extent the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT, or such Private Fund is leveraged. Furthermore, because the Private Funds may themselves incur higher level of leverage than that which the Fund is permitted, the Fund could be effectively leveraged in an amount far greater than the limit imposed by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;• **Equity Securities Risk**. The prices of equity and preferred securities fluctuate based on changes in a company's financial condition
 and overall market and economic conditions. Preferred securities may be subject to additional risks, such as risks of deferred distributions,
 liquidity risks, and differences in shareholder rights associated with such securities.

&nbsp;&nbsp;&nbsp;&nbsp;• **Loans and Loan-Related Investments Risk**. In addition to risks generally associated with debt securities and related
 investments (*e.g.*, credit risk, interest rate risk), loan-related investments such as loan participations and assignments
 are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral
 may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment.
 Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become
 illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There
 is less readily available, reliable information about most loan investments than is the case for many other types of securities.
 Substantial increases in interest rates may cause an increase in loan obligation defaults. The Fund may invest in loans in any
 part of the capital structure. Senior loans hold the most senior position in the capital structure of a business entity, and
 are typically secured with specific collateral, but are

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nevertheless usually rated below investment grade. Second lien loans are subordinated to the security interest of the senior lender or unsecured, and thus lower in priority of payment to senior loans and are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower, have greater price volatility, and may be less liquid.

Unsecured loans will not benefit from any interest in collateral of the borrower. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund.

Generally, loans have the benefit of covenants that impose restrictions and obligations on the borrower, including, in some cases, restrictions on ability of the borrower to further encumber its assets. "Covenant-lite" agreements feature incurrence covenants, as opposed to more restrictive maintenance covenants. Under a maintenance covenant, the borrower would need to meet regular, specific financial tests, while under an incurrence covenant, the borrower only would be required to comply with the financial tests at the time it takes certain actions (*e.g.*, issuing additional debt, paying a dividend, making an acquisition). A covenant-lite obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mortgage Loan Risk**. The Fund may originate and selectively acquire mortgage loans, which are generally loans secured by a first mortgage
 lien on a commercial property and are subject to risks of delinquency and foreclosure and risks of loss that are greater than similar
 risks associated with loans made on the security of single family residential property. In addition, certain of the mortgage loans in
 which the Fund invests may be structured so that all or a substantial portion of the principal will not be paid until maturity, which
 increases the risk of default at that time. The ability of a borrower to repay a loan secured by an income-producing property typically
 is dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of
 the borrower. In the event of any default under a mortgage loan held directly by the Fund, it will bear a risk of loss of principal to
 the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan, which could
 have a material adverse effect on the profitability of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Mezzanine Loan Risk**. The Fund may invest in mezzanine loans that take the form of subordinated loans secured by a pledge of the ownership
 interests of either the entity owning the real property or the entity that owns the interest in the entity owning the real property. These
 types of investments involve a higher degree of risk than first mortgage loans secured by income producing real property because the investment
 may become unsecured as a result of foreclosure by the senior lender. As a result, the Fund may not recover some or all of its investment.

&nbsp;&nbsp;&nbsp;&nbsp;• **Loan Assignment and Participation Risk**. The Fund may purchase loan assignments and participations. As the purchaser of an assignment,
 the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement
 with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan
 and with regard to any associated collateral. Because assignments may be arranged through private negotiations, the rights and obligations
 acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender.
 In addition, if the loan is foreclosed, the Fund could have a partial ownership interest in any collateral and could bear the costs and
 liabilities of owning and disposing of the collateral. In connection with purchasing participations, the Fund generally will not have
 any right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against
 the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which

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it has purchased the participation. As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

&nbsp;&nbsp;&nbsp;&nbsp;• **Preferred Securities Risk**. The Fund may invest in preferred shares of other issuers. Preferred shares are securities that represent an ownership
 interest providing the holder with claims on the issuer's earnings and assets before common shareholders, but after bond holders
 and other creditors. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a
 fixed (or floating) dividend payment rate and/or a liquidity preference over the issuer's common shares. However, because preferred
 shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund's
 fixed income securities. Unlike debt securities, the obligations of an issuer of preferred stock, including dividend and other payment
 obligations, may not typically be accelerated by the holders of such preferred stock on the occurrence of an event of default or other
 non-compliance by the issuer of the preferred stock. Investments in preferred stock present market and liquidity risks. The value of a
 preferred stock may be highly sensitive to the economic condition of the issuer, and markets for preferred stock may be less liquid than
 the market for the issuer's common stock. In addition, the terms of preferred shares often do not include covenants that impose
 restrictions and obligations on the borrower to the degree that a lender may impose in connection with a loan.

&nbsp;&nbsp;&nbsp;&nbsp;• **CMBS Risk**. Commercial mortgage-backed securities ("CMBS") are, generally, securities backed by obligations (including certificates
 of participation in obligations) that are principally secured by mortgages on real property or interests therein having a multifamily
 or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes
 and senior living centers. CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential
 mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal.

&nbsp;&nbsp;&nbsp;&nbsp;• **Foreign Investing Risk**. Foreign investments by the Fund and Private Funds may be subject to economic, political, regulatory and social
 risks, which may affect the liquidity of such investments. Foreign ownership of Real Estate Securities may be restricted, requiring the
 Private Funds in which the Fund invests to share the applicable investment with local third party shareholders or investors, and there
 may be significant local land use and permit restrictions, local taxes and other transaction costs that adversely affect the returns sought
 by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Interval Fund Risk**. The Fund is a closed-end investment company that provides limited liquidity through quarterly repurchase offers under
 Rule 23c-3 under the Investment Company Act and is designed for long-term investors. Unlike many closed-end investment companies,
 the Fund's Shares are not listed on any securities exchange and are not publicly-traded. There is currently no secondary market
 for the Shares and the Fund expects that no secondary market will develop. Shares are subject to substantial restrictions on transferability
 and may only be transferred or resold in accordance with the LLC Agreement and the Fund's repurchase policy. Shareholders should
 not expect to be able to sell their Shares in a secondary market transaction regardless of how the Fund performs. Even though the Fund
 will offer to repurchase Shares on a quarterly basis, there is no guarantee that shareholders will be able to sell Shares at any given
 time or in the quantity desired. An investment in the Fund is considered an illiquid investment and the Shares are appropriate only for
 those investors who can tolerate risk and do not require a liquid investment. See "Quarterly Repurchases of Shares."

&nbsp;&nbsp;&nbsp;&nbsp;• **Valuation Risk**. The value of the Fund's investments will be difficult to ascertain and the valuations provided in respect of the Fund's
 Private Funds, the VCMIX Sub-REIT, private debt investments, and other private securities will likely vary from the amounts the Fund would
 receive upon withdrawal of its investments. While the valuation of the Fund's publicly-traded securities are more readily ascertainable,
 the Fund's ownership interest in the Private Funds, the VCMIX Sub-REIT, private debt investments, and other private securities that
 are not publicly traded will depend on appraisers, service providers, Arrangers, and the Manager to a Private Fund to provide a valuation,
 or assistance with a valuation, of the Fund's investment. Any such valuation is a subjective analysis of the fair market value of
 an asset and requires the use of techniques that are costly and time-consuming and ultimately provide no more than an estimate of value.
 Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a Manager as of a specific

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date, or of the VCMIX Sub-REIT provided by a property manager, may vary from the fair value of the investment that may be obtained if such investment were sold to a third party. For information about the value of the Fund's investment in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements that, if inaccurate, could adversely affect the Adviser's ability to value accurately the Fund's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;• **Private Funds Risk**. The Private Funds will not be subject to the Investment Company Act, nor will they be publicly traded. As a result,
 the Fund's investments in the Private Funds will not be subject to the protections afforded to shareholders under the Investment
 Company Act. These protections include, among others, certain corporate governance standards, such as the requirement of having a certain
 percentage of the directors serving on a board as independent directors, statutory protections against self-dealing by the Managers, and
 leverage limitations.

Further, the Private Funds are not subject to the same investment limitations as the Fund and may have different and contrary investment limitations and other policies. Unlike registered investment companies, the Private Funds currently are not obligated by regulations or law to disclose publicly the contents of their portfolios. As such, the Fund has limited visibility into the underlying investments of the Private Funds, and is dependent on information provided by the Managers. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the allocation of its assets, and otherwise comply with regulations applicable to the Fund, may result in style drift, and ultimately may limit the universe of Private Funds in which the Fund can invest.

Investment in Private Funds carries the risk of loss due to Private Funds' fraud, intentional or inadvertent deviations from a predefined investment strategy (including excessive concentration, directional investing outside of predefined ranges, excessive leverage or new capital markets), or poor judgment. During the lifetime of the Fund, there could be material changes in one or more Private Funds, including changes in control and mergers. The effect of such changes on a Private Fund cannot be predicted but could be material and adverse. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any such changes, resulting in substantial losses from risks of Private Funds.

In order to meet its obligation to provide capital for unfunded commitments, the Fund may be required to hold some, or in certain cases a substantial amount, of its assets temporarily in money market securities, cash or cash equivalents, possibly for several months; liquidate portfolio securities at an inopportune time; or borrow under a line of credit. This could make it difficult or impossible to take or liquidate a position in a particular security at a price consistent with the Adviser's strategy.

By investing in the Private Funds indirectly through the Fund, a shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by the Private Fund. In the aggregate, these fees might exceed the fees that would typically be incurred by a direct investment with a single Private Fund.

The Fund's investments in Private Funds are priced according to their fair value, as determined in good faith by the Adviser. These valuations are based on estimates, which may prove to be inaccurate; these valuations are used to calculate fees payable to the Adviser and the net asset value of the Fund's shares. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if readily available market values were available for all of the Fund's investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Joint Venture Risk**. The Fund, directly or indirectly through a Subsidiary or the VCMIX Sub-REIT, may enter into joint ventures with unaffiliated
 third parties to make investments. In certain of these joint ventures, the Fund may share control with the third-party partner (for example,
 the Fund may have approval rights over some or all of the joint venture's activities and, in limited circumstances, may have the
 ability to require that the joint venture take specific actions), even though the Fund may hold a majority of the economic interests of
 a joint venture. In many cases, the third-party partner may provide services for the joint venture or its assets, including, without limitation,
 management of day-to-day operations, asset management, property management, construction or development management, and leasing, refinancing
 or disposition related

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services. Such investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Fund and its joint venture partners may result in litigation or arbitration that would increase the Fund's expenses and prevent the Fund's Directors and officers from focusing their time and efforts on the Fund's business.

&nbsp;&nbsp;&nbsp;&nbsp;• **Property Manager Risk**. The Adviser, on behalf of the Fund or the VCMIX Sub-REIT, may hire property managers to manage properties and leasing
 agents to lease vacancies in properties held directly or indirectly by the VCMIX Sub-REIT. These property managers may be Fund affiliates
 or partners in joint ventures. The property managers may have significant decision-making authority with respect to the management of
 investment properties. The Fund's ability to direct and control how its investment properties are managed on a day-to-day basis
 may be limited. Thus, the success of the Fund may depend in large part on the ability of property managers to manage the day-to-day operations
 and the ability of leasing agents to lease vacancies in properties. Any adversity experienced by, or problems in the Fund's relationship
 with, property managers or leasing agents could adversely impact the operation and profitability of Fund investment properties *.* 

&nbsp;&nbsp;&nbsp;&nbsp;• **Loan Origination Risk**. The Fund may originate loans, including, without limitation, loans issued directly to real estate companies or
 in connection with projects focused on the management, development, construction, renovation, enhancement, maintenance, and/or operation
 of real estate. Loans originated by the Fund may be in the form of whole loans, secured and unsecured notes, senior and second lien loans,
 mezzanine loans, bridge loans or similar investments. The Fund may originate loans to public or private entities of all types, including
 loans to U.S. and non-U.S. governmental entities or loans issued in connection with projects authorized or sponsored by such entities.
 The Fund may originate loans to borrowers that are unrated or have credit ratings that are determined by one or more nationally recognized
 statistical rating organizations ("NRSROs") and/or the Adviser to be below investment grade. The loans the Fund invests in
 or originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or
 originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade,
 other than pursuant to any applicable law.

A significant portion of the Fund's investments may be originated, although the Fund's investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. The results of the Fund's origination activities depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Further, the Fund's inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the Fund's investment originations, business, liquidity, financial condition, results of operations and its ability to make distributions to Fund shareholders. After origination, the Fund may offer such investments for sale to third parties; however, there is no assurance that the Fund will complete the sale of any such investment. If the Fund is unable to sell, assign, or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in the Fund's investments being concentrated in certain borrowers. The Fund will be responsible for the fees and expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be borne by the Fund and indirectly borne by the shareholders.

Loan origination subjects the Fund to risks associated with debt instruments more generally, including credit risk, prepayment risk, valuation risk, and interest rate risk. Competition for originations of and investments in the Fund's target investments may lead to the price of such assets increasing or the decrease of interest income from loans originated by the Fund, which may further limit its ability to generate desired returns. In addition, as a result of this competition, desirable investments in the Fund's target investments may be limited in the future, and the Fund may not be able to take advantage of attractive investment opportunities from time to time, as the Fund can provide no assurance that the Adviser will be able to identify and make investments that are consistent with its investment objectives. In addition, the Fund may originate certain of its investments with the expectation of later syndicating a portion of such investment to third parties. Prior to such syndication, or if such syndication is not successful, the Fund's exposure to the originated investment may exceed the exposure that the Adviser intended to have over the long-term or would have had had it purchased such investment in the secondary market rather than originating it.

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Loan originators are subject to certain state law licensing and regulatory requirements and loan origination and servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of their business. In addition, a number of participants in the loan origination and servicing industry (including control persons of industry participants) have been the subject of regulatory actions by state regulators, including state Attorneys General, and by the federal government. Governmental investigations, examinations, regulatory actions, or private lawsuits may adversely affect such companies' financial results. To the extent the Fund engages in loan origination and/or servicing, the Fund will be subject to enhanced risks of litigation, regulatory actions, and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties, or other charges, any or all of which could materially adversely affect the Fund and its holdings.

&nbsp;&nbsp;&nbsp;&nbsp;• **Access Risk**. The Adviser is reliant on its relationships with Arrangers in connection with the Adviser's management of the Fund.
 To the extent the Adviser is unable to develop or maintain relationships with qualified Arrangers, the Adviser may have difficulty ensuring
 the Fund's access to suitable investment opportunities. On an ongoing basis, it cannot be certain that the Adviser and/or the Arrangers
 will be able to continue to locate a sufficient number of suitable investment opportunities to allow the Fund to fully implement its investment
 strategy. In addition, privately negotiated investments in loans and illiquid securities of private companies require substantial due
 diligence and structuring, and the Fund may not be able to achieve its anticipated investment pace. These factors increase the uncertainty,
 and thus the risk, of investing in the Fund. To the extent the Fund is unable to deploy its capital, its investment income and, in turn,
 the results of its operations, will likely be materially adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Disruption, Health Crises, Terrorism and Geopolitical Risks**. The Fund's investments may be negatively affected by the broad investment
 environment in the real estate market, the debt market and/or the equity securities market. The investment environment is influenced
 by, among other things, interest rates, inflation, politics, fiscal policy, current events, competition, productivity and technological
 and regulatory change. In addition, the Fund may be adversely affected by uncertainties such as war, terrorism, international
 political developments, sanctions or embargos, tariffs and trade wars, diplomatic events, changes in government policies,
 global health crises or similar pandemics, and other related geopolitical events may lead to increased short-term market volatility
 and have adverse long-term effects on world economies and markets generally, as well as adverse effects on issuers of securities
 and the value of investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Currency and Exchange Rate Risks**. The Fund may engage in practices and strategies that will result in exposure to fluctuations in foreign
 exchange rates, including through investments in the Private Funds and Real Estate Securities, in which case the Fund will be subject
 to foreign currency risk. The Fund's Shares are priced in U.S. dollars and the capital contributions to, and distributions from,
 the Fund are paid in U.S. dollars. However, because a portion of the Fund's assets may be denominated directly in foreign (non-U.S.)
 currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, the Fund will be subject to the risk
 that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will
 decline in value relative to the currency being hedged. Currency rates in foreign (non-U.S.) countries may fluctuate significantly over
 short periods of time for a number of reasons. These fluctuations may have a significant adverse impact on the value of the Fund's
 portfolio and/or the level of Fund distributions.

&nbsp;&nbsp;&nbsp;&nbsp;• **Environmental and Unforeseen Liabilities Risk**. The Fund could face substantial risk of loss from claims based on environmental problems associated
 with the real estate underlying the Fund's investments, including claims in connection with adverse effects from global climate
 change. For example, persistent wildfires, a rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in
 flooding could cause properties to lose value or become unmarketable altogether. Furthermore, changes in environmental laws or in the
 environmental condition of an asset may create liabilities that did not exist at the time of the acquisition of such investment by the
 Fund and that could not have been foreseen. Such laws often impose liability whether or not the owner or operator knew of, or was responsible
 for, the presence of such environmental condition. Divestment trends tied to concerns about climate change could also adversely affect
 the value of certain assets. In addition, the Fund could be affected by undisclosed matters, including, but not

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limited to, legal easements, breaches of planning legislation, building regulations and statutory regimes, and duties payable to municipalities and counties. It is therefore possible that the Fund could acquire an investment affected by such matters, which may have a material adverse effect on the value of such investments.

&nbsp;&nbsp;&nbsp;&nbsp;• **Business and Regulatory Risks**. Legal, tax and regulatory changes (including laws relating to taxation of the Fund's investments,
 trade barriers and currency exchange controls), as well as general economic and market conditions (such as interest rates, availability
 of credit, credit defaults, inflation rates and general economic uncertainty) and national and international political circumstances,
 may adversely affect the Fund. Recent technological developments in, and the increasingly widespread use of, artificial intelligence,
 including machine learning technology and generative artificial intelligence (collectively "AI Technologies"), may
 pose risks to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Fees and Expenses Risk**. By investing in the Private Funds, the Subsidiaries, and the VCMIX Sub-REIT indirectly through the
 Fund, a shareholder bears two layers of fees and expenses – at the Fund level and the Private Fund, Subsidiary, or the
 VCMIX Sub-REIT level – in addition to indirectly bearing any performance fees charged by a Private Fund. In the aggregate,
 these fees and expenses could be substantial and adversely affect the value of any investment in the Fund. The Adviser has contractually
 agreed to reduce its Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the
 VCMIX Subsidiary and to waive any management fees it receives from the VCMIX Sub-REIT in order to avoid "double-counting"
 assets. In addition, to the extent investment opportunities are made available through Arrangers, the Fund will be responsible
 for sourcing fees and other compensation.

&nbsp;&nbsp;&nbsp;&nbsp;• **Focused Investment Risk**. The Fund may, from time to time, invest a substantial portion of its assets in a particular asset type, industry,
 sector, geographic location or securities instrument. As a result, the Fund's portfolio may be subject to greater risk and volatility
 than if investments had been made in a broader diversification of investments in terms of asset type, industry, sector, geographic location
 or securities instrument. To the extent that the Fund's portfolio is focused in a property type, industry, sector, geographic location
 or securities instrument, the risk of any investment decision is increased.

&nbsp;&nbsp;&nbsp;&nbsp;• **Issuer Risk**. Issuer risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management
 performance, financial leverage and reduced demand for the issuer's goods or service.

&nbsp;&nbsp;&nbsp;&nbsp;• **High Yield Securities Risk**. High yield securities (commonly referred to as "junk bonds") are below investment grade debt
 securities or comparable unrated securities and are considered predominantly speculative. Lower rated and comparable unrated debt securities
 tend to offer higher yields than higher rated securities with the same maturities because the historical financial condition of the issuers
 of such securities may not have been as strong as that of other issuers. However, lower rated securities generally involve greater risks
 of loss of income and principal than higher rated securities. Changes in economic conditions are more likely to lead to a weakened capacity
 for the issuers of these securities to make principal payments and interest payments. An economic recession could disrupt the market for
 high yield securities and may have an adverse impact on the value of such securities. An economic downturn also could adversely affect
 the ability of leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Factors having an adverse
 impact on the market value of lower quality securities will have an adverse effect on the Fund's NAV to the extent that it invests
 in such securities. In addition, the Fund may incur additional expenses to the extent it is required to seek recovery upon a default in
 payment of principal or interest on its portfolio holdings or to take other steps to protect its investment in an issuer.

&nbsp;&nbsp;&nbsp;&nbsp;• **Diversification Risk**. The Fund is a "non-diversified" management investment company under the Investment Company Act. This means that
 the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified
 as a "diversified" management investment company. Accordingly, the Fund may be subject to greater risk with respect to its
 portfolio securities than a "diversified" fund because changes in the financial condition or market assessment of a single
 issuer may cause greater fluctuation in the value of its interests.

17<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• **Reliance on Key Persons Risk**. The Fund relies on the services of certain executive officers who have relevant knowledge of Real Estate-Related
 Investments, debt, and real estate assets, and familiarity with the Fund's investment objective, strategies and investment features.
 The loss of the services of any of these key personnel could have a material adverse impact on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Privately Placed Securities Risk**. The Fund may invest in non-exchange traded securities, including privately placed securities,
 which are subject to liquidity and valuation risks. These risks may make it difficult for those securities to be traded or valued,
 especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer's financial condition.
 The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments
 to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding
 such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser
 to fully evaluate the risks of investing in such securities and as a result place the Fund's assets at greater risk
 of loss than if the Adviser had more complete information. In addition, the issuers of non-exchange traded securities
 may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded
 securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them
 promptly at an acceptable price may be difficult or impossible.

&nbsp;&nbsp;&nbsp;&nbsp;• **Underlying Investment Risk**. By investing through certain investment vehicles, including the VCMIX Sub-REIT or one or more Subsidiaries, the
 Fund is exposed to the risks associated with the investments of such vehicles. There can be no assurance that the investment objective
 of an underlying investment vehicle will be achieved. Neither the Subsidiaries nor the VCMIX Sub-REIT will be registered under the Investment
 Company Act, and therefore such entities are not subject to all of the investor protections of the Investment Company Act. Changes in
 the laws of the United States and/or the jurisdiction in which a Subsidiary or the VCMIX Sub-REIT is organized could result in the inability
 of the Fund, a Subsidiary, and/or the VCMIX Sub-REIT to operate as intended and could adversely affect the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• **Tax Risks – Fund**. Special tax risks are associated with an investment in the Fund. Because the Fund intends to qualify and has
 elected to be treated as a RIC under Subchapter M of the Code, it must satisfy, among other requirements, diversification and
 90% gross income requirements, and a requirement that it distribute at least 90% of its ordinary income and net short-term gains
 in the form of deductible dividends. These requirements for qualification for the favorable tax treatment available to RICs require
 that the Adviser obtain information from or about the Private Funds in which the Fund is invested. However, Private Funds generally
 are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser
 to monitor the sources of the Fund's income and the diversification of its assets, and otherwise to comply with Subchapter
 M of the Code. Ultimately, this may limit the universe of Private Funds in which the Fund can invest and may adversely bear on
 the Fund's ability to qualify as a RIC under Subchapter M of the Code. See also "Tax Risks – Sub-REIT"
 below.

&nbsp;&nbsp;&nbsp;&nbsp;• **Tax Risks – Subsidiaries**. In order to qualify as a RIC , the Fund must limit its investment in any one issuer or any two
 or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses to no more than
 25% of the Fund's total assets. It is possible that the VCMIX Sub-REIT, the VCMIX Subsidiary, and/or any other Subsidiary
 will be treated as engaged in the same, similar or related trades or businesses for this purpose. As a result, the Fund may be
 required to limit its investment in such entities in the aggregate to 25% of the Fund's total assets.

The VCMIX Subsidiary has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCMIX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund. Changes in the tax laws of the United States and/or any state in which a Subsidiary is organized could result in the inability of the Fund and/or the Subsidiary to operate as described in this Prospectus and the Fund's SAI and could adversely affect the Fund and its shareholders.

18<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• **Tax Risks – Sub-REIT**. The VCMIX Sub-REIT will elect to be taxed as a REIT for U.S. federal income tax purposes. As long as certain
 requirements are met, a REIT generally is not subject to entity-level tax on the income and gain it distributes to its shareholders. In order to qualify as a REIT under the Code, the VCMIX Sub-REIT must satisfy a number of requirements on a continuing
 basis, including requirements regarding the composition of its assets, sources of its gross income, distributions and shareholder ownership. The Fund intends to structure the VCMIX Sub-REIT and its activities in a manner designed to satisfy all of these requirements.
 However, the application of such requirements is not entirely clear, and it is possible that the Internal Revenue Service
 (" IRS ") may interpret or apply those requirements in a manner that jeopardizes the ability of the VCMIX
 Sub-REIT to satisfy all of the requirements for qualification as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;• **REITs Risk**. The Fund will have exposure to real estate indirectly through Private Funds and entities that are intended to qualify as
 REITs, including the VCMIX Sub-REIT. The risks of investing in REITs include certain risks associated with the real estate industry in
 general. See "Real Estate-Related Securities Risk" in this section. Investments in REITs also involve unique risks. REITs
 may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities.
 In addition, to the extent the Fund holds interests in REITs, investors in the Fund may bear two layers of asset-based management fees
 and expenses (directly at the Fund level and indirectly at the REIT level), in addition to indirectly bearing any performance fees charged
 by a Private Fund. In addition, REITs may fail to qualify for the favorable tax treatment available to REITs or may fail to maintain their
 exemptions from investment company registration. Qualification as a REIT under the Code in any particular year is a complex analysis that
 depends on a number of factors. There can be no guarantee that any entity in or through which the Fund invests will qualify as a REIT.
 An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends
 paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were
 to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund's yield on that investment
 and could adversely affect the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• **Hedging Transactions Risk**. Hedging transactions may limit the opportunity for gain if the value of the portfolio position should increase.
 There can be no assurance that the Fund or a Private Fund will engage in hedging transactions at any given time, even under volatile market
 conditions, or that any hedging transactions the Fund or a Private Fund engages in will be successful. Moreover, it may not be possible
 for the Fund or a Private Fund to enter into a hedging transaction at a price sufficient to protect its assets. The Fund or a Private
 Fund may not anticipate a particular risk so as to hedge against it.

&nbsp;&nbsp;&nbsp;&nbsp;• **Market Capitalization Risk**. The Sub-Advisers may invest in equity securities without restriction as to market capitalization, such as
 those issued by medium-sized and smaller capitalization companies, including micro-cap companies, which may involve higher risks in some
 respects than do investments in securities of larger companies. Those securities, particularly smaller-capitalization stocks, involve
 higher risks in some respects than do investments in securities of larger companies. Small-cap and micro-cap stocks typically involve
 greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable, their share prices tend
 to be more volatile, and their markets less liquid than stocks of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;• **Emerging Markets Risk**. Investing in securities of companies based in emerging countries or issued by the governments of such countries involves
 certain considerations not usually associated with investing in securities of developed countries or of companies located in developed
 countries, including political and economic considerations. In addition, accounting and financial reporting standards that prevail in
 certain of such countries generally are not equivalent to standards in more developed countries and, consequently, less information is
 available to investors in companies located in these countries than is available to investors in companies located in more developed countries.
 There also is less regulation, generally, of the securities markets in emerging countries than there is in more developed countries.

&nbsp;&nbsp;&nbsp;&nbsp;• **Direct Lending Risk**. To the extent the Fund is the sole lender in privately offered debt, it may be solely responsible for the expense
 of servicing that debt, including, if necessary, taking legal actions to foreclose on any security instrument securing the debt (*e.g.*,
 the mortgage or, in the case of a mezzanine loan, the pledge). This may increase the risk and expense to the Fund compared to syndicated
 or publicly offered debt.

19<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• **Reference Benchmark Risk**. The terms of investments, financings or other transactions (including certain derivatives transactions) to
 which the Fund may be a party are tied to interest rates and other types of rates and indices which may be classed as "benchmarks."
 Such rates have been the subject of ongoing national and international regulatory reform, including the global transition away
 from the London Interbank Offered Rate ("LIBOR") to alternative reference rates such as the Secured Overnight Financing
 Rate ("SOFR"). SOFR is an index rate calculated based on short-term repurchase agreements backed by U.S. Treasury
 Instruments. While LIBOR was an unsecured rate, SOFR is a secured rate. There can be no assurance that SOFR will perform in the
 same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in
 the market, monetary policy, bank credit risk, market volatility or global or regional economic, financial, political, regulatory,
 judicial or other events. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that
 is materially adverse to the interests of the Fund. If the manner in which SOFR is calculated is changed, that change may result
 in a reduction of the amount of interest payable on SOFR-linked floating rate instruments and the trading prices of such instruments.
 Additionally, daily changes in SOFR have, on occasion, been more volatile than daily changes in other benchmark or market rates.
 Although occasional, increased daily volatility in SOFR would not necessarily lead to more volatile interest payments, the return
 on and value of SOFR-linked floating rate instruments may fluctuate more than floating rate instruments that are linked to less
 volatile rates.

In addition, certain benchmarks have been the subject of regulatory reform under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cybersecurity Risk**. The Fund is susceptible to operational and information security risks relating to technologies such as the Internet.
 Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations,
 potentially resulting in financial losses, impediments to trading, the inability of the Fund to transact business, violations
 of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs,
 or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting the Fund investments,
 counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, banks, brokers, dealers,
 insurance companies and other financial institutions. In addition, substantial costs may be incurred in order to prevent cyber
 incidents in the future. The rapid development and increasingly widespread use of AI Technologies may increase cybersecurity
 risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Inflation/Deflation Risk**. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation
 decreases the value of money. Inflation, and investors' expectation of future inflation, can impact the current value of
 portfolio investments, resulting in lower asset values and losses to Fund investors. Inflation rates may change frequently and
 drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's
 investments may not keep pace with inflation, which may result in losses to Fund shareholders or adversely affect the real value
 of investments in the Fund. Deflation risk is the risk that the prices throughout the economy decline over time—the opposite
 of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely,
 which may result in a decline in the value of the Fund's portfolio.

**You should invest in the Fund only if you can sustain a complete loss of your investment. An investment in the Fund should be viewed only as part of an overall investment program. No assurance can be given that the Fund's investment program will be successful.** 

20<br>

------

#### SUMMARY OF FUND EXPENSES
The following table summarizes the expenses of the Fund and is intended to assist shareholders and potential investors in understanding the various costs and expenses that they will bear, directly or indirectly, by investing in the Fund. Each figure below relates to a percentage of the Fund's daily NAV over the course of a year. The following table has been prepared under the assumption that the weighted average net assets over a fiscal year will be approximately $1.8 billion, which is the Fund's net assets as of March 31, 2025. The total expenses associated with the Fund are higher than those of other types of funds that do not invest primarily in other investment vehicles. This is because the shareholders of the Fund pay the Investment Management Fee to the Adviser and also pay the fees and expenses charged by the Private Funds (indirectly) and Sub-Advisers acting as sub-advisers, to the extent the assets of the Fund are invested in Private Funds or have been allocated to Sub-Advisers acting as sub-advisers.

---

| | |
|:---|:---|
|  | **Shares**  |
| **Shareholder Transaction Expenses**<br>|  |
| &nbsp;&nbsp;&nbsp; Maximum Sales Load (percentage of offering price)<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp; Dividend Reinvestment Fees |  |
| &nbsp;&nbsp;&nbsp; Maximum Early Withdrawal Charge |  |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (as a percentage of net assets attributable to Shares)<sup>(2)</sup>**<br>|  |
| &nbsp;&nbsp;&nbsp; Management Fees<sup>(3)</sup> | 1.06%  |
| &nbsp;&nbsp;&nbsp; Other Expenses<sup>(4)</sup> | 0.18%  |
| &nbsp;&nbsp;&nbsp; Interest Payments on Borrowed Funds<sup>(5)</sup> | 0.38%  |
| &nbsp;&nbsp;&nbsp; Acquired Fund Fees and Expenses<sup>(6)</sup> | 0.03%  |
| &nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses<sup>(7)</sup> | 1.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Shares are not subject to a Sales Load.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total Annual Fund Operating Expenses represent the Fund's expenses estimated based on the Fund's net assets as of March 31, 2025 . The Fund's Total Annual Fund Operating Expenses do not include the indirect costs of the underlying Other Private Funds, as discussed further in footnote 6 below.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Management Fees include the Investment Management Fee paid to the Adviser at an annual rate of 0.95% of NAV, which accrues daily and is payable quarterly in arrears. To the extent the Fund utilizes a Subsidiary or the VCMIX Sub-REIT, the Adviser contractually agrees to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from a Subsidiary and to waive any management fees payable by the VCMIX Sub-REIT, such that, for the collective net assets of the Fund and the Subsidiaries and the VCMIX Sub-REIT, the total Investment Management Fee is calculated at a rate of 0.95%. Each of these waivers will continue for so long as the Investment Management Agreement is in effect and may be terminated only upon approval by the Directors of the Fund, including a majority of the Independent Directors. Management Fees also include fees and expenses of the Sub-Advisers in their capacity as sub-advisers of 0.11% reflecting actual fees incurred based on the amount of assets managed by the Sub-Advisers during the Fund's fiscal year ended March 31, 2025 . The fees such Sub-Advisers charge the Fund are based on the Sub-Adviser's sub-advisory agreement. The Management Fees paid to a Sub-Adviser in its capacity as a sub-adviser are assessed on a sliding scale from 1.0% down to 0.45% based on assets under management and is payable in arrears on a monthly or quarterly basis. Based upon the assumptions above, this translates to a weighted average fee of approximately 0.60 % of the allocable portion of the Fund's assets managed by such Sub-Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;(4) "Other Expenses" are estimated based on the Fund's net assets as of March 31, 2025 . Such estimated expenses of the Fund, including, among other things, fees and other expenses that the Fund will bear directly, the Fund's ongoing offering costs, certain fees and expenses of the VCMIX Subsidiary, and fees and expenses of certain service providers, will vary. "Other Expenses" excludes operating costs of the VCMIX Sub-REIT. The Fund did not incur such expenses for its fiscal year ending March 31, 2025 and estimates the operating costs will be 0.01% of the Fund's net assets for the fiscal year ending March 31, 2026. The Fund's annual expense ratio will increase if the Fund's asset level decreases. Given the variability in the Fund's Other Expenses, the Fund's Total Annual Fund Operating Expenses may increase as a percentage of the Fund's average net assets if the Fund's assets decrease. Actual fees and expenses may be greater or less than those shown. See "Management of the Fund – Other Expenses of the Fund."

&nbsp;&nbsp;&nbsp;&nbsp;(5) Assumes interest expense accrued at the estimated rate of 5.50 % on the estimated average borrowed funds used to employ leverage for the current fiscal year. The actual amount of borrowing costs borne by the Fund will vary over time based on the Fund's use of borrowings and variations in market interest rates. The Fund's interest expense, and therefore its borrowing costs, will increase in a rising interest rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Acquired Fund Fees and Expenses ("AFFE") include certain of the fees and expenses incurred indirectly by the Fund as a result of investment in shares of investment companies (including short-term cash sweep vehicles) and certain Private Funds. Although the Private Funds are not investment companies registered pursuant to the Investment Company Act, some of the fund structures may be 3(c)(1)/3(c)(7) Funds (which, for the avoidance of doubt, but for Section 3(c)(1) or 3(c)(7) would meet the definition of investment company under the Investment Company Act and not qualify for any other exemption) while many others are Other Private Funds that would not be investment companies for reasons other than the exemptions in Sections 3(c)(1) and 3(c)(7). AFFE includes certain of the fees and expenses, such as management fees (including performance fees, where applicable), audit, and legal expenses ("Operating Costs"), incurred indirectly by the Fund through its investments in 3(c)(1)/3(c)(7) Funds (based on information provided by the managers of such 3(c)(1)/3(c)(7) Funds), but excludes the Operating Costs incurred by the Fund through its investments in Other Private Funds. The calculation of AFFE is based on the Fund's net assets of $1.8 billion at March 31, 2025 and assumes investments in 3(c)(1)/3(c)(7) Funds of 2 % of the Fund's net assets, which is the Fund's actual March 31, 2025

21<br>

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#### **TABLE OF CONTENTS**
allocation. These allocations may change substantially over time and such changes may significantly affect AFFE. **As of March 31, 2025, approximately 82% of the Fund's net assets were invested in Other Private Funds. If the estimated Operating Costs of such Other Private Funds (which equal approximately 0.92% of the Fund's net assets) were included in AFFE, the Fund's Total Annual Fund Operating Expenses would equal 2.57%.**

&nbsp;&nbsp;&nbsp;&nbsp;(7) The Total Annual Fund Operating Expenses provides a summary of all the direct fees and expenses of the Fund, but exclude the operating costs of the Other Private Funds. See footnote 6.

#### Example
The following example illustrates the hypothetical Annual Fund Operating Expenses that you would pay on a $1,000 investment in the Fund assuming a 5% return and that annual expenses attributable to Shares remain unchanged. The example assumes that you invest $1,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. **The example does not present actual expenses and should not be considered a representation of future expenses. Actual Fund expenses may be greater or less than those shown.**

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years**  |
| $17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $197 |

---

**The purpose of the tables above is to assist you in understanding the various costs and expenses you would bear directly or indirectly as a shareholder of the Fund. For a more complete description of the various costs and expenses of the Fund. See "Management of the Fund."** 

22<br>

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#### **TABLE OF CONTENTS**

#### FINANCIAL HIGHLIGHTS
The information in the table below for the fiscal years ended March 31, 2025, 2024, 2023, 2022, and 2021 is derived from the Fund's financial statements for the fiscal year ended March 31, 2025 audited by Grant Thornton LLP, an independent registered public accounting firm, whose report on such financial statements is contained in the Fund's March 31, 2025 Annual Report and is incorporated by reference into the Statement of Additional Information.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31, 2025** | **Year Ended March 31, 2024** | **Year Ended March 31, 2023** | **Year Ended March 31, 2022** | **Year Ended March 31, 2021**  |
| **Net Asset Value, Beginning of Year** | $24.99 | $28.23 | $31.42 | **$27.57** | $26.95  |
| Income from Investment Operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.44 | 0.48 | 0.55 | 0.56 | 0.56  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.14) | (2.67) | (2.58) | 5.20 | 1.12 |
| Total from investment operations | 0.30 | (2.19) | (2.03) | 5.76 | 1.68  |
| **Less Distributions to Shareholders from:**<br>|  |  |  |  |  |
|  Distribution from Net Investment Income and Net Realized Gains | (0.53) |  | (0.62) | (1.82)<sup>(b)</sup> | (0.86) |
| Return of Capital | (0.47) | (1.05) | (0.54) | (0.09) | (0.20)  |
| Total Distributions | (1.00) | (1.05) | (1.16) | (1.91) | (1.06)  |
| **Net Asset Value, End of Year** | $24.29 | $24.99 | $28.23 | $31.42 | $27.57  |
| **Total Return Based on Net Asset Value** | 1.22% | (8.06%) | (5.92%) | 21.04% | 6.00 %  |
| **Ratios and Supplemental Data**<br>|  |  |  |  |  |
| Net Assets at end of period (000's) | $1800454 | $2131341 | $2723823 | $3213495 | $2496261  |
| Ratios of gross expenses to average net assets <br>| 1.46% | 1.38% | 1.25% | 1.24% | 1.20%  |
| Ratios of net expenses to average net assets | 1.46% | 1.38% | 1.25% | 1.24% | 1.20%  |
| Ratios of net investment income to average net assets | 1.77% | 1.80% | 1.81% | 1.90% | 2.09%  |
| Portfolio turnover rate | 12.88% | 8.84% | 24.11% | 33.66% | 26.19% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per Share amounts are calculated
 based on average outstanding shares.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes one-time distribution
 of net realized gains of $0.74 per share paid on December 29, 2021.

23<br>

------

#### **TABLE OF CONTENTS**
The information in the table below for the Fund's Common Shares (formerly "Class I-Shares") for the fiscal years ended March 31, 2020, 2019, 2018, 2017, and 2016, is derived from the Fund's financial statements for the fiscal year ended March 31, 2020.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended March 31, 2020**  | **Year Ended March 31, 2019** | **Year Ended March 31, 2018** | **Year Ended March 31, 2017**  | **Year Ended March 31, 2016**  |
| **Net Asset Value, Beginning of Year** | $28.22 | $27.70 | $27.52 | $27.30 | $26.47  |
| Income from Investment Operations:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.67 | 0.77 | 0.65 | 0.67 | 0.65  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (0.74) | 0.99 | 0.79 | 0.85 | 1.46  |
| Total from investment operations | (0.07) | 1.76 | 1.44 | 1.52 | 2.11  |
| **Less Distributions to Shareholders from:**<br>|  |  |  |  |  |
| Distribution from Net Investment Income | (0.73) | (0.79) | (0.61) | (0.75) | (0.39)  |
| Return of Capital | (0.47) | (0.45) | (0.65) | (0.55) | (0.89)  |
| Total Distributions | (1.20) | (1.24) | (1.26) | (1.30) | (1.28)  |
| **Net Asset Value, End of Year** | $26.95 | $28.22 | $27.70 | $27.52 | $27.30  |
| **Total Return Based on Net Asset Value** | (0.27%) | 6.70% | 5.32% | 5.79% | 8.58%  |
| **Ratios and Supplemental Data**<br>|  |  |  |  |  |
| Net Assets at end of period (000's) | $2965212 | $2797314 | $2184488 | $1390152 | $688906  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratios of gross expenses to average net <br>assets | 1.19% | 1.17% | 1.24% | 1.27% | 1.35%  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratios of net expenses to average net <br>assets | 1.19% | 1.17% | 1.24% | 1.27% | 1.34%  |
| Ratios of net investment income to average net assets  | 2.37% | 2.77% | 2.37% | 2.45% | 2.44%  |
| Portfolio turnover rate | 15.77% | 13.48% | 13.03% | 24.97% | 20.93% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Per Share amounts are calculated
 based on average outstanding shares.

24<br>

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#### RISK FACTORS
An investment in the Fund is subject to a high degree of risk. Risks of investing in the Fund, or in an investment vehicle managed by Managers (as defined below) utilized by the Fund, include, but are not limited to, those outlined below. For purposes of this section, references to "the Adviser" should be read to include the Sub-Advisers and the Managers and references to "the Fund" should be read to include the Private Funds, the Subsidiaries, and the VCMIX Sub-REIT, in each case as applicable. The principal risks of the Fund reflect the aggregate operations of the Fund, its Subsidiaries, and the VCMIX Sub-REIT. You should consider carefully the risks before investing in the Shares. You may also wish to consult with your legal and tax advisors before deciding whether to invest in the Fund.

#### Real Estate-Related Securities Risk
The Fund will not invest in real estate directly, but will invest in real estate-related debt, consisting of mezzanine and first mortgage debt, and directly in real estate through the VCMIX Sub-REIT and other entities that qualify to be treated for tax purposes as REITs or investment vehicles treated similarly as private REITs for tax purposes. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties. REIT share prices may decline because of adverse developments affecting the real estate industry and real property values.

The following risks may affect real estate markets generally or specific assets and include, without limitation, general economic and social climate, regional and local real estate conditions, the supply of and demand for properties, the financial resources of tenants, competition for tenants from other available properties, the ability of the Private Funds to manage the real properties, changes in building, environmental, tax or other applicable laws, changes in real property tax rates, changes in interest rates, negative developments in the economy that depress travel activity, uninsured casualties, acts of God and other factors which are beyond the control of the Fund and the Adviser. Furthermore, changes in interest rates or the availability of debt may render the investment in real estate assets difficult or unattractive. The possibility of partial or total loss of capital will exist and investors should not subscribe unless they can readily bear the consequences of such loss. Many of these factors could cause fluctuations in occupancy rates, rent schedules or operating expenses, resulting in a negative effect on the value of real estate assets. Valuation of real estate assets may fluctuate. The capital value of the Fund's investments may be significantly diminished in the event of a downward turn in real estate market prices.

Moreover, certain expenditures associated with real estate, such as taxes, debt service, maintenance costs and insurance, tend to increase over time and, in most cases, are not decreased by events adversely affecting rental revenues such as an unforeseen downturn in the real estate market, a lack of investor confidence in the market or a softening of demand. Thus, the cost of operating a property may exceed the rental income thereof. Insurance to cover losses and general liability in respect of properties may not be available or may be available only at prohibitive costs to cover losses from ongoing operations and other risks such as terrorism, earthquake, flood or environmental contamination. Even with comprehensive insurance to permit replacement in the event of total loss, certain types of losses are uninsurable or are not economically insurable, and the Fund will have no control over whether such insurance is maintained by the issuers in which it invests.

The Fund will invest in commercial real estate loans, mortgage loans, CMBS, B-Notes, mezzanine loans, and other similar types of investments. Certain factors may affect materially and adversely the market price and yield of such debt securities, including investor demand, changes in the financial condition of the borrower, government fiscal policy and domestic or worldwide economic conditions. Commercial real estate loans are secured by multifamily or commercial property and are subject to risks of delinquency and foreclosure. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. Net operating income of an income-producing property can be affected by, among other things: tenant mix, success of tenant businesses, property management decisions, property location and condition, competition from comparable types of properties, changes in laws that increase operating expenses or limit rents that may be charged, any need to address environmental contamination at the property, the occurrence of any uninsured casualty at the property, changes in national, regional or local economic conditions and/or specific industry segments, declines in regional or local real estate values, declines in regional or local rental or occupancy rates, increases in interest rates, real estate tax rates and other operating expenses, and changes in governmental rules, regulations and fiscal policies, including environmental legislation, natural disasters, terrorism, social unrest and civil disturbances.

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In the event of any default under a mortgage loan held by the Fund, the Fund will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan, which could have a material adverse effect on the Fund's cash flow from operations. In the event of a default by a borrower on a non-recourse loan, the only recourse for the holder of that investment will be to the underlying asset (including any escrowed funds and reserves) collateralizing the loan. If a borrower defaults on a commercial real estate loan and the underlying asset collateralizing the commercial real estate loan is insufficient to satisfy the outstanding balance of the commercial real estate loan, this may cause a loss of principal or interest for the Fund. In addition, even if with recourse to a borrower's assets, there may not be full recourse to such assets in the event of a borrower bankruptcy.

Foreclosure of a mortgage loan can be an expensive and lengthy process that could have a substantial negative effect on anticipated returns on the foreclosed mortgage loan. In the event of the bankruptcy of a mortgage loan borrower, the mortgage loan to such borrower will be deemed to be secured only to the extent of the value of the underlying collateral at the time of bankruptcy (as determined by the bankruptcy court), and the lien securing the mortgage loan will be subject to the avoidance powers of the bankruptcy trustee or debtor-in-possession to the extent the lien is unenforceable under state law.

If the Fund makes or invests in mortgage loans and there are defaults under those mortgage loans, the Fund may not be able to repossess and sell the underlying properties in a timely manner. The resulting time delay could reduce the value of the investment in the defaulted mortgage loans. An action to foreclose on a property securing a mortgage loan is regulated by state statutes and regulations and is subject to many of the delays and expenses of other lawsuits if the defendant raises defenses or counterclaims. In the event of default by a mortgagor, these restrictions, among other things, may impede the Fund's ability to foreclose on or sell the mortgaged property or to obtain proceeds sufficient to repay all amounts due to the Fund on the mortgage loan.

*B-Notes. The Fund may invest in B-Notes. A B-Note is a mortgage loan typically (i) secured by a first mortgage on a single large commercial property or group of related properties and (ii) subordinated to an A-Note secured by the same first mortgage on the same collateral. As a result, if a borrower defaults, there may not be sufficient funds remaining for B-Note holders after payment to the A-Note holders. Since each transaction is privately negotiated, B-Notes can vary in their structural characteristics and risks. For example, the rights of holders of B-Notes to control the process following a borrower default may be limited in certain investments. The Fund cannot predict the terms of each B-Note investment and does not have control over the terms of the investments held by a Private Fund. Further, B-Notes typically are secured by a single property, and so reflect the increased risks associated with a single property compared to a pool of properties.* 

*Mezzanine Loans. The Fund may invest in mezzanine loans that take the form of subordinated loans secured by a pledge of the ownership interests of either the entity owning the real property or an entity that owns (directly or indirectly) the interest in the entity owning the real property. These types of investments may involve a higher degree of risk than long-term senior mortgage lending secured by income-producing real property because the investment may become unsecured as a result of foreclosure by the senior lender. In the event of a bankruptcy of the entity providing the pledge of its ownership interests as security, the Fund may not have full recourse to the assets of such entity, or the assets of the entity may not be sufficient to satisfy the Fund's mezzanine loan. If a borrower defaults on the Fund's mezzanine loan or debt senior to the Fund's loan, or in the event of a borrower bankruptcy, the Fund's mezzanine loan will be satisfied only after the senior debt. As a result, the Fund may not recover some or all of the Fund's investment. In addition, mezzanine loans may have higher loan-to-value ratios than conventional mortgage loans, resulting in less equity in the real property and increasing the risk of loss of principal.* 

The Fund may acquire interests in subordinated loans and invest in subordinated mortgage-backed securities. In the event a borrower defaults on a subordinated loan and lacks sufficient assets to satisfy the Fund's loan, there may be a loss of principal or interest. In the event a borrower declares bankruptcy, the holder of the investment may not have full recourse to the assets of the borrower, or the assets of the borrower may not be sufficient to satisfy the loan.

In general, losses on a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, and then by the "first loss" subordinated security holder. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit and any classes of securities junior to those in which held by the Fund, the Fund may not be able to recover all of the Fund's investment in the securities purchased. In addition, if the underlying mortgage portfolio has been overvalued by the originator, or if the

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values subsequently decline and, as a result, less collateral is available to satisfy interest and principal payments due on the related mortgage-backed securities, the securities in which the Fund may effectively become the "first loss" position behind the more senior securities, which may result in significant losses to the Fund.

Investments in commercial real estate loans are subject to changes in credit spreads. When credit spreads widen, the economic value of such investments decrease. Even though a loan may be performing in accordance with its loan agreement and the underlying collateral has not changed, the economic value of the loan may be negatively impacted by the incremental interest foregone from the widened credit spread.

Investment in long-term fixed rate debt securities will decline in value if long-term interest rates increase. Additionally, investments in floating-rate debt will be impacted by decreases in interest rates that may have a negative effect on value and interest income. Declines in market value may ultimately reduce earnings or result in losses to the Fund, which may negatively affect cash available for distribution to shareholders.

The decline in the broader credit markets related to the sub-prime mortgage dislocation has caused the global financial markets to become more volatile and the United States homebuilding market has been dramatically impacted as a result. The confluence of the dislocation in the real estate credit markets with the broad based stress in the United States real estate industry could create a difficult operating environment for owners of real estate in the near term and investors should be aware that the general risks of the Fund investing in real estate may be magnified.

*Mortgage-Backed Securities.**** The Fund will invest in mortgage-backed securities on commercial real estate. A mortgage-backed security is an obligation of the issuer backed by a mortgage or pool of mortgages or a direct interest in an underlying pool of mortgages. Some mortgage-backed securities make payments of both principal and interest at a variety of intervals; others make semi-annual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). Mortgage-backed securities often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. Investing in mortgage-backed securities involves certain risks, including the failure of a counterparty to meet its commitments, adverse interest rate changes and the effects of prepayments on mortgage cash flows. The yield characteristics of mortgage-backed securities differ from those of traditional fixed income securities. The major differences typically include more frequent interest and principal payments (usually monthly), the adjustability of interest rates of the underlying instrument, and the possibility that prepayments of principal may be made substantially earlier than their final distribution dates. The Fund may also hold mortgage-related securities without insurance or guarantees if the Adviser determines that the securities meet the Fund's quality standards. Mortgage-related securities issued by certain private organizations may not be readily marketable. Mortgage-backed securities may have less potential for capital appreciation than comparable fixed income securities, due to the likelihood of increased prepayments of mortgages as interest rates decline. If the Fund buys mortgage-backed securities at a premium, mortgage foreclosures and prepayments of principal by mortgagors (which may be made at any time without penalty) may result in some loss of the Fund's principal investment to the extent of the premium paid.* 

Prepayment rates are influenced by changes in current interest rates and a variety of economic, geographic, social and other factors and cannot be predicted with certainty. Both adjustable rate mortgage loans and fixed rate mortgage loans may be subject to a greater rate of principal prepayments in a declining interest rate environment and to a lesser rate of principal prepayments in an increasing interest rate environment. Under certain interest rate and prepayment rate scenarios, the Fund may fail to recoup fully its investment in mortgage-backed securities notwithstanding any direct or indirect governmental, agency or other guarantee. When the Fund reinvests amounts representing payments and unscheduled prepayments of principal, it may obtain a rate of interest that is lower than the rate on existing adjustable rate mortgage pass-through securities. Thus, mortgage-backed securities may be less effective than other types of U.S. government securities as a means of "locking in" interest rates.

The value of mortgage-backed securities may also change due to shifts in the market's perception of issuers and regulatory or tax changes adversely affecting the mortgage securities market as a whole. Mortgage-backed securities are also subject to several risks created through the securitization process. Subordinate mortgage-backed securities are paid interest only to the extent that there are funds available to make payments. To the extent the collateral pool includes delinquent loans, there is a risk that the interest payment on subordinate mortgage-backed securities will not be fully paid. Subordinate mortgage-backed securities are also subject to greater credit risk than those mortgage-backed securities that are more highly rated. In addition, regulatory or tax changes may adversely affect the mortgage securities markets as a whole. Non-governmental mortgage-backed securities may offer higher yields than those issued by government entities, but also may be subject to greater price changes than governmental issues.

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Through its investments in mortgage-backed securities, including those that are issued by private issuers, the Fund may have exposure to subprime loans as well as to the mortgage and credit markets generally. Private issuers include commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities and other entities that acquire and package mortgage loans for resale as mortgage-backed securities. Unlike mortgage-backed securities issued or guaranteed by the U.S. government or one of its sponsored entities, mortgage-backed securities issued by private issuers do not have a government or government-sponsored entity guarantee, but may have credit enhancement provided by external entities such as banks or financial institutions or achieved through the structuring of the transaction itself.

In addition, mortgage-backed securities that are issued by private issuers are not subject to the underwriting requirements for the underlying mortgages that are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, the mortgage loans underlying private mortgage-backed securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more frequently include second mortgages, high loan-to-value mortgages and manufactured housing loans. The coupon rates and maturities of the underlying mortgage loans in a private mortgage-backed securities pool may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans refer to loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on their loans. For these reasons, the loans underlying these securities have had in many cases higher default rates than those loans that meet government underwriting requirements.

The risk of non-payment is greater for mortgage-backed securities that are backed by mortgage pools that contain subprime loans, but a level of risk exists for all loans. Market factors adversely affecting mortgage loan repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate market, a drop in the market prices of real estate, or an increase in interest rates resulting in higher mortgage payments by holders of adjustable rate mortgages.

#### Liquidity Risk
The Fund will invest a substantial portion of its assets in restricted securities and other investments that are illiquid. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act, or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration under the Securities Act.

Where registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Fund might obtain a less favorable price than the prevailing price when it decided to sell. The Fund may be unable to sell restricted and other illiquid securities at the most opportune times or at attractive prices or at prices approximating the value at which it purchased such securities. The Fund's portfolio may include a number of investments for which no market exists and which have substantial restrictions on transferability.

Additionally, the Fund's repurchase process could involve substantial complications and delays, as the ability of the Fund to honor repurchase requests is dependent in part upon the Fund's ability to make withdrawals from Private Funds which may be delayed, suspended altogether or not possible because, among other reasons, (i) many Private Funds permit withdrawals only on an infrequent basis, which timing is not likely to coincide with the repurchase dates of the Fund, (ii) some Private Funds may impose limits (known as "gates") on the aggregate amount that a shareholder or all shareholders in the Private Fund may withdraw on any single withdrawal date, and (iii) the Private Funds' portfolios may include investments that are difficult to value and that may only be able to be disposed of at substantial discounts or losses.

In addition, the Fund's interests in the Private Funds are subject to substantial restrictions on transfer. The Fund may liquidate an interest and withdraw from a Private Fund pursuant to limited withdrawal rights. Some Private Funds may subject the Fund to a lockup period or otherwise suspend the repurchase rights of their shareholders, including the Fund, from time to time. Further, Private Fund managers may impose transfer restrictions on the Fund's interests. There may be no secondary market for the Fund's interests in the Private Funds. The illiquidity of these interests may adversely affect the Fund were it to have to sell interests at an inopportune time. Overall, the types of restrictions on investments by the Private Funds affect the Fund's ability to invest in, hold, vote the shares of, or sell the Private Funds.

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Furthermore, the Fund, upon its withdrawal of all or a portion of its interest in a Private Fund, may receive an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of. In addition, each of the VCMIX Sub-REIT and the Subsidiaries are expected to invest in illiquid assets, and the Fund's investments in such entities will be illiquid. The VCMIX Sub-REIT and the Subsidiaries may be unable to sell their assets, or be forced to sell them at reduced prices. The Fund also may invest directly in other private securities that it may not be able to sell at the Fund's current carrying value for the securities. The illiquidity of these securities may adversely affect the Fund.

#### Debt Securities and Related Investments Risk
The Fund intends to invest in real estate-related debt securities, including but not limited to senior secured debt, subordinated debt, real-estate related loans, mezzanine debt, and other similar types of investments. In addition to risks generally associated with debt securities and related investments (*e.g.*, credit risk, interest rate risk), the Fund's debt securities are subject to other risks. Certain factors may affect materially and adversely the market price and yield of such debt securities, including investor demand, changes in the financial condition of the borrower, government fiscal policy and domestic or worldwide economic conditions. The Fund may invest in debt securities that are unrated, or, if rated, below investment grade (commonly referred to as "high yield" securities or "junk bonds"), and whether or not rated, the debt securities may have speculative characteristics. In addition, there may be transfer restrictions on the private debt securities or, if applicable, the secondary market on which such debt securities are traded may be less liquid than the market for investment-grade securities, meaning such debt securities are subject to greater liquidity risk than investment-grade securities, and it may be more difficult to hedge against the risks associated with such debt securities. Debt securities are regarded as predominantly speculative with respect to a real estate company's capacity to pay interest and repay principal in accordance with the terms of its obligations and involve risk exposure to adverse market and other financial conditions.

Investments of the Fund in the form of private debt securities generally are expected to be held for the duration of their term. While from time to time the Fund may seek to exit an investment prior to maturity, investments are likely to be relatively illiquid. The Fund's ability to dispose of investments in such situations may be constrained by a general shortage of local capital and the absence of interest from third parties who may be seeking to acquire the debt securities and any such exit or disposal may be at a discount.

#### Credit Risk
Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security held by the Fund may be unable or unwilling, or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) as unable or unwilling, to make timely principal and/or interest payments, or to otherwise honor its obligations. It includes the risk that the security will be downgraded by a credit rating agency; generally, lower credit quality issuers present higher credit risks. An actual or perceived decline in creditworthiness of an issuer of a fixed-income security held by the Fund may result in a decrease in the value of the security. It is possible that the ability of an issuer to meet its obligations will decline substantially during the period when the Fund owns securities of the issuer or that the issuer will default on its obligations or that the obligations of the issuer will be limited or restructured.

The credit rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity. Securities rated in the lowest category of investment-grade are considered to have speculative characteristics. If a security held by the Fund loses its rating or its rating is downgraded, the Fund may nonetheless continue to hold the security in the discretion of the Adviser.

#### Active Management Risk
Identifying and allocating assets among the appropriate investments is difficult and involves a high degree of uncertainty. The performance of the Fund depends in large part upon the Adviser's successful application of analytical skills and investment judgment; the ability of the Adviser to choose successful Managers; and the ability of the Adviser to develop and implement investment strategies that achieve the Fund's investment objectives. Although the Adviser monitors the Managers, it is possible that one or more Managers may take substantial positions in the same instruments or markets at the same time, thereby interfering with the Fund's investment goals. In addition, Managers may make investment decisions that conflict with each other; for example, at any particular time, one Manager may be purchasing shares of an issuer whose shares are being sold by another Manager. Consequently, the Fund indirectly could incur transaction costs without accomplishing any net investment result.

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Furthermore, the Managers have varying levels of experience – some may be newly organized and have no, or limited, operating histories. Although the Adviser receives detailed information from each Manager regarding its historical performance and investment strategy, there may be some information that the Adviser cannot independently verify. In addition, a particular Manager's past successful performance is not necessarily an indication of such Manager's future performance. There can be no assurance that the Adviser's assessments of Managers will prove accurate or that the Fund will achieve its investment objectives.

In addition, the Adviser and the Managers, like other Fund service providers, are subject to various risks, including risks relating to operations and back office functions, property management, accounting, administration, risk management, valuation services and reporting. The Adviser and the Managers may also face competition from other industry participants that may be more established, have larger asset bases and have larger numbers of qualified management and technical personnel. Additionally, the investment strategies pursued by Managers may evolve over time, which may limit the Adviser's ability to assess a Manager's ability to achieve its long-term investment objective.

While the Fund and the Adviser will evaluate regularly each Private Fund and its Manager and each Sub-Adviser to determine whether their respective investment programs are consistent with the Fund's investment objectives and whether the investment performance is satisfactory, the Adviser will not have any control over the investments made by a Private Fund and limited control over the investments made by the Sub-Advisers. The Adviser's or a Sub-Adviser's judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, or investment strategy may prove to be incorrect, and may cause the Fund to incur losses.

Even though Private Funds are subject to certain constraints, the Managers may change aspects of their investment strategies without prior notice to the Fund. The Managers may do so at any time (for example, such change may occur immediately after providing the Adviser with the quarterly unaudited financial information for the Private Fund). The Adviser may reallocate the Fund's investments among the Private Funds, but the Adviser's ability to do so may be constrained by the withdrawal limitations imposed by the Private Funds. The Fund's investments in certain Private Funds may be subject to lock-up periods, during which the Fund may not withdraw its investment. These withdrawal limitations may prevent the Fund from reacting rapidly to market changes should a Private Fund fail to effect portfolio changes consistent with such market changes and the demands of the Adviser. Such withdrawal limitations may also restrict the Adviser's ability to terminate investments in Private Funds that are poorly performing or have otherwise had adverse changes. The Adviser will engage in due diligence in an effort to ensure that the Fund's assets are invested in Private Funds that provide reports that will enable them to monitor the Fund's investments as to their overall performance, sources of income, asset valuations, and liabilities; however, there is no assurance that such efforts will necessarily detect fraud, malfeasance, inadequate back office systems, or other flaws or problems with respect to the Private Fund's operations and activities. The Adviser will be dependent on information provided by the Private Fund, including quarterly unaudited financial statements, which if inaccurate could adversely affect the Adviser's ability to manage the Fund's investment portfolio in accordance with its investment objectives.

Conflicts of interest may arise from the fact that the Adviser, the Managers and their respective affiliates may be carrying on substantial investment activities for other clients in which the Fund has no interest. The Adviser, the Managers, and their respective affiliates manage the assets of and/or provide advice to registered investment companies, private investment funds and individual accounts (collectively, "Adviser Clients") other than the Fund, which could compete for the same investment opportunities as the Fund. In addition, the Adviser, the Managers and their respective affiliates, and any of their respective officers, directors, partners, members or employees, may invest for their own accounts in various investment opportunities, including in private investment funds, private investment companies or other investment vehicles in which the Fund will have no interest. The Adviser, the Managers and their respective affiliates may determine that an investment opportunity in a particular investment vehicle is appropriate for a particular Adviser Client or for themselves or their officers, directors, partners, members or employees, but not for the Fund. Situations may arise in which the Adviser, the Managers and/or their respective affiliates or Adviser Clients have made investments that would have been suitable for investment by the Fund but, for various reasons, were not pursued by, or available to, the Fund. The investment activities of the Adviser, the Managers and their respective affiliates and any of their respective officers, directors, partners, members or employees may disadvantage the Fund in certain situations, if, among other reasons, the investment activities limit the Fund's ability to invest.

Furthermore, the officers or employees of the Adviser will be engaged in substantial activities other than on behalf of the Fund and may have conflicts of interest in allocating their time and activity among the Fund and Adviser Clients. The Adviser and its respective officers and employees will devote so much of their time to the affairs of the Fund as in their judgment is necessary and appropriate.

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Personnel of the Adviser may also periodically discuss investment research and due diligence with portfolio managers and other senior personnel of the Managers and/or their respective affiliates. Investment decisions for the Fund are made independently from those of Adviser Clients. If, however, the Fund desires to invest in, or withdraw from, the same Private Fund as an Adviser Client, the opportunity will be allocated equitably. Decisions in this regard are necessarily subjective and there is no requirement that the Fund participate, or participate to the same extent as the Adviser Clients, in all available investments. In some cases, investments for Adviser Clients may be on terms different from, and sometimes more favorable than, an investment made on behalf of the Fund. In addition, the Adviser, the Managers and/or their respective affiliates or Adviser Clients may also have an interest in an account or investment vehicle managed by, or enter into relationships with, a Sub-Adviser or its affiliates on terms different, and potentially more favorable, than an interest in the Fund, which may adversely affect the amount the Fund will be able to invest in a Private Fund. In other cases, the Fund may invest in a manner opposite to that of Adviser Clients (*i.e.*, the Fund buying an investment when Adviser Clients are selling, and vice-versa). Additionally, because any selling agents or their affiliates may provide brokerage, placement, investment banking and other financial or advisory services from time to time to one or more accounts or entities managed by the Managers or their respective affiliates, including the Private Funds, and receive compensation for providing these services, these relationships could preclude the Fund from engaging in certain transactions and could constrain the Fund's investment flexibility. In addition, the Fund is subject to certain limitations relating to joint transactions with affiliates, which in certain circumstances will limit the Fund's ability to make investments or enter into other transactions alongside other Adviser Clients. There can be no assurance that such regulatory restrictions will not adversely affect the Fund's ability to capitalize on attractive investment opportunities. Managers may also receive research products and services in connection with the brokerage services that the Adviser, the Managers managing Private Funds, the Sub-Advisers acting as sub-advisers, and their respective affiliates may provide from time to time to one or more Manager accounts or to the Fund.

In addition, there may be a conflict of interest as a result of the fact that the Adviser receives the Investment Management Fee irrespective of the allocation of the Fund's assets. This conflict of interest arises because the amount of overall time, expense, and other resources expended to select and monitor Sub-Advisers may be less than what is expended to select and monitor underlying Private Funds. If the overall time, expense, and other resources expended by the Adviser to select and monitor Sub-Advisers of the Fund is less than what the Adviser expends to select and monitor Private Funds, the Adviser will have an incentive to allocate more of the Fund's assets to Sub-Advisers. The Board monitors this potential conflict of interest and any effect it may have on the Fund and its shareholders. Under normal circumstances, the Adviser does not believe that its overall cost and expense will differ materially between selecting and monitoring Private Funds on the one hand, or in compensating Sub-Advisers, on the other.

#### Interest Rate Risk
A wide variety of factors can cause interest rates or yields of U.S. Treasury securities or other types of bonds to rise (*e.g.*, central bank monetary policies, inflation rates, general economic conditions, reduced market demand for low yielding investments, etc.). In recent years, the U.S. Federal Reserve and other central banks have raised interest rates from historically low levels, resulting in rising interest rates across the financial system. These central banks may continue to increase interest rates or, alternatively, decrease them as inflationary and market conditions change. Interest rate increases may result in a decline in the value of the fixed income or other investments held by the Fund that move inversely to interest rates. A decline in the value of such investments would result in a decline in the Fund's NAV. Additionally, further changes in interest rates could result in additional volatility and could cause Fund shareholders to tender their Shares for repurchase at its regularly scheduled repurchase intervals. The Fund may need to liquidate portfolio investments at disadvantageous prices in order to meet such repurchases. Further increases in interest rates could also cause dealers in fixed income securities to reduce their market making activity, thereby reducing liquidity in these markets. To the extent the Fund holds fixed income securities or other securities that behave similarly to fixed income securities, the longer the maturity dates are for such securities will result in a higher likelihood of a decrease in value during periods of rising interest rates.

#### Leverage Risk
There are significant risks associated with borrowings and leverage. Leverage is a speculative technique that may expose the Fund to greater risk and increased costs. Investors in the Fund should consider the various risks of leverage, including, without limitation, the risks described below. There is no assurance that a leveraging strategy would be successful.

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Leverage involves risks and special considerations for shareholders including:

&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood of greater
 volatility of NAV of the Shares, and of the investment return to shareholders, than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• the risk that fluctuations
 in interest rates on borrowings and short-term debt that the Fund must pay will reduce the return to the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• the effect of leverage
 in a declining market or a rising interest rate environment, which would likely cause a greater decline in the NAV of the Shares than
 if the Fund were not leveraged;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for an increase
 in operating costs, which may reduce the Fund's total return; and

&nbsp;&nbsp;&nbsp;&nbsp;• the possibility either
 that dividends will fall if the interest and other costs of leverage rise, or that dividends paid on Shares will fluctuate because such
 costs vary over time.

In the event that the Fund would be required to sell assets at a loss, including in order to redeem or pay off any borrowing, such a sale would reduce the Fund's NAV and may make it difficult for the NAV to recover. The Fund nevertheless may continue to use leverage if the Adviser expects that the benefits to the shareholders of maintaining the leveraged position likely would outweigh a resulting reduction in the current return.

Certain types of borrowings by the Fund would result in the Fund being subject to covenants in credit agreements relating to asset coverage and Fund composition requirements that are more stringent than those currently imposed on the Fund by the Investment Company Act. In addition, borrowings by the Fund may be made on a secured basis. The Fund's Custodian will then either segregate the assets securing the Fund's borrowings for the benefit of the Fund's lenders or arrangements will be made with a suitable sub-custodian. If the assets used to secure a borrowing decrease in value, the Fund may be required to pledge additional collateral to the lender in the form of cash or securities to avoid liquidation of those assets. In the event of a default, the lenders will have the right, through the Fund's Custodian, to liquidate the Fund's assets, which may include redemption of the Fund's investments in underlying Private Funds, without consideration of whether doing so would be in the best interests of the Fund's shareholders. The rights of any lenders to the Fund to receive payments of interest on and repayments of principal of borrowings will be senior to the rights of the Fund's shareholders, and the terms of the Fund's borrowings may contain provisions that limit certain activities of the Fund and could result in precluding the purchase of instruments that the Fund would otherwise purchase.

The use of leverage involves financial risk and would increase the exposure of the Fund's investment returns to adverse economic factors such as rising interest rates, downturns in the economy or deterioration in the condition of the investments. There would be a risk that operating cash flow available to the Fund would be insufficient to meet required payments and a risk that it would not be possible to refinance existing indebtedness or that the terms of such refinancing would not be as favorable as the terms of existing indebtedness. Borrowings by the Fund may be secured by any or all of the assets of the Fund, with the consequences that the Fund may lose more than its equity stake in any one investment, and may lose all of its capital.

Interest or other expenses payable by the Fund with respect to its borrowings generally will be based on shorter-term interest rates that would be periodically reset. So long as the Fund's portfolio investments provide a higher rate of return (net of applicable Fund expenses) than the interest rates and other costs to the Fund of such leverage, the investment of the proceeds thereof will generate more income than will be needed to pay the costs of the leverage. If so, and all other things being equal, the excess may be used to pay higher dividends to shareholders than if the Fund were not so leveraged. If, however, shorter-term interest rates rise relative to the rate of return on the Fund's portfolio, the interest and other costs of leverage to the Fund (including interest expenses on borrowings) could exceed the rate of return on the investments held by the Fund, thereby reducing return to shareholders. In addition, fees and expenses of any form of leverage used by the Fund will be borne entirely by the shareholders and will reduce the investment return of the Shares. Therefore, there can be no assurance that the Fund's use of leverage will result in a higher yield on the Shares, and it may result in losses.

In addition to any borrowing utilized by the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT and the Private Funds in which the Fund invests may utilize leverage. The Private Funds may be able to borrow, subject to the limitations of their charters and operative documents. While leverage presents opportunities for increasing the Fund's, the VCMIX Subsidiary's, the VCMIX Sub-REIT's, or a Private Fund's total return, it has the effect of potentially increasing losses as well. If income and appreciation on investments made with borrowed funds are less than the

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required interest payments on the borrowings, the value of the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT, or the Private Fund will decrease. Additionally, any event which adversely affects the value of an investment by the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT, or a Private Fund would be magnified to the extent the Fund, the VCMIX Subsidiary, the VCMIX Sub-REIT, or such Private Fund is leveraged. Furthermore, because the Private Funds may themselves incur higher level of leverage than that which the Fund is permitted, the Fund could be effectively leveraged in an amount far greater than the limit imposed by the Investment Company Act.

The cumulative effect of the use of leverage by a Private Fund in a market that moves adversely to such Private Fund's investments could result in a substantial loss which would be greater than if the Private Fund were not leveraged. The Adviser typically will target Private Funds with leverage limitations in the range of 30% to 65% of their gross asset value at the time incurred, as specified in their charters and operative documents or disclosure documents, as of when the Adviser selects the Private Funds. Furthermore, the Private Funds will hold their investments in entities organized as REITs, corporations or other entities that provide that the Fund's risk of loss will be limited to the amount of the investment by the Fund. Nevertheless, while leverage presents opportunities for increasing a Private Fund's, and consequently the Fund's, total return, it has the effect of potentially increasing losses as well.

#### Equity Securities Risk
Common and preferred stocks represent equity ownership in a company. The prices of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. Stock markets are volatile and the value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment.

Investments in preferred stocks may also be subject to additional risks. For example, preferred stocks sometimes include provisions that permit the issuer to defer distributions for a period of time. When distributions are deferred, the Fund may be required to recognize income for tax purposes in excess of distributions received by the Fund. In addition, shareholder rights in preferred stocks often differ from shareholder rights in common stocks. There may be limited or no voting rights for preferred shareholders, and the issuer may have the right to redeem preferred stock without consent of preferred stock shareholders. Preferred securities may also be substantially less liquid than other equity securities and, therefore, may be subject to greater liquidity risk.

#### Loans and Loan-Related Investments Risk
In addition to risks generally associated with debt securities and related investments (*e.g.*, credit risk, interest rate risk), loans and loan-related investments, including loan participations and assignments, are subject to other risks. Although a loan obligation may be fully collateralized at the time of origination or acquisition, the collateral may subsequently decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value. Many loans and loan-related investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower.

There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. Loans are subject to the risk that scheduled interest or principal payments will not be made in a timely manner or at all, either of which may adversely affect the values of the loan. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund's performance could be adversely affected. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, the collateral underlying a loan may be unavailable or insufficient to satisfy a borrower's obligation, and the Fund could become part owner of any collateral if a loan is foreclosed, subjecting the Fund to costs associated with owning and disposing of the collateral.

The Fund may not be entitled to rely on the anti-fraud protections of the federal securities laws in connection with its loan-related investments, although it may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, the Fund may not receive the proceeds from

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the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet the Fund's repurchase obligations for a period after the sale of the loans, and, as a result, the Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from a credit facility, if necessary to raise cash to meet its obligations. During periods of heightened repurchase activity or distressed market conditions, the Fund may seek to obtain expedited trade settlement, which will generally incur additional costs (although expedited trade settlement will not always be available).

The Fund may invest in loans in any part of the capital structure. Senior loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade (commonly referred to as "high yield" securities or "junk bonds"). Second lien loans are subordinated to the security interest of the senior lender or unsecured, and thus lower in priority of payment to senior loans, and are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower, have greater price volatility, and may be less liquid. Unsecured loans will not benefit from any interest in collateral of the borrower. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund.

The Fund may have difficulty disposing of loans and loan participations because to do so it will have to assign or sell such securities to a third party. Because there is no liquid market for many such securities, the Fund anticipates that such securities could be sold only to a limited number of institutional investors. The lack of a liquid secondary market may have an adverse impact on the value of such securities and the Fund's ability to dispose of particular loans and loan participations when that would be desirable, including in response to a specific economic event such as a deterioration in the creditworthiness of the borrower. The lack of a liquid secondary market for loans and loan participations also may make it more difficult for the Fund to assign a value to these securities for purposes of valuing the Fund's portfolio.

Generally, loans have the benefit of covenants that impose restrictions and obligations on the borrower, including, in some cases, restrictions on ability of the borrower to further encumber its assets. "Covenant-lite" agreements feature incurrence covenants, as opposed to more restrictive maintenance covenants. Under a maintenance covenant, the borrower would need to meet regular, specific financial tests, while under an incurrence covenant, the borrower only would be required to comply with the financial tests at the time it takes certain actions (*e.g.*, issuing additional debt, paying a dividend, making an acquisition). A covenant-lite obligation contains fewer maintenance covenants than other obligations, or no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. To the extent a loan does not have certain covenants (or has less restrictive covenants), an investment in the loan will be particularly sensitive to the risks associated with loan investments.

#### Mortgage Loan Risk
The Fund may originate and selectively acquire mortgage loans, which are generally loans secured by a first mortgage lien on a commercial property and are subject to risks of delinquency and foreclosure and risks of loss that are greater than similar risks associated with loans made on the security of single family residential property. In addition, certain of the mortgage loans in which the Fund invests may be structured so that all or a substantial portion of the principal will not be paid until maturity, which increases the risk of default at that time. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. In the event of any default under a mortgage loan held directly by the Fund, it will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan, which could have a material adverse effect on the profitability of the Fund.

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#### Loan Assignment and Participation Risk
The Fund may purchase loan assignments and participations. As the purchaser of an assignment, the Fund typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral and may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest. Because assignments may be arranged through private negotiations, the rights and obligations acquired by the Fund as the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. In addition, if the loan is foreclosed, the Fund could have a partial ownership interest in any collateral and could bear the costs and liabilities of owning and disposing of the collateral. In connection with purchasing participations, the Fund generally will not have any right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not directly benefit from any collateral supporting the loan in which it has purchased the participation. The Fund may be subject to greater delays, expenses and risks than if the Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower). As a result, the Fund will be subject to the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

#### Preferred Securities Risk
The Fund may invest in preferred shares of other issuers. Preferred shares are securities that represent an ownership interest providing the holder with claims on the issuer's earnings and assets before common shareholders, but after bond holders and other creditors. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed (or floating) dividend payment rate and/or a liquidity preference over the issuer's common shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund's fixed income securities. Unlike debt securities, the obligations of an issuer of preferred stock, including dividend and other payment obligations, may not typically be accelerated by the holders of such preferred stock on the occurrence of an event of default or other non-compliance by the issuer of the preferred stock. In addition, the terms of preferred shares often do not include covenants that impose restrictions and obligations on the borrower to the degree that a lender may impose in connection with a loan. Investments in preferred stock present market and liquidity risks. The value of a preferred stock may be highly sensitive to the economic condition of the issuer, and markets for preferred stock may be less liquid than the market for the issuer's common stock.

Preferred stocks may differ in many of their provisions. Among the features that differentiate preferred stocks from one another are the dividend rights, which may be cumulative or noncumulative and participating or non-participating, redemption provisions, and voting rights. Such features will establish the income return and may affect the prospects for capital appreciation or risks of capital loss.

The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in an issuer's creditworthiness than are the prices of debt securities. Shareholders of preferred stock may suffer a loss of value if dividends are not paid. Under ordinary circumstances, preferred stock does not carry voting rights.

#### CMBS Risk
Commercial mortgage-backed securities ("CMBS") are, generally, securities backed by obligations (including certificates of participation in obligations) that are principally secured by mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, other retail space, office buildings, industrial or warehouse properties, hotels, nursing homes and senior living centers. CMBS are subject to particular risks, including lack of standardized terms, shorter maturities than residential mortgage loans and payment of all or substantially all of the principal only at maturity rather than regular amortization of principal.

#### Foreign Investing Risk
Foreign investments by the Fund and Private Funds may be subject to economic, political, regulatory and social risks, which may affect the liquidity of such investments. Foreign ownership of Real Estate Securities may be restricted, requiring the Private Funds in which the Fund invests to share the applicable investment with local third party shareholders or investors, and there may be significant local land use and permit restrictions, local taxes and other transaction costs that adversely affect the returns sought by the Fund. These investments may be subject to additional

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risks relating to adverse political developments (including nationalization, confiscation without fair compensation, civil disturbances, unrest or war) and regulatory risks, which may affect the liquidity of such investments. Further, foreign governments may impose restrictions to prevent capital flight, which may, for example, involve punitive taxation (including high withholding taxes) on certain securities, transfers or asset sales or the imposition of exchange controls, making it difficult or impossible to exchange or repatriate the applicable currencies. Foreign investments also are subject to additional risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable changes in currency
 rates and exchange control regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• reduced availability of
 information regarding foreign companies;

&nbsp;&nbsp;&nbsp;&nbsp;• different accounting,
 auditing and financial standards and possibly less stringent reporting standards and requirements;

&nbsp;&nbsp;&nbsp;&nbsp;• reduced liquidity and greater
 volatility;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in obtaining
 or enforcing a judgment;

&nbsp;&nbsp;&nbsp;&nbsp;• increased brokerage commissions
 and custody fees; and

&nbsp;&nbsp;&nbsp;&nbsp;• increased potential for
 corrupt business practices in certain foreign countries.

As a result of potential hurdles facing foreign parties in enforcing legal rights in certain jurisdictions, there can be no certainty that rights to investments in non-U.S. jurisdictions will be successfully upheld in the courts of such jurisdiction. Certain Private Funds that invest in foreign jurisdictions may have difficulty in successfully pursuing claims in the courts of such jurisdictions to enforce the Fund's rights as an investor therein, as compared to the courts of the United States. To the extent that a judgment is obtained, but enforcement thereof must be sought in the courts of another jurisdiction, there can be no assurance that such courts will enforce such judgment. Further, due to unpredictable political climates in certain jurisdictions and shifting relationships between the U.S. and various jurisdictions, the ability of certain Private Funds to liquidate collateral held in non-U.S. jurisdictions may become difficult.

The Fund does not intend to obtain political risk insurance. Accordingly, actions of foreign governments could have a significant effect on economic actions in their respective countries, which could affect private sector real asset and real asset-related companies and the prices and yields of investments. Exchange control regulations, expropriation, confiscatory taxation, sanctions against a particular country or countries, organizations, entities and/or individuals, embargos, nationalization, political, economic or social instability or other economic or political developments in such countries could adversely affect the assets of the Fund.

Political changes or a deterioration of a foreign nation's domestic economy or balance of trade may indirectly affect the Fund's investment in a particular real estate or real estate-related securities in that nation. Moreover, the investments could be adversely affected by changes in the general economic climate or the economic factors affecting Real Estate Securities, changes in tax law or specific developments within such industries or interest rate movements. While the Adviser intends to manage foreign investments in a manner that it believes will minimize the Fund's exposure to such risks, there can be no assurance that adverse political or economic changes will not cause the Fund to suffer losses.

Global economies and financial markets are interconnected, and conditions in one country, region, or market could adversely impact economic conditions, market conditions, and issuers in other countries, regions, or markets. For example, a member state's decision to leave the European Economic and Monetary Union and/or the European Union, or any increased uncertainty as to the status of such entities, could have significant adverse effects on global currency and financial markets, and on the values of the Fund's investments. Additionally, certain European countries have developed increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European issuers that rely on the U.S. for trade. Moreover, the national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example, secessionist movements. The governments of European countries may be subject to change and such countries may experience social and political unrest. The ultimate effects of these events and other socio-political or geopolitical issues are not known but could profoundly affect global economies and markets. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

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In addition to the risks associated with investments in foreign Real Estate-Related Investments generally, such investments in particular regions or countries with emerging markets may face those risks to a greater degree and may face additional risks. See "Risk Factors – Emerging Markets Risk."

#### Interval Fund Risk
The Fund is a closed-end investment company that provides limited liquidity through quarterly repurchase offers under Rule 23c-3 under the Investment Company Act and is designed for long-term investors. Unlike many closed-end investment companies, the Fund's Shares are not listed on any securities exchange and are not publicly-traded. There is currently no secondary market for the Shares and the Fund expects that no secondary market will develop. Shares are subject to substantial restrictions on transferability and may only be transferred or resold in accordance with the LLC Agreement and the Fund's repurchase policy. Shareholders should not expect to be able to sell their Shares in a secondary market transaction regardless of how the Fund performs. Even though the Fund will offer to repurchase Shares on a quarterly basis, there is no guarantee that shareholders will be able to sell Shares at any given time or in the quantity desired. An investment in the Fund is considered an illiquid investment and the Shares are appropriate only for those investors who can tolerate risk and do not require a liquid investment.

In general, limited liquidity is provided to shareholders only through the Fund's quarterly Repurchase Offers for not less than 5% nor more than 25% of the Shares outstanding on the Repurchase Request Deadline. The Repurchase Offer amount will be determined by the Board before each Repurchase Offer. There is no guarantee that shareholders will be able to sell all of the Shares they desire in a quarterly Repurchase Offer. The Fund's Repurchase Offers may be, and in the past have been, oversubscribed. In the event of oversubscription, the Fund may repurchase, and in the past has repurchased, shares on a pro rata basis. Because of the potential for proration, some shareholders might tender more shares than they wish to have repurchased in order to ensure the repurchase of specific number of Shares. Additionally, in certain instances such Repurchase Offers may be suspended or postponed by a vote of a majority of the Board, including a vote by a majority of the Independent Directors, as permitted by the Investment Company Act and other laws. See "Quarterly Repurchases of Shares."

#### Valuation Risk
The value of the Fund's investments will be difficult to ascertain and the valuations provided in respect of the Fund's Private Funds, the Subsidiaries, the VCMIX Sub-REIT, private debt investments and other private securities, will likely vary from the amounts the Fund would receive upon withdrawal of its investments. While the valuation of the Fund's publicly-traded securities are more readily ascertainable, the Fund's ownership interest in the Private Funds, the Subsidiaries, the VCMIX Sub-REIT, private debt investments and other private securities that are not publicly traded will depend on the Managers to Private Funds or property managers to the Subsidiaries or the VCMIX Sub-REIT to provide a valuation or assistance with a valuation, of the Fund's investment. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide no more than an estimate of value. Moreover, the valuation of the Fund's investment in a Private Fund, as provided by a Manager as of a specific date, or of the VCMIX Sub-REIT provided by a property manager, may vary from the fair value of the investment that may be obtained if such investment were sold to a third party.

The process of valuing the Fund's private debt investments and other private investments for which reliable market quotations are not available is based on inherent uncertainties. Price estimates and other valuation information from third parties may at times be unavailable or unreliable. In particular, valuations of the Fund's privately-issued debt investments backed by real estate-related assets may fluctuate over short periods of time depending on the nature of the asset. Pricing may be based on valuation ranges as opposed to specific price estimates and the Adviser may seek to fair value such investments using inputs such as comparable public market valuations, comparable transaction prices, discounted cash flow analyses, assessments of borrower credit quality and other financial or other relevant information. The Fund's determination of fair value may differ materially from the values that would have been used if a liquid trading market for these securities existed. The Fund's NAV could be adversely affected if the determinations regarding the fair value of its private debt investments and other private investments were materially higher than the values that the Fund ultimately realizes upon the disposition of such investments.

For information about the value of the Fund's investment in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements which, if inaccurate, could adversely affect the Adviser's ability to value accurately the Fund's Shares. Shareholders should be aware that the

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situations involving uncertainties as to the valuation of the investments of the Fund could have an adverse effect on the NAV of the Fund if the judgments of the Adviser regarding appropriate valuations should prove incorrect. The Adviser faces conflicts of interest in assisting with the valuation of the Fund's investments, as the value of the Fund's investments will affect the Adviser's compensation.

Accordingly, there can be no assurance that the stated NAV of the Fund, as calculated based on such valuations, will be accurate on any given date, nor can there be any assurance that the sale of any property would be at a price equivalent to the last estimated value of such property. If at any time the stated NAV of the Fund is lower than its true value, those investors who have their Shares repurchased at such time will be underpaid and investors who retain their Shares would be adversely affected if more Shares were to be issued at the low price than are repurchased at that price. Conversely, if the Fund's stated NAV is higher than its true value, those investors who purchase Shares at such time will overpay, and if repurchases of Shares based on a high stated NAV were to exceed purchases of Shares at that value, investors who do not have their Shares repurchased will be adversely affected. In addition, investors would be adversely affected by higher fees payable to the Adviser if the gross asset value of the Fund is overstated.

As a result, the NAV of the Fund, as determined based on the fair value of its investments in Private Funds, may vary from the amount the Fund would realize on the withdrawal of its investments from the Private Funds. This could adversely affect shareholders whose Shares are repurchased as well as new shareholders and remaining shareholders. For example, in certain cases, the Fund might receive less than the fair value of its investment in connection with its withdrawal of its investment from a Private Fund, resulting in a dilution of the value of the Shares of shareholders who do not tender their Shares in any coincident tender offer and a windfall to tendering shareholders; in other cases, the Fund might receive more than the fair value of its investment, resulting in a windfall to shareholders remaining in the Fund, but a shortfall to tendering shareholders. The Adviser will attempt to resolve any conflicts between valuations assigned by Manager and fair value as determined by the Adviser by seeking information from the Manager and reviewing all relevant available information. Such review may result in a determination to change the fair value of the Fund's investment. Shareholders in the Fund have no individual right to receive information about the Private Funds or the Managers, will not be shareholders in the Private Funds, and will have no rights with respect to or standing or recourse against the Private Funds, Managers or any of their respective affiliates.

#### Private Funds Risk
The Private Funds will not be subject to the Investment Company Act, nor will they be publicly traded. As a result, the Fund's investments in the Private Funds will not be subject to the protections afforded to shareholders under the Investment Company Act. These protections include, among others, certain corporate governance standards, such as the requirement of having a certain percentage of the directors serving on a board as independent directors, statutory protections against self-dealing by the Managers, and leverage limitations, and investment restrictions. Further, the Fund's investments in Private Funds may be subject to heightened valuation, safekeeping, liquidity, and regulatory risks.

The Private Funds are not subject to the same investment limitations as the Fund and may have different and contrary investment limitations and other policies. Unlike registered investment companies, the Private Funds currently are not obligated by regulations or law to disclose publicly the contents of their portfolios. As such, the Fund has limited visibility into the underlying investments of the Private Funds, and is dependent on information provided by the Managers. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the allocation of its assets, and otherwise comply with regulations applicable to the Fund, may result in style drift, and ultimately may limit the universe of Private Funds in which the Fund can invest.

The Manager of a Private Fund may draw down on the Fund's capital commitment all at once or in a series of capital calls. The portion of the Fund's commitment to a Private Fund that has not been called is referred to as an "unfunded commitment." The Fund may have a contractual obligation to provide capital to meet its unfunded commitment when the Manager draws upon the commitment. At the time the Fund enters into an unfunded commitment, it must have a reasonable belief that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as they come due. Under certain circumstances, this requirement could reduce the Fund's flexibility to make investments in Private Funds and the Fund may be required to hold a substantial amount of its assets in money market securities, cash or cash equivalents, possibly for prolong periods of time; liquidate portfolio securities at an inopportune time; or borrow under a line of credit. This could make it difficult or impossible to take or liquidate a position in a particular security at a price consistent with the Adviser's strategy.

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The Fund may also be required to indemnify certain of the Private Funds from any liability, damage, cost or expense arising out of breaches of representations and warranties included in the Private Fund's subscription documents and certain acts or omissions relating to the offer or sale of the Fund's Shares. In addition, Private Funds may have indemnification obligations to the respective service providers they employ, which may result in increases to the fees and expenses for such Private Funds.

Prohibitions contained in the Investment Company Act on certain transactions between a registered investment company and its affiliated persons, or affiliated persons of those affiliated persons, restrict the Fund from investing in Private Funds sponsored or managed by the Adviser or its affiliates. In general, the Fund seeks to limit its investment in any one Private Fund to less than 25% of the Fund's assets. The Fund may invest substantially all of its assets in non-voting securities of Private Funds. To the extent the Fund holds non-voting securities of, or contractually foregoes the right to vote in respect of, a Private Fund (which it intends to do in order to avoid being considered an affiliated person of a Private Fund within the meaning of the Investment Company Act), it will not be able to vote to the full extent of its economic interest on matters that require the approval of the investors of the Private Fund, including a matter that could adversely affect the Fund's investment, such as changes to the Private Fund's investment objective or policies or the termination of the Private Fund. Notwithstanding these waivers and limitations, the Fund may nevertheless be considered, under certain circumstances, to be an affiliate of a Private Fund. As such, the Fund might be subject to limitations imposed by the Investment Company Act on purchasing more interests in, or redeeming its interests from, such Private Fund, even if the additional investment or redemption would be beneficial to the Fund.

By investing in the Private Funds indirectly through the Fund, a shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by a Private Fund. Performance fees may create an incentive for the Private Fund's manager to make investments that are riskier or more speculative than those it might have made in the absence of a performance fee, which may result in losses. In the aggregate, these fees might exceed the fees that would typically be incurred by a direct investment with a single Private Fund.

The Fund's investments in Private Funds are priced according to their fair value, as determined in good faith by the Adviser. These valuations are based on estimates, which may prove to be inaccurate; these valuations are used to calculate fees payable to the Adviser and the net asset value of the Fund's shares. Investors who purchase or redeem Fund shares on days when the Fund is holding fair-valued investments may receive fewer or more shares or lower or higher redemption proceeds than they would have received if readily available market values were available for all of the Fund's investments.

Investment in Private Funds carries the risk of loss due to Private Funds' fraud, intentional or inadvertent deviations from a predefined investment strategy (including excessive concentration, directional investing outside of predefined ranges, excessive leverage or new capital markets), or poor judgment. During the lifetime of the Fund, there could be material changes in one or more Private Funds, including changes in control and mergers. The effect of such changes on a Private Fund cannot be predicted but could be material and adverse. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any such changes, resulting in substantial losses from risks of Private Funds.

#### Joint Venture Risk
The Fund, directly or indirectly through a Subsidiary or the VCMIX Sub-REIT, may enter into joint ventures with unaffiliated third parties to make investments. In certain of these joint ventures, the Fund may share control with the third-party partner (for example, the Fund may have approval rights over some or all of the joint venture's activities and, in limited circumstances, may have the ability to require that the joint venture take specific actions), even though the Fund may hold a majority of the economic interests of a joint venture. In many cases, the third-party partner may provide services for the joint venture or its assets, including, without limitation, management of day-to-day operations, asset management, property management, construction or development management, and leasing, refinancing or disposition related services. Such investments may involve risks not otherwise present with other methods of investment. In addition, disputes between the Fund and its joint venture partners may result in litigation or arbitration that would increase the Fund's expenses and prevent the Fund's Directors and officers from focusing their time and efforts on the Fund's business. The Fund may at times enter into arrangements that provide for unfunded commitments and, even when not contractually obligated to do so, may be incentivized to fund future commitments related to its investments.

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#### Property Manager Risk
The Adviser, on behalf of the Fund or the VCMIX Sub-REIT, may hire property managers to manage properties and leasing agents to lease vacancies in properties held directly or indirectly by the VCMIX Sub-REIT. These property managers may be Fund affiliates or partners in joint ventures. The property managers may have significant decision-making authority with respect to the management of investment properties. The Fund's ability to direct and control how its investment properties are managed on a day-to-day basis may be limited. Thus, the success of the Fund may depend in large part on the ability of property managers to manage the day-to-day operations and the ability of leasing agents to lease vacancies in properties. Any adversity experienced by, or problems in the Fund's relationship with, property managers or leasing agents could adversely impact the operation and profitability of Fund investment properties*.*

#### Loan Origination Risk
The Fund may originate loans, including, without limitation, loans issued directly to real estate companies or in connection with projects focused on the management, development, construction, renovation, enhancement, maintenance, and/or operation of real-estate. Loans originated by the Fund may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans or similar investments. The Fund may originate loans to public or private entities of all types, including loans to U.S. and non-U.S. governmental entities or loans issued in connection with projects authorized or sponsored by such entities. The Fund may originate loans to borrowers that are unrated or have credit ratings that are determined by one or more NRSROs and/or the Adviser to be below investment grade. The loans the Fund invests in or originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or originate, including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to any applicable law. Bridge loans are generally made with the expectation that the borrower will be able to obtain permanent financing in the near future. Any delay in obtaining permanent financing subjects the bridge loan investor to increased risk. A borrower's use of bridge loans also involves the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower's perceived creditworthiness.

A significant portion of the Fund's investments may be originated, although the Fund's investment in or origination of loans may also be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. The results of the Fund's origination activities depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Further, the Fund's inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the Fund's investment originations, business, liquidity, financial condition, results of operations and its ability to make distributions to Fund shareholders. After origination, the Fund may offer such investments for sale to third parties; however, there is no assurance that the Fund will complete the sale of any such investment. If the Fund is unable to sell, assign, or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in the Fund's investments being concentrated in certain borrowers. The Fund will be responsible for the fees and expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be borne by the Fund and indirectly borne by the shareholders.

The results of the Fund's origination activities depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Loan origination subjects the Fund to risks associated with debt instruments more generally, including credit risk, prepayment risk, valuation risk, and interest rate risk. Competition for originations of and investments in the Fund's target investments may lead to the price of such assets increasing or the decrease of interest income from loans originated by the Fund, which may further limit its ability to generate desired returns. In addition, as a result of this competition, desirable investments in the Fund's target investments may be limited in the future, and the Fund may not be able to take advantage of attractive investment opportunities from time to time, as the Fund can provide no assurance that the Adviser and/or the Sub-Advisers will be able to identify and make investments that are consistent with its investment objectives. In addition, the Fund may originate certain of its investments with the expectation of later syndicating a portion of such investment to third parties. Prior to such syndication, or if such syndication is not successful, the Fund's exposure to the originated investment may exceed the exposure that the Adviser and/or the Sub-Advisers intended to have over the long-term or would have had had it purchased such investment in the secondary market rather than originating it.

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Loan originators are subject to certain state law licensing and regulatory requirements and loan origination and servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of their business. In addition, a number of participants in the loan origination and servicing industry (including control persons of industry participants) have been the subject of regulatory actions by state regulators, including state Attorneys General, and by the federal government. Governmental investigations, examinations, regulatory actions, or private lawsuits may adversely affect such companies' financial results. To the extent the Fund engages in loan origination and/or servicing, the Fund will be subject to enhanced risks of litigation, regulatory actions, and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties, or other charges, any or all of which could materially adversely affect the Fund and its holdings.

#### Access Risk
The Adviser is reliant on its relationships with Arrangers in connection with the Adviser's management of the Fund. To the extent the Adviser is unable to develop or maintain relationships with qualified Arrangers, the Adviser may have difficulty ensuring the Fund's access to suitable investment opportunities. On an ongoing basis, it cannot be certain that the Adviser and/or the Arrangers will be able to continue to locate a sufficient number of suitable investment opportunities to allow the Fund to fully implement its investment strategy. In addition, privately negotiated investments in loans and illiquid securities of private companies require substantial due diligence and structuring, and the Fund may not be able to achieve its anticipated investment pace. These factors increase the uncertainty, and thus the risk, of investing in the Fund. To the extent the Fund is unable to deploy its capital, its investment income and, in turn, the results of its operations, will likely be materially adversely affected.

#### Market Disruption, Health Crises, Terrorism and Geopolitical Risks
The Fund's investments may be negatively affected by the broad investment environment in the real estate market, the debt market and/or the equity securities market. The investment environment is influenced by, among other things, interest rates, inflation, politics, fiscal policy, current events, competition, productivity and technological and regulatory change. Real Estate-Related Investments values may experience greater volatility during periods of challenging market conditions, which periods may be similar to or worse than the conditions experienced from late 2007 through 2009. In addition, there can be severe limitations on an investor's ability to sell certain Real Estate-Related Investments, including those that are of higher credit quality, during a period of reduced credit market liquidity. Therefore, the Fund's NAV will fluctuate. Shareholders may experience a significant decline in the value of their investment and could lose money. The Fund should be considered a speculative investment, and investors should invest in the Fund only if they can sustain a complete loss of their investment.

The Fund may be adversely affected by uncertainties such as war, terrorism, international political developments, sanctions or embargos, tariffs and trade wars, diplomatic events, changes in government policies, global health crises or similar pandemics, and other related geopolitical events may lead to increased short-term market volatility and have adverse long-term effects on world economies and markets generally, as well as adverse effects on issuers of securities and the value of investments. For example, the U.S. has imposed economic sanctions, which consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions. In addition, trade disputes may affect investor and consumer confidence and adversely affect financial markets and the broader economy, perhaps suddenly and to a significant degree. These events, as well as other changes in world economic, political and health conditions and their impact on the Fund are difficult to predict and could adversely affect individual issuers or related groups of issuers, issuers located in a particular geographic region, securities markets, interest rates, credit ratings, inflation, investor sentiment and other factors affecting the value of investments. At such times, exposure to a number of other risks described elsewhere in this section can increase.

The impact of COVID-19, and the effects of other infectious illness outbreaks, epidemics, or pandemics, may be short term or may continue for an extended period of time. For example, a global pandemic or other widespread health crisis could cause significant market volatility and declines in global financial markets and may affect adversely the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, borrowers and sectors, and the health of capital markets and other markets generally in potentially significant and unforeseen ways. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may also exacerbate other pre-existing political, social, and economic risks in certain countries or globally. A global pandemic or other widespread health crisis could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates, and adverse effects on the values and

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liquidity of securities or other assets. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single country or region or events affecting a single or small number of issuers. The foregoing could impair the Fund's ability to maintain operational standards (such as with respect to satisfying repurchase requests, see "Risk Factors – Interval Fund Risk"), disrupt the operations of the Fund and its service providers, adversely affect the value and liquidity of the Fund's investments, and negatively impact the Fund's performance and your investment in the Fund. Other epidemics or pandemics that arise in the future may have similar impacts.

In March 2023, the shut-down of certain financial institutions raised economic concerns over disruption in the U.S. banking system. There can be no certainty that the actions taken by the U.S. government to strengthen public confidence in the U.S. banking system will be effective in mitigating the effects of financial institution failures on the economy and restoring public confidence in the U.S. banking system. Other adverse developments that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, may reduce liquidity in the market generally or have other adverse effects on the economy, the Fund or issuers in which the Fund invests. In addition, issuers in which the Fund invests and the Fund may not be able to identify all potential solvency or stress concerns with respect to a financial institution or to transfer assets from one bank or financial institution to another in a timely manner in the event such bank or financial institution comes under stress or fails.

#### Currency and Exchange Rate Risks
The Fund may engage in practices and strategies that will result in exposure to fluctuations in foreign exchange rates, including through investments in the Private Funds and Real Estate Securities, in which case the Fund will be subject to foreign currency risk. The Fund's Shares are priced in U.S. dollars and the capital contributions to, and distributions from, the Fund are paid in U.S. dollars. However, because a portion of the Fund's assets may be denominated directly in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, foreign (non-U.S.) currencies, the Fund will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency risk may be particularly high to the extent that the Fund invests in foreign (non-U.S.) currencies or engages in foreign currency transactions that are economically tied to emerging market countries.

Currency rates in foreign (non-U.S.) countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, rates of inflation, balance of payments and governmental surpluses or deficits, intervention (or the failure to intervene) by U.S. or foreign (non-U.S.) governments, central banks or supranational entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. These fluctuations may have a significant adverse impact on the value of the Fund's portfolio and/or the level of Fund distributions.

Furthermore, the Fund may (but is not required to) attempt to hedge its exposure to foreign currencies, to reduce the risk of loss due to fluctuations in currency exchange rates relative to the U.S. dollar. There is no assurance, however, that currency hedging strategies will be used by the Fund or, if used, that they will be successful. As a result, the Fund's investments in foreign currency-denominated securities may reduce the returns of the Fund. See "Risk Factors – Hedging Transactions Risk."

#### Environmental and Unforeseen Liabilities Risk
The Fund could face substantial risk of loss from claims based on environmental problems associated with the real estate underlying the Fund's investments, including claims in connection with adverse effects from global climate change. For example, persistent wildfires, a rise in sea levels, an increase in powerful windstorms and/or a storm-driven increase in flooding could cause properties to lose value or become unmarketable altogether. Furthermore, changes in environmental laws or in the environmental condition of an asset may create liabilities that did not exist at the time of the acquisition of such investment by the Fund and that could not have been foreseen. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such environmental condition. In addition, divestment trends tied to concerns about climate change could also adversely affect the value of certain assets.

In addition to the risk of environmental liability attaching to an investment, it is possible that investments acquired by the Fund could be affected by undisclosed matters. In respect of acquired land, the Fund's investment in a Private Fund that owns such land could be affected by undisclosed matters such as legal easements, leases and all charges on property that have been registered and all charges that the acquiring entity is or should have been aware of at the time of the acquisition. Liability could also arise from the breaches of planning legislation and building regulations.

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Undisclosed breaches of other statutory regimes such as health and safety, fire and public health legislation, could also give rise to liability. The property owner could also be liable for undisclosed duties payable to municipalities and counties as well as public claims deriving from supply to the property of water, electricity and other utilities and services (i.e., undisclosed liabilities). It is therefore possible that the Fund could acquire an investment affected by such matters, which may have a material adverse effect on the value of such investments.

#### Business and Regulatory Risks
Legal, tax and regulatory changes (including laws and regulations relating to registered funds, the securities and derivatives markets, taxation of the Fund's investments, trade barriers, and currency exchange controls), as well as general economic and market conditions (such as interest rates, availability of credit, credit defaults, inflation rates and general economic uncertainty) and national and international political circumstances, may adversely affect the Fund. These factors may affect, among other things, the level of volatility of the prices of securities and real estate assets, the liquidity of the Fund's investments and the availability of certain securities and investments. Volatility or illiquidity could impair the Fund's returns or result in significant losses. Additionally, the securities markets are subject to comprehensive statutes and regulations and the regulatory environment for Private Funds is evolving. Changes in the regulation of registered funds, securities markets, or Private Funds may adversely affect the value of investments held by the Fund and the ability of the Fund to pursue successfully its investment strategy. The effect of any future regulatory change on the Fund could be substantial and adverse.

Recent technological developments in, and the increasingly widespread use of, AI Technologies may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI Technologies. As AI Technologies are used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI Technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.

#### Fees and Expenses Risk
By investing in the Private Funds, the Subsidiaries, and the VCMIX Sub-REIT indirectly through the Fund, a shareholder bears two layers of fees and expenses – at the Fund level and the Private Fund, Subsidiary, or the VCMIX Sub-REIT level – in addition to indirectly bearing any performance fees charged by a Private Fund. In the aggregate, these fees might exceed the fees that would typically be incurred by a direct investment with a single Private Fund. In the aggregate, these fees and expenses could be substantial and adversely affect the value of any investment in the Fund. The Adviser has contractually agreed to reduce its Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCMIX Subsidiary and to waive any management fees it receives from the VCMIX Sub-REIT in order to avoid "double-counting" assets. In addition, to the extent investment opportunities are made available through Arrangers, the Fund will be responsible for sourcing fees and other compensation.

#### Focused Investment Risk
The Fund may, from time to time, invest a substantial portion of its assets in a particular asset type, industry, sector, geographic location or securities instrument. As a result, the Fund's portfolio may be subject to greater risk and volatility than if investments had been made in a broader diversification of investments in terms of asset type, industry, sector, geographic location or securities instrument. To the extent that the Fund's portfolio is focused in a property type, industry, sector, geographic location or securities instrument, the risk of any investment decision is increased.

#### REITs Risk
The Fund will invest in real estate indirectly through the VCMIX Sub-REIT and other entities that are intended to qualify as REITs. The risks of investing in REITs include certain risks associated with the real estate industry in general. See "Real Estate-Related Securities Risk" in this section. Investments in REITs also involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. Rising interest rates may cause REIT investors to demand a higher annual yield, which may, in turn, cause a decline in the market price of the equity securities issued by a REIT. Some REITs may utilize leverage, which increases investment risk and may potentially increase the Fund's losses. In addition, to the extent the Fund holds interests in REITs, investors in the Fund bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level), in addition to indirectly bearing any performance fees charged by a Private Fund. REITs may also fail to qualify for the favorable tax treatment available to REITs or may fail to maintain their

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exemptions from investment company registration. Qualification as a REIT under the Code in any particular year is a complex analysis that depends on a number of factors. There can be no guarantee that any entity in or through which the Fund invests will qualify as a REIT. An entity that fails to qualify as a REIT would be subject to a corporate level tax, would not be entitled to a deduction for dividends paid to its shareholders and would not pass through to its shareholders the character of income earned by the entity. If the Fund were to invest in an entity that failed to qualify as a REIT, such failure could significantly reduce the Fund's yield on that investment and could adversely affect the Fund's NAV.

Dividends paid by REITs do not qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. See "Tax Aspects" in the SAI. The Fund's investments in REITs, including in the VCMIX Sub-REIT, may include an additional risk to shareholders. Some or all of a REIT's annual distributions to its investors may constitute a return of capital. Any such return of capital is not taxable, but will reduce the Fund's basis in such investment, but not below zero. To the extent the distributions from a REIT exceed the Fund's basis in its shares of such REIT, the Fund will recognize gain. Shareholders that receive a return of capital distribution from the Fund will also reduce their tax basis in their Shares of the Fund, but not below zero. To the extent the distribution exceeds a shareholder's basis in the Fund's Shares, such shareholder will recognize a capital gain. See also "Tax Risks – Sub-REIT" below.

#### Issuer Risk
Issuer risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or service.

#### High Yield Securities Risk
High yield securities (commonly referred to as "junk bonds") are below investment grade debt securities or comparable unrated securities and are considered predominantly speculative. Lower rated and comparable unrated debt securities tend to offer higher yields than higher rated securities with the same maturities because the historical financial condition of the issuers of such securities may not have been as strong as that of other issuers. However, lower rated securities generally involve greater risks of loss of income and principal than higher rated securities. The issuers of high yield securities may be more adversely affected than issuers of higher rated securities by specific corporate or governmental developments or the issuers' inability to meet specific projected business forecasts. Changes in economic conditions are more likely to lead to a weakened capacity for the issuers of these securities to make principal payments and interest payments. The amount of high yield securities outstanding has proliferated as an increasing number of issuers have used high yield securities for corporate financing. An economic recession could disrupt the market for high yield securities and may have an adverse impact on the value of such securities. An economic downturn also could adversely affect the ability of leveraged issuers to service their debt obligations or to repay their obligations upon maturity. Factors having an adverse impact on the market value of lower quality securities will have an adverse effect on the Fund's NAV to the extent that it invests in such securities. In addition, the Fund may incur additional expenses to the extent it is required to seek recovery upon a default in payment of principal or interest on its portfolio holdings or to take other steps to protect its investment in an issuer.

The secondary market for high yield securities is not usually as liquid as the secondary market for more highly rated securities, a factor that may have an adverse effect on the Fund's ability to dispose of a particular security when necessary to meet its liquidity needs. Under adverse market or economic conditions, the secondary market for high yield securities could contract further, independent of any specific adverse changes in the condition of a particular issuer. As a result, the Fund could find it more difficult to sell these securities or may be able to sell the securities only at prices lower than if such securities were widely traded. Prices realized upon the sale of such lower rated or unrated securities, under these and other circumstances, may be less than the prices used in calculating the Fund's NAV.

Since investors generally perceive that there are greater risks associated with lower quality debt securities, the yields and prices of such securities tend to fluctuate more than those for higher rated securities. In the lower quality segments of the debt securities market, changes in perceptions of issuers' creditworthiness tend to occur more frequently and in a more pronounced manner than do changes in higher quality segments of the debt securities market, resulting in greater yield and price volatility.

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#### Diversification Risk
The Fund is a "non-diversified" management investment company under the Investment Company Act. This means that the Fund may invest a greater portion of its assets in a limited number of issuers than would be the case if the Fund were classified as a "diversified" management investment company. Accordingly, the Fund may be subject to greater risk with respect to its portfolio securities than a "diversified" fund because changes in the financial condition or market assessment of a single issuer may cause greater fluctuation in the value of its interests.

#### Reliance on Key Persons Risk
The Fund relies on the services of certain executive officers who have relevant knowledge of Real Estate-Related Investments, debt, and real estate assets, and familiarity with the Fund's investment objective, strategies and investment features. The loss of the services of any of these key personnel could have a material adverse impact on the Fund.

#### Privately Placed Securities Risk
The Fund may invest in non-exchange traded securities, including privately placed securities, which are subject to liquidity and valuation risks. These risks may make it difficult for those securities to be traded or valued, especially in the event of adverse economic and liquidity conditions or adverse changes in the issuer's financial condition. The market for certain non-exchange traded securities may be limited to institutional investors, subjecting such investments to further liquidity risk if a market were to limit institutional trading. There may also be less information available regarding such non-exchange traded securities than for publicly traded securities, which may make it more difficult for the Adviser to fully evaluate the risks of investing in such securities and as a result place the Fund's assets at greater risk of loss than if the Adviser had more complete information. In addition, the issuers of non-exchange traded securities may be distressed, insolvent, or delinquent in filing information needed to be listed on an exchange. Disposing of non-exchange traded securities, including privately placed securities, may involve time-consuming negotiation and legal expenses, and selling them promptly at an acceptable price may be difficult or impossible. Securities purchased in private placements may be subject to legal or contractual restrictions on resale. The Fund may have to bear the expense of registering restricted securities for resale and the risk of substantial delay in effecting registration.

#### Underlying Investment Risk
By investing through certain investment vehicles, including the VCMIX Sub-REIT or one or more Subsidiaries, including the VCMIX Subsidiary, the Fund is exposed to the risks associated with the investments of such vehicles, which are the same risks associated with the Fund's investments. The Subsidiaries and the VCMIX Sub-REIT are not registered under the Investment Company Act, and therefore are not subject to all of the investor protections of the Investment Company Act, although each will comply with certain sections of the Investment Company Act on a consolidated basis with the Fund. The Fund will wholly own or control each Subsidiary and the VCMIX Sub-REIT, which, like the Fund, will be managed by the Adviser, making it unlikely that any Subsidiary or the VCMIX Sub-REIT will take action contrary to the interests of the Fund and its shareholders. The Adviser will manage the VCMIX Subsidiary's portfolio in accordance with the Fund's investment policies and restrictions. There can be no assurance that the investment objective of an underlying investment vehicle will be achieved. Changes in the laws of the United States and/or any state under which the Fund, the VCMIX Sub-REIT, or any Subsidiary is organized, could result in the inability of the Fund, the VCMIX Sub-REIT, or such Subsidiary to operate as described in this prospectus and the Fund's SAI and could adversely affect the Fund and its shareholders.

#### Tax Risks – Fund
Special tax risks are associated with an investment in the Fund. The Fund intends to qualify and has elected to be treated as a RIC under Subchapter M of the Code. As such, the Fund must satisfy, among other requirements, diversification and 90% gross income requirements, and a requirement that it distribute at least 90% of its ordinary income and net short-term gains in the form of deductible dividends.

Each of the aforementioned ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Fund obtain information from or about the Private Funds in which the Fund is invested. However, Private Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Adviser to monitor the sources of the Fund's income and the diversification of its assets, and otherwise to comply with Subchapter M of the Code. Ultimately this may limit the universe of Private Funds in which the Fund can invest and may adversely bear on the Fund's ability to qualify as a RIC under Subchapter M of the Code. The Fund expects to receive information from each Private Fund regarding its investment performance on a regular basis.

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Private Funds and other entities classified as partnerships for U.S. federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test. In order to meet the 90% gross income test, the Fund may structure its investments in a manner that potentially increases the taxes imposed thereon or in respect thereof. Because the Fund may not have timely or complete information concerning the amount or sources of such a Private Fund's income until such income has been earned by the Private Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the 90% gross income test.

In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification tests or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in a Private Fund that limit utilization of this cure period.

If the Fund were to fail to satisfy the asset diversification or other RIC requirements, absent a cure, it would lose its status as a RIC under the Code. Such loss of RIC status could affect the amount, timing and character of the Fund's distributions and would cause all of the Fund's taxable income to be subject to U.S. federal income tax at regular corporate rates without any deduction for distributions to shareholders. In addition, all distributions (including distributions of net capital gain) would be taxed to their recipients as dividend income to the extent of the Fund's current and accumulated earnings and profits. Accordingly, disqualification as a RIC would have a significant adverse effect on the value of the Shares.

The Fund must distribute at least 90% of its investment company taxable income, in a manner qualifying for the dividends-paid deduction, to qualify as a RIC, and must distribute substantially all its income in order to avoid a fund-level tax. In addition, if the Fund were to fail to distribute in a calendar year a sufficient amount of its income for such year, it would be subject to an excise tax. The determination of the amount of distributions sufficient to qualify as a RIC and avoid a fund-level income or excise tax will depend on income and gain information that must be obtained from the underlying Private Funds. The Fund's investment in Private Funds may make it difficult to estimate the Fund's income and gains in a timely fashion, which may increase the likelihood that the Fund will be liable for the excise tax with respect to certain undistributed amounts. See "Taxes" and, in the SAI, "Tax Aspects".

Investors will be required each year to pay applicable federal and state income taxes on their respective shares of any distributions from the Fund. Shareholders who reinvest their distributions will nonetheless be obligated to pay these taxes from sources other than Fund distributions.

The Fund invests in Private Funds located outside the United States. Such Private Funds may be subject to withholding tax on their investments in such jurisdictions. Any such withholding tax would reduce the return on the Fund's investment in such Private Funds. See "Taxes" and, in the SAI, "Tax Aspects."

#### Tax Risks – Subsidiaries
In order to qualify as a RIC, the Fund must limit its investment in any one issuer or any two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses to no more than 25% of the Fund's total assets. It is possible that the VCMIX Sub-REIT, the VCMIX Subsidiary, and/or any other Subsidiary will be treated as engaged in the same, similar or related trades or businesses for this purpose. As a result, the Fund may be required to limit its investment such entities in the aggregate to 25% of the Fund's total assets.

The VCMIX Subsidiary has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCMIX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund. Changes in the tax laws of the United States and/or any state in which a Subsidiary is organized could result in the inability of the Fund and/or a Subsidiary to operate as described in this prospectus and the Fund's SAI and could adversely affect the Fund and its shareholders.

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#### Tax Risks – Sub-REIT
The VCMIX Sub-REIT intends to elect to be taxed as a REIT for U.S. federal income tax purposes. As long as certain requirements are met, a REIT generally is not subject to entity-level tax on the income and gain it distributes to its shareholders. In order to qualify as a REIT under the Code, the VCMIX Sub-REIT must satisfy a number of requirements on a continuing basis, including requirements regarding the composition of its assets, sources of its gross income, distributions and shareholder ownership. The Fund intends to structure the VCMIX Sub-REIT and its activities in a manner designed to satisfy all of these requirements. However, the application of such requirements is not entirely clear, and it is possible that the IRS may interpret or apply those requirements in a manner that jeopardizes the ability of the VCMIX Sub-REIT to satisfy all of the requirements for qualification as a REIT.

Not more than 50% of the value of the VCMIX Sub-REIT's outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals or certain specified entities at any time during the last half of any calendar year (the "Five or Fewer Test"), and the VCMIX Sub-REIT's shares must be held by a minimum of 100 persons during at least 335 days in each taxable year (the "100-shareholder test"), subsequent to the first taxable year for which the VCMIX Sub-REIT's qualification as a REIT is effective. For purposes of the Five or Fewer Test, the VCMIX Sub-REIT will "look through" to the beneficial owners of the Fund's shares. Accordingly, if five or fewer individuals or certain specified entities, at any time during the last half of any calendar year, own, directly or indirectly, more than 50% of the VCMIX Sub-REIT's shares through the Fund, then the VCMIX Sub-REIT's qualification as a REIT could be jeopardized. The provisions of the Investment Company Act, such as those pertaining to a closed-end fund's purchase of its own shares, may conflict with the kind of shareholder ownership limitations that are commonly used by REITs to ensure compliance with the Five or Fewer Test. The Fund may not have the information necessary for it to ascertain with certainty whether or not the VCMIX Sub-REIT satisfies the Five or Fewer Test. Accordingly there can be no assurance that the VCMIX Sub-REIT will continue to qualify and be able to minimize its entity-level tax liability through distributions, as discussed below.

In order to meet the 100-shareholder test necessary to qualify as a REIT under the Code, the VCMIX Sub-REIT has approximately 100 to 125 preferred shareholders who are "accredited investors" as defined in Regulation D of the Securities Act and are "qualified purchasers" for purposes of the Investment Company Act and the rules and regulations promulgated thereunder. The VCMIX Sub-REIT's preferred shareholders have priority in the payment of dividends on their preferred shares at the established rate. As such, dividend payments to the VCMIX Sub-REIT's preferred shareholders, along with any other expenses of the VCMIX Sub-REIT, may reduce the amount of income payable by the VCMIX Sub-REIT to the Fund.

Further, to be eligible for treatment as a REIT under the Code, among other things, the VCMIX Sub-REIT is generally required each year to distribute to its shareholders at least 90% of its REIT taxable income determined without regard to the dividends-paid deduction and excluding net capital gain. To the extent that it does not distribute all of its net capital gains, or distributes at least 90%, but less than 100%, of its REIT taxable income, as adjusted, it will have to pay an entity-level tax on amounts retained. Furthermore, if it fails to distribute during each calendar year at least the sum of (a) 85% of its ordinary income for that year, (b) 95% of its capital gain net income for that year, and (c) any undistributed taxable income from the preceding calendar year, it would have to pay a 4% nondeductible excise tax on the excess of the amounts required to be distributed over the sum of (a) the amounts that it actually distributed and (b) the amounts it retained and upon which it paid U.S. federal corporate income tax. These requirements could cause it to distribute amounts that otherwise would be spent on investments in real estate assets, and it is possible that the VCMIX Sub-REIT might be required to borrow funds, possibly at unfavorable rates, or sell assets, possibly at unfavorable prices, to fund the required distributions.

Even if the VCMIX Sub-REIT qualifies for taxation as a REIT, it may be subject to certain U.S. federal, state and local and foreign taxes on its income and assets, including taxes on any undistributed income, taxes on income from certain prohibited activities, including certain activities conducted as a result of a foreclosure, and state or local income, franchise, property and transfer taxes, including mortgage recording taxes. Dividends payable by the VCMIX Sub-REIT to the Fund and, in turn, by the Fund to its shareholders, generally are not qualified dividends eligible for reduced rates of tax.

If the VCMIX Sub-REIT fails to qualify as a REIT for any taxable year and it does not qualify for or chooses not to pursue certain statutory relief provisions, it will be subject to U.S. federal income tax on its taxable income at corporate rates. In addition, it will generally be disqualified from treatment as a REIT for the four taxable years following the year in which it loses its REIT status. Loss of the VCMIX Sub-REIT's REIT status will reduce its net earnings available for investment or distribution to shareholders because of the additional tax liability. In addition,

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distributions to shareholders will no longer qualify for the dividends paid deduction, and the VCMIX Sub-REIT will no longer be required to make distributions. If this occurs, the VCMIX Sub-REIT might be required to borrow funds or liquidate some investments in order to pay the applicable tax. See also "Taxation of REIT Subsidiary" in the Statement of Additional Information.

#### Hedging Transactions Risk
The Fund and the Private Funds may invest in securities and utilize financial instruments, such as forward contracts, in an effort to protect against possible changes in the market value of portfolio positions resulting from fluctuations in the securities or other markets and changes in interest rates and hedge the interest rate or currency exchange rate on any liabilities or assets.

Hedging against a decline in the value of a portfolio position does not eliminate fluctuations in the values of portfolio positions or prevent losses if the values of such positions decline, but establishes other positions designed to gain from those same developments, thus moderating the decline in the portfolio positions' value. Such hedging transactions also limit the opportunity for gain if the value of the portfolio position should increase. Moreover, it may not be possible for the Fund or a Private Fund to hedge against an exchange rate, interest rate or price fluctuation that is so generally anticipated that the Fund or a Private Fund is not able to enter into a hedging transaction at a price sufficient to protect its assets from the decline in value of the portfolio positions anticipated as a result of such fluctuations.

The Fund and the Private Funds are not required to attempt to hedge portfolio positions and, for various reasons, may determine not to do so. Furthermore, the Fund and the Private Funds may not anticipate a particular risk so as to hedge against it. To the extent that hedging transactions are effected, their success is dependent on the Fund or a Private Fund's ability to predict correctly movements in the direction of currency, interest rates or other factors. Therefore, while the Fund or a Private Fund may attempt to hedge against undesirable exposure, unanticipated changes in the markets and investments or debt being hedged, or the nonoccurrence of events being hedged against, this may result in poorer overall performance than if the Fund or a Private Fund had not engaged in any such hedge. Certain hedging transactions, such as forward contracts and other derivatives, expose the Fund to counterparty risk (*i.e.*, the risk that the Fund's counterparties will become insolvent or otherwise default in their obligations to the Fund) and liquidity risk which can result in losses for the Fund. In addition, the degree of correlation between the performance of the instruments used in a hedging strategy and the performance of the portfolio positions being hedged is unpredictable. Moreover, for a variety of reasons, the Fund or the Private Funds may not seek to establish a perfect correlation between such hedging instruments and the portfolio considerations being hedged. Such imperfect correlation may prevent the Fund or the Private Funds from achieving the intended hedge or expose the Fund to additional risk of loss. The Fund will not sell securities short and or write uncovered options.

#### Market Capitalization Risk
The Fund may invest in equity securities without restriction as to market capitalization, such as those issued by medium-sized and smaller capitalization companies, including micro-cap companies. Those securities, particularly smaller-capitalization stocks, involve higher risks in some respects than do investments in securities of larger companies. The prices of the securities of some of these smaller companies are often more volatile and may be subject to more abrupt or erratic market movements than larger, more established companies, because they typically are more subject to changes in earnings and prospects, among other things. In addition, the risk of bankruptcy or insolvency of many smaller companies (with the attendant losses to shareholders) is higher than for larger, "blue-chip" companies, and, due to thin trading in some small-capitalization stocks, an investment in those securities may be highly illiquid. Some small companies have limited product lines, distribution channels and financial and managerial resources. Some of the companies in which the Fund invests may have product lines that have, in whole or in part, only recently been introduced to market or that may still be in the research or development stage. Such companies may also be dependent on key personnel with limited experience.

Micro-cap stocks typically involve greater risks of loss and price fluctuations because their earnings and revenues tend to be less predictable, their share prices tend to be more volatile, and their markets less liquid than stocks of companies with larger market capitalizations. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, and it can be difficult or impossible for the Fund to trade these securities at the desired time. Furthermore, publicly available information, including financial information, about micro-cap

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companies tends to be limited and some micro-cap companies trade over-the-counter or on a regional exchange with limited regulation. The relative lack of information, liquidity, and regulation results in an increased risk of corruption and fraud, including price manipulation, and the possibility of losses to the Fund.

#### Emerging Markets Risk
The non-U.S. securities in which the Fund or a Private Fund invests may include securities of companies based in emerging countries or issued by the governments of such countries. Investing in securities of certain of such countries and companies involves certain considerations not usually associated with investing in securities of developed countries or of companies located in developed countries, including political and economic considerations, such as greater risks of expropriation, confiscatory taxation, imposition of withholding or other taxes on dividends, interest, capital gains, other income or gross sale or disposition proceeds, limitations on the removal of funds, nationalization and general social, political and economic instability; the small size of the securities markets in such countries and the low volume of trading, resulting in potential lack of liquidity and in price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; certain government policies that may restrict the Fund's or a Private Fund's investment opportunities; problems that may arise in connection with the clearance and settlement of trades; inflation and rapid fluctuations in inflation rates in the economies of certain emerging market countries; overdependence on exports, particularly with respect to primary commodities, which makes such economies vulnerable to volatile fluctuations in commodity prices; and overburdened infrastructure, such as delays in local postal, transport, banking or communications systems that could cause the Fund to lose rights, opportunities or entitlements and expose it to currency fluctuations. In addition, accounting and financial reporting standards that prevail in certain of such countries generally are not equivalent to standards in more developed countries and, consequently, less information is available to investors in companies located in these countries than is available to investors in companies located in more developed countries. There is also less regulation, generally, of the securities markets in emerging countries than there is in more developed countries. Placing securities with a custodian in an emerging country may also present considerable risks.

#### Direct Lending Risk
In making a direct loan, the Fund is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund may lose money on the loan depending on, among other things, the value of the underlying collateral and the Fund's rights to that collateral. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct loan and/or to value the direct loan. When engaging in direct lending, the Fund's performance may depend, in part, on the ability of the Fund to originate loans on advantageous terms. In originating and purchasing loans, the Fund will compete with a broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on such loans, which could reduce Fund performance. To the extent the Fund is the sole lender in privately offered debt, it may be solely responsible for the expense of servicing that debt, including, if necessary, taking legal actions to foreclose on any security instrument securing the debt (*e.g.*, the mortgage or, in the case of a mezzanine loan, the pledge). This may increase the risk and expense to the Fund compared to syndicated or publicly offered debt.

#### Reference Benchmark Risk
The terms of investments, financings or other transactions (including certain derivatives transactions) to which the Fund may be a party are tied to interest rates and other types of rates and indices which may be classed as "benchmarks." Such rates have been the subject of ongoing national and international regulatory reform, including the global transition away from the London Interbank Offered Rate ("LIBOR") to alternative reference rates such as the Secured Overnight Financing Rate ("SOFR"). SOFR is an index rate calculated based on short-term repurchase agreements backed by U.S. Treasury Instruments. While LIBOR was an unsecured rate, SOFR is a secured rate. There can be no assurance that SOFR will perform in the same way as LIBOR would have at any time, including, without limitation, as a result of changes in interest and yield rates in the market, monetary policy, bank credit risk, market volatility or global or regional economic, financial, political, regulatory, judicial or other events. There can be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of the Fund. If the manner in which SOFR is calculated is changed, that change may result in a reduction of the amount of interest payable on SOFR-linked floating rate instruments and the trading prices of such instruments. Additionally, daily changes in SOFR

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have, on occasion, been more volatile than daily changes in other benchmark or market rates. Although occasional, increased daily volatility in SOFR would not necessarily lead to more volatile interest payments, the return on and value of SOFR-linked floating rate instruments may fluctuate more than floating rate instruments that are linked to less volatile rates.

In addition, certain benchmarks have been the subject of regulatory reform under the European Union regulation on indices used as benchmarks in financial instruments and financial contracts (known as the "Benchmarks Regulation"). The Benchmarks Regulation has been enacted into United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the implementation of these reforms, the manner of administration of benchmarks has changed and may further change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other consequences which cannot be predicted.

#### Cybersecurity Risk
The Fund is susceptible to operational and information security risks relating to technologies such as the Internet. In general, cyber incidents can result from deliberate attacks or unintentional events. 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). Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, impediments to trading, the inability of the Fund to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. The widespread use of work-from-home arrangements and the increasing use of virtual meeting and other technologies in workplaces following the COVID-19 pandemic and the rapid development and increasingly widespread use of AI Technologies may increase cybersecurity risk.

Similar adverse consequences could result from cyber incidents affecting the Fund investments, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, banks, brokers, dealers, insurance companies and other financial institutions. In addition, substantial costs may be incurred in order to prevent cyber incidents in the future. While the Fund's service providers, including the Adviser, may have established business continuity plans in the event of, and risk management policies and procedures and systems to prevent, such cyber incidents, there are inherent limitations in such plans, procedures and systems including the possibility that certain risks have not been identified. Furthermore, the Fund and the Adviser cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund and its shareholders. The Fund could be negatively impacted as a result.

#### Inflation/Deflation Risk
Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. Inflation, and investors' expectation of future inflation, can impact the current value of portfolio investments, resulting in lower asset values and losses to Fund investors. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and the Fund's investments may not keep pace with inflation, which may result in losses to Fund shareholders or adversely affect the real value of investments in the Funds. Deflation risk is the risk that the prices throughout the economy decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

#### USE OF PROCEEDS
The Fund will invest the proceeds of the continuous offering of Shares on an ongoing basis in accordance with its investment objectives and policies as stated below. In addition, for cash management purposes or while the Fund seeks investment opportunities, the proceeds of the offering may be invested by the Fund in short-term, high-quality debt securities, money market instruments, money market funds and/or liquid real estate-focused exchange-traded funds, in addition to, or in lieu of, investments consistent with the Fund's investment objectives and policies. It is currently

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anticipated that the Fund will be able to invest all or substantially all of the net proceeds according to its investment objectives and policies within approximately three months after receipt of the proceeds, depending on the amount and timing of proceeds available to the Fund as well as the availability of investments consistent with the Fund's investment objectives and policies, and except to the extent proceeds are held in cash to pay dividends or expenses, satisfy repurchase offers or pending capital calls, or for temporary defensive purposes. If the Fund is delayed in investing the proceeds of the offering, the Fund's distributions could consist, in whole or in part, of a return of capital. A return of capital represents a return of a portion of your investment. A return of capital is not taxable, but it reduces a shareholder's tax basis in the Shares, thus reducing any loss or increasing any gain on a subsequent disposition of the Shares. In addition, the Fund may maintain a portion of the proceeds in cash to meet operational needs, as well as pay for offering costs associated with the sale of the Fund's Shares. Thus, there is no guarantee that the Fund will be able to assemble and achieve its desired investment portfolio with the proceeds of the offering; and as a result, the Fund may be prevented from achieving its objectives during any time in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

#### THE FUND
The Fund was organized as a Delaware limited liability company established on March 10, 2011 and is registered under the Investment Company Act as a closed-end investment management company. The Fund is a "non-diversified company" under the Investment Company Act, meaning that it does not have at least 75% of the value of its total assets represented by cash and cash items (including receivables), government securities, securities of other investment companies, and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of its total assets and to not more than 10% of the outstanding voting securities of such issuer.

The Fund currently offers a single class of Shares designated as "common shares." Shares of the Fund are continuously offered under the Securities Act. Shares are not listed, and the Fund does not intend to list Shares for trading, on any national securities exchange. The Fund is an interval fund that provides limited liquidity through a quarterly Repurchase Offer of Shares at NAV pursuant to Rule 23c-3 under the Investment Company Act.

The Fund's address is 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237 and its telephone number is (877) 200-1878.

#### INVESTMENT OBJECTIVES, INVESTMENT STRATEGIES AND INVESTMENT FEATURES

#### Investment Objectives
The Fund's primary investment objective is to seek consistent current income, while the Fund's secondary objectives are capital preservation and long-term capital appreciation. The Fund's ability to achieve current income and/or long-term capital appreciation will be tempered by the investment objective of capital preservation. The Adviser seeks to achieve the Fund's objective by investing primarily in (i) investments in third party private funds that themselves invest in real estate and in debt investments secured by real estate (*i.e.*, private REITs) and investment funds and other pooled investment vehicles (collectively, "Private Funds"); and (ii) domestic and international publicly traded real estate securities, such as common and preferred stock of publicly listed REITs and publicly traded real estate debt securities ("Real Estate Securities" and together with the Private Funds, "Real Estate-Related Investments"). Under normal market conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Real Estate-Related Investments. The Fund may obtain this exposure directly or through one or more wholly-owned and/or controlled subsidiaries that engage in investment activities in securities or other assets and are treated as corporations or disregarded entities for tax purposes ("Subsidiaries"). In addition, the Fund may invest up to 20% of its net assets to gain exposure to other investments, including, without limitation, through (a) equity investments in real estate and other real estate-related assets through a subsidiary that expects to elect to be taxed as a real estate investment trust (the "VCMIX Sub-REIT"); (b) debt investments, including private debt associated with real estate, including real estate-related loans originated by bank or non-bank lenders; and (c) originating and syndicating loans directly with real estate companies or with projects focused on the management, development, construction, renovation, enhancement, maintenance and/or operation of real estate. The principal investment strategies of the Fund reflect the aggregate operations of the Fund, its Subsidiaries, and the VCMIX Sub-REIT.

While maintaining a balance of strategies, markets, risks and institutional asset managers within the real estate industry, it is the intent that over time the Fund's portfolio reflect the broad trends of the real estate market. The Fund's investment strategy seeks to attain portfolio stability and favorable risk-adjusted investment returns with a focus on income and a low correlation to the publicly-traded equities markets. The Fund pursues its investment strategy by

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seeking to diversify its overall investment portfolio by: (i) geography: asset holdings primarily in the United States but with certain holdings across the rest of North America, Europe, Asia, Australia and other geographic regions; (ii) property type: investments in multi-family, industrial, office, retail, hotel and other property types; (iii) strategy: differing property and securities acquisition, underwriting and management strategies; and (iv) capital structure: investments that include debt and equity securities, including preferred stock.

Subject to the repurchase policies of the Private Funds, the Adviser expects to reallocate the Fund's assets in response to changes in market values and the performance of the Managers. The Adviser aims to maintain a portfolio of investments that includes a variety of strategies, markets and types of Managers.

The Fund has been designed to afford the Adviser flexibility to deploy assets in real estate investment strategies it deems appropriate under prevailing economic and market conditions. Accordingly, at any given time, the Fund may not invest in all of the enumerated real estate investment strategies described in this Prospectus, and the Fund's investment allocation is not fixed and will likely not be equally weighted. The Adviser may add different investment strategies at its discretion within the real estate sector, consistent with the Fund's investment objectives.

Additional information about the types of investments that are expected to be made by the Fund is provided below and in the SAI. The Fund's investment objectives are a fundamental policy and may not be changed without the approval of shareholders. Except as otherwise indicated, the Fund's investment policies and restrictions are not fundamental and may be changed without a vote of the shareholders. See "Additional Investment Policies – Fundamental Policies" in the SAI.

No assurance can be given that the Fund will achieve its investment objectives.

#### Investing in Real Estate-Related Investments
The Fund may invest directly in, and gain exposure to, investment strategies, which involve various types of properties, in different geographic locations, with various risk/reward profiles and differing pieces of the capital structure including equity, debt or preferred securities. The Fund has been designed to afford the Adviser flexibility to deploy assets in real estate investment strategies it deems appropriate under prevailing economic and market conditions. Allocations to a Private Fund may vary over time upon the ongoing monitoring of the Adviser and continuous analysis of alternative real estate managers and real estate securities managers. As noted above, the Fund will limit its investment in any one Private Fund to less than 25% of the Fund's assets. Under normal circumstances, a significant portion of the Fund's assets are expected to be invested in Private Funds (*i.e.*, private funds that invest in real estate and debt investments secured by real estate). The Fund is not limited in the types of Private Funds and sub-advisers that it may select or the types of investment activities in which they may engage, within the real estate sector and consistent with its investment objectives. Likewise, sub-advisers that are selected to sub-advise a specified portion of the Fund's assets for investment in Real Estate Securities may only use long-only investment strategies, and will be restricted from selling securities short and writing uncovered options. The following is a brief description of the strategies implemented by the Fund, which strategies are employed on a collective basis to achieve the Fund's objectives.

**Private Funds. The Fund gains exposure to real estate-related assets in part through investments in Private Funds. Private Funds are pooled investment vehicles, which are typically exempt from registration, that have investors other than the Fund. The Fund will be an investor in the Private Funds as any typical investor would be. Some of these Private Funds themselves invest in real estate. Other Private Funds invest in debt investments secured by real estate either directly or through separate entities. The Fund intends to identify Private Funds with managers that focus on the major property types within commercial real estate (multi-family, industrial, office and retail), but the Fund may also seek exposure to Private Funds focused on certain specialty property types (*e.g.*, data centers, self-storage, seniors housing) and debt investments in respect of certain other property types with strong credit characteristics. Private Funds typically accept investments on a continuous basis, have quarterly repurchases, and do not have a defined termination date. Although the Private Funds are not investment companies registered pursuant to the Investment Company Act, some of the fund structures may be 3(c)(1)/3(c)(7) Funds (which, for the avoidance of doubt, but for Section 3(c)(1) or 3(c)(7) would meet the definition of investment company under the Investment Company Act and not qualify for any other exemption) while many others are Other Private Funds that would not be investment companies for reasons other than the exemptions in Sections 3(c)(1) and 3(c)(7) of the Investment Company Act. The Fund intends to invest no more than 15% of its assets in 3(c)(1)/3(c)(7) Funds (excluding, for the avoidance of doubt, any Private Fund that would qualify** 

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as an Other Private Fund). Additionally, the Fund will not invest in Private Funds that hold themselves out as "hedge funds." While the Adviser will only select Private Funds that invest in real estate and/or real estate-related debt, these Private Funds will operate in a variety of global markets with a variety of real estate-related strategies and risk/return characteristics.

The Private Funds will not be registered as investment companies under the Investment Company Act. See "Risk Factors – Private Funds Risk." In order to ensure compliance with the Code and other applicable regulatory requirements, the Fund generally will seek to invest in Private Funds that utilize private REITs as the Adviser expects that income from such REITs would comply with the RIC 90% investment income requirement under the Code. See "Taxes."

**Real Estate Securities. The Fund may invest directly in Real Estate Securities, including equity and debt securities issued by real estate-related companies. The Adviser has engaged the Sub-Advisers to invest the Fund's assets in Real Estate Securities.** 

*Global Real Estate Equities. The Fund seeks global real estate equity investments that the Adviser believes will generate competitive total returns and current income. These investments typically include equity securities issued by U.S. and non-U.S. real estate companies, including REITs and similar REIT-like entities. REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment similar to that of U.S. REITs. The Fund may also invest in securities of foreign companies in the form of ADRs, GDRs and EDRs. The Sub-Advisers employ a risk-managed investment approach that focuses on companies the Sub-Advisers believe have potential for growth and/or strong income characteristics.* 

*Real Estate Preferred Equities. The Fund seeks real estate preferred equity investments that the Adviser believes will generate high income and capital preservation. These investments typically include preferred stock of REITs and other real estate-related companies. The Sub-Advisers apply differing strategies, including, but not limited to, a value-oriented investment approach focused on credit quality and company fundamentals. The Sub-Advisers will evaluate the fundamental characteristics of the issuers, including creditworthiness and prevailing market factors. This approach will take into account an issuer's corporate and capital structures and placement of the preferred securities within that structure.* 

*Real Estate Debt. The Fund's direct real estate debt investments include commercial real estate loans and other real estate-related securities that the Sub-Advisers believe will generate a stable income stream of attractive and consistent cash distributions. The Fund may make such investments through investment and origination of first mortgage loans as well as subordinated debt (B-notes and mezzanine loans), commercial mortgage-backed securities ("CMBS"), participating loans, bridge loans and other secured and unsecured real estate-related debt. There is no limit on the maturity or duration of any individual security and/or other investment in which the Fund may invest.* 

The Adviser will delegate to the Sub-Advisers the management of a designated portion of the Fund's assets for investment in Real Estate Securities. Underlying equity securities chosen by the Sub-Advisers may be listed or unlisted and underlying debt securities may be rated or unrated.

***Real Estate Equity Investments through the VCMIX Sub-REIT. The VCMIX Sub-REIT will be structured to hold or invest, directly or indirectly, in real estate and real estate-related assets and will invest primarily in direct ownership of real estate properties or in joint ventures or partnerships that hold real estate. The VCMIX Sub-REIT may also engage in the acquisition, development, redevelopment, leasing, management, and disposition of real estate assets. Investments may be made in a broad range of geographic markets and property types, depending on market conditions and opportunities. The Fund will maintain direct or indirect voting control of the VCMIX Sub-REIT. The Fund will report its investment in the VCMIX Sub-REIT in accordance with generally accepted accounting principles. The Fund's investments in the VCMIX Sub-REIT will be valued utilizing the fair value principles outlined within the Fund's Valuation Policy. See "Calculation of Net Asset Value." Leverage incurred directly by the VCMIX Sub-REIT will be aggregated with the Fund's leverage for purposes of complying with Section 18 of the Investment Company Act. For purposes of complying with its fundamental and non-fundamental investment restrictions and policies pursuant to Section 8 of the Investment Company Act, except in the case of the Fund's policy with respect to the purchase of real estate, the Fund will aggregate its direct investments with the investments of the VCMIX Sub-REIT. The VCMIX Sub-REIT may engage external management companies for property-level oversight of its investments.***

***Real Estate-Related Debt. The Fund may invest in real estate debt investments, including commercial real estate loans and other real estate-related securities. The Fund may originate or otherwise directly invest in privately issued real estate***

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debt. The Fund's investments in privately issued real estate debt typically will consist of senior debt and subordinated debt. Senior debt includes loans and loan-related investments structured with a senior security interest in real estate assets and/or cash flows from the real estate asset including contractual lease revenues. These loans are expected to vary in maturity, but typically have longer durations than subordinated debt and may include a combination of fixed and floating rate interest payments. Subordinated debt investments are secured by secondary claims against the real estate asset and its cash flow. These claims are subordinated to those of the senior debt, which has priority in collateral and cashflow. Subordinated debt typically will have relatively short maturities and floating interest rates. The Fund may also seek to invest in real estate-related debt that generates stable income streams of attractive and consistent cash distributions. The Fund may make such investments in first mortgage loans as well as subordinated debt (B-notes and mezzanine loans), commercial mortgage-backed securities ("CMBS"), participating loans, bridge loans and other secured and unsecured real estate-related debt. There is no limit on the maturity or duration of any individual security and/or other investment in which the Fund may invest.

The Adviser evaluates investment opportunities originated by or arranged through an extensive network of relationships with Arrangers. The Adviser evaluates opportunities involving a combination of direct lending Arrangers that focus on different sectors and different types of loans in an attempt to limit the Fund's concentration in any single real estate sector or risk and return profile. The Fund will be able to adjust its dealings with Arrangers to the extent they are not performing as expected or adverse circumstances are affecting them, which may be particularly beneficial given the illiquid nature of the Fund's assets. The Adviser has full discretion to increase or reduce the number of Arrangers through which it sources opportunities based on the market environment or Fund growth trajectory.

***Other Investments. In certain circumstances or market environments the Fund may reduce its investment in Real Estate-Related Investments and hold a larger position in short-term, high-quality debt securities, money market instruments, money market funds, exchange-traded funds, and/or cash or cash equivalents. The Fund may also invest excess cash balances in these types of investments, as deemed appropriate by the Adviser. The Fund may use derivative strategies for hedging exposure to foreign currencies and interest rates. In addition, in pursuing its investment objective, the Fund may seek to enhance returns through the use of leverage. The Fund intends to utilize leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors.***

#### Core, Core Plus and Value Added Investments
*Core. The Fund may have exposure to strategies that target high-quality portfolios with real estate assets that provide relatively lower and more stable returns. Investments are typically located in primary markets and in the main property types (offices, retail, industrial and multi-family) and are stable, well-maintained, and well-leased. For example, office properties with investment grade tenants; multi-family properties in major metropolitan cities with higher rental rates; retail properties in more traditional neighborhoods and community strip-mall centers and regional and super regional malls; and warehouse and research and development properties in strong distribution centers may be considered to fall within this property type. The Fund intends to identify investments within this strategy that anticipate limited leverage (i.e., approximately 20% to 35%) or additional capital investment, maintain relatively stable and high occupancy levels and typically carry premium rents within a market.* 

*Core Plus. The Fund may have exposure to strategies that seek moderate risk portfolios with real estate that provides moderate returns. Investments are predominantly core but with an emphasis on a modest value added management approach. A core-plus portfolio requires slightly more complex financial structuring and management intensive focus than a core portfolio of investments. Focus is on the main property types, in both primary and secondary markets, in buildings generally in good condition that require some form of enhancement (i.e., repositioning, redevelopment and/or releasing). The Fund intends to identify investments within this strategy that anticipate moderately low leverage (i.e., approximately 35% to 50% of the gross asset value of a Private Fund) and some additional capital investment.* 

*Value Added. To a lesser extent than core and core plus, the Fund may have exposure to strategies that typically focus on more aggressive active asset management and often employ relatively more leverage. Investment portfolios typically target lower quality buildings, in both primary and secondary markets in the main property types. Properties are considered value added when they exhibit management or operational problems, require physical improvement, and/or suffer from capital constraints. Buildings often require enhancement to upgrade them (i.e., redevelopment/repositioning/releasing). To the extent the Fund invests in this strategy, the Fund intends to identify investments that anticipate moderate leverage (i.e., approximately 50% to 65%) and additional capital investment.* 

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#### Investments in Subsidiaries
The Fund may make portfolio investments directly or indirectly through one or more Subsidiaries. References herein to the Fund include references to a Subsidiary in respect of the Fund's investment exposure. The Fund will comply with certain provisions of the Investment Company Act applicable to the Fund on an aggregate basis with the Subsidiaries, including provisions relating to investment policies (Section 8), affiliated transactions and custody (Section 17), and capital structure and leverage (Section 18). To the extent that any Subsidiary directly incurs leverage in the form of debt, such leverage will be aggregated with the Fund's leverage for purposes of complying with Section 18 of the Investment Company Act. The VCMIX Subsidiary has the same investment objectives and strategies as the Fund and, like the Fund, is managed by the Adviser. The Fund may invest in the VCMIX Subsidiary in order to pursue its investment objectives and strategies in a potentially tax-efficient manner.

#### Selection of Private Funds and Sub-Advisers
The Adviser follows certain general guidelines when reviewing and selecting Private Funds and sub-advisers. The Adviser takes into consideration the following criteria, as applicable, when selecting the approved Managers: assets under management; length of time in the business; stability and depth of corporate management; stability and depth of investment management team; investment strategies, target returns and leverage limitations; investment process and research capacity; existing portfolio composition and valuation; structure of any Private Funds and tax considerations; historical performance and reputation; fees and expenses; conflicts policies; reporting and valuation policies/process; and investor rights and controls.

Although the Adviser will attempt to apply the guidelines consistently, the guidelines involve the application of subjective and qualitative criteria and, the selection of Private Funds and sub-advisers is a fundamentally subjective process. The use of the selection guidelines may be modified or eliminated at the discretion of the Adviser. In addition, some Private Funds may be newly organized and have no, or only limited, operating histories. However, the Adviser typically will select Managers whose principals have substantial experience investing assets in real estate and/or Real Estate Securities. There can be no assurance that the Adviser will be able to access Private Funds or sub-advisers that will enable the Fund to meet its objectives.

Other than regulatory limitations applicable to a RIC, the Adviser is not bound by any fixed criteria in allocating assets to Private Funds. Private Funds have some flexibility to make investments in accordance with the market environment and employ leverage, as permitted within the operative documents for their investment vehicle and limitations set forth in the Code for operation of a REIT or corporate entity. See "Risk Factors – Focused Investment Risk" and "– Leverage Risk." While the approved Private Funds and Sub-Advisers have been reviewed and approved by the Adviser, there is no guarantee that any one Private Fund or Sub-Adviser will receive an allocation of the Fund's assets for investment. When a Private Fund or sub-adviser is selected, the allocation of assets may vary substantially for each. Additionally, there can be no assurance that a Private Fund or sub-adviser will have the capacity to accept additional assets for management and there may be a delay in the acceptance of such an investment that may change the Fund's ability to utilize such approved Private Fund or sub-adviser.

The current investment guidelines developed by the Adviser include a review of the Private Funds and sub-advisers. In conducting this review, the Adviser will rely on its analysis and due diligence process for the selection of the appropriate Private Funds and sub-advisers. The Adviser may engage research and consulting services to assist in the aggregation and review of due diligence materials for each of the Private Funds and sub-advisers that it considers*.* In addition, the Adviser seeks to conduct a multi-step process to review and evaluate each potential Private Fund and each potential sub-adviser that includes: meetings, questionnaires, interviews, and reference calls. The goal of the due diligence process is to evaluate: (i) the background of the Manager's firm and its respective team; (ii) the infrastructure of the Manager's research, evaluation and investment procedures; (iii) the Manager's strategies and method of execution; (iv) the Manager's risk control and portfolio management processes; and (v) the differentiating factors that the Adviser believe give a Private Fund or sub-adviser an advantage over other potential investment funds and Managers.

Once a Private Fund is selected, the Fund and the Adviser continue to review the investment process and performance of the Private Fund. The Adviser engages in the necessary due diligence to ensure that the Fund's assets are invested in Private Funds that provide reports that will enable them to monitor the Fund's investments as to their overall performance, sources of income, asset valuations and liabilities. The Adviser, subject to the repurchase policies of the Private Funds, may reallocate the Fund's assets among the Private Funds, redeem its investment in Private Funds, and/or select additional Private Funds.

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In addition, once a sub-adviser is selected by the Adviser and approved by the Board and a majority of the existing shareholders (at such time), as necessary, to sub-advise a specified portion of the Fund's assets for investment in Real Estate Securities, the Fund and the Adviser continue to review the investment process and performance of the sub-adviser. The Adviser and the Board engage in the necessary due diligence to ensure that the Fund's assets are invested in Real Estate Securities that are consistent with the Fund's investment objectives and RIC requirements and that the investment performance in such securities is satisfactory.

#### Borrowing/Leverage
In pursuing its investment objectives, the Fund (directly or indirectly, including through one or more Subsidiaries or the VCMIX Sub-REIT) may add leverage to its portfolio through borrowings, such as through bank loans or commercial paper and/or other credit facilities, or by utilizing reverse repurchase agreements and similar financing transactions, dollar rolls, and/or credit default swaps. The Fund may use leverage to make additional investments, to satisfy repurchase requests from Fund shareholders, to provide the Fund with temporary liquidity, or as a temporary measure for extraordinary or emergency purposes, including for the payment of dividends or the settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund. The Fund may add leverage to its portfolio by utilizing a bank loan secured by the portfolio securities of the Fund, commercial paper, and/or other borrowings available to the Fund. Property level debt is expected to be incurred by operating entities held by the VCMIX Sub-REIT and secured by real estate and other assets owned by such operating entities. If an operating entity were to default on a loan, the lender's recourse would be to the mortgaged property and the lender would typically not have a claim to other assets of the Fund or its subsidiaries. The Fund intends to utilize borrowings and other forms of leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Adviser's assessment of the yield curve environment, interest rate trends, market conditions and other factors. Leveraging is a speculative technique and the use of leverage involves increased costs and risk, including increased variability of the Fund's net income, distributions and net asset value in relation to market changes. There can be no assurance that a leveraging strategy will be used or that it will be successful during any period in which it is employed. The Fund may lose money through the use of leverage. See "Risk Factors – Leverage Risk." The Fund has, and may in the future, borrow money in order to repurchase its Shares. The Fund may also borrow to facilitate investments or to seek to enhance returns. The Fund intends to limit its borrowing and the overall leverage of its portfolio to an amount that does not exceed 33-1/3% of the Fund's gross asset value.

Any leverage incurred at the Subsidiary or the VCMIX Sub-REIT level is aggregated with the Fund's leverage for purposes of complying with Section 18 of the Investment Company Act. Any leverage at the Fund, the VCMIX Sub-REIT, and Subsidiary levels will be in addition to financial leverage that a Private Fund may use as part of its capital structure.

#### Effects of Leverage
Assuming the Fund obtains bank borrowings with a repayment obligation equal to approximately 7% of the Fund's managed assets and an annual interest rate of 5.5% of such repayment obligation or principal balance (which rate is approximately the current rate which the Adviser expects the Fund to pay, based on market rates as of March 31, 2025), income generated by the Fund's portfolio (net of estimated expenses) would need to exceed 0.38% in order to cover such interest payments on the borrowings. Actual interest rates may vary and may be significantly higher or lower than the rate estimated above.

The following table illustrates the hypothetical effect on the return to a holder of the Fund's common Shares of the leverage obtained through bank borrowings equal to approximately 7% of the Fund's managed assets and interest paid on borrowings at an annual rate of 5.5%. It is designed to illustrate the effect of leverage on the total return of common Shares, assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. See "Risk Factors – Leverage Risk."

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Total Return (Net of Expenses) | (10)% | (5)% | 0% | 5% | 10%  |
| Common Share Total Return | (11.08)% | (5.73)% | (0.38)% | 4.97% | 10.31% |

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Total Return is composed of two main elements: the net investment income of the Fund after paying interest on its leverage and gains or losses on the value of the securities the Fund owns.

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The Fund currently uses leverage (whether through the use of senior securities or otherwise) to achieve its investment objective, as a liquidity source to Fund repurchases or for temporary and extraordinary purposes and may consider other potential uses in the future. The Fund's willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including the Adviser's assessment of the yield curve environment, interest rate trends, market conditions, and other factors.

#### MANAGEMENT OF THE FUND

#### Directors and Officers
The Board has overall responsibility to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish policies regarding the management, conduct and operation of the Fund's business. 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. There are currently six directors of the Fund, one of whom is treated by the Fund as an "interested person" (as defined in the Investment Company Act). The names and business addresses of the directors and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under "Management of the Fund" in the SAI.

#### Control Persons
A control person is one who beneficially owns, directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control. As of June 30, 2025, the Fund did not know of any person that controlled the Fund.

#### Adviser and Investment Management Fee
Under the ultimate supervision of and subject to any policies established by the Board, the Adviser provides investment advice to and manages the day-to-day business and affairs of the Fund pursuant to an investment management agreement between the Fund and the Adviser (the "Investment Management Agreement"). In addition to managing a portion of the Fund's assets directly, the Adviser has responsibility, subject to the review and approval of the Board, for selecting the Fund's strategies and for selecting and hiring the sub-advisers to the Fund. The Adviser allocates the Fund's assets and monitors the sub-advisers' investment programs for consistency with the Fund's investment objectives and strategies. The Adviser may, at its discretion, reallocate the Fund's assets among itself and the sub-advisers, allocate assets away from sub-advisers, and/or terminate sub-advisers, subject to the oversight of the Board. From time to time, the Adviser may determine not to allocate any of the Fund's assets to a sub-adviser. The Adviser also provides certain administrative services to the Fund, including: providing office space, handling of shareholder inquiries regarding the Fund, providing shareholders with information concerning their investment in the Fund, coordinating and organizing meetings of the Board, and providing other support services.

In consideration for its investment management services, the Fund pays the Adviser the Investment Management Fee equal to 0.95% annually of the average daily NAV of the Fund. The Investment Management Fee is accrued daily and payable quarterly in arrears. The Investment Management Fee will be paid to the Adviser out of the Fund's assets. Because the Investment Management Fee is calculated based on the Fund's average daily NAV and is paid out of the Fund's assets, it reduces the NAV of the Shares. The Adviser may receive additional compensation at an annual rate based on a Subsidiary's or the VCMIX Sub-REIT's average daily net assets for providing management services to the Subsidiary or the VCMIX Sub-REIT. The Adviser has contractually agreed to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCMIX Subsidiary and to waive the investment management fee it receives from the VCMIX Sub-REIT such that, for the collective net assets of the Fund, the VCMIX Subsidiary, and the VCMIX Sub-REIT, the total Investment Management Fee is calculated at a rate of 0.95%.

Effective July 28, 2025, the Adviser has agreed to voluntarily waive a portion of the Investment Management Fee equal to the management fees paid by the Fund to Harrison Street Core Property Fund LP. This arrangement is estimated to result in an annualized waiver of Investment Management Fees approximating 0.05% of the Fund's March 31, 2025 net assets.

Conflicts of interest exist as a result of the fact that the Adviser receives the Investment Management Fee irrespective of the allocation of the Fund's assets. This conflict of interest arises because the amount of overall time, expense, and other resources expended to select and monitor Sub-Advisers may be less than what is expended to select and monitor underlying Private Funds. If the overall time, expense, and other resources expended by the Adviser to

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select and monitor sub-advisers of the Fund is less than what the Adviser expends to select and monitor Private Funds, the Adviser will have an incentive to allocate more of the Fund's assets to sub-advisers. The Board monitors this potential conflict of interest and any effect it may have on the Fund and its shareholders. Under normal circumstances, the Adviser does not believe that its overall cost and expense will differ materially between selecting and monitoring Private Funds on the one hand, or in selecting and monitoring sub-advisers, on the other.

The Adviser is an asset management firm that specializes in real asset investing with approximately $4.5 billion in assets under management as of June 30, 2025. The Adviser is registered with the U.S. Securities and Exchange Commission (the "SEC") as an investment adviser under the Advisers Act. The Adviser's offices are located at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237, and its telephone number is (877) 200-1878. Colliers International Group Inc., a publicly traded real estate services and investment management company ("Colliers") whose principal offices are at 1140 Bay Street, Suite 4000 Toronto, Ontario, Canada M5S 2B4, owns, directly and indirectly, approximately 75% of the outstanding securities of the Adviser. Effective July 28, 2025, in connection with the launch of a dedicated private wealth division by the Collier's investment management segment, Harrison Street Asset Management, the Adviser has rebranded as Harrison Street Private Wealth LLC.

The Investment Management Agreement may be terminated at any time by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities on sixty days' written notice to the Adviser or by the Adviser on ninety days' written notice to the Fund. The Investment Management Agreement continues in effect from year to year if its continuance is approved annually by either the Board or the vote of a majority of the outstanding voting securities of the Fund, provided that, in either event, the continuance also is approved by a majority of the Independent Directors of the Board. The Investment Management Agreement also provides that it will terminate automatically in the event of its "assignment," as such term is defined in the Investment Company Act.

The Investment Management Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence by the Adviser in the performance of its duties under the Investment Management Agreement or reckless disregard of its obligations under the Investment Management Agreement, the Adviser will not be liable to the Fund for any error of judgment or for any loss suffered by the Fund in connection with the subject matter of the Investment Management Agreement. The Investment Management Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund of the Adviser and its affiliates, and their respective partners, members, managers, directors, officers, shareholders, employees, and controlling persons (collectively, the "Indemnified Parties"), against any losses, judgments, liabilities, expenses and amounts paid in settlement of any claims sustained by them in connection with the Fund, provided that such amounts were not the direct result of willful misfeasance, bad faith or gross negligence on the part of such Indemnified Party in the performance of its duties (if any) under the Investment Management Agreement or resulted from such Indemnified Party's reckless disregard of its obligations and duties (if any) under the Investment Management Agreement.

A discussion regarding the basis for the Board's approval of the Investment Management Agreement between the Fund and the Adviser, along with a discussion regarding the basis for the Board's approval of the continuation of the previous investment management agreement between the Fund and the Adviser is available in the Fund's semi-annual report to shareholders for the fiscal period ended September 30, 2024.

#### Key Personnel of the Adviser
The key personnel of the Adviser who currently have primary responsibility for management of the Fund (collectively, the "Portfolio Managers") are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Since** | **Recent Experience**  |
| Casey Frazier, CFA | Chief Investment Officer | Inception | Chief Investment Officer of the Adviser. Mr. Frazier is the Chairman of the Adviser's Investment Committee. He has served as the CIO since joining the Adviser in 2011.  |
| Dave Truex, CFA | Deputy Chief <br>Investment Officer | August 2017 | Deputy Chief Investment Officer of the Adviser. Mr. Truex is a member of the Adviser's Investment Committee. He has served as the Deputy CIO since joining the Adviser in 2017. Prior to joining the Adviser, Mr. Truex was a Portfolio Manager for Colorado's Public Employees Retirement Association from 2013 to 2017.  |

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Since** | **Recent Experience**  |
| Kevin Nagy, CAIA | Director of <br>Investments | July 2024 | Director of Investments of the Adviser. Mr. Nagy has served as Director of Investments since 2024 and previously served as Senior Portfolio Analyst since joining the Adviser in 2019. Prior to joining the Adviser, Mr. Nagy was an Assistant Vice President in Callan LLC's Real Assets Consulting Group from 2013-2019. |

---

The Portfolio Managers will not be employed by the Fund and do not receive direct compensation from the Fund in connection with their portfolio management activities. The SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers' ownership of securities of the Fund.

The Adviser maintains an Investment Committee, led by Casey Frazier, the Adviser's Chief Investment Officer, which provides general oversight of the Fund's investments. The senior executives on the Adviser's Investment Committee have substantial experience with the establishment, underwriting, and management of investment products consisting primarily of real asset investment products, including infrastructure investments, and real estate-related securities.

#### Sub-Advisers and Sub-Advisory Fees
The Adviser has responsibility, subject to oversight by the Board, for overseeing the Sub-Advisers. The Adviser may only enter into new sub-advisory relationships for the Fund upon Board approval and upon the approval of a majority of the Fund's outstanding voting securities pursuant to the Investment Company Act. If such approval is obtained, the Adviser (or the Fund) may enter into sub-advisory relationships with registered investment advisers that possess skills that the Adviser believes will aid it in achieving the Fund's investment objectives. The Adviser has entered into such sub-advisory agreements with the following sub-advisers:

#### Principal Real Estate Investors, LLC
The Adviser has engaged Principal Real Estate Investors, LLC ("PrinREI"), a registered adviser under the Advisers Act, to act as an independent sub-adviser to the Fund. PrinREI has been managing commercial real estate securities since 1998 and is a wholly-owned, indirect subsidiary of Principal Financial Group, Inc., a public company listed on the Nasdaq Global Select Market (symbol: PFG). PrinREI focuses on investments in publicly traded real estate securities including both equity and debt investments in both U.S. and non-U.S. markets. PrinREI is located at 711 High Street, Des Moines, IA 50392. PrinREI typically seeks to provide exposure to publicly traded Real Estate Securities on behalf of the Fund. PrinREI is paid a management fee by the Fund's shareholders based on assets under management that is assessed on a sliding scale from 0.60% down to 0.49% based on assets under management.

The key decision makers for the portfolio are the REIT equities portfolio managers Kelly Rush, Anthony Kenkel, and Simon Hedger. The team averages over 25-years tenure with the firm and averages over 35 years of investment experience. The Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of securities in the Fund.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Since** | **Recent Experience**  |
| Kelly Rush | Chief Investment Officer | 1987 | Mr. Rush is the CIO and a Global Portfolio Manager for PrinREI. Mr. Rush has been with the firm since 1987.  |
| Anthony Kenkel | Portfolio Manager | 2001 | Mr. Kenkel is a Global Portfolio Manager for PrinREI. Mr. Kenkel has been with the firm since 2001.  |
| Simon Hedger | Portfolio Manager | 2003 | Mr. Hedger is a Global Portfolio Manager for PrinREI. Mr. Hedger has been with the firm since 2003.  |

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A discussion regarding the basis for the Board's approval of the Investment Sub-Advisory Agreement between the Adviser and PrinREI, along with a discussion regarding the basis for the Board's approval of the continuation of the previous investment sub-advisory agreement between the Adviser and PrinREI (the "PrinREI Sub-Advisory Agreement") is available in the Fund's semi-annual report to shareholders for the fiscal period ended September 30, 2024.

#### Security Capital Research & Management
The Adviser has engaged Security Capital Research & Management Incorporated ("Security Capital"), a registered adviser under the Advisers Act, to act as an independent sub-adviser to the Fund. Founded in 1995, Security Capital operates with an exclusive focus on investments in U.S.-based real estate securities. Security Capital is located at 10 South Dearborn Street, 38<sup>th</sup> Floor, Chicago, Illinois 60603. Security Capital typically seeks to provide exposure to publicly traded Real Estate Securities on behalf of the Fund using a detailed real estate research process that is focused on the cash flow generating potential of the real estate owned by the companies in whose securities the Fund invests. Security Capital is paid a management fee by the Fund's shareholders based on assets under management that is assessed on a sliding scale from 1.0% down to 0.45% based on assets under management. Security Capital has a deep and experienced investment team contributing to the management of the assets managed on behalf of the Fund.

The Portfolio Management Team comprising Anthony R. Manno Jr., Kevin W. Bedell and Nathan J. Gear directs all investment decisions and average over 37 years of investment and real estate experience in all market cycles since the 1970s. The Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of securities in the Fund.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Since** | **Recent Experience** |
| Anthony Manno | CEO & CIO | 1994 | Mr. Manno is the CEO and CIO of Security Capital. Mr. Manno has been with the firm since 1994. |
| Kevin Bedell | Head of Investment Research | 1996 | Mr. Bedell is the Head of Investment Research of Security Capital. Mr. Bedell has been with the firm since 1996. |
| Nathan J. Gear | Executive Director | 2006 | Mr. Gear is the Head of the Portfolio Analytics and Execution Team, which oversees portfolio and market analytics and trade execution. |

---

A discussion regarding the basis for the Board's approval of the Investment Sub-Advisory Agreement between the Adviser and Security Capital, along with a discussion regarding the basis for the Board's approval of the continuation of the previous investment sub-advisory agreement between the Adviser and Security Capital (the "Security Capital Sub-Advisory Agreement") is available in the Fund's semi-annual report to shareholders for the fiscal period ended September 30, 2024.

#### Other Expenses of the Fund
The Fund bears all expenses incurred in connection with its operations, other than those specifically required to be borne by the Adviser and other service providers pursuant to their agreements with the Fund. For purposes of this section, "the Fund" includes the Subsidiaries and the VCMIX Sub-REIT. Expenses borne by the Fund may include:

&nbsp;&nbsp;&nbsp;&nbsp;• all
 costs and expenses related to portfolio transactions and investments for the Fund's portfolio,
 including, but not limited to, arranger fees, brokerage commissions, research fees (including
 "soft dollars"), custodial fees, shareholder servicing fees, margin fees, transfer taxes
 and premiums and taxes withheld on foreign dividends, and expenses from investments in the Private
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• all costs
 and expenses associated with the Fund's use of leverage, including but not limited to interest and commitment fees on loans
 and debt balances and costs and expenses relating to the issuance and ongoing maintenance of preferred shares, if any;

&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses
 associated with operation and registration of the Fund, offering costs and the costs of compliance with any applicable Federal or state
 laws;

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&nbsp;&nbsp;&nbsp;&nbsp;• the costs and expenses
 of holding any meetings of the Board that are regularly scheduled, permitted or required to be held under the terms of the LLC Agreement,
 the Investment Company Act or other applicable law;

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

&nbsp;&nbsp;&nbsp;&nbsp;• the costs of a fidelity
 bond and any liability or other insurance, including director and officer insurance, obtained on behalf of the Fund or the Board;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• the fees of BNY Mellon,
 UMB Bank and of custodians, transfer agents, and other persons providing administrative services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• personnel costs and expenses
 for the Fund's Chief Compliance Officer; and

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

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

#### Additional Service Providers
BNY Mellon performs certain administrative and accounting services and shareholder services for the Fund and the Adviser. In consideration for these services, the Fund pays BNY Mellon an annual fee, which will accrue daily on the basis of the average daily NAV of the Fund, subject to a minimum monthly service fee.

BNY Mellon Investment Servicing (US) Inc. serves as the Fund's Transfer Agent and maintains the Fund's accounts, books and other documents as required to be maintained under the Investment Company Act at 118 Flanders Road, Westborough, MA 01581, or at such other place as designated by the Adviser.

UMB Fund Services, Inc., 235 W. Galena St., Milwaukee, WI 53212, is expected to replace BNY Mellon Investment Servicing (US) Inc. in providing transfer agency services and The Bank of New York Mellon in providing administrative and accounting services to the Fund on or around September 30, 2025.

UMB Bank (the "Custodian") serves as the Fund's custodian. The Custodian's principal business address is 1010 Grand Blvd., Kansas City, Missouri 64106.

#### SUITABILITY OF THE INVESTMENT
An investment in the Fund involves a considerable amount of risk. You may lose some or all of your entire investment in the 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. An investment in the Fund may be appropriate for long-term investors seeking to diversify their total investment portfolios by pursuing income and potential growth by adding a real estate exposure to their total portfolio. Before making your investment decision, you and/or your personal financial adviser should consider (i) the suitability of this investment with respect to your investment objectives and personal situation and (ii) factors such as your personal net worth, income, age, risk tolerance and liquidity needs. The Fund should be considered an illiquid investment. You will not be able to redeem your Shares on a daily basis because the Fund is a closed-end fund; however, limited liquidity will be available through quarterly Repurchase Offers described in this Prospectus. In addition, the Shares are not traded on an exchange and there is currently no secondary market for the Shares. See "Risk Factors – Interval Fund Risk" and "– Liquidity Risk."

#### HOW TO PURCHASE SHARES
The Fund offers Shares continuously at the prevailing NAV per Share. Shares are not subject to any upfront sales load, distribution fee or early withdrawal charge. Shares are only available for purchase by: (i) institutional investors, including registered investment advisers ("RIAs"), banks, brokers/dealers, trust companies or similar financial

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institutions investing for their own account or for accounts for which they act as a fiduciary and have authority to make investment decisions (subject to certain limitations) and clients of such institutional investors that have accounts for which such institutional investors are bound by an applicable fiduciary standard, and (ii) the executive officers, directors, general partners, or employees of the Fund or the Adviser. The minimum initial investment per institutional investor of the Fund (including, with respect to clause (i) above, cumulative investments of the clients of any institutional investor of the Fund) is $10 million and the minimum for those investors referred to in clause (ii) above is $10,000. There is no minimum amount for subsequent purchases of Shares. The Adviser has the authority to waive the minimum investment requirements or allow investors in the Fund who do not fit the above descriptions under certain circumstances.

Shares generally will only be available through certain financial intermediaries that provide custodial and/or clearing services for the Fund's institutional investors (*e.g.*, banks, broker/dealers, investment advisers, trusts, financial industry professionals, etc., collectively referred to as "Intermediaries" and individually as "Intermediary"). You may purchase Shares from any Intermediary by submitting an order to purchase Shares on any day that the New York Stock Exchange (the "NYSE") is open for business (each, a "Business Day"). An Intermediary can help you establish and maintain an account with such Intermediary and purchase Shares of the Fund for such account. The Fund has authorized one or more Intermediaries to receive orders to purchase Shares and repurchase orders in response to a repurchase offer, on its behalf. Further, Intermediaries are authorized to designate other Intermediaries to receive orders to purchase Shares and repurchase orders in response to a repurchase offer. Once an Intermediary has determined that your investment in the Fund is suitable for your investment profile, such Intermediary shall submit a purchase order for Shares to the Fund's Transfer Agent. The Fund will be deemed to have received a purchase or repurchase order when an Intermediary or its authorized designee receives the order. The Shares are offered at the NAV per Share next computed after the request to purchase Shares is received by the Fund, an Intermediary, or its authorized designee. The Fund expects to distribute Shares principally through Intermediaries. Because an investment in Shares involves many considerations, your financial advisor or other Intermediary may help you with your investment decision. You also should discuss with your financial advisor or Intermediary any payments received as a result of your investment in our Shares.

Intermediaries may impose additional or different conditions than the Fund on purchases of Shares or submission of shares for repurchase. They may also independently establish and charge their customers or program participants transaction fees, account fees, and other amounts in connection with purchases of Shares in addition to any fees imposed by the Fund. These additional fees may vary over time and could increase the cost of an investment in the Fund and lower investment returns. Each Intermediary is responsible for transmitting to its customers and program participants a schedule of any such fees and information regarding any additional or different conditions regarding purchases or any repurchases. Shareholders who are customers of these Intermediaries or participants in programs services by them should contact the Intermediary for information regarding these fees and conditions.

The Uniting and Strengthening America by Providing Appropriate Tools Required to Obstruct Terrorism Act (commonly referred to as the USA PATRIOT Act) may require an Intermediary or its authorized designee to obtain certain personal information from you, which will be used to verify your identity. If you do not provide information, it may not be possible to open your account. If the Intermediary or authorized designee is unable to verify your customer information, the Fund reserves the right to close your account or take other steps it deems reasonable.

***Inactive Accounts and Unclaimed Property. Shareholders should ensure that the address on file with the Transfer Agent is correct and current in order to prevent their accounts from being deemed abandoned in accordance with applicable state law. A shareholder's account may be deemed abandoned in accordance with state escheatment laws if no activity occurs in the account for a specified amount of time, which varies by state. The Fund is legally required to escheat (or transfer) abandoned property to the applicable state's unclaimed property administrator or other appropriate state authority. The investor's last known address of record determines which state has jurisdiction over an abandoned account. While the Transfer Agent will, if it receives returned mail, attempt to locate shareholders in accordance with applicable law, if the Transfer Agent is unable to locate the shareholder and the account is considered abandoned under applicable state law, then the Transfer Agent will escheat the account to the state. It is your responsibility to ensure that you maintain accurate and current contact information for your account. You should contact the Transfer Agent at (855) 653-7173 or 118 Flanders Road, Westborough, MA 01581 at least annually to ensure your account remains in active status. Neither the Fund nor the Adviser will be liable to shareholders or their representatives for good faith compliance with escheatment laws.***

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#### REPORTS TO SHAREHOLDERS
The Fund issues periodic reports to all investors, including annual audited financial statements, which are available on the Fund's website at www.harrisonstpw.com. Paper copies of the Fund's periodic reports will no longer be sent by mail, as permitted by regulations adopted by the SEC. You will instead be notified by mail and provided with a link each time a report is posted to the website. If you already elected to receive reports electronically, you will not be affected by this change. Copies of the Prospectus and shareholder reports may be obtained by calling (877) 200-1878.

#### LEGAL PROCEEDINGS
The Fund may become involved in legal proceedings in the ordinary course of its business. The Fund is not currently involved in any material legal proceedings and, to the Fund's knowledge, no material legal proceedings are threatened against the Fund.

#### DISTRIBUTION POLICY AND DISTRIBUTION REINVESTMENT POLICY
In accordance with requirements applicable to RICs, the Fund intends to distribute to shareholders at least 90% of its investment income and net short-term capital gains realized on investments, each year, through regular quarterly distributions. In addition, the Fund may make periodic distributions to shareholders of all or a portion of the long-term capital gains realized on transactions in its investments, in accordance with the requirements of the Investment Company Act and the Code.

All distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder affirmatively elects not to reinvest in additional Shares pursuant to the Fund's Distribution Reinvestment Policy. Shareholders may elect initially not to reinvest by indicating that choice in writing to the Fund's transfer agent. Thereafter, shareholders are free to change their election. Shareholders may change their election or receive additional information regarding the Fund's Distribution Reinvestment Policy by contacting the Fund's transfer agent, the Fund's Distribution Reinvestment Policy agent (the "Plan Agent"), at (855) 653-7173 or 118 Flanders Road, Westborough, Massachusetts 01581 (or, alternatively, by contacting the selling agent that sold such shareholder its Shares, who will inform the Fund). Whenever the Fund declares a distribution, participating shareholders will receive such distribution entirely in Shares to be issued by the Fund, including fractions. The number of Shares received by a shareholder in respect of the distribution will be based on the current NAV of the Fund on the ex-dividend date, as determined by or on behalf of the Fund. There is no sales load or other charge for Shares received pursuant to the Dividend Distribution Policy. The Fund reserves the right to suspend or limit at any time the ability of shareholders to reinvest distributions. Distributions are taxable as described herein whether shareholders receive them in cash or reinvest them in additional shares. See "Taxes."

#### QUARTERLY REPURCHASES OF SHARES
The Fund has adopted a fundamental policy that it will make quarterly Repurchase Offers for not less than 5% nor more than 25% of the Shares outstanding on the Repurchase Request Deadline. The Repurchase Offer amount will be determined by the Board before each Repurchase Offer. Each quarterly Repurchase Offer will be at the NAV per Share determined as of the Repurchase Pricing Date. Because this policy is "fundamental," it may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities. Shares will be repurchased at the NAV per Share determined as of the close of regular trading on the NYSE on the Repurchase Pricing Date.

Shareholders will be notified in writing about each quarterly Repurchase Offer, how they may request that the Fund repurchase their Shares and the Repurchase Request Deadline, which is the date the Repurchase Offer ends. The Repurchase Request Deadline will be determined by the Board and will be based on factors such as market conditions, liquidity of the Fund's assets and shareholder servicing conditions. The time between the notification to shareholders and the Repurchase Request Deadline may vary from no more than 42 days to no less than 21 days and is expected to be approximately 30 days. Certain authorized institutions, including Intermediaries, custodians and clearing platforms, may set times prior to the Repurchase Request Deadline by which they must receive all shareholder repurchase requests and may require certain additional information. In addition, certain clearing houses may require shareholders to submit repurchase requests only on the Repurchase Request Deadline. The repurchase price of the Shares will be the NAV as of the close of regular trading on the NYSE on the Repurchase Pricing Date. Payment pursuant to the repurchase will be made by checks to the shareholder's address of record, or credited directly to a predetermined bank account on the Repurchase Payment Date, which is within seven days of the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the Investment Company Act and other applicable laws.

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Shares tendered for repurchase by shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate repurchase amounts established for that Repurchase Request Deadline. Repurchase proceeds will be paid to shareholders prior to the Repurchase Payment Date.

#### Repurchase Amounts
The Board, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be not less than 5% nor more than 25% of the Shares outstanding on the Repurchase Request Deadline. The Repurchase Offer Amount will be determined by the Board before each Repurchase Offer.

If Share repurchase requests exceed the number of Shares in the Fund's Repurchase Offer, the Fund may, in its sole discretion, (i) repurchase the number of Shares in the Fund's Repurchase Offer, allocating such repurchase among the shareholders on a pro rata basis based on the number of Shares tendered by each of the shareholders; or (ii) increase the number of Shares to be repurchased by up to 2.0% of the Fund's outstanding Shares. If the Fund determines to repurchase additional Shares beyond the Repurchase Offer Amount and if shareholders tender an amount of Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each of the Fund's shareholders. However, the Fund may accept all shares tendered for repurchase by shareholders who own less than one hundred shares and who tender all of their Shares, before prorating other amounts tendered. Because of the potential for proration, tendering shareholders may not have all of their tendered Shares repurchased by the Fund in any Repurchase Offer. Shares repurchased by the Fund are not subject to an early withdrawal charge.

In addition, if a Repurchase Offer is oversubscribed, the Fund may offer to repurchase at NAV outstanding Shares tendered by the estate of a deceased shareholder or such deceased shareholder's descendants. The amount of any such Estate Offer will be approved by the Board, taking into account the liquidity of the Fund's assets. In the event an Estate Offer is oversubscribed, the Fund will repurchase the tendered Shares on a pro rata basis based on the number of Shares tendered by each of the shareholders. The Adviser may require information it deems appropriate under the circumstances to verify a shareholder's eligibility to participate in an Estate Offer, and it is possible that certain Intermediaries may not be able to process or meet the requirements for Estate Offer requests.

#### Notice to Shareholders
Notice of each Repurchase Offer will be given to each beneficial owner of Shares between 21 and 42 days before each Repurchase Request Deadline. The notice will describe (i) instructions for shareholders to tender their Shares for repurchase, (ii) the procedures for the Fund to repurchase Shares on a pro rata basis, (iii) the circumstances in which the Fund may suspend or postpone a Repurchase Offer, and (iv) the procedures that will enable shareholders to withdraw or modify their tenders of Shares for repurchase until the Repurchase Request Deadline. The notice will also state the Repurchase Offer Amount, the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the scheduled Repurchase Payment Date. The notice will contain information shareholders should consider in deciding whether or not to tender their Shares for repurchase, including the risk of fluctuation in the NAV between the Repurchase Request Deadline and the Repurchase Pricing Date, if such dates do not coincide, and the possibility that the Fund may use an earlier Repurchase Pricing Date than the scheduled Repurchase Pricing Date (if the scheduled Repurchase Pricing Date is not the Repurchase Request Deadline).

#### Repurchase Price
The repurchase price of the Shares will be the NAV as of the close of regular trading on the NYSE on the Repurchase Pricing Date. The notice of the Repurchase Offer will set forth the NAV that has been computed no more than seven days before the date of notification, and how shareholders may ascertain the NAV after the notification date. The notice will also provide a toll-free number for information regarding the Repurchase Offer.

#### Suspension or Postponement of Repurchase Offer
The Fund may suspend or postpone a Repurchase Offer only: (i) if making or effecting the Repurchase Offer would cause the Fund to lose its status as a RIC under the Code; (ii) for any period during which the NYSE or any market on which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (iii) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not

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reasonably practicable for the Fund fairly to determine the value of its net assets; or (iv) for such other periods as the SEC may by order permit for the protection of shareholders of the Fund. The Fund shall not suspend or postpone a Repurchase Offer under the foregoing circumstances except pursuant to a vote of a majority of the Directors, including a majority of the Independent Directors.

#### Liquidity Requirements
The Fund will maintain liquid assets equal to the Repurchase Offer Amount, plus the amount of any Estate Offer, from the time that the notice is sent to shareholders until the Repurchase Pricing Date. The Fund will ensure that a percentage of its net assets equal to at least 100% of such amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Date.

The Fund has adopted procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can comply with the Repurchase Offer, any Estate Offer, and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Board will take any action it deems appropriate to ensure compliance.

#### Consequences of Repurchase Offers
Repurchase Offers typically will be funded from available cash or sales of portfolio securities. Payment for repurchased Shares, however, may require the Fund to liquidate portfolio holdings earlier than the Adviser otherwise would, thus increasing the Fund's portfolio turnover and potentially causing the Fund to realize losses. The Adviser intends to take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of Shares. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares in a Repurchase Offer by increasing the Fund's expenses and reducing any net investment income. To the extent the Fund finances repurchase amounts by selling Fund investments, the Fund may hold a larger proportion of its assets in less liquid securities. In addition, the sale of portfolio securities to finance repurchases could reduce the market price of those underlying securities, which in turn would reduce the Fund's NAV.

Repurchase of the Shares will tend to reduce the amount of outstanding Shares and, depending upon the Fund's investment performance, its net assets. A reduction in the Fund's net assets would increase the Fund's expense ratio, to the extent that additional Shares are not sold and expenses otherwise remain the same (or increase). In addition, the repurchase of Shares by the Fund will be a taxable event to shareholders.

The Fund is intended as a long-term investment. Shareholders should view the Fund's quarterly Repurchase Offers as a shareholder's only means of liquidity with respect to his, her or its Shares. Shareholders have no rights to redeem or transfer their Shares, other than limited rights pursuant to certain conditions and restrictions in the LLC Agreement. The Shares are not traded on a national securities exchange and no secondary market exists for the Shares, nor does the Fund expect a secondary market for the Shares to exist in the future.

#### CALCULATION OF NET ASSET VALUE
The Fund calculates its NAV once each Business Day typically as of the regularly scheduled close of normal trading on the NYSE (normally, 4:00 p.m., Eastern Time). If the regular schedule of the NYSE is for a close prior to 4:00 p.m. Eastern Time, such as on days in advance of holidays observed by the NYSE, the Fund typically will calculate its NAV as of such earlier closing time. In unusual circumstances, such as an unscheduled close or halt of trading on the NYSE, the Fund may calculate its NAV as of an alternative time. The NAV of the Fund will be equivalent to its assets less its liabilities valued on the basis of market quotations where available and otherwise in accordance with the policies and procedures as discussed below and specifically in the Fund's Valuation Policy. The NAV of the Fund and the NAV per Share will be calculated daily by BNY Mellon, as administrator, in accordance with the valuation methodologies approved by the Board, by the Adviser in its role as the Fund's valuation designee (the "Valuation Designee"), or as may otherwise be determined from time to time pursuant to policies established by the Board or the Valuation Designee.

#### Valuation Methodology – Securities with Readily Available Market Quotations
*Publicly Traded U.S. Listed Equity Securities, including certain Preferred Stock Exchange-Traded Funds (ETFs) and Listed Closed End Funds. Investments in publicly traded, domestic equity securities that are listed on the NYSE are valued, except as indicated below, at the official closing price reflected at the close of the NYSE on the Business Day* 

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as of which such value is being determined. If there has been no published closing price on such day, the securities are fair valued in accordance with the procedures outlined below. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the closing price of the exchange representing the principal market for such securities on the Business Day as of which such value is being determined. If, after the close of a domestic or foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, the domestic or foreign securities may be valued pursuant to procedures established by the Board or the Valuation Designee.

*Open-End Mutual Funds. Investments in open-end mutual funds are valued at their closing NAV.* 

#### Fair Valuation Methodology – Securities without Readily Available Market Quotations, Priced by an Approved Pricing Source
Securities traded in the over-the-counter market, such as fixed-income securities and certain equities, including listed securities whose primary market is believed by the Valuation Designee to be over-the-counter, are valued at the official closing prices as reported by one or more pricing service providers as approved by the Board or the Valuation Designee ("Approved Pricing Sources"). If there has been no official closing price on such day, the securities are valued at the mean of the closing bid and ask prices for the day or, if no ask price is available, at the bid price.

Fixed income securities typically will be valued on the basis of prices provided by an Approved Pricing Source, generally an evaluated price or at the mean of closing bid and ask prices obtained by the Approved Pricing Source when such prices are believed by the Valuation Designee to reflect the fair market value of such securities.

Syndicated loans are valued by Approved Pricing Sources at the average of broker quotes obtained from market makers deemed reliable by their internal evaluation staff or by internally developed models that incorporate both indicative quotes and actual trade data for similar loans.

Short-term debt securities, which have a maturity date of 60 days or less, are valued at amortized cost, which approximates fair value.

Securities for which market prices are unavailable, or securities for which the Adviser determines that the market quotation is unreliable, will be valued at fair value pursuant to procedures approved by the Board. In these circumstances, the Adviser determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include recent transactions in comparable securities, information relating to the specific security and developments in the markets.

The Fund's use of fair value pricing may cause the NAV of the Shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of such security.

#### Fair Valuation Methodology – Private Funds
The Board has adopted procedures pursuant to which the Valuation Designee typically will value the Fund's investments in the Private Funds according to the value reported by each Private Fund's quarterly NAV statement.

In certain circumstances, a Private Fund or its manager may provide information on a Private Fund's NAV on a basis more frequent than quarterly (daily or periodically). A Private Fund may provide a preliminary NAV that may differ from the Private Fund's final NAV. The Valuation Designee may rely on such preliminary NAV and subsequently adjust the Fund's NAV based on the Private Fund's final NAV. In addition, the valuations provided by the Private Funds may also be based on fair value valuation. The Private Fund's valuation and/or the Valuation Designee's fair values may prove to be inaccurate. Incorrect valuations of the Private Fund could have an adverse effect on the Fund's NAV and shareholder transactions in the Shares. See "Risk Factors – Valuation Risk."

The Valuation Designee will review valuation information received from a Private Fund or its Manager for reasonableness based on its knowledge of current market conditions and the individual characteristics of each Private Fund and may clarify or validate the reported information with the applicable manager of the Private Fund. If determined reasonable, the Valuation Designee may value the Fund's investment in such Private Fund according to this information without further adjustments.

The Valuation Designee may conclude, in certain circumstances, that the information provided by any Private Fund or its manager does not represent the fair value of the Fund's investment in a Private Fund and is not indicative of what actual fair value would be under current market conditions. In those circumstances, the Valuation Designee may

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determine to value the Fund's investment in the Private Fund at a discount or a premium to the reported value received from the Private Fund. Any such decision will be made in good faith by the Valuation Designee, and will be reported to the Board's Valuation Committee at its next regularly scheduled quarterly meeting.

Additionally, between the quarterly valuation periods (and between other periodic valuation periods if determined appropriate by the Valuation Designee), the NAVs of such Private Funds are typically adjusted daily based on the total return that each Private Fund is estimated by the Valuation Designee to generate during the current quarter. The Valuation Designee monitors these estimates regularly and updates them as necessary if macro or individual fund changes warrant any adjustments.

The Valuation Designee shall use its best efforts to ensure that each Private Fund has in place policies and procedures that provide underlying principles behind the disclosure of reliable information with adequate supporting operational practices.

If the Valuation Designee determines that the Fund does not have the ability to sell shares of a Private Fund in its primary market through redemptions back to the Private Fund, the Valuation Designee may determine to fair value the Private Fund at a price other than its NAV. In such an instance, the Valuation Designee may consider any information it deems appropriate, including information received from broker-dealers and/or pricing services or comparable sales in the secondary market. Any such fair valuation determinations will be made in good faith by the Valuation Designee, may be based upon an internally developed pricing model, and will be reported to the Board's Valuation Committee at its next regularly scheduled quarterly meeting.

#### Fair Valuation Methodology – Sub-REIT Investments
The Board has adopted procedures pursuant to which the Valuation Designee will value the Fund's investments in the VCMIX Sub-REIT at fair value. At the end of quarterly periods, the VCMIX Sub-REIT's NAV is typically adjusted based on the actual income and appreciation or depreciation realized by the VCMIX Sub-REIT when the quarterly valuations and income are reported by the property managers of the underlying assets. The Valuation Designee typically requires the property management companies of any direct investment made by the VCMIX Sub-REIT to follow similar procedures to the other continuously offered Private Funds.

The Valuation Designee will also review this information for reasonableness based on its knowledge of current market conditions and the individual characteristics of the VCMIX Sub-REIT and may clarify or validate the reported information with the applicable property manager of the VCMIX Sub-REIT. The Valuation Designee's valuation of the VCMIX Sub-REIT is individually updated as soon as the Valuation Designee completes its reasonableness review, including any necessary additional information validations with the property manager of a VCMIX Sub-REIT investment, and typically within 45 calendar days after the end of each quarter for the VCMIX Sub-REIT. The Valuation Designee may conclude, in certain circumstances, that the information provided by any such property manager does not represent the fair value of the Fund's investment in the VCMIX Sub-REIT and is not indicative of what actual fair value would be under current market conditions. In those circumstances, the Valuation Designee may determine to value the Fund's investment in the VCMIX Sub-REIT at a discount or a premium to the reported value received from the property manager. Any such decision will be made in good faith by the Valuation Designee, and will be reported to the Board's Valuation Committee at its next regularly scheduled quarterly meeting.

Additionally, between the quarterly valuation periods, the NAV of the VCMIX Sub-REIT is adjusted daily based on the total return that the VCMIX Sub-REIT is estimated by the Adviser to generate during the current quarter. The Valuation Designee monitors these estimates regularly and updates them as necessary if macro or individual asset level changes warrant any adjustments. The Valuation Designee shall use its best efforts to ensure that each Sub-REIT valuation is based upon reliable information subject to the application of adequate policies and practices.

The Fund values its investments in the VCMIX Sub-REIT based in large part on valuations provided by the property managers of the VCMIX Sub-REIT or third-party appraisers. These fair value calculations will involve significant professional judgment by the property managers of the VCMIX Sub-REIT in the application of both observable and unobservable attributes. The calculated NAV of the VCMIX Sub-REIT's assets may differ from their actual realizable value or future fair value. Valuations will be provided to the Fund based on the interim unaudited financial records of the VCMIX Sub-REIT and, therefore, will be estimates subject to adjustment (upward or downward) upon the auditing of such financial records and may fluctuate as a result. The Valuation Designee may not have the ability to assess the accuracy of these valuations. Because a significant portion of the Fund's assets may be invested in the VCMIX Sub-REIT, these valuations could have a considerable impact on the Fund's NAV.

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#### Fair Valuation Methodology – Private Debt Investments
The Valuation Designee will use its best efforts to value each private debt investment at its fair value under current market conditions. In doing so, the Valuation Designee will engage external valuation consultants to aid in the fair value determination of each private debt investment.

The Valuation Designee will work with the external valuation consultants to select an appropriate fair valuation approach for each private debt investment, which may include, but is not limited to, yield, market and cost approaches, or a combination of approaches. The external valuation consultant, in consultation with the Valuation Designee, may develop a unique valuation model or method for each individual private debt investment. The models and/or methods used may consider, among other things, comparable sector curve information, public market valuations, transaction prices, discounted cash flow analyses, assessments of borrower credit quality, borrower- or project-specific financial information, and/or other relevant information. Models may apply changes to certain public market inputs, such as comparable sector curves and/or benchmarks, only upon a change exceeding predetermined volatility thresholds and may also incorporate adjustments to public market inputs, such as the application of haircuts at levels which may vary based on market circumstances. The models and/or methods used by the external valuation consultant will produce information such as a specific price estimate, an estimated valuation range or confirmation that the prior day's price estimate remains appropriate.

The Valuation Designee will review the intended valuation approach and/or valuation model for each private debt investment as developed by an external valuation consultant prior to its implementation. This review may consider numerous factors such as the particular investment's contractual cash flows, the financial strength and operational performance of the borrower, and the debt instrument's spread to relevant base rates. The Valuation Designee may receive certain initial and/or periodic financial information from the borrower, loan administrator, arranger, monitoring agent, and/or other external parties, and will provide this information to the external valuation consultant for consideration in the valuation model.

The Valuation Designee will determine a fair valuation for each private debt investment daily, typically based on information received from an external valuation consultant (*i.e.*, outputs from the models and/or methods described above). The Valuation Designee will review the valuation estimates provided by the external valuation consultants for reasonableness based on its knowledge of each investment and current market conditions. When a valuation range is provided, the Valuation Designee will generally determine to keep the valuation unchanged if the prior day's price falls within the current day's range. These valuation processes may result in a private debt investment's valuation being unchanged for a period of time.

In certain circumstances, an externally provided valuation range or specific price estimate may be unavailable or the Valuation Designee may determine that the valuation received does not represent the fair value of the private debt investment based on current market conditions. In such an instance, the Valuation Designee will determine the fair value of the investment, in good faith, via alternative means which may include, among others, valuing the investment at its prior day's price, valuing the investment at its amortized cost, or implementing an internally developed model. In determining such a fair valuation, the Valuation Designee may consider any information it deems appropriate including as received directly from the borrower, as received from alternative external information sources, including monitoring agents, or as reflected by current general market conditions.

#### NAV and NAV Per Share Calculation
The price at which an investor buys Shares or has Shares repurchased is the NAV per Share. BNY Mellon calculates the Fund's NAV once each Business Day as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Current value of the Fund's
 total assets, including the value of all investments held; and

&nbsp;&nbsp;&nbsp;&nbsp;• Less any liabilities including
 accrued fees and expenses of the Fund or distributions to be paid.

NAV per Share is calculated by taking the Fund's NAV divided by the total number of Shares outstanding at the time the determination is made. The NAV per Share is calculated before taking into consideration any additional investments to be made as of such date and prior to including any dividend reinvestment or any repurchase obligations to be paid in respect of a Repurchase Date that is as of such date.

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#### DESCRIPTION OF SHARES
The Fund is authorized to issue an unlimited number of Shares of beneficial interest. The Board is authorized to increase or decrease the number of Shares the Fund is authorized to issue. Each Share has one vote at all meetings of shareholders and, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable.

All Shares have equal rights as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights. Shareholders are not liable for further calls or assessments. The Fund will send periodic reports (including financial statements) to all shareholders. The Fund does not intend to hold annual meetings of shareholders. Shares are not available in certificated form. Any transfer of Shares will be void if made to an account held through a broker, dealer or other Intermediary that has not entered into an agreement for the provision of shareholder services to the Fund. In addition, in the event of any transfer that violates the foregoing transfer restrictions, such as pursuant to testate or intestate succession, the Fund will have the right (but not the obligation) to repurchase any such improperly transferred Shares at their then current NAV. This repurchase right is in addition to any other remedy that the Fund may have, including, when consistent with applicable law, refusing to recognize any such transfer. With very limited exceptions, including the ability of a shareholder to transfer or resell Shares pursuant to the terms of the LLC Agreement, Shares are not transferable and liquidity will be provided principally through limited Repurchase Offers. See "Risk Factors – Interval Fund Risk" and "– Liquidity Risk."

In general, any action requiring a vote of the holders of the Shares of the Fund shall be effective if taken or authorized by the affirmative vote of a majority of the outstanding Shares. Any change in the Fund's fundamental policies may also be authorized by the vote of the holders of two-thirds of the Shares present at a shareholders' meeting if the holders of a majority of the outstanding Shares are present or represented by proxy.

All distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder affirmatively elects not to reinvest in Shares. Shareholders may elect initially not to reinvest by indicating that choice in writing to the Fund's transfer agent. Thereafter, shareholders are free to change their election by contacting the Fund's transfer agent (or, alternatively, by contacting the selling agent that sold such shareholder its Shares, who will inform the Fund). Shares purchased by reinvestment will be issued at their NAV on the ex-dividend date. There is no sales load or other charge for Shares received by reinvestment. The Fund reserves the right to suspend or limit at any time the ability of shareholders to reinvest distributions. The automatic reinvestment of distributions does not relieve participants of any U.S. federal income tax that may be payable (or required to be withheld) on such distributions. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, after payment of all of the liabilities of the Fund, shareholders are entitled to share ratably in all the remaining assets of the Fund.

The following table shows Shares of the Fund that were authorized and outstanding as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| (1)<br>**Title of Class** | (2)<br>**Amount Authorized** | (3)<br>**Amount Held by the Fund for** <br>**its Account** | (4)<br>**Amount Outstanding Exclusive** <br>**of Amount Shown Under (3)** |
| Shares of beneficial interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlimited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71507976.583 |

---

As a continuously offered closed-end fund, it is anticipated that the Fund will offer additional Shares subject to future registration statements. In deciding whether to make these sales, the Fund will take into account all factors it considers relevant, including market conditions and the cash available to it for investment.

#### TAXES
This section summarizes some of the U.S. federal income tax consequences to U.S. persons of investing in the Fund; the consequences under other tax laws and to non-U.S. shareholders may differ. Shareholders should consult their tax advisors as to the possible application of federal, state, local or non-U.S. income tax laws. Please see the SAI for additional information regarding the tax aspects of investing in the Fund.

#### Treatment as a Regulated Investment Company
The Fund has elected to be treated, and intends each year to qualify and be eligible to be treated, as a RIC under Subchapter M of the Code. A RIC is not subject to U.S. federal income tax at the corporate level on income and gains from investments that are distributed to shareholders. The Fund's failure to qualify as a RIC would result in corporate-level taxation, thereby reducing the return on your investment.

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The Fund is permitted to invest up to 25% of its total assets in the aggregate in the VCMIX Subsidiary, which has elected to be treated as a corporation for U.S. federal income tax purposes, and any other issuer that the Fund controls and that is engaged in the same, similar or related trade or business. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCMIX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund.

#### Taxes on Fund Distributions
A shareholder subject to U.S. federal income tax will generally be subject to tax on Fund distributions. For U.S. federal income tax purposes, Fund distributions will generally be taxable to a shareholder as either ordinary income or capital gains. Fund dividends consisting of distributions of investment income generally are taxable to shareholders as ordinary income. Federal taxes on Fund distributions of capital gains are determined by how long the Fund owned or is deemed to have owned the investments that generated the capital gains, rather than how long a shareholder has owned the shares. Distributions of net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses, in each case determined with reference to any loss carryforwards) that are properly reported by the Fund as capital gain dividends generally will be treated as long-term capital gains includible in a shareholder's net capital gains and taxed to individuals at reduced rates. Distributions of net short-term capital gains in excess of net long-term capital losses generally will be taxable to you as ordinary income.

The Code generally imposes a 3.8% Medicare contribution tax on the "net investment income" of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by the Fund, including any capital gain dividends, and net capital gains recognized on the sale, redemption or exchange of shares of the Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

The ultimate tax characterization of the Fund's distributions made in a taxable year cannot be determined finally until after the end of that taxable year. As a result, the Fund has made, and in the future may make total distributions during a taxable year in an amount that exceeds the Fund's current and accumulated earnings and profits. In that case, the excess generally would be treated as a return of capital and would reduce a shareholder's tax basis in the applicable shares, with any amounts exceeding such basis treated as gain from the sale of such shares. A return of capital is not taxable, but it reduces a shareholder's tax basis in the shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

Distributions by the Fund to its shareholders attributable to dividends received from a REIT that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described in the SAI, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders.

An investment in the Fund may result in liability for the federal alternative minimum tax to shareholders subject to such tax. Shareholders subject to the alternative minimum tax should consult their tax advisors regarding the potential alternative minimum tax implications of holding shares of the Fund.

Fund distributions are taxable to shareholders as described above even if they are paid from income or gains earned by the Fund before a shareholder's investment (and thus were included in the price the shareholder paid).

#### Certain Fund Investments
The Fund's transactions in derivatives could affect the amount, timing and character of distributions from the Fund, and could increase the amount and accelerate the timing for payment of taxes payable by shareholders. The Fund's investments in certain debt instruments could cause the Fund to recognize taxable income in excess of the cash generated by such investments (which may require the Fund to liquidate other investments in order to make required distributions). The Fund does not expect to qualify to pass through tax-exempt dividends to shareholders.

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REITs are subject to a highly technical and complex set of provisions in the Code. The Fund invests in the VCMIX Sub-REIT, a wholly-owned and controlled subsidiary that is eligible and has elected to be treated as a REIT under the Code, and may invest in other real estate companies that purport to be REITs. The VCMIX Sub-REIT and other such companies could fail to qualify as a REIT for U.S. federal income tax purposes. In the event of any such unexpected failure to qualify as a REIT, the VCMIX Sub-REIT or other company would be subject to corporate-level taxation, including on its distributed earnings, significantly reducing the return to the Fund on its investment in such company. See "Certain Investments in REITS" and "Taxation of REIT Subsidiary" in the SAI. See also "Tax Risks – Sub-REIT" above.

In order to qualify as a RIC, the Fund must limit its investment in any one issuer or any two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses to no more than 25% of the Fund's total assets. It is possible that the VCMIX Sub-REIT, the VCMIX Subsidiary, and any other Subsidiary will be treated as engaged in the same, similar or related trades or businesses for this purpose. As a result, the Fund may be required to limit its investment in such entities in the aggregate to 25% of the Fund's total assets. See "Tax Risks – Subsidiaries" above.

#### Private Funds
The Fund may invest in Private Funds that are classified as partnerships for U.S. federal income tax purposes. As such, the Fund may be required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from the Private Fund. In such case, the Fund might have to borrow money or dispose of investments, including interests in other Private Funds, including when it is disadvantageous to do so, to make the distributions required to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax.

Private Funds classified as partnerships for federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Private Funds that are classified as partnerships for federal income tax purposes.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Private Funds that would otherwise be consistent with its investment strategy or can require it to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and/or taxes, thereby reducing the Fund's return to shareholders. The Fund's investment in Private Funds may also adversely bear on the Fund's ability to qualify as a RIC under Subchapter M of the Code.

Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include, as applicable, the investments, activities, income, gain, and loss attributable to the Fund as result of the Fund's investment in any Private Fund or other entity that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

#### Foreign (Non-U.S.) Taxes
Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. The Fund does not expect that shareholders will be entitled to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if the Fund were eligible to and did elect to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as individual retirement accounts would not benefit from any such tax credit or deduction.

#### Taxes When You Dispose of Your Common Shares
Any gain resulting from the disposition of Shares that is treated as a sale or exchange for U.S. federal income tax purposes generally will be taxable to shareholders as capital gains for U.S. federal income tax purposes. Shareholders who offer and are able to sell all of the Shares they hold or are deemed to hold in response to a Repurchase Offer generally will be treated as having sold their shares and generally will recognize a capital gain or loss. In the case of

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shareholders who tender or are able to sell fewer than all of their shares, it is possible that any amounts that the shareholder receives in such repurchase will be taxable as a dividend to such shareholder. In addition, there is a risk that shareholders who do not tender any of their shares for repurchase, or whose percentage interest in the Fund otherwise increases as a result of the Repurchase Offer, will be treated for U.S. federal income tax purposes as having received a taxable dividend distribution as a result of their proportionate increase in the ownership of the Fund. The Fund's use of cash to repurchase shares could adversely affect its ability to satisfy the distribution requirements for treatment as a RIC. The Fund could also recognize income in connection with its liquidation of portfolio securities to fund share repurchases. Any such income would be taken into account in determining whether such distribution requirements are satisfied.

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

#### DISTRIBUTION ARRANGEMENTS

#### General
Foreside Funds Distributors LLC, the Fund's Distributor, serves as the Fund's "statutory underwriter," within the meaning of the Securities Act, and "principal underwriter," within the meaning of the Investment Company Act, and facilitates the distribution of the Shares. The Distributor's principal business address is Three Canal Plaza, Suite 100, Portland, ME 04101.

The Distributor will offer the Shares on a best efforts basis, but is not obligated to sell any certain number of Shares. Under the Distribution Agreement between the Fund and the Distributor, the Fund has agreed to indemnify the Distributor or its designee, their respective affiliates, the Adviser, and certain other persons against certain liabilities, including liabilities under the Securities Act. However, the Fund will not be required to provide indemnification where it is determined that the liability resulted from the willful misfeasance, bad faith or gross negligence of the person seeking indemnification in the performance of such person's duties under the Distribution Agreement, or from the reckless disregard of such person's obligations under the Distribution Agreement.

#### Other Payments Made by the Fund, the Adviser, the Distributor and/or its Designee
The Fund, the Adviser and/or the Distributor may authorize one or more Intermediaries to receive orders and provide certain related services on behalf of the Fund. Additionally, the Adviser has entered into distribution and/or servicing agreements to compensate Intermediaries for distribution-related activities and/or for providing ongoing services in respect of clients to whom they have distributed Shares of the Fund. Distribution-related services may include, among other things, the provision of education and support for the Fund's sales team, the placement of the Fund on preferred lists and in advisory allocation models, and promotion of the Fund through conferences, roadshows, and newsletters. Shareholder servicing arrangements may include, among other things, electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Adviser may reasonably request.

Compensation received by the Intermediaries is paid by the Adviser out of the Adviser's own resources and is not an expense of the Fund or Fund shareholders. These payments may create a conflict of interest for the Intermediaries by providing an incentive to recommend the Shares over other potential investments that may also be appropriate for the clients of such Intermediaries. These payments may also have the effect of increasing the Fund's assets under management, which would increase the amount of the Investment Management Fee payable to the Adviser. There is no limit on the amount of such compensation paid by the Adviser to the Intermediaries, subject to the limitations imposed by the Financial Industry Regulatory Authority. Such professionals and Intermediaries may provide varying investment products, programs, platforms and accounts through which investors may purchase or participate in a repurchase of Shares of the Fund. Platform fees, administration fees, shareholder services fees and sub-transfer agent fees are not paid by the Fund as compensation for any sales or distribution activities.

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The aggregate amount of these payments may be substantial and may include amounts that are sometimes referred to as "revenue sharing" payments. Because these revenue sharing payments are paid by the Adviser and not from the Fund's assets, the amount of any revenue sharing payments is determined by the Adviser. The existence or level of such payments may be based on factors that include, without limitation, differing levels or types of services provided by the Intermediaries, the expected level of assets or sales of Shares, the placing of the Fund on a recommended or preferred list and/or access to an Intermediary's personnel and other factors. Payments may be based on current or past sales, current or historical assets or a flat fee for specific services provided. Shareholders should inquire of an Intermediary how the Intermediary will be compensated for investments made in the Fund.

The Adviser may manage and offer additional investment products other than the Fund. The compensation for services paid to Intermediaries may differ from one fund to another, even if the two funds are charged the same management fee or incentive-based fee (*i.e.*, even if, overall, an investor would pay the same amount in fees). The differences in compensation may create an incentive for Intermediaries to recommend funds for which they receive higher compensation. Shareholders should discuss this with their Intermediaries to learn more about the compensation they receive.

#### PRIVACY NOTICE
This notice describes the Fund's privacy policy. The Fund is committed to protecting the personal information that it collects about individuals who are prospective, former or current investors. The Fund collects personal information ("Personal Information") for business purposes, such as to process requests and transactions, to maintain accounts, and to provide customer service. Personal Information is obtained from the following sources.

&nbsp;&nbsp;&nbsp;&nbsp;• Investor applications
 and other forms, which may include your name(s), address, social security number or tax identification number;

&nbsp;&nbsp;&nbsp;&nbsp;• Written and electronic correspondence,
 including telephone contacts; and

&nbsp;&nbsp;&nbsp;&nbsp;• Transaction history,
 including information about the Fund's transactions and balances in your accounts with the Fund or its affiliates or other holdings
 of the Fund and any affiliation with the Adviser and its subsidiaries.

The Fund limits access to Personal Information to those employees and service providers who need to know that information for business purposes. Employees are required to maintain and protect the confidentiality of Personal Information. The Adviser, on behalf of the Fund, maintains written policies and procedures that address physical, electronic and administrative safeguards designed to protect Personal Information.

The Fund may share Personal Information described above with the Adviser and its various other affiliates or service providers for business purposes, such as to facilitate the servicing of accounts. The Fund may share the Personal Information described above for business purposes with a non-affiliated third party only as authorized by exceptions to Regulation S-P's opt-out requirements, for example, if it is necessary to effect, administer, or enforce a transaction that an investor requests or authorizes; (ii) in connection with processing or servicing a financial product or service an investor requests or authorizes; and (iii) in connection with maintaining or servicing the investor's account with the Fund. The Fund also may disclose Personal Information to regulatory authorities or otherwise as permitted by law. The Fund endeavors to keep its customer files complete and accurate. The Fund should be notified if any information needs to be corrected or updated.

73<br>

#### STATEMENT OF ADDITIONAL INFORMATION DATED JULY 29 , 2025
HARRISON STREET REAL ESTATE FUND LLC

(formerly, Versus Capital Real Estate Fund LLC)

#### Shares of Beneficial Interest: (VCMIX)
5050 S. Syracuse Street, Suite 1100

Denver, Colorado 80237

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (877) 200-1878

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the Prospectus of Harrison Street Real Estate Fund LLC (the "Fund"), dated July 29, 2025 (the "Prospectus"). Defined terms used herein, and not otherwise defined herein, have the same meanings as in the Prospectus. The financial statements, along with the accompanying notes and report of independent registered public accounting firm, which appear in the Fund's most recent [annual report](https://www.sec.gov/Archives/edgar/data/1515001/000119312525134768/d937885dncsr.htm) to shareholders are incorporated by reference into this SAI. You can request a copy of the Prospectus, this SAI and the Fund's annual and semi-annual reports without charge by writing to the Fund at the address above or by calling (877) 200-1878 or by visiting www.harrisonstpw.com. This SAI, material incorporated by reference and other information about the Fund are also available on the SEC's website (http://www.sec.gov).

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---

| | |
|:---|:---|
| [THE FUND](#tf2) | [3](#tf2) |
| [ADDITIONAL INVESTMENT POLICIES](#aip2) | [3](#aip2) |
| [DIRECTORS AND OFFICERS](#trust2) | [8](#trust2) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS](#cpa2) | [16](#cpa2) |
| [INVESTMENT ADVISORY AND OTHER SERVICES](#iaa2) | [16](#iaa2) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#rat2) | [18](#rat2) |
| [CUSTODIAN](#cust2) | [18](#cust2) |
| [LEGAL COUNSEL](#lc2) | [18](#lc2) |
| [PORTFOLIO MANAGERS](#pm2) | [18](#pm2) |
| [REPURCHASES AND TRANSFERS OF SHARES](#rato2) | [22](#rato2) |
| [CODE OF ETHICS](#co2) | [22](#co2) |
| [PROXY VOTING POLICIES AND PROCEDURES](#pvp2) | [23](#pvp2) |
| [CONFLICTS OF INTEREST](#coi2) | [24](#coi2) |
| [TAX ASPECTS](#ta2) | [26](#ta2) |
| [BROKERAGE](#bro2) | [41](#bro2) |
| [FINANCIAL STATEMENTS](#fn2) | [42](#fn2) |
| [APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES](#app2) | [A-1](#app2) |

---

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#### THE FUND
The Fund is a non-diversified, closed-end management investment company that continuously offers its shares and operates as an "interval fund" (as defined below). The Fund offers one class of shares. The Fund initially offered its shares on December 19, 2011. As of July 12, 2012, the Fund simultaneously redesignated its then issued and outstanding Shares as Class F-Shares and created Class I-Shares. A registration statement filed on January 29, 2018 eliminated the Fund's Class F-Shares (VCMRX) and simultaneously redesignated its issued and outstanding Class I-Shares (VCMIX) as Common Shares (VCMIX). Any issued and outstanding Class F-Shares were converted to Common Shares (VCMIX). Effective July 29, 2024, the Fund's name changed from Versus Capital Multi-Manager Real Estate Income Fund LLC to Versus Capital Real Estate Fund LLC. Effective July 28, 2025, the Fund's name changed from Versus Capital Real Estate Fund LLC to Harrison Street Real Estate Fund LLC.

#### ADDITIONAL INVESTMENT POLICIES
The investment objectives and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the Prospectus. See "Investment Objectives, Strategies and Investment Features" in the Prospectus.

Certain additional investment information is set forth below.

#### Fundamental Policies
The Fund's fundamental policies may be changed only by the affirmative vote of a majority of the outstanding shares of beneficial interest of the Fund (collectively, the "Shares"). Fundamental policies of the Fund are listed below. For the purposes of this SAI, "majority of the outstanding Shares of the Fund" means the vote, at an annual or special meeting of shareholders duly called, of (a) 67% or more of the Shares present at such meeting, if the holders of more than 50% of the outstanding Shares of the Fund are present or represented by proxy; or (b) more than 50% of the outstanding Shares of the Fund, whichever is less. As fundamental policies, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is focused on
 investing in Real Estate-Related Investments (as defined below) and will not invest in any industries other than the group of real estate
 investment and management industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Borrow money, except
 to the extent permitted by the Investment Company Act of 1940, as amended (the "Investment Company Act"), which currently
 limits borrowing to no more than 33-1/3% of the value of the Fund's total assets. The interest on borrowings will be at prevailing
 market rates, to the extent the Fund borrows. The Fund's use of leverage involves risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;• Engage in short sales, purchases
 on margin or the writing of put and call options.

&nbsp;&nbsp;&nbsp;&nbsp;• Issue senior securities
 (including preferred shares of beneficial interest), except to the extent permitted under the Investment Company Act (which currently
 limits the issuance of a class of senior securities that is indebtedness to no more than 33-1/3% of the value of the Fund's total
 assets or, if the class of senior security is stock, to no more than 50% of the value of the Fund's total assets).

&nbsp;&nbsp;&nbsp;&nbsp;• Underwrite securities
 of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act of 1933, as amended (the "Securities
 Act"), in connection with the disposition of its portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;• Make loans, except through
 purchasing fixed-income securities, lending portfolio securities or entering into repurchase agreements in a manner consistent with the
 Fund's investment policies or as otherwise permitted under the Investment Company Act. To the extent the Fund engages in loan activity,
 it exposes its assets to a risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;• Purchase,
 hold or deal in real estate, except that the Fund may invest in securities that are secured by real estate, or securities issued
 by companies that invest or deal in real estate, real estate mortgage loans or REITs. This exposes the Fund to the general risks
 of investing in real estate and the risks of investing in real estate debt and real estate-related debt securities.

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#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• Invest in physical commodities
 or commodity contracts, except that the Fund may purchase and sell commodity index-linked derivative instruments, such as commodity swap
 agreements, commodity options, futures and options on futures and structured notes, that provide exposure to the investment returns of
 the commodities markets, including foreign currency markets. This exposes the Fund to the risks associated with hedging strategies and
 currency and exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;• Invest more than 25%
 of the value of its total assets in the securities of any single issuer or of any group of issuers, controlled by the Fund, that are engaged
 in the same, similar or related trades or businesses, except that U.S. Government securities may be purchased without limitation. For
 purposes of this investment restriction, the Private Funds (as defined below) in which the Fund will seek to invest are not considered
 part of an industry. The Fund may invest in Private Funds that may concentrate their assets in one or more industries and the Fund may
 invest at least 80% of its assets in Real Estate-Related Investments.

&nbsp;&nbsp;&nbsp;&nbsp;• Invest in securities
 of other investment companies, except to the extent permitted by the Investment Company Act.

The Fund's investment objectives are fundamental and may not be changed without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding voting securities. The Fund has also adopted a fundamental policy that it will make quarterly repurchase offers for no less than 5% of its shares outstanding at NAV (as defined below), unless suspended or postponed in accordance with regulatory requirements, and that each quarterly repurchase pricing shall occur on the Repurchase Pricing Date (as defined below). This amount may be adjusted by the Board at any time to an amount no less than 5% nor more than 25% of the outstanding Shares.

As part of the Fund's fundamental policies, under normal market conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Real Estate-Related Investments.

#### Certain Portfolio Securities and Other Operating Policies
The Fund's primary investment objective is to seek consistent current income, while the Fund's secondary objectives are capital preservation and long-term capital appreciation. The Fund's ability to achieve current income and/or long-term capital appreciation will be tempered by the investment objective of capital preservation.

The Fund pursues its investment objectives primarily by investing in (i) investments in third party private funds that themselves invest in real estate and in debt investments secured by real estate (collectively, the "Private Funds"); and (ii) domestic and international publicly traded real estate securities, such as common and preferred stock of publicly listed REITs and publicly traded real estate debt securities ("Real Estate Securities" and together with the Private Funds, "Real Estate-Related Investments"). Under normal market conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in Real Estate-Related Investments.

#### Private Funds
The Private Funds take in funds on a continuous basis, typically undertake quarterly repurchases and typically do not have a defined termination date. A Private Fund's portfolio may be structured to invest in the equity or debt of core, core-plus or value added real estate assets. This may include investment properties in various geographic markets (domestic and foreign) and property types (retail, office, multi-family, industrial, and other). The Fund may also seek exposure to Private Funds focused on certain specialty property types (*e.g.*, data centers, self-storage, seniors housing) and debt investments in respect of certain other property types with strong credit characteristics. With respect to equity real estate investments, the Private Funds will generally hold investments in fee-simple, directly or through one or more special purpose title-holding entities. They may also utilize other ownership structures, such as leasehold interests and joint ventures. With respect to real estate debt investments, the Private Funds may acquire commercial real estate loans both by directly originating the loans and by purchasing them from third party sellers. When investing in such securities, the Managers of the Private Funds may evaluate credit quality, collateralization levels, duration, property type, property class and location among numerous other aspects of the securities features to determine its investment qualities.

In addition to diversification across property type and geographic markets, Private Funds may diversify by differing underlying economic drivers, including anticipated job growth, population growth or inflation. No specific limits have been established within the Fund's investment guidelines for property type and geographic investments; however, some of the Private Funds have net asset value ("NAV") limitations for any one individual property held by

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such Private Fund relative to the NAV of the Private Fund's overall portfolio. While some Private Fund managers will seek diversification across property types, certain Private Funds may have a more specific focus and may not seek such diversification, but instead use an investment strategy based on expertise within specific or multiple property categories.

The Private Funds may use leverage as a way to seek or enhance returns. Dependent upon the investment strategy, geographic focus, and/or other economic or property specific factors, each Private Fund will have differing leverage limitations. Such limitations are specific to each Private Fund and may apply to an overall portfolio limitation as well as a property specific limitation. The Private Funds that focus on debt investments may utilize managing match-funded, flexible term debt facilities and securitization vehicles or other financing alternatives available through capital markets.

To the extent the Fund holds non-voting securities of, or contractually foregoes the right to vote in respect of, a Private Fund (which it intends to do in certain circumstances in order to avoid being considered an "affiliated person" of a Private Fund within the meaning of the Investment Company Act), it will not be able to vote on matters that require the approval of the investors of the Private Fund, including matters that could adversely affect the Fund's investment, such as changes to the Private Fund's investment objective or policies or the termination of the Private Fund. If the Fund's ability to vote is limited, its ability to influence matters being voted on will be reduced relative to other investors (which may include other investment funds or accounts managed by the Adviser). See "*Risk Factors – Private Funds Risk"* in the Prospectus. Where a separate non-voting security class is not available, the Fund would seek to create by contract the same result as owning a non-voting security class through a written agreement between the Fund and the Private Fund in which the Fund irrevocably foregoes the right to vote. The absence of voting rights potentially could have an adverse impact on the Fund.

#### Real Estate Debt Securities
The Fund will invest in real estate debt securities directly and indirectly through Private Funds. These real estate debt investments may include a variety of commercial real estate loans, including senior mortgage loans, subordinated or junior mortgage loans, mezzanine loans, and participations in such loans, as well as commercial real estate-related debt securities, such as commercial mortgage-backed securities ("CMBS") and REIT senior unsecured debt. The Fund may be exposed to a variety of security types, property types, and geographic locations, and maturity dates.

Private Funds may acquire commercial real estate loans both by directly originating the loans and by purchasing them from third party sellers. They may also invest in commercial real estate-related debt securities such as CMBS, unsecured debt issued by REITs, and interests in other securitized vehicles that own real estate-related debt. When investing in such securities, the Managers of the Private Funds may evaluate credit quality, collateralization levels, duration, property type, property class and location among numerous other aspects of the securities features to determine its investment qualities. The Private Funds may utilize leverage as a way to seek to enhance their returns. The Private Funds may utilize managing match-funded, flexible term debt facilities and securitization vehicles or other financing alternatives available through capital markets.

#### Real Estate Equity Securities
The Fund's investment portfolio may include long positions in real estate-related common stocks and preferred stocks, including REIT common and REIT preferred shares. The Fund may focus on companies that target investments within specific property types, countries or regions. The Fund also may invest in depositary receipts relating to foreign securities. See "– Foreign Securities" below. Equity securities fluctuate in value in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions.

The Fund generally may invest in equity securities without restriction as to market capitalization, such as those issued by smaller capitalization companies, including micro-cap companies. The prices of the securities of some of these smaller companies may be subject to more abrupt or erratic market movements than larger, more established companies, because they typically are traded in lower volume and the issuers typically are more subject to changes in earnings and prospects. The Fund may purchase securities in all available securities trading markets, including initial public offerings and the aftermarket.

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The Fund's investments in equity securities may include securities that are listed on securities exchanges as well as unlisted securities that are traded over-the-counter. Equity securities of companies traded over-the-counter may not be traded in the volumes typically found on a national securities exchange. Consequently, the Fund may be required to dispose of such securities over a longer (and potentially less favorable) period of time than is required to dispose of the securities of listed companies.

#### Foreign Securities
The Fund may invest in securities of foreign issuers and in depositary receipts, such as American Depositary Receipts and American Depositary Shares (collectively, "ADRs"), Global Depositary Receipts and Global Depositary Shares ("GDRs") and other forms of depositary receipts. ADRs are receipts typically issued by a United States bank or trust company which evidence ownership of underlying securities issued by a foreign corporation. GDRs are receipts issued outside the United States typically by non-United States banks and trust companies that evidence ownership of either foreign or domestic securities. Generally, ADRs in registered form are designed for use in the United States securities markets and GDRs in bearer form are designed for use outside the United States.

These securities may be purchased through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary. A depositary may establish an unsponsored facility without participation by the issuer of the deposited security. Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities.

Securities of some foreign issuers are less liquid and more volatile than securities of comparable U.S. issuers. Similarly, volume and liquidity in most foreign securities markets are less than in the United States and, at times, volatility of price can be greater than in the United States. Transaction costs of investing in foreign securities markets are generally higher than in the United States.

Because evidences of ownership of such securities usually are held outside the United States, the Fund will be subject to additional risks which include possible adverse political and economic developments, seizure or nationalization of foreign deposits or adoption of governmental restrictions which might adversely affect or restrict the payment of principal and interest on the foreign securities to investors located outside the country of the issuer, whether from currency blockage or otherwise.

Since foreign securities often are purchased with and payable in currencies of foreign countries, the value of these assets as measured in U.S. dollars may be affected favorably or unfavorably by changes in currency rates and exchange control regulations.

Foreign securities in which the Fund may invest may be listed on foreign securities exchanges or traded in foreign over-the-counter markets or may be purchased in private placements and not be publicly-traded. Investments in foreign securities are affected by risk factors generally not thought to be present in the United States. Some of these factors are listed in the Prospectus under "Risk Factors –Foreign Investing Risk."

The Fund may hedge against foreign currency risks, including the risk of changing currency exchange rates, which could reduce the value of certain of the Fund's foreign currency denominated portfolio securities irrespective of the underlying investment. The Private Funds may enter into forward currency exchange contracts ("forward contracts") for hedging purposes and non-hedging purposes to pursue their investment objectives. Forward contracts are transactions involving a Private 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. This technique would allow the Fund to "lock in" the U.S. dollar price of the security. Forward contracts also may be used to attempt to protect the value of a Private Fund's existing holdings of foreign securities. There may be, however, imperfect correlation between a Private Fund's foreign securities holdings and the forward contracts entered into with respect to such holdings.

#### Foreign Currency Transactions
A Manager may engage in foreign currency transactions to hedge the U.S. dollar value of the investments and distributions of the Private Funds or other investments, particularly if it expects a decrease in the value of the currency in which the foreign investment is denominated.

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Foreign currency transactions may involve, for example, the Manager's purchase of foreign currencies for U.S. dollars or the maintenance of short positions in foreign currencies, which would involve the Fund agreeing to exchange an amount of a currency it did not currently own for another currency at a future date in anticipation of a decline in the value of the currency sold relative to the currency the Fund contracted to receive in the exchange. The Fund's success in these transactions will depend principally on its ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar.

#### Other Investment Companies
The Fund may invest in securities of other open-end, closed-end or unit investment trust investment companies, including exchange-traded funds (ETFs), to the extent that such investments are consistent with the Fund's investment objectives and policies and permissible under the Investment Company Act and related rules or interpretations of the SEC. Investing in investment companies involves substantially the same risks as investing directly in the underlying instruments, but also involves expenses at the investment company-level, such as portfolio management fees and operating expenses. These expenses are in addition to the fees and expenses of the Fund itself, which may lead to duplication of expenses while the Fund owns another investment company's shares. In addition, investing in investment companies involves the risk that they will not perform in exactly the same manner, or in response to the same factors, as the underlying instruments or index. Regulatory changes could reduce the Fund's flexibility to make investments in other investment companies.

#### Money Market Instruments
The Fund may invest, for defensive purposes or otherwise, some or all of its assets in high quality fixed-income securities, money market instruments, and money market mutual funds, or hold cash or cash equivalents in such amounts as the Fund or the Sub-Advisers deem appropriate under the circumstances. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less, and may include U.S. Government securities, commercial paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements.

#### Second Liens and Subordinated Loans
The Fund may invest in secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. In addition, the rights the Fund may have with respect to the collateral securing the loans the Fund makes to borrowers with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund may enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (i) the ability to cause the commencement of enforcement proceedings against the collateral; (ii) the ability to control the conduct of such proceedings; (iii) the approval of amendments to collateral documents; (iv) releases of liens on the collateral; and (v) waivers of past defaults under collateral documents. The Fund may not have the ability to control or direct such actions, even if the Fund rights are adversely affected.

#### Unsecured Loans
The Fund may make unsecured loans to borrowers, meaning that such loans will not benefit from any interest in collateral of such borrowers. Liens on such a borrower's collateral, if any, will secure the borrower's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales

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of such collateral would be sufficient to satisfy the Fund's unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Fund's unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the borrower's remaining assets, if any.

#### Loan Origination
In addition to investing in loans, loan assignments, and participations, from time to time the Fund may originate loans, including loans in the form of whole loans, secured and unsecured notes, senior and second lien loans, mezzanine loans, bridge loans, and similar investments. The Fund may originate loans to corporations and other legal entities and individuals, including borrowers with credit ratings determined to be below investment grade. After origination, the Fund may offer such investments for sale to third parties; however, there is no assurance that the Fund will complete the sale of any such an investment. If the Fund is unable to sell, assign, or successfully close transactions for the loans that it originates, the Fund will be forced to hold its interest in such loans for an indeterminate period of time. This could result in the Fund's investment being concentrated in certain borrowers. The Fund's investment in or origination of loans may be limited by the requirements the Fund intends to observe under Subchapter M of the Code in order to qualify as a RIC. The Fund will be responsible for the fees and expenses associated with originating a loan (whether or not consummated). This may include significant legal and due diligence expenses, which will be borne by the Fund and indirectly borne by the shareholders. Loan origination subjects the Fund to risks associated with debt instruments more generally, including credit risk, prepayment risk, valuation risk, and interest rate risk.

Loan originators are subject to certain state law licensing and regulatory requirements and loan origination and servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of their business. In addition, a number of participants in the loan origination and servicing industry (including control persons of industry participants) have been the subject of regulatory actions by state regulators, including state Attorneys General, and by the federal government. Governmental investigations, examinations, regulatory actions, or private lawsuits may adversely affect such companies' financial results. To the extent the Fund engages in loan origination and/or servicing, the Fund will be subject to enhanced risks of litigation, regulatory actions, and other proceedings. As a result, the Fund may be required to pay legal fees, settlement costs, damages, penalties, or other charges, any or all of which could materially adversely affect the Fund and its holdings.

#### Derivatives Risk
To the extent the Fund or the Subsidiaries enter into derivatives transactions (such as forward contracts and credit default swaps), the Fund may be exposed to risks different from, or greater than, the risks associated with investing in more traditional investments. Any use of derivatives strategies entails the risks of investing directly in the securities or instruments underlying the derivatives strategies, as well as the risks of using derivatives generally. Derivatives can be highly complex and may perform in ways unanticipated by the Adviser and may not be available at the time or price desired. Entering into derivatives contracts involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. In the event the counterparty to a derivative instrument defaults and/or becomes insolvent, the Fund potentially could be significantly delayed in recovering and/or lose all or a large portion of the value of its investment in the derivative instrument. Derivatives transactions can also expose the Fund to other risks, including leverage risk, market risk, liquidity risk and regulatory risk.

#### DIRECTORS AND OFFICERS

#### Directors
The Board has overall responsibility to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish policies regarding the management, conduct and operation of the Fund's business. 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.

#### Board's Oversight Role in Management
The Board's role in management of the Fund is oversight. Harrison Street Private Wealth LLC (formerly, Versus Capital Advisors LLC) (the "Adviser") has primary responsibility for the day-to-day management of the Fund, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the

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Board, acting at its scheduled meetings, or the Chairman of the Board, acting between Board meetings, regularly interacts with, and receives risk management reports from, senior personnel of the Adviser, including senior managerial and financial officers of the Adviser, the Fund's and the Adviser's Chief Compliance Officer, and portfolio management personnel. The Board's Audit Committee (which consists of all of the Independent Directors) holds regularly scheduled meetings, and between meetings the Audit Committee chair receives updates from the Fund's independent registered public accounting firm and the Adviser's senior personnel. The Board receives periodic presentations from senior personnel of the Adviser regarding risk management, as well as periodic presentations regarding specific operational, compliance or investment risk areas such as business continuity, anti-money laundering, personal trading, valuation and investment research. The Board also receives reports from counsel to the Fund or counsel to the Adviser regarding regulatory compliance and governance matters. The Board will also review any proposals associated with the Adviser entering into sub-advisory relationships with sub-advisers. Such relationships may only be entered into upon Board approval and upon the approval of a majority (as defined under the Investment Company Act) of the Fund's outstanding voting securities pursuant to the Investment Company Act. The Board's oversight role does not make the Board a guarantor of the Fund's investments or activities.

#### Board Composition and Leadership Structure
The Investment Company Act requires that at least 40% of the Fund's directors not be "interested persons," as defined in the Investment Company Act, of the Fund, the Adviser, the Sub-Advisers, Foreside Funds Distributors LLC (the "Distributor"), or any affiliate of the foregoing (such directors, the "Independent Directors"). For certain matters, such as the approval of investment advisory agreements or permitted transactions with affiliates, the Investment Company Act and/or the rules thereunder require the approval of a majority of the Independent Directors. As of the date of this SAI, five (5) of the Fund's six (6) directors are Independent Directors. Independent Directors have been designated to chair the Audit Committee, Valuation Committee and the Nominating and Governance Committee. The Board has designated a Lead Independent Director to take the lead in addressing with management matters or issues of concern to the Board. In light of the Board's size and structure, and the cooperative working relationship among the Directors, the Board has determined that it is appropriate to have an Interested Director serve as Chairman of the Board.

The address, year of birth, and descriptions of their principal occupations during the past five years are listed below for each director of the Fund. The Fund has divided the directors into two groups: Independent Directors and directors who are "interested persons," as defined in the Investment Company Act (the "Interested Directors"):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and** <br>**Year of Birth<sup>(1)</sup>** | **Position(s)** <br>**Held with** <br>**Fund** | **Term of** <br>**Office and** <br>**Length** <br>**of Time** <br>**Served<sup>(2)</sup>** | **Principal Occupation(s)** <br>**During Past 5 Years** | **Number of** <br>**Funds in Fund** <br>**Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Director** | **Other Public** <br>**Company** <br>**Directorships** <br>**Held by** <br>**Director** |
| *Independent Directors* | *Independent Directors* | *Independent Directors* | *Independent Directors* | *Independent Directors* | *Independent Directors* |
| Robert F. Doherty; <br>1964 | Independent Director | Since March 2019 | Chief Financial Officer of Sustainable Living Partners (Building Technology Company) (2018 – present); and Partner of Renova Capital Partners (Venture Capital & Private Equity) (2010 – 2022). | 3 |  |
| Jeffry A. Jones;<br>1959 | Independent Director | Since inception | Principal of SmithJones (Real Estate) (2008 – present). | 3 |  |
| Richard J. McCready;<br>1958 | Lead Independent Director | Lead Independent Director (since March 2020); Independent Director since inception | President of The Davis Companies (Real Estate) (2014 – 2022). | 3 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and** <br>**Year of Birth<sup>(1)</sup>** | **Position(s)** <br>**Held with** <br>**Fund** | **Term of** <br>**Office and** <br>**Length** <br>**of Time** <br>**Served<sup>(2)</sup>** | **Principal Occupation(s)** <br>**During Past 5 Years** | **Number of** <br>**Funds in Fund** <br>**Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Director** | **Other Public** <br>**Company** <br>**Directorships** <br>**Held by** <br>**Director**  |
| Paul E. Sveen; <br>1961 | Independent Director | Since inception | Chief Financial Officer of Paytient Technologies (Healthcare Technology) (October 2024 – present); Beam Technologies (Insurtech) (February 2020 – September 2024); and Chief Financial Officer of Paypal's merchant lending platform (2018 – 2020). | 3 |  |
| Susan K. Wold; <br>1960 | Independent Director | Since August 2022 | Senior Vice President, Global Ombudsman and Head of North American Compliance of Janus Henderson Investors (2017-2020); Vice President, Chief Compliance Officer and Anti Money Laundering Officer for Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust, and Clayton Street Trust (2017-2020). | 3 | ALPS ETF <br>Trust – 24 funds.  |
| *Interested Director*  | *Interested Director*  | *Interested Director*  | *Interested Director*  | *Interested Director*  | *Interested Director*  |
| Casey Frazier; <br>1977 | Chair of the Board; Director; Chief Investment Officer | Chair of the Board (since August 2022); Director and Chief Investment Officer since inception | Chief Investment Officer of the Adviser (2011 – present); Chief Investment Officer of Harrison Street Infrastructure Income Fund (2023 – present); and Chief Investment Officer of Harrison Street Real Assets Fund LLC (2017 – present). | 3 |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The address of
 each member of the Board is: c/o Harrison Street Real Estate Fund LLC, 5050 S. Syracuse Street, Suite 1100, Denver, Colorado
 80237.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Director will serve
 for the duration of the Fund, or until his death, resignation, termination, removal or retirement.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The term "Fund
 Complex" as used herein includes the Fund, Harrison Street Real Assets Fund LLC and Harrison Street Infrastructure
 Income Fund.

Additional information about each director follows (supplementing the information provided in the table above) that describes certain specific experiences, qualifications, attributes or skills that each director possesses and that the Board believes has prepared them to be effective directors.

#### Independent Directors
***Robert F. Doherty co-founded and partner of Renova Capital Partners, a private equity company focusing on renewable and sustainable investments, in 2010 (and served as a partner until 2022) and has served as the Chief Financial Officer of Sustainable Living Partners since 2018. Prior to founding Renova, Mr. Doherty held the post of Managing Director and Deputy Head of Municipal and Infrastructure Finance at JP Morgan, where he directed the investment banking services to state and local government, water, energy, transport, housing, healthcare, and higher education clients. He also served as the co-head of UBS/Paine's Webber National Infrastructure Group. He was a Managing Director in Merrill Lynch's alternative investment, private equity and municipal finance groups. From 2013-2018, Mr. Doherty served as Chief Financial Officer for Ensyn Corporation, one of Renova's joint venture partners. One of Renova's initial investments was Main Street Power Company, Inc., a commercial solar developer and***

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owner/operator of solar assets in the U.S. Mr. Doherty served on the Board of Directors of Main Street Power prior to its sale to AES Corporation in 2015. He also serves on the management committee for Sustainable Living Partners. Mr. Doherty has a Bachelor of Science degree in Foreign Services from Georgetown University Edmund A. Walsh School of Foreign Service, and a Master of Business Administration from the University of Chicago Graduate School of Business.

***Jeffry A. Jones has over 35 years of real estate investment experience in multiple real estate product types in markets throughout the U.S. Mr. Jones is currently a Principal at SmithJones Partners. Mr. Jones was President and Executive Director of Ameriton Properties Inc. ("Ameriton"), as well as Executive Vice President of Archstone-Smith in Denver, Colorado from 2000 to November of 2007, where he had overall investment, management and asset management responsibility for more than $2.3 billion of apartment investments. Prior to joining Ameriton, Mr. Jones was Senior Vice President with Archstone-Smith in Austin, Texas where he was responsible for Archstone's multifamily acquisition and development activities throughout the central U.S. From 1995 to 1999, Mr. Jones was Senior Vice President of Homestead Village Inc. ("Homestead"), where he directed acquisition and development activities for its limited service extended-stay hotel product throughout the central part of the U.S. Prior to Homestead, Mr. Jones held development or investment positions with Sentre Partners, Stark Companies International, Maclachlan Investment Company and Trammell Crow Company. Mr. Jones received his Bachelor of Arts degree in Economics from Stanford University.***

***Richard J. McCready has been involved in commercial real estate investment and finance for over 30 years, gaining experience in capital markets, raising debt and equity capital, innovative transaction structuring, organization building, asset/risk management and value creation in a variety of real estate-related businesses. Mr. McCready retired in December 2022 from his full-time role as President of The Davis Companies, a Boston-based commercial real estate investment, development and management company, where he was responsible for firm-wide strategy and oversaw day-to-day management of all aspects of the firm's investment and asset management functions and operations. Prior to joining The Davis Companies, Mr. McCready was the Chief Operating Officer and Executive Vice President of NorthStar Realty Finance Corp (NYSE: NRF), formerly a publicly-traded commercial real estate finance company with over $10 billion in assets under management, prior to the company's merger with Colony Capital. He served as the President, Chief Operating Officer and Director of NRF's predecessor company, NorthStar Capital Investment Corp., a private equity fund business specializing in opportunistic investments in real estate assets and operating companies, where he spearheaded and managed the IPO spin-off of NRF. Prior to NorthStar, Mr. McCready served as the President, Chief Operating Officer and Director of Winthrop Financial Associates. From 1984 to 1990, he practiced law at Mintz Levin in Boston. In addition, Mr. McCready has served on numerous real estate company boards and has a broad knowledge of multiple real estate property types and strategies. Mr. McCready is a Phi Beta Kappa graduate of The University of New Hampshire and received his law degree, magna cum laude, from Boston College Law School.***

***Paul E. Sveen has over 35 years of experience in financial services across investment banking, structured finance, real estate investments, mortgage lending/servicing and small business lending. Since October 2024, Mr. Sveen has been CFO of Paytient Technologies. Paytient is a healthcare technology company on a mission to help people better access and afford care. Paytient partners with employers & insurers and provides affordability solutions for out-of-pocket healthcare expenses. The Company's core service is a Health Payment Account (HPA), that members use to more easily access and afford medical, dental, vision, veterinary and pharmaceutical care. Previously, Mr. Sveen has served as CFO of Beam Technologies Inc., a Columbus-based insurtech company that is seeking to blend innovative technology with traditional insurance policies to bring a differentiated value proposition to the employee benefits market and disrupt the traditional dental insurance market. He also was engaged in the fintech lending arena as CFO of Swift Financial, a leading alternative technology-enabled small business lender, which was acquired by PayPal in September 2017. After the merger, he was CFO of PayPal's merchant lending platform, where he focused on developing strategies to drive growth through strategic partnerships and a broader use of financial capital markets. Prior to Swift, Mr. Sveen spent a decade focused in the real estate investment sector, leading several businesses providing mortgage lending, default services and rental home investment opportunities. From 2013-2016, he served as Managing Partner of Pantelan Real Estate Services LLC. Pantelan, whose clients included institutional investors such as private equity firms and hedge funds, invested in single family residential portfolios and provided a suite of services to support the residential asset class across all phases of the investment life cycle. For two years prior, Mr. Sveen served as CEO and Chief Restructuring Officer for Integrated Asset Services, a mortgage default services provider. Since 2007, Mr. Sveen had been engaged by several private equity firms to advise on existing portfolio investments, and to lead the evaluation of investments in several new business ventures in the mortgage, structured finance and real estate industries. He has also worked extensively with banks on capital and liquidity enhancement initiatives, negotiating facility terminations, assignments, restructurings and sales. Mr. Sveen is a 19-year veteran of Lehman Brothers, where he was integral in building the structured finance business into one of Wall Street's leading***

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securitization franchises. While a Managing Director at Lehman, he led several groups including asset-backed finance, principal finance, asset-backed commercial paper and structured finance client solutions. In 2004, Mr. Sveen was appointed CAO of Aurora Loan Services, a wholly-owned subsidiary of Lehman Brothers and one of the leading Alt-A mortgage originators and servicers in the US at that time. Mr. Sveen holds a BA in Economics from St. Lawrence University and attended The University of Oslo, Norway.

***Susan K. Wold has over 30 years of experience in financial services with broad expertise in global securities regulations, corporate governance and ethics, third party oversight, and mutual funds, exchange traded funds and private fund formation and oversight. Ms. Wold leverages her years in the asset management industry to navigate governance, regulation and risk, set strategic direction and enhance revenue growth. She was formerly the Senior Vice President, Global Ombudsman, Head of North American Compliance and interim Head of Risk for Janus Henderson Investors (2017-2020). She was also Vice President, Chief Compliance Officer and Anti Money Laundering Officer for Janus Investment Fund, Janus Aspen Series, Janus Detroit Street Trust and Clayton Street Trust (2017-2020). Prior to that, Ms. Wold was Vice President and Head of Global Corporate Compliance and Chief Compliance Officer of Janus Capital Management LLC and Vice President of Compliance for Janus Capital Group and Janus Capital Management LLC (2005-2017). Prior to Janus Capital Group, Ms. Wold held a variety of positions in the asset management industry including Vice President, Deputy General Counsel and Chief Compliance Officer for National Planning Holdings (2003-2005). Ms. Wold was also Vice President and Group Counsel for American Express and American Express Financial Advisers (1993-2003). Ms. Wold started her career in private practice with a Minneapolis/St. Paul law firm and focused on advising both private and public businesses and business litigation. Ms. Wold holds a Juris Doctor from the University of Minnesota Sturm College of Law, a Business Administration degree from Colorado College and a Diversity, Equity, and Inclusion in the Workplace certificate from the University of South Florida MUMA College of Business. Ms. Wold's key board skills include strategic planning; corporate governance and regulatory issues; risk management; senior leadership experience; and mergers and acquisitions.***

#### Interested Director
***Casey Frazier joined the Adviser as the Chief Investment Officer in 2011. Previously, Mr. Frazier was a Senior Vice President of NRF Capital Markets LLC from 2010 to 2011, where he was responsible for product development and due diligence for the firm including helping to develop products to be sold in the retail broker-dealer channel, managing the due diligence process for existing products and overseeing the marketing efforts of the firm. Prior to that Mr. Frazier acted as the Chief Investment Officer for Welton Street Investments, LLC and Welton Street Advisors LLC from 2005 to 2010. In this capacity he reviewed and monitored all prospective securities offerings and investments. This included the review of over $7 billion in private real estate transactions. From 2004 to 2005 he was an Assistant Vice President, Asset Management of Curian Capital LLC ("Curian"), a registered investment adviser. In this capacity, Mr. Frazier helped supervise the asset allocation and money manager selection for Curian's turnkey asset management program. Mr. Frazier helped develop over 300 multi-disciplinary account portfolios. During his tenure he helped the firm grow assets from $200 million to over $1 billion. Previously, Mr. Frazier managed the due diligence process for the National Planning Holdings' ("NPH") broker/dealer network from 2003 to 2004. NPH is an organization with four separate broker dealers and over 3,000 registered representatives. This process included analyzing all potential investments to be sold within the broker dealer network including; mutual funds, variable annuities, private placements, REITs, hedge funds and derivative products. Mr. Frazier received a Bachelor of Arts degree in American Political Economy from The Colorado College, and has earned the CFA (Chartered Financial Analyst) designation. The Board is aided by Mr. Frazier's strong investment management skills.***

#### Board Participation and Committees
The Board believes that each director's experience, qualifications, attributes and skills give each director the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The charter for the Board's Nominating and Governance Committee contains factors considered by the Nominating and Governance Committee in identifying and evaluating potential Board member nominees. To assist them in evaluating matters under federal and state law, the directors may benefit from information provided by counsel to the Independent Directors or counsel to the Fund; both Board and Fund counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.

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Each director serves on the Board for the duration of the Fund, or until his death, resignation, termination, removal or retirement. A director's position in that capacity will terminate if such director is removed, resigns or is subject to various disabling events such as death or incapacity. A director may resign upon 90 days' prior written notice to the other directors, subject to waiver of notice, and may be removed either by vote of two-thirds of the directors not subject to the removal vote or vote of the shareholders holding not less than two-thirds of the total number of votes eligible to be cast by all shareholders. In the event of any vacancy in the position of a director, the remaining directors may appoint an individual to serve as a director, so long as immediately after such appointment at least two-thirds of the directors then serving would have been elected by the shareholders. The directors may call a meeting of shareholders to fill any vacancy in the position of a director, and must do so within 60 days after any date on which directors who were elected by the shareholders cease to constitute a majority of the directors then serving. If no director remains to manage the business of the Fund, the Adviser may manage and control the Fund, but must convene a meeting of shareholders within 60 days for the purpose of either electing new directors or dissolving the Fund.

The Chairman of the Board is Mr. Frazier. The standing committees of the Board include the Audit Committee, Nominating and Governance Committee, Investment Committee, and Valuation Committee.

The current members of the Audit Committee are Mr. Doherty, Mr. McCready, Mr. Jones, Mr. Sveen and Ms. Wold, each of whom is an Independent Director. The current Chairman of the Audit Committee is Mr. Doherty. The purpose of the Audit Committee, pursuant to its adopted written charter, is to (1) oversee the Fund's accounting and financial reporting processes, the audits of the Fund's financial statements and the Fund's internal controls over, among other things, financial reporting and disclosure controls and procedures, (2) oversee or assist in Board oversight of the integrity of the Fund's financial statements and the Fund's compliance with legal and regulatory requirements and (3) approve prior to appointment the engagement of the Fund's independent registered public accounting firm and review the independent registered public accounting firm's qualifications and independence and the performance of the independent registered public accounting firm. During the fiscal year ended March 31, 2025, the Audit Committee met two times.

The current members of the Nominating and Governance Committee are Mr. Doherty, Mr. McCready, Mr. Jones, Mr. Sveen and Ms. Wold, each of whom is an Independent Director. The current Chairman of the Nominating and Governance Committee is Mr. Sveen. The purpose of the Nominating and Governance Committee, pursuant to its adopted written charter, is to (1) evaluate the suitability of potential candidates for election or appointment to the Board and recommend candidates for nomination; (2) recommend the appointment of members and chairs of each Board committee; (3) develop and recommend to the Board a set of corporate nominating principles applicable to the Fund and monitor corporate nominating matters; and (4) oversee periodic evaluations of the Board and its committees. The Nominating and Governance Committee reviews nominations of potential Directors made by Fund management and by Fund shareholders, which includes all information relating to the recommended nominees that is required to be disclosed in solicitations or proxy statements for the election of directors, including without limitation the biographical information and the qualifications of the proposed nominees. The Nominating and Governance Committee will consider nominations as it deems appropriate after taking into account, among other things, the factors listed in the charter. Information must be provided regarding the recommended nominee as reasonably requested by the Nominating and Governance Committee. The Nominating and Governance Committee meets as is necessary or appropriate. During the fiscal year ended March 31, 2025, the Nominating and Governance Committee met two times.

The Investment Committee is comprised of all of the Directors, the majority of which are Independent Directors. The current Chairman of the Investment Committee is Mr. Frazier. The purpose of the Investment Committee, pursuant to its adopted written charter, is to (1) oversee the Adviser's determination of, implementation of, and ongoing monitoring of investment strategies and objectives of the Fund, which include the Adviser's process for the selection and ongoing due diligence of Private Funds, sub-advisers, and other direct investments of the Fund; and (2) review and make recommendations to the Board regarding the initial approval and periodic renewal of advisory contracts between the Fund, the Adviser and the Sub-Advisers, as required by Section 15 of the Investment Company Act. During the fiscal year ended March 31, 2025, the Investment Committee met four times.

The Valuation Committee is comprised of all of the Directors, the majority of which are Independent Directors. The current Chairman of the Valuation Committee is Mr. Jones. The purpose of the Valuation Committee, pursuant to its adopted written charter, is to oversee the development of Fund policies and procedures and the Adviser's implementation of those policies and procedures, for the calculation of the Fund's NAV. The Valuation Committee reviews and oversees the policies and reporting of the underlying asset values of the Private Funds, as well as the portion of the Fund's assets that are sub-advised by the Sub-Advisers and invested directly by the Adviser, including through the Private Funds. During the fiscal year ended March 31, 2025, the Valuation Committee met four times.

13<br>

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#### Officers
The address, year of birth, and a description of principal occupations during the past five years are listed below for each officer of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address** <br>**and Year of Birth<sup>(1)</sup>** | **Position(s) Held** <br>**with Fund** | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(2)</sup>** | **Principal Occupation(s) During Past 5 Years** |
| Mark D. Quam;<br>1970 | Chief Executive Officer | Since inception | Chief Executive Officer of the Adviser (2010 to present); Chief Executive Officer of Harrison Street Infrastructure Income Fund (2023 to present); and Chief Executive Officer of Harrison Street Real Assets Fund LLC (2017 to present). |
| William R. Fuhs, Jr.;<br>1968 | President | Since inception | President of the Adviser (2010 to present); President of Harrison Street Infrastructure Income Fund (2023 to present); and President of Harrison Street Real Assets Fund LLC (2017 to present). |
| Casey Frazier; <br>1977 | Chief Investment Officer | Since inception | Chief Investment Officer of the Adviser (2011 to present); Chief Investment Officer of Harrison Street Infrastructure Income Fund (2023 to present); and Chief Investment Officer of Harrison Street Real Assets Fund LLC (2017 to present). |
| Dave Truex; <br>1983 | Deputy Chief Investment Officer | Since November 2021 | Deputy Chief Investment Officer of Harrison Street Real Assets Fund LLC (November 2021 to December 2024); Deputy Chief Investment Officer of the Adviser (2017 to present). |
| Brian Petersen;<br>1970 | Chief Financial Officer, Treasurer | Since August 2019 | Chief Financial Officer and Chief Operating Officer of the Adviser (January 2022 to present); Managing Director, Fund Financial Operations of the Adviser (July 2019 to December 2021); Chief Financial Officer and Treasurer of Harrison Street Infrastructure Income Fund (2023 to present); and Chief Financial Officer and Treasurer of Harrison Street Real Assets Fund LLC (August 2019 to present). |
| Dustin C. Rose; 1983 | Assistant Treasurer | Since November 2021 | Director of Fund Financial Operations of the Adviser (2020 to present); Assistant Treasurer of Harrison Street Infrastructure Income Fund (2023 to present); Assistant Treasurer of Harrison Street Real Assets Fund LLC (November 2021 to Present); and Assistant Vice President of OFI Global Asset Management, Inc. (2016 to 2020). |
| Kelly McEwen;<br>1984 | Assistant Treasurer | Since November 2022 | Director, Fund Financial Operations of the Adviser (January 2022 to present); Assistant Treasurer of Harrison Street Infrastructure Income Fund (2023 to present); Assistant Treasurer of Harrison Street Real Assets Fund LLC (November 2022 to present);<br> Vice President of SS&C ALPS and Treasurer/<br>Principal Financial Officer of various investment companies (April 2020 to May 2021); and Fund Controller of SS&C ALPS (August 2019 to May 2021). |

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#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **Name, Address** <br>**and Year of Birth<sup>(1)</sup>** | **Position(s) Held** <br>**with Fund** | **Term of Office** <br>**and Length of** <br>**Time Served<sup>(2)</sup>** | **Principal Occupation(s) During Past 5 Years**  |
| Jillian Varner; 1990 | Chief Compliance Officer and Secretary | Since July 2023 | Chief Compliance Officer of Harrison Street Infrastructure Income Fund, Harrison Street Real Assets Fund LLC and the Adviser (2023 to present); Secretary of Harrison Street Infrastructure Income Fund and Harrison Street Real Assets Fund LLC (2023 to present); Deputy Chief Compliance Officer of the Adviser (February 2022 to July 2023); and Director of Compliance and Operations of the Adviser (August 2019 to February 2022). |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The address of
 each Officer of the Fund is: c/o Harrison Street Real Estate Fund LLC, 5050 S. Syracuse Street, Suite 1100, Denver, Colorado
 80237.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Officer will serve for
 the duration of the Fund, or until his or her death, resignation, termination, removal or retirement.

#### Director Ownership of Securities
The following table shows the dollar range of equity securities owned by the Directors in the Fund and in other investment companies overseen by the Director within the same family of investment companies as of December 31, 2024. Investment companies are considered to be in the same family if they share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services.

---

| | | |
|:---|:---|:---|
| **Name of Director** | **Dollar Range of Equity** <br>**Securities in the Fund** | **Aggregate Dollar Range of Equity Securities in** <br>**All Registered Investment Companies Overseen** <br>**by Director in Family of Investment Companies** |
| *Independent Directors* | *Independent Directors* | *Independent Directors* |
| Robert F. Doherty | $50,001 to $100,000 | Over $100,000 |
| Jeffry A. Jones | $50,001 to $100,000 | $50,001 to $100,000 |
| Richard J. McCready | $10,001 to $50,000 | Over $100,000 |
| Paul E. Sveen | $50,001 to $100,000 | $50,001 to $100,000 |
| Susan K. Wold | $0 | $0 |
| *Interested Director* | *Interested Director* | *Interested Director* |
| Casey Frazier | Over $500,000 | Over $1,000,000 |

---

As of June 30, 2025, the Fund's directors and officers as a group owned less than 1% of the Fund's outstanding securities.

To the best of their knowledge, none of the Independent Directors (nor any of their immediate family members) have or hold any securities of the Adviser, Security Capital, PrinREI or the Distributor, nor any entities controlling or controlled by or under common control with the Adviser, Security Capital, PrinREI or the Distributor as of December 31, 2024.

#### Compensation
The Fund Complex (as defined above) pays each Independent Director a per annum fee of $165,000 allocated as follows: fifty percent (50%) of such compensation will be allocated equally among the funds in the Fund Complex and fifty percent (50%) of such compensation will be allocated pro rata annually to each Fund on the basis of each Fund's assets under management as of December 31 of the preceding year. In addition, the Fund reimburses each of the Independent Directors for travel and other expenses incurred in connection with attendance at meetings. The Chairman of the Audit Committee receives an additional, per annum retainer of $30,000 from the Fund Complex allocated under the same methodology as described above for the per annum Independent Director fee. Other members of the Board and executive officers of the Fund receive no compensation, other than as noted in the table below. The Nominating and

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#### **TABLE OF CONTENTS**
Governance Committee of the Board evaluates the compensation of the Board members on an ongoing basis and may increase or decrease such compensation based upon market factors and the ongoing responsibilities and commitment of the members, all of which will be subject to Board approval, including a majority of the Independent Directors.

The following table summarizes the compensation paid to the Independent Directors, including Committee fees, and certain executive officers of the Fund for the fiscal year ended March 31, 2025. The Interested Directors and executive officers of the Fund receive no compensation, other than as noted in the table below. This compensation will continue to be evaluated by the Board on an ongoing basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate** <br>**Compensation from** <br>**the Fund** | **Pension or** <br>**Retirement Benefits** <br>**Accrued as Part of** <br>**Fund Expenses** | **Estimated Annual** <br>**Benefits Upon** <br>**Retirement** | **Total Compensation from Fund** <br>**and Fund Complex<sup>(1)</sup> Paid to** <br>**Director/Officer** |
| *Independent Directors* | *Independent Directors* | *Independent Directors* | *Independent Directors* | *Independent Directors* |
| Robert F. Doherty | $72032 | N/A | N/A | $195000 |
| Jeffry A. Jones | $60950 | N/A | N/A | $165000 |
| Richard T. McCready | $60950 | N/A | N/A | $165000 |
| Paul E. Sveen | $60950 | N/A | N/A | $165000 |
| Susan K. Wold | $60950 | N/A | N/A | $165000 |
| *Officers* | *Officers* | *Officers* | *Officers* | *Officers* |
| Jillian Varner as Chief Compliance Officer | $47018<sup>(2)</sup> | N/A | N/A | $137531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The term "Fund
 Complex" as used herein includes the Fund, Harrison Street Infrastructure Income Fund and Harrison Street Real Assets Fund
 LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund paid
 the Adviser as reimbursement for a portion of the compensation that it pays to the Fund's Chief Compliance Officer.

#### CONTROL PERSONS AND PRINCIPAL HOLDERS
A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding shares of a fund. A control person is one who owns, directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control. A control person may be able to determine the outcome of a matter put to a shareholder vote.

As of June 30, 2025, to the best knowledge of the Fund, no person owned beneficially or of-record 5% or more of the outstanding shares of any class of the Fund or 5% or more of the outstanding shares of the Fund addressed herein, except as set forth in the table below.

---

| | |
|:---|:---|
| **RECORD SHAREHOLDER** | **PERCENTAGE OF SHARES** |
| Charles Schwab & Co., Inc.<sup>(1)</sup> | 62.96% |
| National Financial Services LLC | 25.85% |
| MSCS Financial Services LLC | 9.27% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund has no knowledge
 as to whether all or a portion of the shares owned of record are also owned beneficially.

#### INVESTMENT ADVISORY AND OTHER SERVICES

#### The Adviser
The Fund's investment adviser is Harrison Street Private Wealth LLC, a registered adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser's offices are located at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237. The Adviser is a Delaware limited liability company originally formed in March of 2007. Colliers VS Holdings, Inc., a wholly-owned indirect subsidiary of Colliers International Group Inc. (together, "Colliers"), owns, directly and indirectly, approximately 75% of the outstanding securities of the Adviser. The Adviser's co-founders, Mark D. Quam, William R. Fuhs, Jr., and Casey R. Frazier, along with certain other employees,

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#### **TABLE OF CONTENTS**
own the remaining balance. Mr. Frazier also serves as Interested Director to the Fund. Effective July 28, 2025, in connection with the launch of a dedicated private wealth division by the Collier's investment management segment, Harrison Street Asset Management, the Adviser has rebranded as Harrison Street Private Wealth LLC.

The Fund has engaged the Adviser to provide investment advice to, and manage the day-to-day business and affairs of, the Fund, in each case under the ultimate supervision of and subject to any policies established by the Board, pursuant to an investment management agreement entered into between the Fund and the Adviser. The Adviser has been delegated the responsibility of selecting the Private Funds and selecting and overseeing sub-advisers (subject to the ultimate oversight of the Board). In selecting Private Funds and sub-advisers, the Adviser evaluates each Private Fund and sub-adviser to determine whether their respective investment programs are consistent with the Fund's investment objectives and strategies. The Adviser monitors the Private Funds and sub-advisers on an ongoing basis and may, at its discretion, subject to the repurchase policies of the Private Funds, reallocate the Fund's assets among the Private Funds and sub-advisers, terminate or redeem investments from existing Private Funds or sub-advisers, and select additional Private Funds or sub-advisers subject to review and approval of the Board. The Adviser also provides certain administrative services to the Fund, including: providing office space, handling shareholder inquiries regarding the Fund, providing shareholders with information concerning their investment in the Fund, coordinating and organizing meetings of the Board, and providing other support services. The Adviser will perform its duties subject to any policies established by the Board.

The Adviser has claimed the relief provided to fund-of-funds operators pursuant to U.S. Commodity Futures Trading Commission ("CFTC") No-Action Letter 12-38 and is therefore not subject to registration or regulation as a pool operator under the Commodity Exchange Act with respect to the Fund. For the Adviser to remain eligible for the relief, the Fund must comply with certain limitations, including limitations on its ability to gain exposure to certain financial instruments such as futures, options on futures, and certain swaps ("commodity interests"). These limitations may restrict the Fund's ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses, and/or adversely affect its total return. In the event the Adviser believes that the Fund may no longer be able to comply with, or that it may no longer be desirable for it to comply with, these limitations, the Adviser may register as a commodity pool operator with the CFTC with respect to the Fund. Any such registration could adversely affect the Fund's total return by subjecting it to increased costs and expenses. If the Adviser registers as a commodity pool operator with the CFTC with respect to the Fund, the commodity pool operators of any shareholders that are pooled investment vehicles may be unable to rely on certain commodity pool operator registration exemptions.

In consideration for all such services, the Fund pays the Adviser a quarterly fee (the "Investment Management Fee") at an annual rate of 0.95% of the Fund's NAV, which will accrue daily on the basis of the NAV of the Fund. The Investment Management Fee is accrued daily and payable quarterly in arrears. The Investment Management Fee is paid to the Adviser out of the Fund's assets. Because the Investment Management Fee is calculated based on the Fund's average daily NAV and is paid out of the Fund's assets, it reduces the NAV of the Shares. The Adviser may receive additional compensation at an annual rate based on a Subsidiary's or the VCMIX's Sub-REIT's average daily net assets for providing management services to the Subsidiary or the VCMIX Sub-REIT. To the extent the Fund makes investments through a Subsidiary or the VCMIX Sub-REIT, the Adviser has contractually agreed to reduce the Investment Management Fee paid by the Fund in an amount equal to any management fees it receives from the VCMIX Subsidiary and to waive the investment management fee it receives from the VCMIX Sub-REIT such that, for the collective net assets of the Fund, the VCMIX Subsidiary, and the VCMIX Sub-REIT, the total Investment Management Fee is calculated at a rate of 0.95%.

The Adviser was paid $28,858,878, $22,714,987, and $18,533,041 in advisory fees for the fiscal years ended March 31, 2023, March 31, 2024, and March 31, 2025, respectively.

#### Sub-Adviser – Security Capital Research & Management Incorporated
The Adviser has engaged Security Capital Research & Management Incorporated ("Security Capital"), a registered investment adviser under the Advisers Act, to act as an independent sub-adviser to the Fund. Security Capital is located at 10 South Dearborn Street, 38<sup>th</sup> Floor Chicago, Illinois 60603. Security Capital typically seeks to provide exposure to publicly traded Real Estate Securities on behalf of the Fund. Security Capital is paid a management fee by the Fund based on assets under management that decreases as assets increase. The Investment Management Fee will be

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#### **TABLE OF CONTENTS**
paid to Security Capital out of the Fund's assets. The fees are assessed on a sliding scale and range from 1.0% down to 0.45% based on assets under management. Security Capital was paid $1,262,599, and $1,139,482, and $1,235,635 in sub-advisory fees for the fiscal years ended March 31, 2023, 2024, and 2025, respectively.

#### Sub-Adviser – Principal Real Estate Investors, LLC
The Adviser has engaged Principal Real Estate Investors, LLC ("PrinREI"), a registered investment adviser under the Advisers Act, to act as an independent sub-adviser to the Fund. PrinREI is located at 711 High Street, Des Moines, IA 50392. PrinREI typically seeks to provide exposure to publicly traded Real Estate Securities on behalf of the Fund. PrinREI is paid a management fee by the Fund based on assets under management that decreases as assets increase. The Investment Management Fee will be paid to PrinREI out of the Fund's assets. The fees are assessed on a sliding scale and range from 0.60% when assets are under $150 million down to 0.49% when assets are over $600 million. PrinREI was paid $1,601,905, $945,292, and $822,371 in sub-advisory fees for the fiscal years ended March 31, 2023, 2024, and 2025, respectively.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Grant Thornton LLP, located at principal business address 171 N. Clark Street, Chicago, Illinois 60601, serves as the Fund's independent registered public accounting firm, providing audit and tax services.

#### CUSTODIAN
UMB Bank, n.a. (the "Custodian") serves as the primary custodian of the assets of the Fund, and may maintain custody of such assets with domestic and foreign sub-custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. The Custodian's principal business address is 1010 Grand Blvd., Kansas City, Missouri 64106.

#### LEGAL COUNSEL
Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, acts as legal counsel to the Fund.

#### PORTFOLIO MANAGERS
The following tables identify, as of March 31, 2025 (or another date, if indicated): (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by the Fund's portfolio managers (collectively, "Other Accounts"); (ii) the total assets of such Other Accounts; and (iii) the number and total assets of Other Accounts with respect to which the management fee charged is based on performance.

#### The Adviser

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other Registered** <br>**Investment Companies** | **Other Registered** <br>**Investment Companies** | **Other Pooled** <br>**Investment Vehicles** | **Other Pooled** <br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Total Assets of** <br>**Other Registered** <br>**Investment** <br>**Companies** | **Number** | **Total Assets** | **Number** | **Total Assets of** <br>**Other Accounts** |
| Casey Frazier, CFA | 2 | $2.80 billion | 3 | $1.4 million | 0 | N/A |
| Dave Truex, CFA | 0 | N/A | 0 | N/A | 0 | N/A |
| Kevin Nagy, CAIA | 1 | $2.60 billion | 0 | N/A | 0 | N/A |
| **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** |
| Casey Frazier, CFA | 0 | N/A | 0 | N/A | 0 | N/A |
| Dave Truex, CFA | 0 | N/A | 0 | N/A | 0 | N/A |
| Kevin Nagy, CAIA | 0 | N/A | 0 | N/A | 0 | N/A |

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#### **TABLE OF CONTENTS**

#### Conflicts of Interest
In addition to the Fund, the Adviser provides investment advisory services to Harrison Street Real Assets Fund LLC and Harrison Street Infrastructure Income Fund, each a continuously offered registered closed-end management investment company that has elected to be treated as an interval fund, as well as three charitable pooled income funds, as defined under section 642(c)(5) of the Internal Revenue Code of 1986, as amended (the "Code"), and may provide investment advisory services to other funds and accounts in the future (collectively with the Fund, "Client Accounts"). Because there are different fee structures for each Client Account and because the Adviser's portfolio managers may have investments in one Client Account but not another (or they may invest different amounts in each Client Account), the Adviser's portfolio managers may have an incentive to dedicate more time and resources or to otherwise favor one Client Account over another. The Adviser anticipates that the Fund and another Client Account could have overlapping portfolio holdings or that an investment opportunity would be appropriate for both portfolios. As such, the Adviser has policies and procedures designed to allocate investment opportunities among the Client Accounts on a fair and equitable basis over time. Additional controls are in place to monitor the investment decisions and performance of Client Accounts and to address these and other conflicts of interest. See "Conflicts of Interest – The Adviser, the Sub-Advisers, and the Private Fund Managers" below for an additional discussion of the Adviser's conflicts of interest.

#### Compensation
A team approach is used by the Adviser to manage the Fund. The Investment Committee of the Adviser is chaired by Casey Frazier and includes David Truex, among others. Mr. Frazier and Mr. Truex are each paid a base salary, a discretionary bonus, and a share of the profits, if any, earned in their ownership of the Adviser. Mr. Nagy is paid a base salary and a discretionary bonus.

#### Ownership of Securities
The following table discloses the dollar range of equity securities beneficially owned by the portfolio managers of the Fund as of March 31, 2025.

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity Securities in the Fund**  |
| Casey Frazier | $500001 - $1000000  |
| David Truex | $10001 - $50000  |
| Kevin Nagy | $0 |

---

#### Security Capital Research & Management Incorporated ("Security Capital")
As of March 31, 2025, in addition to the Fund, Security Capital's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other Registered** <br>**Investment Companies** | **Other Registered** <br>**Investment Companies** | **Other Pooled** <br>**Investment Vehicles** | **Other Pooled** <br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Assets** <br>**Managed** | **Number** | **Assets** <br>**Managed** | **Number** | **Assets** <br>**Managed** |
| Anthony R. Manno Jr. | 1 | $0.4 billion | 2 | $0.7 billion | 63 | $1.6 billion |
| Kevin W. Bedell | 1 | $0.4 billion | 2 | $0.7 billion | 63 | $1.6 billion |
| Nathan J. Gear | 1 | $0.4 billion | 2 | $0.7 billion | 63 | $1.6 billion |
| **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** |
| Anthony R. Manno Jr. | 0 | N/A | 0 | N/A | 4 | $0.6 billion |
| Kevin W. Bedell | 0 | N/A | 0 | N/A | 4 | $0.6 billion |
| Nathan J. Gear | 0 | N/A | 0 | N/A | 4 | $0.6 billion |

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#### **TABLE OF CONTENTS**

#### Conflicts of Interest
The Security Capital portfolio managers' management of other accounts may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts managed by Security Capital's portfolio managers include other registered mutual funds and separately managed accounts. The other accounts might have similar investment objectives as the Fund or hold, purchase, or sell securities that are eligible to be held, purchased, or sold by the Fund. While the portfolio managers' management of other accounts may give rise to the following potential conflicts of interest, Security Capital does not believe that the conflicts, if any, are material or, to the extent any such conflicts are material, Security Capital believes that it has designed policies and procedures to manage those conflicts in an appropriate way.

A potential conflict of interest may arise as a result of the portfolio managers' day-to-day management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing, and possible market impact of Fund trades. It is theoretically possible that the portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund. However, Security Capital has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time.

A potential conflict of interest may arise as a result of the portfolio managers' management of the Fund and other accounts, which, in theory, may allow them to allocate investment opportunities in a way that favors other accounts over the Fund. This conflict of interest may be exacerbated to the extent that Security Capital or the portfolio managers receive, or expect to receive, greater compensation from their management of the other accounts than from the Fund. Notwithstanding this theoretical conflict of interest, it is Security Capital's policy to manage each account based on its investment objectives and related restrictions and, as discussed above, Security Capital has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and equitable basis over time and in a manner consistent with each account's investment objectives and related restrictions. For example, while the portfolio managers may buy for other accounts securities that differ in identity or quantity from securities bought for the Fund, such securities might not be suitable for the Fund given the investment objectives and related restrictions.

#### Compensation
The Fund pays Security Capital a sub-advisory fee based on the net assets of the Fund managed by Security Capital, as set forth in an investment sub-advisory agreement between Security Capital and the Adviser. Security Capital pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. The following information relates to the period ended March 31, 2025.

The principal form of compensation of Security Capital's professionals is a base salary and annual bonus. Base salaries are fixed for each portfolio manager. Each professional is paid a cash salary and, in addition, a year-end bonus based on achievement of specific objectives that the professional's manager and the professional agree upon at the commencement of the year. The annual bonus is paid partially in cash and partially in either: (i) restricted stock of Security Capital's parent company, JPMorgan Chase & Co., and/or (ii) in self-directed parent company mutual funds, all vesting over a three-year period (50% each after the second and third years). The annual bonus is a function of Security Capital achieving its financial, operating and investment performance goals, as well as the individual achieving measurable objectives specific to that professional's role within the firm. The annual incentive program is linked directly to the profitability of each business unit, to JPMorgan Asset Management as a whole, and to the performance of the firm generally. None of the portfolio managers' compensation is based on the performance of, or the value of assets held in, the Fund.

#### Ownership of Securities
As of March 31, 2025, Security Capital's portfolio managers did not beneficially own any shares of the Fund.

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#### Principal Real Estate Investors ("PrinREI")
As of March 31, 2025, in addition to the Fund, PrinREI's portfolio managers were responsible for the day-to-day management of certain other accounts, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Other Registered** <br>**Investment Companies** | **Other Registered** <br>**Investment Companies** | **Other Pooled** <br>**Investment Vehicles** | **Other Pooled** <br>**Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Total Assets of** <br>**Other Registered** <br>**Investment** <br>**Companies** | **Number** | **Total Assets** | **Number** | **Total Assets of** <br>**Other Accounts** |
| Anthony Kenkel | 18 | $10.4 billion | 6 | $2.8 billion | 76 | $7.7 billion |
| Kelly Rush | 18 | $10.4 billion | 6 | $3.0 billion | 76 | $7.7 billion |
| Simon Hedger | 14 | $3.5 billion | 4 | $1.1 billion | 30 | $4.3 billion |
| **Performance Fee-Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee-Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee-Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee-Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee-Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee-Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** | **Performance Fee-Based Accounts**<br>**(The number of accounts and the total assets in the accounts managed by each portfolio manager with** <br>**respect to which the advisory fee is based on the performance of the account.)** |
| Anthony Kenkel | 0 | N/A | 0 | N/A | 3 | $0.2 MM |
| Kelly Rush | 0 | N/A | 0 | N/A | 3 | $0.2 MM |
| Simon Hedger | 0 | N/A | 0 | N/A | 2 | $0.1 MM |

---

#### Conflicts of Interest
In addition to sub-advising the Fund, PrinREI provides investment advisory services to numerous other client accounts. The investment objectives and policies of these accounts may differ from those of the Fund. Based on these differing circumstances, potential conflicts of interest may arise because PrinREI may be required to pursue different investment strategies on behalf of the Fund and other client accounts. For example, where PrinREI is managing an account for an individual, it may be required to consider the individual client's existing positions, personal tax situation, suitability, personal biases, and investment time horizon, considerations that do not necessarily impact its investment decisions on behalf of the Fund. This means that research on securities to determine the merits of including them in the Fund's portfolio are similar, but not identical, to those employed in building private client portfolios. As a result, there may be instances in which PrinREI purchases or sells an investment for one or more private accounts and not for the Fund, or vice versa. To the extent the Fund and other clients seek to acquire the same security at about the same time, the Fund may not be able to acquire as large a position in such security as it desires or it may have to pay a higher price for the security. Similarly, the Fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular security if the portfolio managers desire to sell the same portfolio security at the same time on behalf of other clients. On the other hand, if the same securities are bought or sold at the same time by more than one client, the resulting participation in volume transactions could produce better executions for the Fund.

#### Compensation
The Fund pays PrinREI a sub-advisory fee based on the net assets of the Fund managed by PrinREI, as set forth in an investment sub-advisory agreement between PrinREI and the Adviser. PrinREI pays its investment professionals out of its total revenues and other resources, including the sub-advisory fees earned with respect to the Fund. The following information relates to the period ended March 31, 2025.

Compensation for all team members is comprised of fixed pay (base salary) and variable incentive components. As team members advance in their careers, the variable incentive opportunity increases in its proportion commensurate with responsibility levels. Variable incentive takes the form of a profit-based incentive plan with funding based on pre-tax, pre-bonus operating earnings generated by the team. The plan is designed to provide line-of-sight to team members, enabling them to share in current and future business growth (profits of the team) while reinforcing delivery of investment performance, long-term business growth, team collaboration, regulatory compliance, operational excellence, client retention and client satisfaction. Investment performance is measured against relative client benchmarks and peer groups over one-year and three-year periods, calculated quarterly, reinforcing a longer-term orientation.

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Awards from the profit share plan are delivered in the form of cash or a combination of cash, Principal Financial Group ("PFG") restricted stock units ("RSUs") and fund deferrals (money is aligned with funds managed by the team). The amount of incentive delivered in the form of RSUs and fund deferral awards depends on the size of an individual's incentive award as it relates to a tiered deferral schedule. RSU and fund deferral awards are subject to a three-year cliff vesting schedule. The overall measurement framework and deferred components are designed to align with PrinREI's desired focus on clients' objectives (*e.g.*, long-term investment performance; fund deferrals), alignment with Principal shareholders (*e.g.*, RSUs), and talent retention.

The annual discretionary bonus is determined based on investment performance and discretionary factors including individual performance, market compensation levels, retentive needs, contribution to profitability, and collaborative effort. Performance goals used to measure individual performance is closely aligned with client investment goals and objectives, with the largest determinant being portfolio investment performance relative to appropriate client benchmarks and peer groups over one and three-year time periods.

Promotions are based on need for a higher-level role and individual readiness. Readiness for a promotion involves an evaluation of the individual's demonstrated competencies, proficiencies and behavior.

#### Ownership of Securities
As of March 31, 2025, PrinREI's portfolio managers did not beneficially own any shares of the Fund.

#### REPURCHASES AND TRANSFERS OF SHARES

#### Involuntary Repurchases
Subject to limitations in the LLC Agreement, the Investment Company Act and the rules thereunder, the Fund's Board, in its sole discretion, may cause a mandatory repurchase by the Fund of a shareholder's Shares if (i) such Shares have been transferred in violation of the Fund's Amended and Restated Limited Liability Company Agreement (the "LLC Agreement"), or such Shares have vested in any person by operation of law as the result of the death, dissolution, bankruptcy or incompetency of a shareholder; (ii) ownership of Shares by a shareholder or other person will cause the Fund to be in violation of, or 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; (iii) continued ownership of such Shares may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any shareholders to an undue risk of adverse tax or other fiscal consequences; (iv) such shareholder owns Shares having an aggregate NAV less than an amount determined from time to time by the Board; (v) any of the representations and warranties made by a shareholder in connection with the acquisition of Shares thereof was not true when made or has ceased to be true; or (vi) it would be in the best interests of the Fund, as determined by the Board, for the Fund to repurchase such Shares.

#### Transfers of Shares
Except under limited circumstances as set forth in the LLC Agreement, no person may become a substituted shareholder without the consent of the Board, which consent may be withheld for any reason in the Board's sole and absolute discretion. Shares may be transferred only (i) by operation of law pursuant to the death, disability, bankruptcy, insolvency, incompetence or dissolution of a shareholder or (ii) with the consent of the Board or any officer of the Fund to which the Board delegates its authority under the LLC Agreement (such consent to be granted or withheld in the sole and absolute discretion of the Board or the officer, as applicable).

Each shareholder and transferee is required to pay all expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with such transfer.

#### CODE OF ETHICS
The Fund and the Adviser have each adopted a Joint Code of Ethics, and each Sub-Adviser has adopted a code of ethics, pursuant to Rule 17j-1 under the Investment Company Act, that permits its personnel, subject to the codes, to invest in securities, including securities that may be purchased or held by the Fund. Foreside Funds Distributors LLC, acting as Distributor, is exempt from Rule 17j-1. These codes of ethics are available on the Electronic Data-Gathering, Analysis, and Retrieval system (EDGAR) on the SEC's website at http://www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

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#### PROXY VOTING POLICIES AND PROCEDURES
The Fund invests in Private Funds, which have investors other than the Fund. The Fund may invest some of its assets in non-voting securities of Private Funds.

The Fund has delegated voting of proxies in respect of portfolio holdings to the Adviser, to vote the Fund's proxies in accordance with the Adviser's proxy voting guidelines and procedures. For assets sub-advised by the Sub-Advisers, the Adviser has delegated its authority to vote proxies to those Sub-Advisers. The proxy voting policies and procedures of the Adviser and the Sub-Advisers are set forth on <u>Appendix A</u> to this SAI. Private Funds typically do not submit matters to investors for vote; however, if a Private Fund submits a matter to the Fund for vote (and the Fund holds voting interests in the Private Fund), the Adviser will vote on the matter in a way that it believes is in the best interest of the Fund and in accordance with the following proxy voting guidelines (the "Voting Guidelines"):

&nbsp;&nbsp;&nbsp;&nbsp;• In voting proxies, the
 Adviser is guided by general fiduciary principles. The Adviser's goal is to act prudently, solely in the best interest of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser attempts
 to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner that it believes
 will be consistent with efforts to maximize shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser, absent a
 particular reason to the contrary, generally will vote with management's recommendations on routine matters. Other matters will
 be voted on a case-by-case basis.

The Adviser applies its Voting Guidelines in a manner designed to identify and address material conflicts that may arise between the Adviser's interests and those of its clients before voting proxies on behalf of such clients. The Adviser relies on the following to seek to identify conflicts of interest with respect to proxy voting and assess their materiality:

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's employees
 are under an obligation (i) to be aware of the potential for conflicts of interest on the part of the Adviser with respect to voting proxies
 on behalf of client accounts both as a result of an employee's personal relationships and due to special circumstances that may
 arise during the conduct of the Adviser's business, and (ii) to bring conflicts of interest of which they become aware to the attention
 of the Adviser's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's Chief
 Compliance Officer will work with appropriate personnel of the Adviser to determine whether an identified conflict of interest is material.
 A conflict of interest will be considered material to the extent that it is determined that such conflict has the potential to influence
 the Adviser's decision-making in voting the proxy. All materiality determinations will be based on an assessment of the particular
 facts and circumstances. The Adviser shall maintain a written record of all materiality determinations.

&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is not material, the Adviser may vote proxies notwithstanding the existence of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is material, the Adviser may seek legal assistance from appropriate counsel for the Adviser to determine a method
 to resolve such conflict of interest before voting proxies affected by the conflict of interest. Such methods may include:

&nbsp;&nbsp;&nbsp;&nbsp;• disclosing the conflict
 to the Board and obtaining the consent of the Board before voting;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging another party on
 behalf of the Fund to vote the proxy on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging a third party
 to recommend a vote with respect to the proxy based on application of the policies set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;• such other method as is
 deemed appropriate under the circumstances given the nature of the conflict.

The Adviser shall maintain a written record of the method used to resolve a material conflict of interest. Information regarding how the Adviser and the Sub-Advisers voted the Fund's proxies related to the Fund's portfolio holdings during the most recent 12-month period is available without charge, upon request, by calling (877) 200-1878 and is available on the SEC's website at http://www.sec.gov.

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#### CONFLICTS OF INTEREST

#### The Adviser, the Sub-Advisers, and the Private Fund Managers
The Adviser, the Sub-Advisers, and the managers of the Private Funds (collectively referred to herein as "Managers") and their respective affiliates are actively engaged in transactions and in rendering discretionary or non-discretionary investment advice on behalf of the Fund, the Private Funds, and other registered investment companies, private investment funds, and individual accounts (collectively, "Adviser Clients"). Each Manager will evaluate a variety of factors that may be relevant in determining whether a particular investment opportunity or strategy is appropriate and feasible for the Fund and other Adviser Clients at a particular time. Because these considerations may differ, the investment activities of the Fund, on the one hand, and other Adviser Clients, on the other hand, may differ considerably from time to time. In addition, the fees and expenses of the Fund may differ from those of the other Adviser Clients.

Other Adviser Clients may have investment objectives and strategies that are similar to those of the Fund and may involve the same types of investments as the Fund and/or the Private Funds. As a result, a Manager's other Adviser Clients may compete with the Fund and/or the Private Funds for appropriate investment opportunities and conflicts of interest may arise with respect to the allocation of the investment opportunities, particularly with respect to capacity constrained opportunities. It is the policy of each of the Adviser and the Sub-Advisers, to the extent possible, to allocate investment opportunities to the Fund over a period of time on a fair and equitable basis relative to other Adviser Clients. Investment decisions for the Fund are made independently from those of other Adviser Clients. Neither the Adviser nor any Sub-Adviser has any obligation to invest on behalf of the Fund in any investment opportunity that the Adviser or Sub-Adviser invests in on behalf of other Adviser Clients if, in its opinion, such investment appears to be unsuitable, impractical, or undesirable for the Fund.

Conversely, certain portfolio strategies of the Managers and/or their respective affiliates used for other Adviser Clients could conflict with the strategies employed by the Managers in managing the Fund or the Private Funds, as applicable, particularly where a Manager has limited the capacity for a particular strategy or the number of accounts it will manage. As a result, the Fund may invest in a manner opposite to that of a Manager's other Adviser Clients – *i.e.*, the Fund buying an investment when other Adviser Clients are selling, and vice-versa. The Managers and/or their respective affiliates may give advice or take action with respect to any of their Adviser Clients that may differ in the nature or timing of any advice or action taken with respect to the Fund or the Private Funds. The Adviser may have relationships with certain Managers described herein for certain of its other Adviser Clients and the Adviser will have discretion in determining the Fund's level of participation with such Managers. In some cases, such relationships for other Adviser Clients may be on terms different from, and sometimes more favorable than, the terms for the Fund. The Adviser, the Managers, and/or their respective affiliates may have investments or other business relationships with each other or with the Private Funds, including acting as broker, prime broker, lender, counterparty, shareholder or financial adviser. These other relationships could be more valuable than the Adviser's or Manager's relationships with the Fund, either due to compensation arrangements or otherwise. In addition, the Adviser, the Sub-Advisers and/or their respective affiliates may receive research products and services in connection with the brokerage services that the Adviser, the Sub-Advisers, and/or their respective affiliates may provide from time to time. For these reasons, the Managers may have financial incentives to favor certain Adviser Clients over the Fund may be conflicted in providing services to the Fund relative to its other Adviser Clients, and the Adviser will face a conflict in evaluating such Managers. Due to the prohibitions contained in the Investment Company Act regarding certain transactions between a registered investment company and its affiliated persons, or affiliated persons of those affiliated persons, the Fund may not be able to invest in Private Funds and other Adviser Clients managed by certain Managers, even if the investment would be appropriate for the Fund.

The Adviser and the Sub-Advisers may have an incentive to favor certain accounts over the Fund to the extent they have proprietary investments in those accounts or receive greater compensation for managing them than they do for managing the Fund. The proprietary activities or portfolio strategies of the Adviser, the Sub-Advisers and their respective affiliates, and the activities or strategies used for accounts managed by the Adviser, the Sub-Advisers, and/or their respective affiliates for themselves or other Adviser Clients, could conflict with the transactions and strategies employed by the Fund, and could affect the prices and availability of the securities and instruments in which the Fund invests. Issuers of securities held by the Fund or a Private Fund may have publicly or privately traded securities in which the Adviser, the Managers, and/or their respective affiliates are investors or market makers. The trading activities of the Adviser, the Managers and their respective affiliates generally are carried out without reference to positions held directly or indirectly by the Fund or the Private Funds and may have an effect on the value of the positions so held. Any

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of their proprietary accounts and other customer accounts may compete with the Fund for specific trades, or may hold positions opposite to positions maintained on behalf of the Fund. The Sub-Advisers may give advice and recommend securities to, or buy or sell securities for the Fund, which advice or securities may differ from advice given to, or securities recommended or bought or sold for, other accounts and customers even though their investment objectives may be the same as, or similar to, those of the Fund. The managers of the Private Funds may have conflicts of interest with respect to the Private Funds that are similar to the conflicts of interest that the Sub-Advisers have with the Fund, which therefore indirectly impact the Fund.

As a diversified global real estate and investment management firm, Colliers, the parent company of the Adviser, engages in a broad spectrum of real estate and investment activities. In the ordinary course of its business, Colliers engages in activities where Colliers's interests or the interests of its clients may conflict with the interests of the Fund. Colliers holds ownership interests in, and is otherwise affiliated with, certain other investment managers ("Affiliated Managers"). Colliers and the Affiliated Managers advise clients with a wide variety of investment objectives that in some instances may overlap or conflict with the Fund's investment objectives and present conflicts of interest. The conflicts of interest described above apply to Colliers and the Affiliated Managers as "Managers." In addition, Colliers's financial interests in the Affiliated Managers may create an affiliation between the Adviser and the Affiliated Managers and will give rise to conflicts of interest between the Fund and other investment vehicles managed by other asset managers. For example, such financial interests create an incentive for the Adviser to invest in funds managed by an Affiliated Manager or hire an Affiliated Manager as a sub-adviser to the Fund or other funds sponsored by the Adviser. Further, if the Fund is invested in funds managed by an Affiliated Manager, there is a conflict between the Adviser's obligations to the Fund, on the one hand, and the Adviser's (or Colliers's) interest in the success of the Affiliated Manager, on the other hand.

The nature of the Adviser's and Colliers's relationship with the Affiliated Managers means that, due to the prohibitions contained in the Investment Company Act on certain transactions between a registered investment company and affiliated persons of it, or affiliated persons of those affiliated persons, the Fund may not be able to invest in Private Funds or other vehicles managed by Affiliated Managers, even if the investment would be appropriate for the Fund. These prohibitions are designed to prevent affiliates and insiders from using a registered investment company (such as the Fund) to benefit themselves to the detriment of the registered investment company and its shareholders. For investments in Private Funds managed by Affiliated Managers that predate Colliers's acquisition of the Adviser, or to the extent the Fund is invested in a Private Fund sponsored or managed by an entity that subsequently becomes a Affiliated Manager (*e.g.*, due to Colliers' acquisition of such entity), the Fund may not be able to make further investments in such Private Funds or redeem existing interests back to such Private Funds, even if the additional investment or redemption would be beneficial to the Fund. The Adviser and its affiliates will endeavor to manage these potential conflicts in a fair and equitable manner, subject to legal, regulatory, contractual, or other applicable considerations. There is no assurance that conflicts of interest will be resolved in favor of the Fund's shareholders, and, in fact, they may not be. Conflicts of interest not described herein may also exist.

#### The Distributor and Intermediaries
Foreside Funds Distributors LLC serves as the Fund's "statutory underwriter," within the meaning of the Securities Act, and "principal underwriter," within the meaning of the Investment Company Act, and facilitates the distribution of the Shares. The Fund, the Adviser and/or the Distributor may authorize one or more financial intermediaries *(e.g.*, banks, broker/dealers, investment advisers, trusts, financial industry professionals, etc. collectively referred to as "Intermediaries" and individually as "Intermediary") to receive orders and provide certain related services on behalf of the Fund. Additionally, the Adviser has entered into distribution and/or servicing agreements to compensate Intermediaries for distribution-related activities and/or for providing ongoing services in respect of clients to whom they have distributed Shares of the Fund. Such compensation to the Intermediaries is paid by the Adviser out of the Adviser's own resources and is not an expense of the Fund or Fund shareholders. These payments may create a conflict of interest for the Intermediaries by providing an incentive to recommend the Fund's Shares over other potential investments that may also be appropriate for the clients of such Intermediaries. Such professionals and Intermediaries may provide varying investment products, programs, platforms and accounts through which investors may purchase or participate in a repurchase of Shares of the Fund. Platform fees, administration fees, shareholder services fees and sub-transfer agent fees paid to Intermediaries are not paid by the Fund.

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Any Intermediaries or their respective affiliates may provide distribution, shareholder servicing, brokerage, placement, investment banking, or other financial or advisory services from time to time to one or more other funds, accounts or entities managed by the Managers or their affiliates, including the Private Funds, and receive compensation for providing these services.

#### TAX ASPECTS
The following discussion of U.S. federal income tax consequences of an investment in Shares of the Fund is based on the Code, U.S. Treasury regulations, and other applicable authority, as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in Shares of the Fund. This summary does not purport to be a complete description of the U.S. federal income tax considerations applicable to an investment in Shares of the Fund. There may be other tax considerations applicable to particular shareholders. For example, except as otherwise specifically noted herein, this summary has not described certain tax considerations that may be relevant to certain types of persons subject to special treatment under the U.S. federal income tax laws, including shareholders subject to the U.S. federal alternative minimum tax, insurance companies, tax-exempt organizations, pension plans and trusts, regulated investment companies, dealers in securities, shareholders holding Shares through tax-advantaged accounts (such as 401(k) plans or individual retirement accounts ("IRAs")), financial institutions, shareholders holding Shares as part of a hedge, straddle, or conversion transaction, entities that are not organized under the laws of the United States or a political subdivision thereof, and persons who are neither citizens nor residents of the United States. This summary assumes that investors hold Shares as capital assets (within the meaning of the Code). Shareholders should consult their own tax advisors regarding their particular situation and the possible application of U.S. federal, state, local, non-U.S. or other tax laws, and any proposed tax law changes.

#### Taxation of the Fund
The Fund has elected and intends to qualify and be eligible to be treated each year as a regulated investment company ("RIC") under Subchapter M of the Code. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from interests in "qualified publicly traded partnerships" (as defined below); (b) diversify its holdings so that, at the end of each quarter of the Fund's taxable year, (i) at least 50% of the value of the Fund's total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund's total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the value of the Fund's total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified publicly traded partnerships (as defined below); and (c) distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid—generally, taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and any net tax-exempt interest income for such year.

In general, for purposes of the 90% gross income requirement described in paragraph (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the RIC. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (a partnership (x) the interests in which are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership.

For purposes of the diversification test in (b) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in

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(b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect the Fund's ability to meet the diversification test in (b) above.

If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification, or distribution tests described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such failure for any year, or were otherwise to fail to qualify as a RIC accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to Shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, that the shareholder meets certain holding period and other requirements in respect of the Fund's Shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if any) and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Any taxable income including any net capital gain retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who would then, in turn, (i) be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their share of such undistributed amount, and (ii) be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance that the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against the Fund's net investment income. Instead, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. The Fund may carry net capital losses forward to one or more subsequent taxable years without expiration. The Fund must apply such carryforwards first against gains of the same character.

In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as defined below), its taxable income and its earnings and profits, a RIC generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October 31, and its (ii) other net ordinary loss attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year.

If the Fund were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income recognized for the one-year period ending on October 31 of such year (or November 30 or December 31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required excise tax distribution, a RIC's ordinary gains and losses from the sale, exchange,

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or other taxable disposition of property that would otherwise be taken into account after October 31 (or November 30 of that year if the RIC makes the election described above) generally are treated as arising on January 1 of the following calendar year; in the case of a RIC with a December 31 year end that makes the election described above, no such gains or losses will be so treated. Also, for these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. The Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be no assurance that it will be able to or will do so.

#### Fund Distributions
The Fund intends to make distributions to shareholders quarterly. All distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a shareholder affirmatively elects not to reinvest in additional Shares pursuant to the Fund's Distribution Reinvestment Policy (as described in the Prospectus). Shareholders whose distributions are so reinvested in Shares will be treated for U.S. federal income tax purposes as having received an amount in distribution equal to the fair market value of the Shares issued to the shareholder, which amount will also be equal to the net asset value of such shares. For U.S. federal income tax purposes, all distributions are generally taxable in the manner described herein, whether a shareholder takes them in cash or they are reinvested pursuant to the Distribution Reinvestment Policy in additional shares of the Fund.

Fund distributions generally will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. See the discussion below regarding distributions declared in October, November or December for further information. Distributions received by tax-exempt shareholders generally will not be subject to U.S. federal income tax to the extent permitted under applicable tax law.

For U.S. federal income tax purposes, distributions of investment income are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated the gains, rather than how long a shareholder has owned his or her Shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Tax rules can alter the Fund's holding period in investments and thereby affect the tax treatment of gain or loss in respect of such investments. Distributions of net capital gain that are properly reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of investment income reported by the Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be derived from qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of the Fund will qualify for the dividends-received deduction generally available to corporations only to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year if certain holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be eligible for the dividends-received deduction.

Any distribution of income that is attributable to (i) income received by the Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction or (ii) dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to non-corporate shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment

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income" generally includes, among other things, (i) distributions paid by the Fund of net investment income and capital gains as described above, and (ii) any net gain from the sale, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

If, in and with respect to any taxable year, the Fund makes a distribution in excess of its current and accumulated "earnings and profits," the excess distribution will be treated as a return of capital to the extent of a shareholder's tax basis in his or her Shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares.

Distributions by the Fund to its shareholders that the Fund properly reports as "section 199A dividends," as defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a "section 199A dividend" is any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, but is not required to do so.

A distribution by the Fund will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

Dividends and distributions on Shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of Shares purchased at a time when the Fund's net asset value reflects unrealized gains or income or gains that are realized but not yet distributed. Such realized income and gains may be required to be distributed even when the Fund's net asset value also reflects unrealized losses.

#### Sales, Exchanges or Repurchases of Shares
The sale, exchange or repurchase of Fund shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Fund shares treated as a sale or exchange for U.S. federal income tax purposes will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, such gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code's "wash sale" rule if other substantially identical shares of the Fund are purchased (including via dividend reinvestment) within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

A repurchase by the Fund of a shareholder's shares pursuant to a Repurchase Offer (as described in the Prospectus) generally will be treated as a sale or exchange of the shares by a shareholder provided that either (i) the shareholder tenders, and the Fund repurchases, all of such shareholder's shares, thereby reducing the shareholder's percentage ownership of the Fund, whether directly or by attribution under Section 318 of the Code, to 0%, (ii) the shareholder meets numerical safe harbors under the Code with respect to percentage voting interest and reduction in ownership of the Fund following completion of the Repurchase Offer, or (iii) the Repurchase Offer otherwise results in a "meaningful reduction" of the shareholder's ownership percentage interest in the Fund, which determination depends on a particular shareholder's facts and circumstances.

If a tendering shareholder's proportionate ownership of the Fund (determined after applying the ownership attribution rules under Section 318 of the Code) is not reduced to the extent required under the tests described above, such shareholder will be deemed to receive a distribution from the Fund under Section 301 of the Code with respect to

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the shares held (or deemed held under Section 318 of the Code) by the shareholder after the Repurchase Offer (a "Section 301 distribution"). The amount of this distribution will equal the price paid by the Fund to such shareholder for the shares sold, and will be taxable as a dividend, *i.e.*, as ordinary income, to the extent of the Fund's current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the shareholder's tax basis in the shares held after the Repurchase Offer, and thereafter as capital gain. Any Fund shares held by a shareholder after a Repurchase Offer will be subject to basis adjustments in accordance with the provisions of the Code.

Provided that no tendering shareholder is treated as receiving a Section 301 distribution as a result of selling shares pursuant to a particular Repurchase Offer, shareholders who do not sell shares pursuant to that Repurchase Offer will not realize constructive distributions on their shares as a result of other shareholders selling shares in the Repurchase Offer. In the event that any tendering shareholder is deemed to receive a Section 301 distribution, it is possible that shareholders whose proportionate ownership of the Fund increases as a result of that Repurchase Offer, including shareholders who do not tender any shares, will be deemed to receive a constructive distribution under Section 305(c) of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the Repurchase Offer. Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it.

Use of the Fund's cash to repurchase shares may adversely affect the Fund's ability to satisfy the distribution requirements for treatment as a RIC described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share purchases, in which case the Fund would take any such income into account in determining whether such distribution requirements have been satisfied.

The foregoing discussion does not address the tax treatment of tendering shareholders who do not hold their shares as a capital asset. Such shareholders should consult their own tax advisors on the specific tax consequences to them of participating or not participating in the Repurchase Offer.

#### Issuer Deductibility of Interest
A portion of the interest paid or accrued on certain high yield discount obligations owned by the Fund may not, and interest paid on debt obligations, if any, that are considered for tax purposes to be payable in the equity of the issuer or a related party will not be deductible to the issuer. This may affect the cash flow of the issuer. If a portion of the interest paid or accrued on certain high yield discount obligations is not deductible, that portion will be treated as a dividend paid by the issuer for purposes of the corporate dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such accrued interest.

#### Original Issue Discount, Payment-in-Kind Securities, Market Discount, Preferred Securities and

#### Commodity-Linked Notes
Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount ("OID"). Generally, the amount of the OID is treated as interest income and is included in the Fund's income and required to be distributed over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. Increases in the principal amount of an inflation-indexed bond will generally be treated as OID.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount on such debt obligation in the Fund's income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which the market discount accrues, and thus is included in

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the Fund's income, will depend upon which of the permitted accrual methods the Fund elects. The Fund reserves the right to revoke such an election at any time pursuant to applicable IRS procedures. In the case of higher-risk securities, the amount of market discount may be unclear. See "Higher-Risk Securities."

From time to time, a substantial portion of the Fund's investments in loans and other debt obligations could be treated as having OID and/or market discount, which, in some cases could be significant. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold.

A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

Some debt obligations with a fixed maturity date of one year or less from the date of issuance may be treated as having OID or, in certain cases, "acquisition discount" (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which OID or acquisition discount accrues, and thus is included in the Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

Some preferred securities may include provisions that permit the issuer, at its discretion, to defer the payment of distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that is deferring the payment of its distributions, the Fund may be required to report income for U.S. federal income tax purposes to the extent of any such deferred distributions even though the Fund has not yet actually received the cash distribution.

In addition, pay-in-kind obligations will, and commodity-linked notes may, give rise to income that is required to be distributed and is taxable even though the Fund receives no interest payment in cash on the security during the year.

If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by disposition of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such dispositions, including short-term capital gains taxable as ordinary income. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they might otherwise receive in the absence of such transactions.

#### Higher-Risk Securities
Any investments in debt obligations that are at risk of or in default may present special tax issues. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should recognize market discount on such a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to federal income or excise tax.

#### Securities Purchased at a Premium
Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity (*i.e.*, at a premium), the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium.

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#### Passive Foreign Investment Companies
If the Fund were to make an equity investment in certain "passive foreign investment companies" ("PFICs") such investment could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid imposition of that tax. For example, the Fund may elect to treat the PFIC as a "qualified electing fund" (*i.e.*, make a "QEF election"), in which case the Fund would be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Because it is not always possible to identify a foreign corporation as a PFIC or to obtain the information necessary to make a QEF or mark-to-market election, the Fund may incur the tax and interest charges described above in some instances.

#### Controlled Foreign Corporations
To the extent the Fund invests in a controlled foreign corporation ("CFC") in which it is a "U.S. Shareholder" under the Code, the Fund will be required to include in gross income for United States federal income tax purposes the Fund's share of the CFC's "subpart F income" and "global intangible low taxed income" ("GILTI"), in each case whether or not such income is distributed by the CFC. "Subpart F income" generally includes interest, original issue discount, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans and net payments received with respect to equity swaps and similar derivatives. GILTI generally includes the active operating profits of the CFC, reduced by a deemed return on the tax basis of the CFC's depreciable tangible assets. "Subpart F income" and GILTI are generally treated as ordinary income, regardless of the character of the CFC's underlying income. Under final Treasury Regulations, such subpart F and GILTI inclusions by the Fund would constitute "qualifying income" for the purposes of the 90% gross income requirement to the extent such income is either (i) timely and currently repatriated or (ii) derived with respect to the Fund's business of investing in stock, securities or currencies.

#### Municipal Bonds
The interest on municipal bonds is generally exempt from U.S. federal income tax. The Fund does not expect to invest 50% or more of its assets in municipal bonds on which the interest is exempt from U.S. federal income tax, or in interests in other RICs. As a result, it does not expect to be eligible to pay "exempt-interest dividends" to its shareholders under the applicable tax rules. As a result, interest on municipal bonds is taxable to shareholders of the Fund when received as a distribution from the Fund. In addition, gains realized by the Fund on the sale or exchange of municipal bonds are taxable to shareholders of the Fund when distributed to shareholders.

#### Certain Fund Investments
In order to qualify as a RIC, the Fund must limit its investment in any one issuer or any two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses to no more than 25% of the Fund's total assets. It is possible that the VCMIX Sub-REIT, the VCMIX Subsidiary, and/or any other Subsidiary will be treated as engaged in the same, similar or related trades or businesses for this purpose. As a result, the Fund may be required to limit its investment in such entities in the aggregate to 25% of the Fund's total assets.

The VCMIX Subsidiary has elected to be treated as a corporation for U.S. federal income tax purposes. A RIC generally does not take into account income earned by a U.S. corporation in which it invests unless and until the corporation distributes such income to the RIC as a dividend. Where a Subsidiary, such as the VCMIX Subsidiary, is organized in the U.S., the Subsidiary generally will be liable for an entity-level U.S. federal income tax on its income from U.S. and non-U.S. sources, as well as any applicable state taxes, which will reduce the Fund's return on its investment in the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income of the Fund.

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#### Certain Investments in REITs
Any investment by the Fund in equity securities of REITs may result in the Fund's receipt of cash in excess of the REIT's earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require the Fund to accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.

#### Certain Investments in REITs, including the VCMIX Sub-REIT
The Fund intends to invest in REITs, including in the VCMIX Sub-REIT, which is a wholly-owned and controlled subsidiary that intends to be eligible to be treated as a REIT under the Code and that may invest in certain real estate and real estate-related investments. The VCMIX Sub-REIT intends to elect to be taxed as a REIT beginning with the first year in which it commenced material operations.

*Taxation of a REIT - In General. As long as certain requirements are met, a REIT generally will not be subject to entity-level tax on the portion of its REIT taxable income and capital gain it timely distributes to its shareholders. In order to qualify as a REIT under the Code, a REIT must satisfy a number of requirements on a continuing basis, including requirements regarding the composition of its assets, sources of its gross income, distributions and shareholder ownership (described below). The application of such requirements is not entirely clear, and it is possible that the IRS may interpret or apply those requirements in a manner that jeopardizes the ability of a REIT to satisfy all of the requirements for qualification as a REIT even if so intended.* 

Accordingly, there can be no assurance that any REIT in which the Fund invests, including the VCMIX Sub-REIT, will always remain qualified as a REIT.

A REIT will be subject to U.S. federal income tax at regular corporate rates upon its taxable income or capital gain that is not distributed to its shareholders. In addition, a REIT will be subject to a 4% excise tax if it does not satisfy specific REIT distribution requirements. Any net income from "prohibited transactions" (i.e., dispositions of so-called "dealer property", which is property held primarily for sale to customers in the ordinary course of business) will be subject to a 100% tax. A REIT could also be subject to a 100% penalty tax on certain payments received from or on certain expenses deducted by a "taxable REIT subsidiary" (a "TRS") if any such transaction is not respected by the IRS.

*Failure to Meet Certain REIT Tests. If a REIT fails to satisfy either of the gross income tests (described below) but maintains its qualification as a REIT because it satisfies certain other requirements, such REIT will still generally be subject to a 100% penalty tax on the amount by which it failed either of the gross income tests, multiplied by a fraction intended to reflect such REIT's profitability. If any REIT fails to satisfy any of the REIT asset tests (also described below) by more than a de minimis amount, due to reasonable cause, and nonetheless maintains its REIT qualification because of specified cure provisions, such REIT will be required to pay a tax equal to the greater of $50,000 or the highest corporate tax rate multiplied by the net income generated by the non-qualifying assets. If any REIT fails to satisfy any provision of the Code that would result in its failure to qualify as a REIT (other than a violation of the REIT gross income or asset tests) and the violation is due to reasonable cause, such REIT may retain its REIT qualification but it will be required to pay a penalty of $50,000 for each such failure.* 

If any REIT fails to qualify for taxation as a REIT in any taxable year and the relief provisions described herein do not apply, such REIT will be subject to tax on its taxable income at regular corporate rates. As a result, a failure to qualify as a REIT would significantly reduce the cash such REIT would have available to distribute to the Fund. Unless entitled to statutory relief, a REIT would be disqualified as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to state whether a REIT would be entitled to statutory relief.

*Share Ownership Test and Organizational Requirements. After a REIT's first taxable year, such REIT's shares must be held by a minimum of 100-persons for at least 335 days of a taxable year that is 12 months, or during a proportionate part of a taxable year of less than 12 months (the "100 shareholder test"). The Fund constitutes only one shareholder for purposes of this requirement. In order to meet the 100-shareholder, the VCMIX Sub-REIT has approximately 100 to 125 preferred shareholders who are "accredited investors" as defined in Regulation D of the Securities Act and are "qualified purchasers" for purposes of the Investment Company Act and the rules and regulations promulgated thereunder. No preferred shares would be entitled to vote except as required by law. Each preferred share* 

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entitles the holder to a preference on liquidation equal to the purchase price, plus a preferred return thereon. As such, dividend payments to the VCMIX Sub-REIT's preferred shareholders, along with any other expenses of the VCMIX Sub-REIT, may reduce the amount of income payable by the VCMIX Sub-REIT to the Fund.

After a REIT's first taxable year, not more than 50% in value of such REIT's shares of beneficial interest may be owned directly (or indirectly by applying certain attribution rules) by five or fewer individuals and certain other entities during the last half of any taxable year (the "50% ownership test"). In addition, a REIT must meet certain other organizational requirements, including, but not limited to the requirements that: (i) the beneficial ownership in a REIT is evidenced by transferable shares and (ii) such REIT is managed by a board of directors.

In order to ensure compliance with the 100-shareholder test and the 50% ownership test, the VCMIX Sub-REIT has placed certain restrictions on the transfer and ownership of its equity interests intended to prevent further concentration of share ownership. The Fund reserves the right, if it believes the VCMIX Sub-REIT is at material risk of being considered a "closely held" REIT or otherwise failing to qualify for treatment as a REIT for U.S. federal income tax purposes, to take such steps as it believes reasonably necessary to prevent the VCMIX Sub-REIT from failing to qualify for treatment as a REIT for U.S. federal income tax purposes. These steps might include prohibiting any transfers of shares in the Fund that would cause any single person to own more than 9.8% of the Fund's outstanding shares or causing shares owned by a single person in excess of 9.8% of the Fund's outstanding shares to be transferred to a charitable trust and/or redeemed. However, there can be no assurance such restrictions or steps taken will prevent such REIT from failing these requirements, and thereby failing to qualify as a REIT.

*Gross Income Tests. A REIT must satisfy two gross income tests annually to maintain its qualification as a REIT. First, at least 75% of a REIT's gross income for each taxable year must consist of defined types of income that it derives, directly or indirectly, from investments relating to real property or mortgages on real property or qualified temporary investment income. Qualifying income for purposes of that 75% gross income test generally includes: rents from real property; interest on debt secured by mortgages on real property, or on interests in real property; dividends or other distributions on, and gain from the sale of, shares in other REITs; gain from the sale of real estate assets (however, excluding gain or interest from a debt instrument of a publicly offered REIT unless secured by real property); income and gain derived from foreclosure property; and income derived from certain temporary investments of new capital.* 

Second, in general, at least 95% of a REIT's gross income for each taxable year must consist of income that is qualifying income for purposes of the 75% gross income test, other types of interest and dividends, gain from the sale or disposition of shares or securities, or any combination of these. Cancellation of indebtedness income and gross income from the sale of property that a REIT holds primarily for sale to customers in the ordinary course of business is excluded from both the numerator and the denominator in both gross income tests. In addition, income and gain from "hedging transactions" that a REIT enters into to hedge indebtedness incurred or to be incurred to acquire or carry real estate assets and that are clearly and timely identified as such will be excluded from both the numerator and the denominator for purposes of the 75% and 95% gross income tests.

If a REIT fails to satisfy one or both of the gross income tests for any taxable year, it may nevertheless qualify as a REIT for the year if it is entitled to relief under certain provisions of the Code. In this case, a penalty tax would still be applicable as discussed above. Generally, it is not possible to state whether in all circumstances a REIT would be entitled to the benefit of these relief provisions.

*Asset Tests. To qualify as a REIT, a REIT also must satisfy the following asset tests at the end of each quarter of each taxable year.* 

&nbsp;&nbsp;&nbsp;&nbsp;• First, at least 75% of
 the value of a REIT's total assets must consist of: cash or cash items, including certain receivables, certain money market funds
 and, in certain circumstances, foreign currencies; government securities; interests in real property, including leaseholds and options
 to acquire real property and leaseholds; interests in mortgage loans secured by real property; stock in other REITs and debt instruments
 issued by "publicly offered REITs"; investments in stock or debt instruments during the one-year period following a REIT's
 receipt of new capital that it raises through equity offerings or public offerings of debt with at least a five-year term; and generally
 regular or residual interests in a real estate mortgage investment conduit ("REMIC") (the "75% asset test").

&nbsp;&nbsp;&nbsp;&nbsp;• Second, of a REIT's
 investments not included in the 75% asset class, the value of a REIT's interest in any one issuer's securities may not exceed
 5% of the value of a REIT's total assets, or the 5% asset test.

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&nbsp;&nbsp;&nbsp;&nbsp;• Third, of a REIT's
 investments not included in the 75% asset class, a REIT may not own more than 10% of the voting power of any one issuer's outstanding
 securities or 10% of the value of any one issuer's outstanding securities, or the 10% vote test or 10% value test, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Fourth, no more than
 20% of the value of a REIT's total assets may consist of the securities of one or more TRSs.

&nbsp;&nbsp;&nbsp;&nbsp;• Fifth, no more than 25%
 of the value of a REIT's total assets may consist of securities (including securities of TRSs) that are not qualifying assets for
 purposes of the 75% asset test.

&nbsp;&nbsp;&nbsp;&nbsp;• Sixth, not more than
 25% of the value of a REIT's total assets may consist of debt instruments issued by "publicly offered REITs" to the
 extent not secured by real property or interests in real property.

The Fund intends to monitor the status of assets held by the VCMIX Sub-REIT for purposes of the various asset tests and intends to manage the VCMIX Sub-REIT's portfolio in order to comply at all times with such tests. If a REIT fails to satisfy the asset tests at the end of a calendar quarter, such REIT will not lose its REIT qualification if it is eligible for and satisfies certain cure procedures available under the Code. However, there can be no assurance that any REIT in which the Fund invests, including the VCMIX Sub-REIT, will not fail to comply with such tests or if it does, be eligible for or able to satisfy any such cure procedures.

*Annual Distribution Requirements. To qualify as a REIT, a REIT is generally required to make distributions (or be deemed to have done so by declaring consent dividends - which would result in the REIT's shareholders (such as, in the case of the VCMIX Sub-REIT, the Fund) recognizing income without a corresponding cash distribution) other than capital gain distributions (see discussion below regarding a REIT's ability to retain capital gains), to its shareholders each year in an amount at least equal to 90% of a REIT's taxable income.* 

The VCMIX Sub-REIT intends to make timely distributions sufficient to satisfy its annual distribution requirements. In the event the amount of cash distributed to its shareholders is insufficient to meet the 90% distribution requirement, a REIT may declare a consent dividend in order to meet such requirement. A consent dividend is a hypothetical distribution to a REIT's common shareholders (including, the Fund) which is required to be treated for U.S. federal income tax purposes as an actual distribution by a REIT, followed by an immediate re-contribution of such amount to a REIT. The amount of any consent dividend must be included in the gross income of each shareholder of a REIT (including, the Fund) that would have been entitled to receive such distribution if made in cash. Any phantom income recognized by the Fund from a consent dividend would be includible in the Fund's gross income and accordingly generally the Fund will be required to distribute a corresponding amount to its shareholders.

To the extent that a REIT does not distribute all of its net capital gain or distributes at least 90%, but less than 100% of its REIT taxable income, as adjusted, such REIT would be subject to tax on these amounts at regular corporate rates and would be subject to potential excise tax penalties, as discussed above (see "Taxation of a REIT - In General"). A REIT may elect to retain rather than distribute all or a portion of its net capital gains and pay the tax on the gains. In that case, such REIT may elect to have its shareholders include their proportionate share of the undistributed net capital gains in income as long-term capital gains and receive a credit for their share of the tax paid by such REIT. For purposes of the 4% excise tax described above, any retained amounts would be treated as having been distributed.

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

#### Forward Contracts
The tax treatment of certain positions entered into by the Fund, including regulated futures contracts and certain foreign currency positions, will be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also,

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section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked-to-market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

#### Private Funds
The Fund may invest in Private Funds that are classified as partnerships for U.S. federal income tax purposes.

An entity that is properly classified as a partnership, rather than an association or publicly traded partnership taxable as a corporation, is not itself subject to federal income tax. Instead, each partner of the partnership must take into account its distributive share of the partnership's income, gains, losses, deductions and credits (including all such items allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year, without regard to whether such partner has received or will receive corresponding cash distributions from the partnership. As such, the Fund may be required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from the Private Fund. In such case, the Fund might have to borrow money or dispose of investments, including interests in other Private Funds, including when it is disadvantageous to do so, in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax.

In addition, the character of a partner's distributive share of items of partnership income, gain and loss generally will be determined as if the partner had realized such items directly. Private Funds classified as partnerships for federal income tax purposes may therefore generate income allocable to the Fund that is not qualifying income for purposes of the 90% gross income test described above. In order to meet the 90% gross income test, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof.

Because the Fund may not have timely or complete information concerning the amount and sources of such a Private Fund's income until such income has been earned by the Private Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the 90% gross income test.

Furthermore, it may not always be clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Private Funds that are classified as partnerships for federal income tax purposes. In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification test or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in a Private Fund that limit utilization of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Private Funds that would otherwise be consistent with its investment strategy or can require it to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and thereby reducing the Fund's return to shareholders. The Fund's investment in Private Funds may also adversely bear on the Fund's ability to qualify as a RIC under Subchapter M of the Code.

Unless otherwise indicated, references in this discussion to the Fund's investments, activities, income, gain, and loss include, as applicable, the investments, activities, income, gain, and loss attributable to the Fund as result of the Fund's investment in any Private Fund or other entity that is properly classified as a partnership or disregarded entity for U.S. federal income tax purposes (and not an association or publicly traded partnership taxable as a corporation).

#### Investments in Other RICs
The Fund's investment in shares of other mutual funds, ETFs or other companies that qualify as RICs (each, an "underlying RIC"), can cause the Fund to be required to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly in the securities held by the underlying RIC, rather than in shares of the underlying RIC. Further, the amount or timing of distributions from the Fund qualifying for treatment as a particular character (*e.g.*, long-term capital gain, exempt interest, eligible for dividends-received deduction, etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the underlying RIC.

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#### Derivatives, Hedging, and Other Transactions
In addition to the special rules described above in respect of futures transactions, the Fund's transactions in other derivatives instruments (*e.g.*, forward contracts), as well as any of its hedging transactions, may be subject to one or more special tax rules. These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or long-term. These rules could, therefore, affect the amount, timing and/or character of distributions to shareholders. Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a fund-level tax.

#### Book-Tax Differences
Certain of the Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and the Fund's book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income (if any), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits, (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter as gain from the sale or exchange of a capital asset.

#### Mortgage-Related Securities
The Fund may invest directly or indirectly in real estate mortgage investment conduits ("REMICs") (including by investing in residual interests in collateralized mortgage obligations ("CMOs") with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may apply retroactively, a portion of the Fund's income (including income distributed (or deemed distributed) to the Fund from a REIT or allocated to the Fund from a partnership or other pass-through entity) that is attributable to a residual interest in a REMIC or an equity interest in a TMP — referred to in the Code as an "excess inclusion"— will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC, such as the Fund, will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders held the related interest directly. As a result, the Fund may not be a suitable investment for charitable remainder trusts ("CRTs"), as noted below.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an IRA, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess inclusion income and otherwise might not be required to file a U.S. federal income tax return, to file such a tax return and pay tax on such income, and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code.

#### Foreign (Non-U.S.) Taxation
Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes.

The Fund does not expect that shareholders will be entitled to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Even if the Fund were eligible to and did elect to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs would not benefit from any such tax credit or deduction.

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#### Tax-exempt Shareholders
Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally be attributed as UBTI to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b). A tax-exempt shareholder may also recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, if a CRT, as defined in Section 664 of the Code, realizes any UBTI for a taxable year, a 100% excise tax is imposed on such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a RIC that recognizes "excess inclusion income." Rather, if at any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes "excess inclusion income," then the RIC will be subject to a tax on that portion of its "excess inclusion income" for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the Investment Company Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the year by the amount of the tax that relates to such shareholder's interest in the Fund. CRTs and other tax-exempt shareholders are urged to consult their tax advisors concerning the consequences of investing in the Fund.

#### Non-U.S. Shareholders
Distributions by the Fund to shareholders that are not "United States persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, or (3) interest-related dividends, each as defined and subject to certain conditions described below generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that the beneficial owner is not a United States person, (B) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation.

If the Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. The Fund is permitted to report such part of its dividends as interest-related or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts.

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Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (*e.g.*, dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

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

Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

Special rules would apply if the Fund were a qualified investment entity ("QIE") because it is either a "U.S. real property holding corporation" ("USRPHC") or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or exceeds 50% of the sum of the fair market values of the corporation's USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs, not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE.

If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% foreign shareholder or any foreign shareholder if shares of the Fund are not considered regularly traded on an established securities market, in which case such foreign shareholder generally would also be required to file a U.S. tax return and pay any additional taxes due in connection with the redemption.

If the Fund were a QIE, under a special "look-through" rule, any distributions by the Fund to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required to treat as USRPI gain in its hands, or (ii) gains realized by the Fund on the disposition of USRPIs would retain their character as gains realized from USRPIs in the hands of the Fund's foreign shareholders, and would be subject to U.S. withholding tax. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (*e.g.*, as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder's current and past ownership of the Fund.

Foreign shareholders should consult their tax advisers and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund.

Foreign shareholders also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and -payment obligations discussed above through the sale and repurchase of Fund shares.

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

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax referred to above.

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

#### Backup Withholding
The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability provided the appropriate information is furnished to the IRS.

#### Tax Shelter Reporting Regulations
Under U.S. Treasury regulations, if a shareholder recognizes a loss of at least $2 million in any single taxable year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single taxable year or $20 million in any combination of taxable years for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS 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. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

#### Other Reporting and Withholding Requirements
Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and Department of Treasury have issued proposed regulations providing that these withholding rules will not be applicable to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (*e.g.*, short-term capital gain dividends and interest-related dividends).

Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required to report annually their "financial interest" in the Fund's foreign financial accounts, if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Shareholders should consult a tax advisor, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

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

#### BROKERAGE
When effecting portfolio transactions on behalf of the Fund, the Adviser seeks to obtain the best overall terms available for the Fund. While the Adviser generally seeks reasonably competitive spreads or commissions, the Fund will not necessarily be paying the lowest spread or commission available. In assessing the best overall terms available for any transaction, the Adviser considers factors deemed relevant, including: (i) the nature, size and type of the security being traded and the character of the markets for which the security will be purchased or sold; (ii) the activity, existing and expected, in the market for the particular security and the desired timing of the trade; (iii) the proposed transaction price as compared to the current carrying cost of the investment; (iv) the speed and likelihood of execution; (v) the liquidity profile of the investment; (vi) the ability of a broker-dealer to maintain confidentiality, including trade anonymity; (vii) the quality of the execution, clearance, and settlement services of a broker-dealer; (viii) the liquidity needs, allocation requirements and investment guidelines of the broader Fund portfolio; and (ix) the ability to redeem or purchase shares directly from the issuer.

Each Sub-Adviser is directly responsible for the execution of its portfolio investment transactions on behalf of the Fund and the allocation of brokerage. Transactions on U.S. stock exchanges and on some foreign stock exchanges involve the payment of negotiated brokerage commissions. On the great majority of foreign stock exchanges, commissions are fixed. No stated commission is generally applicable to securities traded in over-the-counter markets, but the prices of those securities include undisclosed commissions or mark-ups.

In executing transactions, each Sub-Adviser will seek to obtain the best execution for the transactions, and may take into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm, and in the case of transactions effected by the Sub-Adviser with unaffiliated brokers, the firm's risk in positioning a block of securities. Although each Sub-Adviser generally will seek reasonably competitive commission rates, a Sub-Adviser will not necessarily pay the lowest commission available on each transaction. The Sub-Advisers will have no obligation to deal with any broker or group of brokers in executing transactions in portfolio securities.

Following the principle of seeking best execution, a Sub-Adviser may place brokerage business on behalf of the Fund with brokers that provide the Sub-Adviser and its affiliates with supplemental research, market and statistical information ("soft dollars"), 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 furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. The expenses of the Sub-Adviser are not necessarily reduced as a result of the receipt of this supplemental information, which may be useful to the Sub-Adviser or its affiliates in providing services to clients other than the Fund. In addition, not all of the supplemental information is used by the Sub-Adviser in connection with the Fund. Conversely, the information provided to the Sub-Adviser by brokers and dealers through which other clients of the Sub-Adviser and its affiliates effect securities transactions may be useful to the Sub-Adviser in providing services to the Fund.

Each Sub-Adviser may execute portfolio brokerage transactions through its affiliates and affiliates of the Adviser, in each case subject to compliance with the Investment Company Act.

#### Regular Broker Dealers
The Fund is required to identify the securities of its regular brokers or dealers (as defined in Rule 10b-1 under the Investment Company Act) or their parent companies held by the Fund as of the close of its most recent fiscal year and state the value of such holdings. As of the date of this SAI, the Fund did not hold any securities of its regular brokers or dealers or their parent companies.

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#### Brokerage Commissions
The table below sets forth information concerning the payment of brokerage commissions (which do not include dealer "spreads" (markups or markdowns) on principal trades) in connection with portfolio transactions executed by the Fund's Adviser and Sub-Advisers for the indicated fiscal years. None of these amounts were paid to any broker affiliated with the Adviser or relevant Sub-Adviser.

---

| | | | |
|:---|:---|:---|:---|
| **Total Brokerage Commissions Paid\*** | **2025** | **2024** | **2023** |
| Portion of Fund managed by the Adviser | $127526 | $320499 | $0 |
| Portion of the Fund managed by Security Capital | $99075 | $84787 | $106915 |
| Portion of the Fund managed by PrinREI | $71092 | $90354 | $170177 |
| Total | $297693 | $495640 | $277092 |

---

*\** <br> *Fiscal year ending 3/31* 

#### The Adviser
The Adviser does not enter into soft dollar arrangements.

#### Security Capital
Security Capital's overall objective in effecting client transactions is to seek to obtain best execution. Brokers utilized to execute a client trade must be on the list of approved counterparties that is prepared and maintained by the JPMorgan Asset Management Counterparty Risk Group. Security Capital's trading processes are designed to reduce the cost of transactions and capitalize on market opportunities. To achieve these objectives, Security Capital's in-house trader communicates with the market makers in real estate securities, focuses on liquidity trends and identifies trading opportunities. Best execution determinations may include the following: research provided, price, brokerage commission rates, promptness of execution, ability of the broker to execute, clear and settle, confidentiality provided by broker, market coverage provided by broker including access to public offerings, financial responsibility and responsiveness, and consistent quality of service from broker.

Security Capital does not enter into soft dollar arrangements. However, Security Capital does receive or have access to research generally made available by a broker to its trading clients. In addition, Security Capital does consider the value-added quality of proprietary research received from brokers in allocating trades to brokers that may result in its clients paying higher rates of commissions than might be available from other broker-dealers or through the use of alternative trading systems. During the last fiscal year, Security Capital, through an internal allocation procedure, directed the Fund's brokerage transactions to brokers providing research services in the amount of $294,785,941 in transactions and $87,449 in related commissions.

#### PrinREI
PrinREI pays for some services with soft dollars however it generally limits its participation in these arrangements annually to an amount that, in its judgment, ensures best execution of client transactions. It is their policy to use all soft dollar credits generated by brokerage commissions attributable to client accounts in a manner consistent with the "safe harbor" established by Section 28(e) of the Securities Exchange Act. During the last fiscal year, PrinREI, through an internal allocation procedure, directed the Fund's brokerage through multiple brokers in the amount of approximately $65,097,982 in transactions and $71,092 in related commissions, of which $71,092 in commissions went towards research services.

#### FINANCIAL STATEMENTS
The Fund's audited financial statements appearing in the Fund's [Annual Report](https://www.sec.gov/Archives/edgar/data/1515001/000119312525134768/d937885dncsr.htm) on Form N-CSR for the fiscal year ended March 31, 2025 are incorporated by reference in this Statement of Additional Information and have been so incorporated in reliance upon the report of Grant Thornton LLP, independent registered public accounting firm for the Fund, whose report is included in such Annual Report.

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#### APPENDIX A - PROXY VOTING POLICIES AND PROCEDURES

#### Harrison Street Private Wealth – Proxy Voting Policy
Most Recently Revised: May 20, 2024

#### Background
Rules 206(4)-6 and 204-2 under the Investment Advisers Act of 1940 (the "Adviser's Act") help regulate proxy voting by investment advisers with authority to vote their clients' proxies. Under the Advisers Act, an adviser is a fiduciary that owes each of its clients the duties of care and loyalty with respect to all services undertaken on the client's behalf. To satisfy its duty of loyalty, the adviser should cast proxy votes in a way that will advance the best interest of its client. The adviser should not put its own interests ahead of the client's. Under Rule 206(4)-6, it is a fraudulent, deceptive, or manipulative act, practice or course of business for investment advisers to exercise voting authority over client proxies unless they:

&nbsp;&nbsp;&nbsp;&nbsp;• Adopt and implement written
 policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the client's best interest;

&nbsp;&nbsp;&nbsp;&nbsp;• Disclose to clients how
 they may obtain information regarding how their proxies were voted; and

&nbsp;&nbsp;&nbsp;&nbsp;• Describe proxy voting
 policies and procedures and furnish a copy of the policies and procedures to the client when requested to do so.

#### Policies and Procedures

#### Voting Guidelines
Harrison Street Private Wealth (the "Company") may be delegated the authority to vote proxies on behalf of its clients, which as of the date of this policy include private charitable trusts established as pooled income funds ("PIFs") under Section 642(c)(5) of the Internal Revenue Code of 1986, as amended, and closed-end interval funds registered under the Investment Company Act of 1940 ("Registered Funds", and collectively with the PIFs referred herein as "Clients"). The PIFs are managed for the benefit of a single non-profit entity (the "Non-Profit"), and the Non-Profit votes all proxies of the underlying mutual funds held by each PIF. For the Registered Funds, the Company is delegated the authority to vote proxies and in turn delegates its authority to vote proxies of publicly traded securities managed by sub-advisers to each respective sub-adviser, subject to Board approval and ongoing oversight of the proxy voting policies and procedures of each Sub-Adviser. If an issuer of a direct investment or a private institutional investment fund held by a Registered Fund submits a matter for a vote, the Company will vote on the matter in a way that it believes is in the best interest of the Registered Fund and in accordance with the following proxy voting guidelines (the "Voting Guidelines"):

&nbsp;&nbsp;&nbsp;&nbsp;• In voting proxies, the
 Company is guided by general fiduciary principles. The Company's goal is to act prudently, solely in the best interest of its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;• The Company attempts
 to consider all factors of its vote that could affect the value of the investment and will vote proxies in the manner that it believes
 will be consistent with efforts to maximize shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;• The Company, absent particular
 reason, will generally vote with management's recommendations on routine matters. Other matters will be voted on a case-by-case
 basis.

The Company applies its Voting Guidelines in a manner designed to identify and address material conflicts that may arise between the Company's interests and those of its Clients before voting proxies on behalf of such Clients. Versus Capital relies on the following to seek to identify conflicts of interest with respect to proxy voting and assess their materiality:

&nbsp;&nbsp;&nbsp;&nbsp;• The Company's
 employees are under an obligation (i) to be aware of the potential for conflicts of interest on the part of the Company with
 respect to voting proxies on behalf of Clients, both as a result of an employee's personal relationships and due to special
 circumstances that may arise during the conduct of the Company's business, and (ii) to bring conflicts of interest of which
 they become aware to the attention of the Company's Chief Compliance Officer (" CCO ").

&nbsp;&nbsp;&nbsp;&nbsp;• The CCO works with appropriate
 personnel of the Company to determine whether an identified conflict of interest is material. A conflict of interest will be considered
 material to the extent that it is determined that

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such conflict has the potential to influence the Company's decision making in voting the proxy. All materiality determinations will be based on an assessment of the particular facts and circumstances. The Company shall maintain a written record of all materiality determinations.

&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is not material, the Company may vote proxies notwithstanding the existence of the conflict.

&nbsp;&nbsp;&nbsp;&nbsp;• If it is determined that
 a conflict of interest is material, the Company may seek legal assistance from appropriate counsel for the Company to determine a method
 to resolve such conflict of interest before voting proxies affected by the conflict of interest. Such methods may include:

&nbsp;&nbsp;&nbsp;&nbsp;• disclosing the conflict
 to a Client's Board and obtaining the consent from a Client's Board before voting;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging another party on
 behalf of a Client to vote the proxy on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;• engaging a third-party
 to recommend a vote with respect to the proxy based on application of the policies set forth herein; or

&nbsp;&nbsp;&nbsp;&nbsp;• such other method as is
 deemed appropriate under the circumstances given the nature of the conflict.

#### Books and Records
The Company's CCO is responsible for ensuring the appropriate books and records are maintained for each proxy voted on behalf of a client when the Company has proxy voting authority. As the Registered Funds' investments in publicly traded securities are generally the responsibility of each Fund's sub-advisers, all sub-advisers will be contractually required to maintain the necessary books and records and will be asked to certify to this fact on a periodic basis. In the event the Company directly votes a proxy, appropriate records will be maintained in accordance with Rule 204-2, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Copies of all policies and
 procedures required by Rule 206(4)-6.

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each proxy
 statement that the investment adviser receives regarding a Client's securities. (An adviser may satisfy this requirement by relying
 on a third-party, such as a proxy voting service, or the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system.)

&nbsp;&nbsp;&nbsp;&nbsp;• A record of each vote
 cast by the Company on behalf of a Client. (The Company may satisfy this requirement by relying on a third-party service to provide these
 records. The third party should be capable of providing documents promptly upon request.)

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of any document

 basis for that decision.

&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each written
 Client request for information on how the Company voted proxies on the Client's behalf, as well as a copy of any written response
 by the Company to any written or oral client request for information.

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#### Principal Global Investors

#### Proxy Voting Policies and Procedures

#### Introduction
Principal Global Investors<sup>1</sup> ("PGI") is an investment adviser registered with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Investment Advisers Act of 1940 (the "Advisers Act"). As a registered investment adviser, PGI has a fiduciary duty to act in the best interests of its clients. PGI recognizes that this duty requires it to vote client securities, for which it has voting power on the applicable record date, in a timely manner and make voting decisions that are in the best interests of its clients. This document, Principal Global Investors' Proxy Voting Policies and Procedures (the "Policy") is intended to comply with the requirements of the Investment Advisers Act of 1940, the Investment Company Act of 1940 and the Employee Retirement Income Security Act of 1974 applicable to the voting of the proxies of both US and non-US issuers on behalf of PGI's clients who have delegated such authority and discretion.

Effective January 1, 2021, Finisterre Investment Teams adopted the policies and procedures in the Adviser's compliance manual except for the following proxy polices and procedures. Finisterre Investment Teams will continue to follow the previously adopted proxy polices and procedures until amended. Please see the Appendix to the compliance manual for Finisterre specific proxy policies and procedures.

#### Relationship between Investment Strategy, ESG and Proxy Voting
PGI has a fiduciary duty to make investment decisions that are in its clients' best interests by maximizing the value of their shares. Proxy voting is an important part of this process through which PGI can support strong corporate governance structures, shareholder rights and transparency. PGI also believes a company's positive environmental, social and governance ("ESG") practices may influence the value of the company, leading to long-term shareholder value. PGI may take these factors into considerations when voting proxies in its effort to seek the best outcome for its clients. PGI believes that the integration of consideration of ESG practices in PGI's investment process helps identify sources of risk that could erode the long-term investment results it seeks on behalf of its clients. From time to time, PGI may work with various ESG-related organizations to engage issuers or advocate for greater levels of disclosure.

#### Roles and Responsibilities

#### Role of the Proxy Voting Committee
PGI's Proxy Voting Committee (the "Proxy Voting Committee") shall (i) oversee the voting of proxies and the Proxy Advisory Firm, (ii) where necessary, make determinations as to how to instruct the vote on certain specific proxies, (iii) verify ongoing compliance with the Policy, (iv) review the business practices of the Proxy Advisory Firm and (v) evaluate, maintain, and review the Policy on an annual basis. The Proxy Voting Committee is comprised of representatives of each investment team and a representative from PGI Risk, Legal, Operations, and Compliance will be available to advise the Proxy Voting Committee but are non-voting members. The Proxy Voting Committee may designate one or more of its members to oversee specific, ongoing compliance with respect to the Policy and may designate personnel to instruct the vote on proxies on behalf the PGI's clients (collectively, "Authorized Persons").

The Proxy Voting Committee shall meet at least four times per year, and as necessary to address special situations.

#### Role of Portfolio Management
While the Proxy Voting Committee establishes the Guidelines and Procedures, the Proxy Voting Committee does not direct votes for any client except in certain cases where a conflict of interest exists. Each investment team is responsible for determining how to vote proxies for those securities held in the portfolios their team manages. While investment teams generally vote consistently with the Guidelines, there may be instances where their vote deviates from the Guidelines. In those circumstances, the investment team will work within the Exception Process. In some instances, the same security may be held by more than one investment team. In these cases, PGI may vote differently on the same matter for different accounts as determined by each investment team.

<sup>1</sup> These policies and procedures apply to Principal Global Investors, LLC, Principal Real Estate Investors, LLC, Principal Global Investors (Hong Kong) Limited and any affiliates which have entered into participating affiliate agreements with the aforementioned managers.

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#### Proxy Voting Guidelines
The Proxy Voting Committee, on an annual basis, or more frequently as needed, will direct each investment team to review draft proxy voting guidelines recommended by the Committee ("Draft Guidelines"). The Proxy Voting Committee will collect the reviews of the Draft Guidelines to determine whether any investment teams have positions on issues that deviate from the Draft Guidelines. Based on this review, PGI will adopt proxy voting guidelines. Where an investment team has a position which deviates from the Draft Guidelines, an alternative set of guidelines for that investment team may be created. Collectively, these guidelines will constitute PGI's current Proxy Voting Guidelines and may change from time to time (the "Guidelines"). The Proxy Voting Committee has the obligation to determine that, in general, voting proxies pursuant to the Guidelines is in the best interests of clients. Exhibit A (Base) and Exhibit B (Sustainable) to the Policy sets forth the current Guidelines.

There may be instances where proxy votes will not be in accordance with the Guidelines. Clients may instruct PGI to utilize a different set of guidelines, request specific deviations, or directly assume responsibility for the voting of proxies. In addition, PGI may deviate from the Guidelines on an exception basis if the investment team or PGI has determined that it is the best interest of clients in a particular strategy to do so, or where the Guidelines do not direct a particular response and instead list relevant factors. Any such a deviation will comply with the Exception Process which shall include a written record setting out the rationale for the deviation.

The subject of the proxy vote may not be covered in the Guidelines. In situations where the Guidelines do not provide a position, PGI will consider the relevant facts and circumstances of a particular vote and then vote in a manner PGI believes to be in the clients' bests interests. In such circumstance, the analysis will be documented in writing and periodically presented to the Proxy Voting Committee. To the extent that the Guidelines do not cover potential voting issues, PGI may consider the spirit of the Guidelines and instruct the vote on such issues in a manner that PGI believes would be in the best interests of the client.

#### Use of Proxy Advisory Firms
PGI has retained one or more third-party proxy service provider(s) (the "Proxy Advisory Firm") to provide recommendations for proxy voting guidelines, information on shareholder meeting dates and proxy materials, translate proxy materials printed in a foreign language, provide research on proxy proposals, operationally process votes in accordance with the Guidelines on behalf of the clients for whom PGI has proxy voting responsibility, and provide reports concerning the proxies voted ("Proxy Voting Services"). Although PGI has retained the Proxy Advisory Firm for Proxy Voting Services, PGI remains responsible for proxy voting decisions. PGI has designed the Policy to oversee and evaluate the Proxy Advisory Firm, including with respect to the matters described below, to support the PGI's voting in accordance with this Policy.

#### Oversight of Proxy Advisory Firms
Prior to the selection of any new Proxy Advisory Firm and annually thereafter or more frequently if deemed necessary by PGI, the Proxy Voting Committee will consider whether the Proxy Advisory Firm: (a) has the capacity and competency to adequately analyze proxy issues and provide the Proxy Voting Services the Proxy Advisory Firm has been engaged to provide and (b) can make its recommendations in an impartial manner, in consideration of the best interests of PGI's clients, and consistent with the PGI's voting policies. Such considerations may include, depending on the Proxy Voting Services provided, the following: (i) periodic sampling of votes pre-populated by the Proxy Advisory Firm's systems as well as votes cast by the Proxy Advisory Firm to review that the Guidelines adopted by PGI are being followed; (ii) onsite visits to the Proxy Advisory Firm office and/or discussions with the Proxy Advisory Firm to determine whether the Proxy Advisory Firm continues to have the capacity and competency to carry out its proxy obligations to PGI; (iii) a review of those aspects of the Proxy Advisory Firm's policies, procedures, and methodologies for formulating voting recommendations that PGI consider material to Proxy Voting Services provided to PGI, including factors considered, with a particular focus on those relating to identifying, addressing and disclosing potential conflicts of interest (including potential conflicts related to the provision of Proxy Voting Services, activities other than Proxy Voting Services, and those presented by affiliation such as a controlling shareholder of the Proxy Advisory Firm) and monitoring that materially current, accurate, and complete information is used in creating recommendations and research; (iv) requiring the Proxy Advisory Firm to notify PGI if there is a substantive change in the Proxy Advisory Firm's policies and procedures or otherwise to business practices, including with respect to conflicts, information gathering and creating voting recommendations and research, and reviewing any such change(s); (v) a review of how and when the Proxy Advisory Firm engages with, and receives and incorporates input from, issuers, the Proxy Advisory Firm's clients and other third-party information sources; (vi) assessing how the Proxy Advisory Firm considers factors

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unique to a specific issuer or proposal when evaluating a matter subject to a shareholder vote; (vii) in case of an error made by the Proxy Advisory Firm, discussing the error with the Proxy Advisory Firm and determining whether appropriate corrective and preventive action is being taken; and (viii) assessing whether the Proxy Advisory Firm appropriately updates its methodologies, guidelines, and voting recommendations on an ongoing basis and incorporates input from issuers and Proxy Advisory Firm clients in the update process. In evaluating the Proxy Advisory Firm, PGI may also consider the adequacy and quality of the Proxy Advisory Firm's staffing, personnel, and/or technology.

#### Procedures for Voting Proxies
To increase the efficiency of the voting process, PGI utilizes the Proxy Advisory Firm to act as its voting agent for its clients' holdings. Issuers initially send proxy information to the clients' custodians. PGI instructs these custodians to direct proxy related materials to the Proxy Advisory Firm. The Proxy Advisory Firm provides PGI with research related to each resolution.

PGI analyzes relevant proxy materials on behalf of their clients and seek to instruct the vote (or refrain from voting) proxies in accordance with the Guidelines. A client may direct PGI to vote for such client's account differently than what would occur in applying the Policy and the Guidelines. PGI may also agree to follow a client's individualized proxy voting guidelines or otherwise agree with a client on particular voting considerations.

PGI seeks to vote (or refrain from voting) proxies for its clients in a manner that PGI determines is in the best interests of its clients, which may include both considering both the effect on the value of the client's investments and ESG factors. In some cases, PGI may determine that it is in the best interests of clients to refrain from exercising the clients' proxy voting rights. PGI may determine that voting is not in the best interests of a client and refrain from voting if the costs, including the opportunity costs, of voting would, in the view of PGI, exceed the expected benefits of voting to the client.

#### Procedures for Proxy Issues within the Guidelines
Where the Guidelines address the proxy matter being voted on, the Proxy Advisor Firm will generally process all proxy votes in accordance with the Guidelines. The applicable investment team may provide instructions to vote contrary to the Guidelines in their discretion and with sufficient rationale documented in writing to seek to maximize the value of the client's investments or is otherwise in the client's best interest. This rationale will be submitted to PGI Compliance to approve and once approved administered by PGI Operations. This process will follow the Exception Process. The Proxy Voting Committee will receive and review a quarterly report summarizing all proxy votes for securities for which PGI exercises voting authority. In certain cases, a client may have elected to have PGI administer a custom policy which is unique to the Client. If PGI is also responsible for the administration of such a policy, in general, except for the specific policy differences, the procedures documented here will also be applicable, excluding reporting and disclosure procedures.

#### Procedures for Proxy Issues Outside the Guidelines
To the extent that the Guidelines do not cover potential voting issues, the Proxy Advisory Firm will seek direction from PGI. PGI may consider the spirit of the Guidelines and instruct the vote on such issues in a manner that PGI believes would be in the best interests of the client. Although this not an exception to the Guidelines, this process will also follow the Exception Process. The Proxy Voting Committee will receive and review a quarterly report summarizing all proxy votes for securities for which PGI exercises voting discretion, which shall include instances where issues fall outside the Guidelines.

#### Securities Lending
Some clients may have entered into securities lending arrangements with agent lenders to generate additional revenue. If a client participates in such lending, the client will need to inform PGI as part of their contract with PGI if they require PGI to take actions in regard to voting securities that have been lent. If not commemorated in such agreement, PGI will not recall securities and as such, they will not have an obligation to direct the proxy voting of lent securities.

In the case of lending, PGI maintains one share for each company security out on loan by the client. PGI will vote the remaining share in these circumstances.

In cases where PGI does not receive a solicitation or enough information within a sufficient time (as reasonably determined by PGI) prior to the proxy-voting deadline, PGI or the Proxy Advisory Firm may be unable to vote.

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#### Regional Variances in Proxy Voting
PGI utilizes the Policy and Guidelines for both US and non-US clients, and there are some significant differences between voting U.S. company proxies and voting non-U.S. company proxies. For U.S. companies, it is usually relatively easy to vote proxies, as the proxies are typically received automatically and may be voted by mail or electronically. In most cases, the officers of a U.S. company soliciting a proxy act as proxies for the company's shareholders.

With respect to non-U.S. companies, we make reasonable efforts to vote most proxies and follow a similar process to those in the U.S. However, in some cases it may be both difficult and costly to vote proxies due to local regulations, customs or other requirements or restrictions, and such circumstances and expected costs may outweigh any anticipated economic benefit of voting. The major difficulties and costs may include: (i) appointing a proxy; (ii) obtaining reliable information about the time and location of a meeting; (iii) obtaining relevant information about voting procedures for foreign shareholders; (iv) restrictions on trading securities that are subject to proxy votes (share-blocking periods); (v) arranging for a proxy to vote locally in person; (vi) fees charged by custody banks for providing certain services with regard to voting proxies; and (vii) foregone income from securities lending programs. In certain instances, it may be determined by PGI that the anticipated economic benefit outweighs the expected cost of voting. PGI intends to make their determination on whether to vote proxies of non-U.S. companies on a case-by-case basis. In doing so, PGI shall evaluate market requirements and impediments, including the difficulties set forth above, for voting proxies of companies in each country. PGI periodically reviews voting logistics, including costs and other voting difficulties, on a client by client and country by country basis, in order to determine if there have been any material changes that would affect PGI's determinations and procedures.

#### Conflicts of Interest
PGI recognizes that, from time to time, potential conflicts of interest may exist. In order to avoid any perceived or actual conflict of interest, the procedures set forth below have been established for use when PGI encounters a potential conflict to ensure that PGI's voting decisions are based on maximizing shareholder value and are not the product of a conflict.

#### Addressing Conflicts of Interest – Exception Process
Prior to voting contrary to the Guidelines, the relevant investment team must complete and submit a report to PGI Compliance setting out the name of the security, the issue up for vote, a summary of the Guidelines' recommendation, the vote changes requested and the rational for voting against the Guidelines' recommendation. The member of the investment team requesting the exception must attest to compliance with Principal's Code of Conduct and the has an affirmative obligation to disclose any known personal or business relationship that could affect the voting of the applicable proxy. PGI Compliance will approve or deny the exception in consultation, if deemed necessary, with the Legal.

If PGI Compliance determines that there is no potential material conflict exists, the Guidelines may be overridden. If PGI Compliance determines that there exists or may exist a material conflict, it will refer the issue to the Proxy Voting Committee. The Proxy Voting Committee will consider the facts and circumstances of the pending proxy vote and the potential or actual material conflict and decide by a majority vote as to how to vote the proxy – i.e., whether to permit or deny the exception.

In considering the proxy vote and potential material conflict of interest, the Proxy Voting Committee may review the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;• The percentage of outstanding
 securities of the issuer held on behalf of clients by PGI;

&nbsp;&nbsp;&nbsp;&nbsp;• The nature of the relationship
 of the issuer with the PGI, its affiliates or its executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;• Whether there has been any
 attempt to directly or indirectly influence the investment team's decision;

&nbsp;&nbsp;&nbsp;&nbsp;• Whether the direction of
 the proposed vote would appear to benefit PGI or a related party; and/or

&nbsp;&nbsp;&nbsp;&nbsp;• Whether an objective decision
 to vote in a certain way will still create a strong appearance of a conflict.

In the event that the Proxy Advisor Firm itself has a conflict and thus is unable to provide a recommendation, the investment team may vote in accordance with the recommendation of another independent service provider, if available. If a recommendation from an independent service provider other than the Proxy Advisor Firm is not available,

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the investment team will follow the Exception Process. PGI Compliance will review the form and if it determines that there is no potential material conflict mandating a voting recommendation from the Proxy Voting Committee, the investment team may instruct the Proxy Advisory Firm to vote the proxy issue as it determines is in the best interest of clients. If PGI Compliance determines that there exists or may exist a material conflict, it will refer the issue to the Proxy Voting Committee for consideration as outlined above.

#### Availability of Proxy Voting Information and Recordkeeping

#### Disclosure
On a quarterly basis, PGI publicly discloses on our website https://www.principalglobal.com/eu/about-us/responsible-investing a voting report setting forth the manner in which votes were cast, including details related to (i) votes against management, and (ii) abstentions. Form more information, Clients may contact PGI for more information related to how PGI has voted with respect to securities held in the Client's account. On request, PGI will provide clients with a summary of PGI's proxy voting guidelines, process and policies and will inform the clients how they can obtain a copy of the complete Proxy Voting Policies and Procedures upon request. PGI will also include such information described in the preceding two sentences in Part 2A of its Form ADV.

#### Recordkeeping
PGI will keep records of the following items: (i) the Guidelines, (ii) the Proxy Voting Policies and Procedures; (iii) proxy statements received regarding client securities (unless such statements are available on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system); (iv) records of votes they cast on behalf of clients, which may be maintained by a Proxy Advisory Firm if it undertakes to provide copies of those records promptly upon request; (v) records of written client requests for proxy voting information and PGI's responses (whether a client's request was oral or in writing); (vi) any documents prepared by PGI that were material to making a decision how to vote, or that memorialized the basis for the decision; (vii) a record of any testing conducted on any Proxy Advisory Firm's votes; (viii) materials collected and reviewed by PGI as part of its due diligence of the Proxy Advisory Firm; (ix) a copy of each version of the Proxy Advisory Firm's policies and procedures provided to PGI; and (x) the minutes of the Proxy Voting Committee meetings. All of the records referenced above will be kept in an easily accessible place for at least the length of time required by local regulation and custom, and, if such local regulation requires that records are kept for less than six years from the end of the fiscal year during which the last entry was made on such record, we will follow the US rule of six years. If the local regulation requires that records are kept for more than six years, we will comply with the local regulation. We maintain the vast majority of these records electronically.

A-7<br>

------

#### **TABLE OF CONTENTS**

#### Security Capital Research & Management Incorporated ("SC-R&M")

#### Compliance Policy

#### Regulatory Category: Proxy Voting

#### Overview:
&nbsp;&nbsp;&nbsp;&nbsp;• Advisers that
 have proxy voting authority must act in the best interest of their client with respect to proxy voting activities.

&nbsp;&nbsp;&nbsp;&nbsp;• Advisers must have written
 policies and procedures regarding how proxies are voted. The policies and procedures must include procedures intended to prevent material
 conflicts of interest from affecting the manner in which proxies are voted.

&nbsp;&nbsp;&nbsp;&nbsp;• SC-R&M has adopted
 written policies and procedures that address how proxies are voted and how this information can be obtained by clients.

#### Applicable Regulation:
&nbsp;&nbsp;&nbsp;&nbsp;• Investment Advisers Act
 of 1940: Rule 206(4)-6

&nbsp;&nbsp;&nbsp;&nbsp;• Securities Exchange Act
 of 1934: Rule 240.14Ad-1

#### Summary of Regulatory Requirements:
&nbsp;&nbsp;&nbsp;&nbsp;1. An adviser must adopt and
 implement written policies and procedures reasonably designed to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;a. proxies are voted in the
 best interest of the client;

&nbsp;&nbsp;&nbsp;&nbsp;b. conflicts are identified
 and handled appropriately; and

&nbsp;&nbsp;&nbsp;&nbsp;c. fiduciary obligations are
 fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;2. An adviser must disclose
 to its clients how they may obtain information on how proxies were voted for securities held for their accounts.

&nbsp;&nbsp;&nbsp;&nbsp;3. An adviser must
 disclose to clients , information about its proxy voting policies and procedures and how clients may obtain them.

&nbsp;&nbsp;&nbsp;&nbsp;4. Effective July 1,
 2024, an adviser subject to the Exchange Act , is required to report annually to the SEC on Form N-PX how it voted
 proxies relating to shareholder advisory votes on executive compensation (or "say-on-pay") matters.

#### Activities Conducted by SC-R&M to Satisfy Regulatory Requirements:
&nbsp;&nbsp;&nbsp;&nbsp;1. SC-R&M has
 adopted and implemented policies and procedures reasonably designed to ensure that it votes client securities in the best interest
 of clients, including how the Adviser addresses material conflicts of interest. SC-R&M, an investment adviser within
 JPMAM, has adopted the JPMAM Global Proxy Voting Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;2. SC-R&M seeks
 to have each investment management agreement ("IMA") specify whether SC-R&M or the client is responsible
 for voting proxies.

&nbsp;&nbsp;&nbsp;&nbsp;3. If SC-R&M
 is responsible, it aims to vote proxies in the best interests of the client and in accordance with the JPMorgan Asset
 Management ("JPMAM") Global Proxy Voting Guidelines. These guidelines are proprietary to JPMAM and reflect
 JPMAM's views on proxy matters informed by its investment experience and research over many years of proxy voting. Certain
 guidelines are prescriptive ("Prescribed Guidelines"), specifying how JPMAM will vote a particular proxy proposal
 (absent an override). Other guidelines contemplate voting on a case-by-case basis.

A-8<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;4. Overrides
 of Prescribed Guidelines are permitted as individual company facts and circumstances vary. In some cases, JPMAM may determine
 that, in the best interest of its clients, a particular proxy item should be voted in a manner not consistent with the Prescribed
 Guidelines. In such circumstances, where JPMAM chooses to vote contrary to its Prescribed Guidelines (an "Override"),
 the Proxy Administrator will:

&nbsp;&nbsp;&nbsp;&nbsp;• Refer their
 considerations and recommendation to the Proxy Committee for further review, if necessary, as determined by the Proxy Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;• Maintain
 the records required for each Override, including any required regional attestation from investment professionals or stewardship
 specialists that the vote was free of conflicts of interest and MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;5. Subject to oversight
 by the Proxy Committee, JPMAM may and has retained the services of independent voting service providers (Independent Voting
 Services) to assist with functions such as coordinating with client custodians to ensure that all proxy materials are processed
 in a timely fashion, recordkeeping, acting as an agent to execute JPMAM's proxy voting decisions, providing proxy
 research and analysis, and providing certain conflict of interest-related services. JPMAM performs ongoing oversight
 of Independent Voting Services, including periodic review of vote execution accuracy, staffing, methodology, conflicts processes,
 changes to policies and procedures, and quality of research.

&nbsp;&nbsp;&nbsp;&nbsp;6. Sales and marketing
 professionals are precluded from participating in the decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;7. The US Investment
 Advisers Act of 1940 requires that the proxy voting procedures adopted and implemented by a US investment adviser include procedures
 that address material conflicts of interest that may arise between the investment adviser's interests and those of its
 clients. To address such material and/or potential conflicts of interest, JPMAM relies on certain policies and procedures. To
 maintain the integrity and independence of JPMAM's investment processes and decisions, including proxy voting decisions,
 and to protect JPMAM's decisions from influences that could lead to a vote other than in a client's best interests,
 JPMC (including JPMAM) has adopted several policies, including the Conflicts of Interest Policy – Firmwide, Information
 Safeguarding and Barriers Policy – Firmwide, and Information Safeguarding and Barriers Policy – MNPI Firmwide Supplement.
 Material conflicts of interest are further avoided by voting in accordance with JPMAM's Prescribed Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;8. To oversee the
 proxy voting process on an ongoing basis, a proxy committee ("Proxy Committee") has been established for each
 global location where proxy voting decisions are made. Each Proxy Committee is composed of members and invitees, including
 a Proxy Administrator (as defined below) and senior officers from among the investment, legal, compliance and risk
 management departments. The primary functions of each Proxy Committee include: (1) reviewing and approving the Guidelines
 annually; (2) providing advice and recommendations on general proxy voting matters , including potential or material
 conflicts of interest escalated to it from time to time as well as on specific voting issues to be implemented by the relevant JPMAM Entity ; and (3) determining the independence of any third-party vendor to which it has delegated proxy
 voting responsibilities (such as, for example, delegation when JPMAM has identified it has a material conflict
 of interest) and concluding that there are no conflicts of interest that would prevent such vendor from providing such
 proxy voting services prior to delegating proxy responsibilities. The Proxy Committee may delegate certain of its responsibilities
 to subgroups composed of at least three Proxy Committee members. The Proxy Committee meets at least quarterly, or more frequently
 as circumstances dictate. The global head of investment stewardship is invited to each regional committee and, working with the
 regional Proxy Administrators, is charged with overall responsibility for JPMAM's approach to governance issues, including
 proxy voting worldwide and coordinating regional proxy voting guidelines in accordance with applicable regulations and best practices.

&nbsp;&nbsp;&nbsp;&nbsp;9. Each JPMAM
 Entity appoints a JPMAM professional to act as a proxy administrator (" Proxy Administrator ") for each
 global location of such an entity where proxy-voting decisions are made. The Proxy Administrators are charged with oversight
 of these Guidelines and the proxy voting process. The Proxy Administrator, working together with the investment
 stewardship teams and portfolio management teams, including portfolio managers and research analysts, is responsible for
 voting proxies as described in the JPMAM Guidelines. Please note that JPMAM may not vote proxies for which it has voting
 discretion in certain instances, including, without limitation, when it identifies a material conflict of interest, when securities
 are out on loan and have not been recalled, in certain markets that have share blocking or other regulatory

A-9<br>

------

restrictions, when the proxy materials are not available in time for JPMAM to make a voting decision or cast a vote, or for certain non-U.S. securities positions if, in JPMAM's judgment, the expense and administrative inconvenience or other burdens outweigh the benefits to clients of voting the securities.

&nbsp;&nbsp;&nbsp;&nbsp;10. Examples
 of other such material conflicts of interest that could arise include, without limitation, circumstances in which:

&nbsp;&nbsp;&nbsp;&nbsp;• Management
 of a JPMAM client or prospective client, distributor or prospective distributor of its investment management products, or
 critical vendor, is soliciting proxies , and failure to vote in favor of management may harm JPMAM's relationship
 with such a company and materially impact JPMAM's business .

&nbsp;&nbsp;&nbsp;&nbsp;• A personal
 relationship between a JPMAM officer and the management of a company , or other proponents of a proxy proposal , could impact JPMAM's voting decision .

&nbsp;&nbsp;&nbsp;&nbsp;• When a JPMAM affiliate is an investment banker or rendered a fairness opinion with respect to the matter that is the subject of the
 proxy vote.

&nbsp;&nbsp;&nbsp;&nbsp;11. Depending on
 the nature of the conflict, JPMAM may elect to take one or more of the following measures, or other appropriate action:

&nbsp;&nbsp;&nbsp;&nbsp;• Removing certain adviser personnel from the proxy voting process .

&nbsp;&nbsp;&nbsp;&nbsp;• "Walling
 off" personnel with knowledge of the conflict to ensure that such personnel do not influence the relevant proxy vote .

&nbsp;&nbsp;&nbsp;&nbsp;• Voting in accordance
 with the applicable Prescribed Guidelines, if the application of the Proxy Voting Guidelines would objectively result in the
 casting of a proxy vote in a predetermined manner .

&nbsp;&nbsp;&nbsp;&nbsp;• Delegating the vote to an independent third party, if any, that will vote in accordance with its own determination. However, JPMAM may request an exception to this process to vote against a proposal rather than referring it to an independent third party ("Exception
 Request") where the Proxy Administrator has actual knowledge indicating that a JPMAM affiliate is an investment
 banker or rendered a fairness opinion with respect to the matter that is the subject of a proxy vote. The Proxy Committee shall
 review the Exception Request and shall determine whether JPMAM should vote against the proposal or whether such proxy
 should still be referred to an independent third party due to the potential for additional conflicts or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;12. In certain
 circumstances, JPMAM may abstain and/or delegate proxy voting to an Independent Voting Service, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;• For securities
 that were held in an account on record date but not on the date of the proxy vote, we may abstain from voting where JPMAM no
 longer holds the position.

&nbsp;&nbsp;&nbsp;&nbsp;• JPMAM may
 abstain and/or delegate proxy voting to an Independent Voting Service where there are identified conflicts of interest as described
 above.

&nbsp;&nbsp;&nbsp;&nbsp;13. JPMAM performs
 ongoing oversight of Independent Voting Services, including periodic review of vote execution accuracy, staffing, methodology,
 conflicts processes, changes to policies and procedures, and quality of research.

&nbsp;&nbsp;&nbsp;&nbsp;14. SC-R&M files annually on Form N-PX how it voted proxies relating to shareholder advisory votes on executive compensation (or "say-on-pay")
 matters. Form N-PX is to be filed not later than August 31 of each year, or on the next filing date following August 31
 if August 31 falls on a weekend or a day the SEC is closed, containing its proxy voting record for the most recent 12-month
 period ended June 30. SC-R&M has engaged a third-party vendor to coordinate the electronic filing with the SEC through
 the EDGAR system. Records relating to the votes will be provided by the advisor. Upon request, clients may obtain
 information as to how SC-R&M voted for their account by contacting their Client Account Manager.

&nbsp;&nbsp;&nbsp;&nbsp;15. SC-R&M clients
 can obtain voting records for their portfolio(s) , as well as a copy of the JPMAM Proxy Voting Guidelines , by contacting their Client Account Manager.

&nbsp;&nbsp;&nbsp;&nbsp;16. SC-R&M maintains all
 proxy voting records in an easily accessible place for seven (7) years.

A-10<br>

------

#### Areas of Responsibility
&nbsp;&nbsp;&nbsp;&nbsp;• Client Account Management

&nbsp;&nbsp;&nbsp;&nbsp;• Compliance Department

&nbsp;&nbsp;&nbsp;&nbsp;• JPMAM Stewardship
 Team

&nbsp;&nbsp;&nbsp;&nbsp;• Investment Analysts

&nbsp;&nbsp;&nbsp;&nbsp;• Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio Management

&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Administrator

&nbsp;&nbsp;&nbsp;&nbsp;• Proxy Committee

&nbsp;&nbsp;&nbsp;&nbsp;• Risk Management
 Department

#### Applicable Policies & Documents
&nbsp;&nbsp;&nbsp;&nbsp;• ERISA Fiduciary Policy

&nbsp;&nbsp;&nbsp;&nbsp;• Information Safeguarding
 and Barriers Policy – Firmwide

&nbsp;&nbsp;&nbsp;&nbsp;• Information
 Safeguarding and Barriers Policy – MNPI Firmwide Supplement

&nbsp;&nbsp;&nbsp;&nbsp;• JPMorgan Asset
 Management Global Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of Interest Policy
 – Firmwide

&nbsp;&nbsp;&nbsp;&nbsp;• SC-R&M Conflicts
 of Interest and the Safeguarding of Material, Non-Public Information Policy

&nbsp;&nbsp;&nbsp;&nbsp;• SC-R&M Compliance with
 Securities Position Regulations Policy

&nbsp;&nbsp;&nbsp;&nbsp;• Investment Stewardship
 Report

Updated: April 2025

A-11<br>

**PART C. OTHER INFORMATION**

Item 25. <u>Financial Statements and Exhibits</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;Financial Statements

**Included in Part A**: Financial highlights for the fiscal years ended March 31, 2025, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, and 2016.<br> **Included in Part B**: Reference is made to the Registrant's financial statements, accompanying notes and report of the independent registered public accounting firm thereon for the fiscal year ended March 31, 2025 which were included with the Registrant's [Annual Report](https://www.sec.gov/Archives/edgar/data/1515001/000119312525134768/d937885dncsr.htm) on Form N-CSR filed with the Commission on June 4, 2025 (File No. 811-22534), which is incorporated by reference into this Post-Effective Amendment in its entirety.<br>

The 2025 Annual Report is also available for download free of charge at https://www.harrisonstpw.com/investment-funds/vcmix/.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibits:

---

| | |
|:---|:---|
| a(1) | [Amendment to Certificate of Formation, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File No. 333-172947) on August 29, 2011.](https://www.sec.gov/Archives/edgar/data/1515001/000110465911049030/a11-7870_8ex99da.htm) |

---

---

| | |
|:---|:---|
| a(2) | [Amendment to Certificate of Formation, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333- 266297) on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1515001/000113322824007068/vcmreif-html8182_ex99a1.htm) |

---

a(3) [Amendment to Certificate of Formation – Filed herewith.](hsrefl-efp16870_ex99a3.htm)

---

| | |
|:---|:---|
| b(1) | [Amended and Restated Limited Liability Company Agreement dated November 20, 2020, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement on Form N-2 (File No. 333-236968) on May 28, 2021.](https://www.sec.gov/Archives/edgar/data/0001515001/000114036121019209/hc10025025x1_exb.htm) |

---

---

| | |
|:---|:---|
| b(2) | [Amendment to the Amended and Restated Limited Liability Company Agreement dated July 29, 2024, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333- 266297) on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1515001/000113322824007068/vcmreif-html8182_ex99b2.htm) |

---

---

| | |
|:---|:---|
| b(3) | [Amended and Restated Limited Liability Company Agreement dated January 9, 2025, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 7 to its Registration Statement filed on Form N-2 (File No. 333-266297) on March 10, 2025.](https://www.sec.gov/Archives/edgar/data/1515001/000113322825002474/vcref-efp14947_exb3.htm) |

---

b(4) [Amendment to the Amended and Restated Limited Liability Company Agreement dated July 28, 2025 – Filed herewith.](hsrefl-efp16870_ex99b4.htm)

c Not applicable.

d [Article III, Sections 3.5 (Actions by Members) and 3.10 (Powers of Members) and Article VII, Section 7.2 (Rights and Liabilities with Respect to Shares) of the Amended and Restated Limited Liability Company Agreement dated January 9, 2025, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 7 to its Registration Statement filed on Form N-2 (File No. 333-266297) on March 10, 2025.](https://www.sec.gov/Archives/edgar/data/1515001/000113322825002474/vcref-efp14947_exb3.htm)

e [Dividend Reinvestment Plan – Filed herewith.](hsrefl-efp16870_ex99e.htm)

f Not applicable.

---

| | |
|:---|:---|
| g(1) | [Investment Management Agreement, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File No. 333-172947) on August 29, 2011.](https://www.sec.gov/Archives/edgar/data/1515001/000110465911049030/a11-7870_8ex99dg1.htm) |

---

---

| | |
|:---|:---|
| g(2) | [Security Capital Research & Management Incorporated Sub-Advisory Agreement, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 6 to its Registration Statement filed as a POSEX filing (File No. 333-172947) on December 22, 2011.](https://www.sec.gov/Archives/edgar/data/1515001/000110465911070817/a11-7870_12ex99dg3.htm) |

---

---

| | |
|:---|:---|
| g(3) | [Amendment to Security Capital Sub-Advisory Agreement, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 16 to its Registration Statement filed as a 486APOS filing (File No. 333-172947) on December 17, 2018.](https://www.sec.gov/Archives/edgar/data/1515001/000168789818000060/seccapversusjan2019lcfeeamen.htm) |

---

---

| | |
|:---|:---|
| g(4) | [Second Amendment to Security Capital Sub-Advisory Agreement, previously filed as an exhibit to the Registrant's Registration Statement on Form N-2 (File No. 333-236968) on March 6, 2020.](https://www.sec.gov/Archives/edgar/data/1515001/000114036120005094/ex99_g7.htm) |

---

---

| | |
|:---|:---|
| g(5) | [Third Amendment to Security Capital Sub-Advisory Agreement, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement on Form N-2 (File No. 333-236968) on May 28, 2021.](https://www.sec.gov/Archives/edgar/data/0001515001/000114036121019209/hc10025025x1_exg7.htm) |

---

---

| | |
|:---|:---|
| g(6) | [Principal Real Estate Investors, LLC Sub-Advisory Agreement, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 12 to its Registration Statement filed as a POSEX filing (File No. 333-172947) on November 8, 2016.](https://www.sec.gov/Archives/edgar/data/1515001/000151500116000075/prinreiinvestmentmanagementa.htm) |

---

---

| | |
|:---|:---|
| g(7) | [Amendment to Principal Real Estate Investors, LLC Sub-Advisory Agreement, previously filed as an exhibit to the Registrant's Registration Statement on Form N-2 (File No. 333-236968) on March 6, 2020.](https://www.sec.gov/Archives/edgar/data/1515001/000114036120005094/ex99_g8.htm) |

---

---

| | |
|:---|:---|
| g(8) | [Fee Letter Relating to Principal Real Estate Investors, LLC Sub-Advisory Agreement, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement on Form N-2 (File No. 333-236968) on May 28, 2021.](https://www.sec.gov/Archives/edgar/data/0001515001/000114036121019209/hc10025025x1_exg10.htm) |

---

---

| | |
|:---|:---|
| g(9) | [Investment Management Agreement between the Fund and the Adviser, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 1 to its Registration Statement filed on Form N-2 (File No. 333-266297) on October 11, 2022.](https://www.sec.gov/Archives/edgar/data/1515001/000114036122036850/brhc10042833_exg1.htm) |

---

---

| | |
|:---|:---|
| g(10) | [Security Capital Research & Management Incorporated Sub-Advisory Agreement between the Adviser and Security Capital Research & Management Incorporated, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 1 to its Registration Statement filed on Form N-2 (File No. 333-266297) on October 11, 2022.](https://www.sec.gov/Archives/edgar/data/1515001/000114036122036850/brhc10042833_exg3.htm) |

---

---

| | |
|:---|:---|
| g(11) | [Principal Real Estate Investors, LLC Investment Sub-Advisory Agreement between the Adviser and Principal Real Estate Investors, LLC, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 1 to its Registration Statement filed on Form N-2 (File No. 333-266297) on October 11, 2022.](https://www.sec.gov/Archives/edgar/data/1515001/000114036122036850/brhc10042833_exg4.htm) |

---

---

| | |
|:---|:---|
| g(12) | [Investment Management Agreement between VCMIX Subsidiary LLC and the Adviser, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333- 266297) on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1515001/000113322824007068/vcmreif-html8182_ex99g12.htm) |

---

---

| | |
|:---|:---|
| g(13) | [Management Fee Waiver Agreement between the Registrant and the Adviser, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333- 266297) on July 29, 2024.](https://www.sec.gov/Archives/edgar/data/1515001/000113322824007068/vcmreif-html8182_ex99g13.htm) |

---

g(14) Investment Management Agreement between Versus Capital Real Estate Sub-REIT LLC and the Adviser – to be filed by amendment.

g(15) Management Fee Waiver Agreement between Versus Capital Real Estate Sub-REIT LLC and the Adviser – to be filed by amendment.

---

| | |
|:---|:---|
| h | [Distribution Agreement by and between the Fund and Foreside Funds Distributors LLC (the "Distribution Agreement"), previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333-236968) on November 21, 2021.](https://www.sec.gov/Archives/edgar/data/1515001/000114036121039195/brhc10030919_ex99-h.htm) |

---

i Not applicable.

---

| | |
|:---|:---|
| j(1) | [Custody Agreement between the Registrant and UMB Bank, n.a., previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File No. 333- 266297) on March 11, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1515001/000113322824002107/vcmreifl-html7511_ex99j1.htm). |

---

---

| | |
|:---|:---|
| j(2) | [Foreign Custody Delegation Agreement between the Registrant and UMB Bank, n.a., previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File No. 333- 266297) on March 11, 2024 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1515001/000113322824002107/vcmreifl-html7511_ex99j2.htm). |

---

---

| | |
|:---|:---|
| k(1) | [Administration and Accounting Services Agreement, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File No. 333-172947) on August 29, 2011.](https://www.sec.gov/Archives/edgar/data/1515001/000110465911049030/a11-7870_8ex99dk1.htm) |

---

---

| | |
|:---|:---|
| k(2) | [Amendment to Administration and Accounting Services Agreement dated August 9, 2018, previously filed as an exhibit to the Registrant's Registration Statement on Form N-2 (File No. 333-266297) on July 22, 2022.](https://www.sec.gov/Archives/edgar/data/1515001/000113322822004997/vcmix-html5228_ex99k2.htm) |

---

---

| | |
|:---|:---|
| k(3) | [Amendment to Administration and Accounting Services Agreement dated February 12, 2019, previously filed as an exhibit to the Registrant's Registration Statement on Form N-2 (File No. 333-266297) on July 22, 2022.](https://www.sec.gov/Archives/edgar/data/1515001/000113322822004997/vcmix-html5228_ex99k3.htm) |

---

---

| | |
|:---|:---|
| k(4) | [Transfer Agency and Shareholder Services Agreement, previously filed as an exhibit to the Registrant's Pre-Effective Amendment No. 3 to its Registration Statement filed on Form N-2 (File No. 333-172947) on August 29, 2011.](https://www.sec.gov/Archives/edgar/data/1515001/000110465911049030/a11-7870_8ex99dk2.htm) |

---

---

| | |
|:---|:---|
| k(5) | [Expense Limitation and Reimbursement Agreement, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 10 to its Registration Statement filed as a 486BPOS filing (File No. 333-172947) on April 6, 2015. This contract expired on June 30, 2015, pursuant to its terms.](https://www.sec.gov/Archives/edgar/data/1515001/000151500115000008/expenselimitationagreement-f.htm) |

---

---

| | |
|:---|:---|
| k(6) | [Amended & Restated Indemnity Agreement by and among the Fund and the Adviser, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 18 to its Registration Statement filed as a 486APOS filing (File No. 333-172947) on August 7, 2019.](https://www.sec.gov/Archives/edgar/data/1515001/000151500119000014/ex-99k4arindemnityagreement8.htm) |

---

---

| | |
|:---|:---|
| k(7) | [Power of Attorney, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 18 to its Registration Statement filed as a 486APOS filing (File No. 333-172947) on August 7, 2019.](https://www.sec.gov/Archives/edgar/data/1515001/000151500119000014/ex-99k5powerofattorney.htm) |

---

---

| | |
|:---|:---|
| k(8) | [Power of Attorney of Susan K. Wold, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 1 to its Registration Statement filed on Form N-2 (File No. 333-266297) on October 11, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1515001/000114036122036850/brhc10042833_exk8.htm) |

---

---

| | |
|:---|:---|
| k(9) | [Power of Attorney, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 2 to its Registration Statement filed on Form N-2 (File Nos. 333-266297; 811-22534) on July 27, 2023 and incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1515001/000113322823004636/vcmmrsif-html6670_ex99k9.htm). |

---

---

| | |
|:---|:---|
| k(10) | [Power of Attorney dated May 29, 2024, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333- 266297) on July 29, 2024](https://www.sec.gov/Archives/edgar/data/1515001/000113322824007068/vcmreif-html8182_ex99k10.htm). |

---

k(11) [Administration and Fund Accounting Agreement between the Registrant and UMB Fund Services, Inc. – Filed herewith.](hsrefl-efp16870_ex99k11.htm)

k(12) [Transfer Agency Agreement between the between the Registrant and UMB Fund Services, Inc. – Filed herewith.](hsrefl-efp16870_ex99k12.htm)

---

| | |
|:---|:---|
| 1 | [Opinion and Consent of Ropes & Gray LLP, previously filed as an exhibit to the Registrant's Registration Statement on Form N-2 (File No. 333-266297) on July 22, 2022 and incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1515001/000113322822004997/vcmix-html5228_ex99l.htm) |

---

m Not applicable.

n [Consent of Independent Registered Public Accounting Firm – Filed herewith.](hsrefl-efp16870_ex99n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Not applicable.

p Not applicable.

q Not applicable.

r(1) [Joint Code of Ethics of the Fund and the Adviser – Filed herewith.](hsrefl-efp16870_ex99r1.htm)

---

| | |
|:---|:---|
| r(2) | [Code of Ethics of Security Capital Research & Management Incorporation, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333-236968) on November 21, 2021.](https://www.sec.gov/Archives/edgar/data/0001515001/000114036121039195/brhc10030919_ex99-r3.htm) |

---

---

| | |
|:---|:---|
| r(3) | [Code of Ethics of Principal Real Estate Investors, LLC, previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File No. 333-236968) on November 21, 2021.](https://www.sec.gov/Archives/edgar/data/0001515001/000114036121039195/brhc10030919_ex99-r4.htm) |

---

Item 26. <u>Marketing Arrangements</u>:

See the [Distribution Agreement](https://www.sec.gov/Archives/edgar/data/1515001/000114036121039195/brhc10030919_ex99-h.htm), filed as Exhibit h to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement on November 23, 2021, and incorporated herein by reference.

Item 27. <u>Other Expenses of Issuance and Distribution</u>:

Not applicable

Item 28. <u>Persons Controlled by or Under Common Control</u>:

VCMIX Subsidiary LLC, a Delaware limited liability company, is a wholly-owned subsidiary of the Fund and is consolidated for financial reporting purposes.

<u>Item 29</u>. <u>Number of Holders of Securities as of June 30, 2025</u>:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Common | 13908 |

---

Item 30. <u>Indemnification</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Reference is made to Article III, Section 3.8 of the Registrant's Amended and Restated Limited Liability Company Agreement, incorporated by reference hereto (the "LLC Agreement"), and Section 7 of the Registrant's Distribution Agreement, filed as Exhibit h which was previously filed and is incorporated by reference hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, manager, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, manager, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

Item 31. <u>Business and Other Connections of Investment Adviser</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A description of certain other business, profession, vocation, or employment of a substantial nature in which an investment adviser of the Registrant, and each member, director, executive officer, or partner

of any such investment adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, director, officer, employee, partner or trustee, is set forth in the Registrant's prospectus in Part A herein in the section entitled "Management of the Fund," regarding the Registrant's adviser, Harrison Street Private Wealth LLC (the "Adviser"), a registered adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Further information as to the members and officers of the Adviser is included in the Adviser's Form ADV as filed with the Commission (File No. 801-72298) and is incorporated herein by reference.

This information with respect to Security Capital Research & Management, Incorporated, the Registrant's investment sub-adviser and a registered adviser under the Advisers Act, is included in its Form ADV as filed with the Commission (File No. 801-53815), which is incorporated herein by reference.

This information with respect to Principal Real Estate Investors, LLC, the Registrant's investment sub-adviser and a registered adviser under the Advisers Act, is included in its Form ADV as filed with the Commission (File No. 801-55618), which is incorporated herein by reference.

Item 32. <u>Location of Accounts and Records</u>:

BNY Mellon maintains certain required accounting-related and financial books and records of the Registrant at 240 Greenwich Street, New York, NY 10286. All other required books and records are maintained by the Adviser and the Registrant at 5050 S. Syracuse Street, Suite 1100, Denver, Colorado 80237, and the Registrant's sub-advisers, Principal Real Estate Investors, LLC, 711 High Street, Des Moines, IA 50392, and Security Capital Research & Management Incorporated, 10 South Dearborn Street, 38<sup>th</sup> Floor, Chicago, Illinois 60603.

Item 33. <u>Management Services</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

Item 34. <u>Undertakings</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Registrant undertakes:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) under the Securities Act if, in the

aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B under the Securities Act:

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Not applicable.

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

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that this Registration Statement meets all of the requirements for effectiveness and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Denver, State of Colorado, on the 29<sup>th</sup> day of July, 2025.

---

| | |
|:---|:---|
| **HARRISON STREET REAL ESTATE FUND LLC** | **HARRISON STREET REAL ESTATE FUND LLC** |
| By: | /s/ Mark D. Quam |
| Name: | Mark D. Quam |
| Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated on July 29, 2025.

---

| | |
|:---|:---|
| **<u>Name:</u>** | **<u>Title:</u>** |
| <br> /s/ Mark D. Quam |  |
| Mark D. Quam | Chief Executive Officer (Principal Executive Officer) |
| <br> /s/ Casey R. Frazier |  |
| Casey R. Frazier\* | Director and Chief Investment Officer |
| <br> /s/ Jeffry A. Jones |  |
| Jeffry A. Jones\* | Director |
| <br> /s/ Richard J. McCready |  |
| Richard J. McCready\* | Director |
| /s/ Paul E. Sveen |  |
| Paul E. Sveen\* | Director |
| /s/ Robert F. Doherty |  |
| Robert F. Doherty\* | Director |
| /s/ Susan K. Wold |  |
| Susan K. Wold\* | Director |
| /s/ Brian Petersen |  |
| Brian Petersen | Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |

---

---

| | |
|:---|:---|
| \*By: | /s/ Jillian Varner |
|  | Jillian Varner\*\* |
|  | Chief Compliance Officer and Secretary |

---

---

| | |
|:---|:---|
| <sup>\*\*</sup> | Attorney-in-fact pursuant to the powers of attorney previously filed as an exhibit to the Registrant's Post-Effective Amendment No. 5 to its Registration Statement filed on Form N-2 (File Nos. 333-266297; 811-22534) on July 29, 2024 and incorporated herein by reference |

---

EXHIBITS INDEX

---

| | |
|:---|:---|
| (a)(3) | [Amendment to Certificate of Formation](hsrefl-efp16870_ex99a3.htm)<br>|
| (b)(4) | [Amendment to the Amended and Restated Limited Liability Company Agreement dated July 28, 2025](hsrefl-efp16870_ex99b4.htm)<br>|
| (e) | [Dividend Reinvestment Plan](hsrefl-efp16870_ex99e.htm)<br>|
| k(11) | [Administration and Fund Accounting Agreement between the Registrant and UMB Fund Services](hsrefl-efp16870_ex99k11.htm)<br>|
| k(12) | [Transfer Agency Agreement between the between the Registrant and UMB Fund Services, Inc.](hsrefl-efp16870_ex99k12.htm)<br>|
| n | [Consent of Independent Registered Public Accounting Firm](hsrefl-efp16870_ex99n.htm)<br>|
| r(1) | [Joint Code of Ethics of the Fund and the Adviser](hsrefl-efp16870_ex99r1.htm) |

---

## Ex-99.(A)(3)

**Exhibit (a)(3)**

**STATE OF DELAWARE** 

**CERTIFICATE OF AMENDMENT**

---

| | |
|:---|:---|
| 1. | Name of Limited Liability Company: |
|  | Versus Capital Real Estate Fund LLC |
| 2. | The Certificate of Formation of the limited liability company is hereby amendedas follows: |
|  | Please change the name to the following: |
|  | Harrison Street Real Estate Fund LLC |

---

**IN WITNESS WHEREOF**, the undersigned have executed this Certificate on the <u>28th</u> day of <u>July</u>, A.D. <u>2025</u>.

---

| | |
|:---|:---|
| By: | /s/ Brian Petersen |
|  | Authorized Person(s) |
| Name: | Brian Petersen |
|  | Print or Type |

---

## Ex-99.(B)(4)

**Exhibit (b)(4)**

AMENDMENT NO. 1 DATED AS OF JULY 28, 2025 TO THE

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF

VERSUS CAPITAL REAL ESTATE FUND LLC

DATED AS OF JANUARY 9, 2025

WHEREAS, pursuant to Section 2.2 of the Amended and Restated Limited Liability Company Agreement (the "Limited Liability Company Agreement") of Versus Capital Real Estate Fund LLC (the "Fund"), the Board of Directors of the Fund (the "Board") is permitted to adopt a name for the Fund other than "Versus Capital Real Estate Fund LLC"; and

WHEREAS, on July 21, 2025, the Board voted to change the name of the Fund to "Harrison Street Real Estate Fund LLC", effective July 28, 2025, and authorized Harrison Street Private Wealth LLC and the officers of the Fund to amend the Limited Liability Company Agreement to reflect the adoption of the new name of the Fund;

NOW, THEREFORE, consistent with Section 12.1 of the Limited Liability Company Agreement, the Limited Liability Company Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to the Limited Liability Company Agreement</u>. Effective on July 28, 2025, Section 2.2 of the Limited Liability Company Agreement is hereby amended to read in its entirety as follows:

"2.2 <u>Company Name</u>. The name of the limited liability company is "Harrison Street Real Estate Fund LLC". All business of the Company shall be conducted in such name or such other name as the Board shall determine. The Company shall hold all of its property in the name of the Company and not in the name of any Member."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>. Capitalized terms used but not defined in this Amendment have the meanings given in the Limited Liability Company Agreement. Except as expressly provided in this Amendment, the terms and provisions of the Limited Liability Company Agreement remain unmodified and are confirmed as being in full force and effect. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same instrument. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws provisions. The headings in this Amendment are inserted for convenience of reference only and shall not be a part of or control or affect the meaning hereof.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of July 21, 2025.

BOARD OF DIRECTORS

---

| | |
|:---|:---|
| By: | /s/ Casey R. Frazier |
|  | Casey R. Frazier, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Jeffry A. Jones |
|  | Jeffry A. Jones, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Richard J. McCready |
|  | Richard J. McCready, Director |
| By: | /s/ Paul E. Sveen |
|  | Paul E. Sveen, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Robert F. Doherty |
|  | Robert F. Doherty, Director |

---

---

| | |
|:---|:---|
| By: | /s/ Susan K. Wold |
|  | Susan K. Wold, Director |

---

## Ex-99.(E)

**Exhibit (e)**

**HARRISON STREET REAL ESTATE FUND LLC**

**DISTRIBUTION POLICY<br>** 

<br> Harrison Street Real Estate Fund LLC (the "<u>Fund</u>") has developed this Distribution Policy to set forth the general terms and conditions, pursuant to which the Fund plans to distribute all or a portion of any dividends, investment income or capital gains that it earns on investments to shareholders of the Fund (the "<u>Shareholders</u>"). Any capitalized terms within this Distribution Policy, not defined herein, are defined within the Fund's registration statement filed with the Securities and Exchange Commission (file no. 333-261313) (the "<u>Registration Statement</u>") and/or limited liability company agreement (the "<u>Operating Agreement</u>"), each of which is incorporated herein by reference. The Board of Directors of the Fund will exercise independent, objective oversight and judgment with respect to the execution of this Distribution Policy and the related distribution reinvestment procedures.

In accordance with requirements applicable to regulated investment companies, the Fund intends to distribute to Shareholders at least 90% of its investment income and net short-term capital gains realized on investments, each year, through regular quarterly distributions. In addition, the Fund may make periodic distributions to Shareholders of all or a portion of the long-term capital gains realized on transactions in its investments (each, a "<u>Distribution</u>").

Any Distribution paid in Shares will be paid at the Fund's Net Asset Value ("<u>NAV</u>") as determined in accordance with the Fund's Valuation Policy, the Registration Statement and the Operating Agreement. All Distributions shall be made to each Shareholder pro rata based on the number of Shares held by such Shareholder.

The Fund will establish reasonable reserves to meet Fund obligations prior to making Distributions. No Distribution shall be declared and paid unless, after the Distribution is made, the assets of the Fund are in excess of the liabilities of the Fund and such Distribution does not violate the Delaware Limited Liability Company Act or other applicable law. Distributions that would violate the Delaware Limited Liability Company Act or any other applicable law are prohibited.

All Distributions paid by the Fund will be reinvested in additional Shares of the Fund unless a Shareholder affirmatively elects not to reinvest in Shares pursuant to the Distribution Reinvestment Policy attached hereto as <u>Annex A</u>. Pursuant to the Distribution Reinvestment Policy, Shareholders may elect initially not to reinvest by indicating that choice in writing to the Fund's Transfer Agent. Thereafter, Shareholders are free to change their election by contacting the Fund's Transfer Agent (or, alternatively, by contacting the selling agent that sold such Shareholder its Shares, who will inform the Fund). Shares purchased by reinvestment will be issued at their NAV on the ex-dividend date. There is no "sales load" or other charge for Shares received by reinvestment. The Fund reserves the right to suspend or limit at any time the ability of Shareholders to reinvest Distributions. The automatic reinvestment of Distributions does not relieve participants of any U.S. federal income tax that may be payable (or required to be withheld) on such Distributions.

------

**Annex A**

**Distribution Reinvestment Policy**

------

**HARRISON STREET REAL ESTATE FUND LLC**

**DISTRIBUTION REINVESTMENT AND CASH PURCHASE PLAN**

**TERMS AND CONDITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Each shareholder of record (" <u>Shareholder</u> ") holding shares of beneficial interest
(the " <u>Shares</u> ") of Harrison Street Real Estate Fund LLC (the " <u>Fund</u> ") will automatically participate
in the Fund's Distribution Reinvestment and Cash Purchase Plan (the " <u>Plan</u> "). Shareholders may elect not to participate
in the Plan by indicating that choice in writing to the Fund's Transfer Agent (the " <u>Plan Agent</u> ") at the time
of such Shareholder's initial investment in the Fund or pursuant to paragraph 9 herein. Beneficial owners of Shares may make such
election to the selling agent that sold them their Shares, who will inform the Fund. If a Shareholder elects not to participate in the
Plan, such Shareholder will automatically receive all distributions in U.S. dollars. Shareholders that do not make such election (*i.e.*,
the election to not participate in the Plan) shall have all distributions, net of any applicable U.S. withholding tax, reinvested in additional
Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. Shareholders may change their election by notifying, in writing, either the Plan Agent or the selling
agent that sold such Shareholder its Shares. The Fund reserves the right to suspend or limit at any time the ability of Shareholders to
reinvest distributions.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Plan Agent will act as agent for Shareholders in administering the Plan and will open an account
for each Shareholder under the Plan in the same name as her or his outstanding Shares are registered.

&nbsp;&nbsp;&nbsp;&nbsp;4. Whenever the Fund declares a distribution, participating Shareholders will receive such distribution
entirely in Shares to be issued by the Fund, including fractions. The number of Shares received by a Shareholder in respect of the distribution
will be based on the current net asset value (" <u>NAV</u> ") of the Fund on the ex-dividend date, as determined by or on behalf
of the Fund. There is no "sales load" or other charge for Shares received pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;5. Funds held by the Plan Agent will not bear interest. In addition, it is understood that the Plan Agent
shall have no liability (except as set forth in paragraph 11 herein) in connection with any inability to purchase Shares within 30 days
after the payment date of any distribution as herein provided or with the timing of any purchases effected. The Plan Agent shall have
no responsibility as to the value of the Shares acquired for any Shareholder's account.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Plan Agent will hold Shares acquired pursuant to the Plan in non-certificated form in the name of
the Shareholder for whom such Shares are being held and each Shareholder's proxy will include those Shares held pursuant to the
Plan. In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are the beneficial owners, the
Plan Agent will administer the Plan on the basis of the number of Shares certified from time to time by such Shareholders as representing
the total amount registered in the names of such Shareholders and held for the account of beneficial owners who participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Plan Agent will confirm, in writing, each acquisition of Shares made for the account of a Shareholder
pursuant to the Plan as soon as practicable, but in any event not later than 60 days after the date thereof. Such confirmation will indicate
the number of Shares purchased and the price per Share paid, and will include any applicable tax information pertaining to such Shareholder's
account. It is understood that the reinvestment of distributions does not relieve the participant of any income tax which may be payable
on such distributions. Any Shareholder who is subject to U.S. backup withholding tax, or who is a foreign Shareholder subject to U.S.
income tax withholding, will have the applicable tax withheld from all distributions received and only the net amount will be reinvested
in Shares. A Shareholder may from time to time have an undivided fractional interest in a Share. Distributions on fractional Shares will
be credited to each Shareholder's account.

&nbsp;&nbsp;&nbsp;&nbsp;8. Any stock dividends or split shares distributed by the Fund on Shares held by the Plan Agent for a Shareholder
will be credited to the Shareholder's account.

&nbsp;&nbsp;&nbsp;&nbsp;9. A Shareholder may terminate her or his participation in the Plan by notifying the Plan Agent, in writing.
If notice is received by the Plan Agent prior to any distribution record date, the Plan Agent will seek to process such termination prior
to the distribution payable date; otherwise such termination will be effective, with respect to any subsequent distribution, on the first
trading day after the distribution paid for such record date shall have been credited to such Shareholder's account. The Plan may
be terminated by the Plan Agent or the Fund with respect to any voluntary cash payments made or any distributions paid subsequent to a
notice of termination in writing mailed to the Shareholders at least 60 days prior to the record date for the payment of any distribution
by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;10. These terms and conditions may be amended or supplemented by the Plan Agent or the Fund at any time
or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange
Commission or any other regulatory authority, only by mailing to the Shareholders appropriate written notice at least 60 days prior to
the effective date thereof. The amendment or supplement shall be deemed to be accepted by the Shareholders unless, prior to the effective
date thereof, the Plan Agent receives written notice of the termination of a Shareholder's account under the Plan. Any such amendment
may include an appointment by the Fund of a successor Plan Agent under these terms and conditions, with full power and authority to perform
all or any of the acts to be performed by the Plan Agent under these terms and conditions. Upon any such appointment of a successor Plan
Agent for the purpose of receiving distributions, the Fund will be authorized to pay to such successor Plan Agent, for the Shareholders'
accounts, all distributions payable on the Shares held in the Shareholders' name or under the Plan for retention or application
by such successor Plan Agent as provided in these terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;11. The Plan Agent shall at all times act in good faith and agree to use its best efforts within reasonable
limits to ensure the accuracy of all services performed under this Plan and to comply with applicable law, but assumes no responsibility
and shall not be liable for loss or damage due to errors unless such error is caused by its negligence, bad faith or willful misconduct
or that of its employees.

&nbsp;&nbsp;&nbsp;&nbsp;12. These terms and conditions shall be governed by the laws of the State of Delaware.

## Ex-99.K(11)

**Exhibit k(11)**

**ADMINISTRATION AND FUND ACCOUNTING AGREEMENT**

This administration and fund accounting agreement (this "<u>Agreement</u>"), effective as of March 14, 2025 (the "<u>Effective Date</u>"), is made by **UMB Fund Services, Inc.** ("<u>Administrator</u>") and each of the investment companies listed on Schedule A hereto, as such schedule may be amended from time to time (each investment company referred to herein as the "Fund" and collectively the "Funds"). Although the Administrator and each Fund have executed this Agreement in the form of a master agreement for administrative convenience, this Agreement shall create a separate Agreement for each Fund as though the Administrator had executed a separate agreement with each Fund, with all rights and obligations of a Fund hereunder separate and not joint. The Administrator and, together with the Funds, shall be referred to herein as the "Parties").

**WHEREAS,** the Fund is a closed-end interval fund registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") and authorized to issue shares of beneficial interest (or classes thereof) ("<u>Shares</u>").

**WHEREAS,** the Parties desire to enter into an agreement pursuant to which Administrator shall provide the administration and fund accounting services described on Schedule B ("<u>Services</u>") to the Fund.

**NOW, THEREFORE,** in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

**1. <u>Definitions</u>**. In addition to any terms defined in the body of this Agreement, the following capitalized terms shall have the meanings set forth hereinafter whenever they appear in this Agreement:

**"<u>1933 Act</u>"** shall mean the Securities Act of 1933, as amended.

**"<u>Authorized Person</u>"** shall mean any individual who is authorized to provide Administrator with Instructions on behalf of the Fund, whose name shall be certified to Administrator pursuant to this Agreement. Any officer of the Fund shall be considered an Authorized Person (unless such authority is limited in a writing from the Fund and received by Administrator) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Administrator the names of the Authorized Persons.

**"<u>Board</u>"** shall mean the Board of Directors or Board of Trustees of the Fund, as applicable.

**"<u>Business Day</u>"** shall mean each day on which the New York Stock Exchange, Inc. is open for trading.

**"<u>Commission</u>"** shall mean the U.S. Securities and Exchange Commission.

**"<u>Investment Adviser</u>"** shall mean the investment adviser or investment advisers to the Fund and includes all sub-advisers to the Fund.

**"<u>Instructions</u>"** shall mean an oral communication from an Authorized Person or a written communication signed by an Authorized Person and actually received by Administrator. Instructions shall include

manually executed originals, telefacsimile transmissions of manually executed originals, or electronic communications. An Authorized Person may confirm an oral Instruction in writing and, in such cases, the written Instruction shall control; provided, however, that in no event shall Administrator be liable for following an oral Instruction prior to receipt of a contrary written Instruction.

"**<u>Organizational Documents"</u>** shall mean the Fund's Limited Liability Company Agreement, Agreement and Declaration of Trust, or other similar operational document of the Fund, including any amendments made thereto.

**"<u>Prospectus</u>"** shall mean the then-current prospectus and statement of additional information with respect to a Fund (including any applicable amendments and supplements thereto) received by Administrator from the Fund. Following written notice to the Administrator from the Fund, the Administrator shall be deemed to have received any prospectus or statement of additional information filed with the Commission and publicly available on the Commission's EDGAR filing system.

**"<u>Registration Statement</u>"** shall mean the then-current registration statement on Form N-2 filed with the Commission with respect to any of the Shares and any amendments and supplements thereto which have been filed with the Commission.

**"<u>Resolution</u>"** shall mean any resolution passed by the Board.

**"<u>Shareholder</u>"** shall mean a record owner of Shares.

**2. <u>Appointment and Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby (1) appoints Administrator as administrator and fund accountant of the Fund and (2) authorizes Administrator to provide Services during the term hereof and on the terms set forth herein. Subject to the oversight of the Board and utilizing information provided by the Fund and its current and prior agents and service providers, Administrator will provide the Services in accordance with the terms of this Agreement. Notwithstanding anything herein to the contrary, Administrator shall not be required to provide any Services or information that it believes (in its sole discretion) to represent dishonest, unethical, or illegal activity. In no event shall Administrator provide any investment advice or recommendations to any party in connection with its Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Administrator may (in its reasonable discretion and at its own expense) appoint one or more other parties to carry out some or all of its duties under this Agreement, **provided that** (i) Administrator shall not appoint any such other party or parties to provide a material level of the core Services without prior notice to the Fund and (ii) Administrator shall remain responsible to the Fund for all such delegated responsibilities in accordance with the terms and conditions of this Agreement, in the same manner and to the same extent as if Administrator were itself providing such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrator's duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against Administrator hereunder. The Services do not include correcting, verifying, or addressing any prior actions or inactions of the Fund or by any other current or prior agent or service provider. To the extent Administrator agrees to take such actions, those actions taken shall be deemed part of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is understood that in determining security valuations, Administrator employs one or more pricing services (as directed by the Fund) to determine valuations of portfolio securities for purposes of calculating net asset values of the Fund. The Fund shall identify to Administrator the pricing service(s) to be utilized. If requested by the Fund, Administrator shall price the securities and other holdings of the Fund for which market quotations or prices are available by the use of such pricing service(s).

For those securities where prices are not provided by the pricing service(s) utilized by Administrator, the Fund shall approve, in good faith, the procedures for determining the fair value of the securities. Investment Adviser shall determine or obtain the valuation of the securities in accordance with those procedures and shall deliver to Administrator the resulting prices for use in its calculation of net asset values. When security valuations are so provided, the following provisions will also apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Valued securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling and individual security valuations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method (including those used by Administrator and its suppliers) may consistently generate approximations that correspond to actual "traded" prices of the securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Methodologies used to provide the pricing portion of certain data may rely on valuations. However, the Fund acknowledges that there may be errors or defects in the software, databases, or methodologies generating the valuations that may cause resultant valuations to be inappropriate for use in certain applications.

The Investment Adviser, as the Fund's valuation designee, assumes all responsibility for edit checking, external verification of valuations, and ultimately the appropriateness of using data containing valuations, regardless of any efforts made by Administrator and its suppliers in this regard. Notwithstanding the foregoing designation, the Fund will be liable to Administrator for any claims related to a breach of the obligations contained in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the terms of Section 8, Administrator shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records described in Schedule B which are maintained by Administrator for the Fund. To the extent required by Rule 31a-3 under the 1940 Act, Administrator agrees (i) that all records which it maintains for the Fund hereunder are the property of the Fund and (ii) to promptly surrender to the Fund any such records upon the Fund's request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Administrator shall not be subject to any Resolution that affects accounting practices and procedures under this Agreement until it receives written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing in this Agreement shall be deemed to appoint Administrator and its officers, directors, and employees as the Fund's attorney, form an attorney-client relationship, or require the provision of legal advice, and the Fund acknowledges that Administrator's in-house attorneys exclusively represent Administrator. The Fund's legal counsel will provide independent judgment on the Fund's behalf. Because no attorney-client relationship exists between Administrator's in-house attorneys and the Fund, any information provided to Administrator's in-house attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances (notwithstanding the provisions of Section 5). Administrator represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

**3. <u>Representations and Deliveries</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Effective Date of this Agreement, the Fund shall deliver or cause the following documents to be delivered to Administrator:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a copy of the Fund's Organizational Documents and all amendments thereto, certified by an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) copies of the Fund's Registration Statement, as of the Effective Date, together with any exemptive orders obtained by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) all other documents, records, and information that Administrator may reasonably request in order for Administrator to perform the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund represents and warrants to Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) it is duly organized and existing under the laws of its state of formation, as set forth on Schedule A; it is empowered under applicable laws and by its Organizational Documents to enter into and perform this Agreement; and all requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) it is duly registered as a closed-end investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a Registration Statement under the 1933 Act was effective before the Fund publicly offered its Shares (and will remain effective during such period as the Fund is publicly offering Shares for sale), and appropriate state securities laws filings have been made before Shares were issued in any jurisdiction (and such filings will continue to be made with respect to Shares being offered for sale); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) it is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and no provision of its Organizational Documents, or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund shall use reasonable efforts to cause its officers and trustees (and shall use its best efforts to cause its Investment Adviser, legal counsel, independent accountants, transfer agent, custodian, distributor, and other service providers and agents, past or present) to cooperate with Administrator and to provide Administrator with such information, documents, and communications relating to the Fund as necessary and/or appropriate or as reasonably requested by Administrator, in order to enable Administrator to perform the Services. In connection with the performance of the Services, Administrator shall (without investigation or verification) be entitled and is hereby instructed to, rely upon any and all Instructions, communications, information, or documents provided to Administrator by a representative of the Fund or by any of the aforementioned persons. Administrator shall be entitled to rely on any document that it reasonably believes to be genuine and to have been signed or presented by

the proper party. Fees charged by such persons shall be an expense of the Fund. Administrator shall not be held to have notice of any change of authority of any trustee, officer, agent, representative, or employee of the Fund, Investment Adviser, Authorized Person, or service provider until receipt of written notice thereof from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board and the Investment Adviser have and retain primary responsibility for all compliance matters relating to the Fund (including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, as amended, the USA PATRIOT Act of 2001, the Sarbanes-Oxley Act of 2002, and the policies and limitations of the Fund as set forth in the Prospectus). The Services do not relieve the Board or the Investment Adviser of their primary day-to-day responsibility for assuring such compliance. Notwithstanding the foregoing, Administrator will: (1) be responsible for its own compliance with such statutes insofar as such statutes are applicable to the Services; (2) promptly notify the Fund if it becomes aware of any material non-compliance which relates to the Fund; and (3) provide the Fund with quarterly and annual certifications (on a calendar basis) with respect to the design and operational effectiveness of its compliance and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund will notify Administrator of any discrepancy between Administrator and the Fund, including, but not limited to, failing to account for a security position in a Fund's portfolio, upon the later to occur of three (3) Business Days after: (i) receipt of any reports rendered by Administrator to the Fund; (ii) discovery of any error or omission not covered in the balancing or control procedure; or (iii) receiving notice from any Shareholder regarding any such discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall (1) advise Administrator in writing at least thirty (30) days prior to affecting any change in the Prospectus which would increase or alter the duties and obligations of Administrator hereunder and (2) proceed with such change only if it has received the written consent of Administrator thereto (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Administrator represents and warrants to the Fund that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a corporation duly organized and existing under the laws of the State of Wisconsin; it is empowered under applicable law and by its Articles of Incorporation and By-Laws to enter into and perform this Agreement (and all requisite proceedings have been taken to authorize it to enter into and perform this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and no provision of its operating documents or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. Its execution, delivery or performance of this Agreement will not conflict with or violate (a) any provision of the organizational or governance documents of Administrator or (b) any law applicable to Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall (A) maintain a disaster recovery and business continuity plan and adequate and reliable computer and other equipment necessary and appropriate to carry out its obligations under this Agreement, including commercially reasonable cybersecurity systems, policies and procedures designed to prevent the unauthorized or inadvertent disclosure of Fund information and (B) provide

supplemental information concerning its cybersecurity systems, policies and procedures and the aspects of its disaster recovery and business continuity plan that are relevant to the Services upon the Fund's reasonable request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) has and will continue to have access to the necessary facilities, equipment, and personnel to perform its duties and obligations hereunder in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Administrator shall: (i) act as liaison with the Fund's independent public accountants; (ii) provide account analyses, fiscal year summaries, and other audit-related schedules; and (iii) take all reasonable action in the performance of its duties hereunder to assure that the necessary information is made available to such auditors and accountants in a timely fashion for the expression of their opinion, as required by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Administrator shall comply (and to the extent Administrator takes or is required to take action on behalf of a Fund hereunder, shall cause the Fund to comply) with all applicable law, as well policies and procedures adopted by the Fund. Except as set forth in this Agreement, Administrator assumes no responsibility for such compliance by a Fund. Administrator shall maintain a program reasonably designed to prevent violations of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the Services. Administrator shall provide copies of such policies and procedures to the Fund, along with a written certification that such policies and procedures are reasonably designed to prevent violation of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) for review by the Fund and the Board prior to the execution of this Agreement, annually, upon material amendment, and at such other times as may be reasonably requested by the Fund.

**4. <u>Fees and Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the performance of the Services, the Fund shall pay Administrator the fees set forth on Schedule C. Fees shall be adjusted in writing, in accordance with Schedule C. Fees shall be earned and paid monthly in an amount equal to at least 1/12<sup>th</sup> of the applicable annual fee. Basis point fees and minimum annual fees apply separately to each Fund and are calculated as set forth on Schedule C. The Parties may amend this Agreement to include fees for any additional services requested by the Fund, enhancements to current Services, or to add additional funds. The Fund shall pay agreed upon rates for services added to (or for any enhancements to) existing Services after the Effective Date, as agreed in writing from time to time. In addition, to the extent that Administrator corrects, verifies, or addresses any prior actions or inactions by the Fund or by any prior service provider, the Fund shall pay Administrator additional fees as provided in Schedule C. In the event of any disagreement between this Agreement and Schedule C, the terms of Schedule C shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining fees payable to Administrator, net asset value shall be computed in accordance with the Prospectus and Resolutions. The fee for the period from the Effective Date until the end of that month shall be pro-rated according to the proportion that such period bears to the full monthly period. Upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly period and shall be payable upon the Termination Date (as defined in Section 8(b)). Should this

Agreement be terminated, or the Fund be liquidated, merged with, or acquired by another fund or investment company, any accrued fees shall be immediately payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Administrator will bear all expenses incurred by it in connection with its performance of Services, except as otherwise provided herein. Administrator shall not be required to pay or finance any costs or expenses incurred in the operation of the Fund, including, but not limited to: taxes; interest; brokerage fees and commissions; salaries, fees, and expenses of officers and trustees; Commission fees and state Blue Sky fees; advisory fees; charges of custodians, transfer agents, dividend disbursing and accounting services agents, and other service providers; security pricing services; insurance premiums; outside auditing and legal expenses; costs of organization and maintenance of corporate existence; taxes and fees payable to federal, state, and other governmental agencies; preparation, typesetting, printing, proofing, and mailing of Prospectuses, statements of additional information, supplements, notices, forms, applications, and proxy materials for regulatory purposes and for distribution to current Shareholders; preparation, typesetting, printing, proofing, mailing, and other costs of Shareholder reports; expenses in connection with the electronic transmission of documents and information (including electronic filings with the Commission and the states); research and statistical data services; expenses incidental to holding meetings of the Fund's Shareholders and Trustees; fees and expenses associated with internet, e-mail, and other related activities; and extraordinary expenses. Expenses incurred for distribution of Shares (including the typesetting, printing, proofing, and mailing of Prospectuses for persons who are not Shareholders) will be borne by the Fund or the Investment Adviser. Administrator shall not be required to pay any Blue Sky fees or take any related Blue Sky actions unless and until it has received the amount of such fees from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall promptly reimburse Administrator for all documented out-of-pocket expenses or disbursements incurred by Administrator in connection with the performance of Services. Out-of-pocket expenses shall include, but not be limited to, those items specified on Schedule C. If reasonably requested by Administrator, out-of-pocket expenses are payable in advance. If prepayment is reasonably requested, payment of postage expenses is due at least seven (7) days prior to the anticipated mail date. In the event Administrator reasonably requests advance payment, Administrator shall not be obligated to incur such expenses or perform the related Service(s) until payment is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall pay all amounts due hereunder within thirty (30) days of receipt of each invoice (the "<u>Due Date</u>"). Except as provided in Schedule C, Administrator shall bill Service fees monthly and out-of-pocket expenses as incurred (unless prepayment is requested). At its option, Administrator may arrange to have various service providers submit invoices directly to the Fund for payment of reimbursable out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund is aware that its failure to remit to Administrator all amounts due on or before the Due Date will cause Administrator to incur costs not contemplated by this Agreement (including, but not limited to carrying, processing, and accounting charges). Accordingly, in the event that Administrator does not receive any amounts due hereunder by the Due Date, the Fund shall pay a late charge on the overdue amount equal to one and one-half percent (1.5%) per month or the maximum amount permitted by law (whichever is less). In addition, the Fund shall pay Administrator's reasonable attorneys' fees and court costs in the event that an attorney is engaged to assist in the collection of amounts due. The Parties agree that such late charge represents a fair and reasonable computation of the costs incurred by reason of the Fund's late payment. Acceptance of such late charge shall in no event constitute a waiver by Administrator of the Fund's default or prevent Administrator from exercising any other available rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that any charges are disputed, the Fund shall pay all undisputed amounts due hereunder on or before the Due Date and notify Administrator in writing of any disputed charges for out-of-pocket expenses which it is disputing in good faith. Within a reasonable period of time after receipt of such notice, Administrator will provide documentation to reasonably support the disputed charge. Payment for such disputed charges shall be due on or before the close of the fifth (5<sup>th</sup>) Business Day after the day on which Administrator provides documentation which an objective observer would agree reasonably supports the disputed charges (the "<u>Revised Due Date</u>"). Late charges shall not begin to accrue as to charges disputed in good faith until the first day after the Revised Due Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund acknowledges that the fees charged by Administrator under this Agreement reflect the allocation of risk between the Parties, including the exclusion of remedies and limitations of liability in Section 6. Modifying the allocation of risk from what is stated herein would affect the fees that Administrator charges. Accordingly, in consideration of those fees, the Fund agrees to the stated allocation of risk.

**5. <u>Confidential Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administrator and its employees shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) treat all records relative to the Fund's investors confidentially and as proprietary information of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not use such records and information for any purpose other than performance of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) not disclose such information,

except when: (i) Administrator may be exposed to civil or criminal proceedings for failure to comply; (ii) requested to divulge such information by duly constituted authorities or court process; (iii) subject to governmental or regulatory audit or investigation; or (iv) so requested by the Fund. In case of any requests or demands for inspection of the records of the Fund, Administrator will endeavor to promptly notify the Investment Adviser and Fund and to secure Instructions from an Authorized Person of the Fund as to such inspection (unless prohibited by law from making such notification). Records and information which have become known to the public (through no wrongful act of Administrator or any of its employees, agents, or representatives) and information which was already in the possession of Administrator prior to the Effective Date shall not be subject to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with Administrator's provision of the Services, the Fund may have access to and become acquainted with confidential and/or proprietary information of Administrator, including, but not limited to: (1) client identities and relationships, compilations of information, records, and specifications; (2) data or information that is competitively sensitive material and not generally known by the public; (3) concepts, documentation, reports, or data; (4) information regarding Administrator's information security program; and (5) anything designated as confidential (collectively, "<u>Administrator Confidential Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Fund, the Investment Adviser, nor any of their officers, employees, or agents (collectively, "<u>Fund Recipients</u>") shall disclose any Administrator Confidential Information (directly or indirectly) or use Administrator Confidential Information in any way (for the benefit of itself or others), either during the term of this Agreement or at any time thereafter, except as may be contemplated by this Agreement or as required in the course of performing its duties under this Agreement or when: (i) the Fund Recipients will be exposed to civil or criminal proceedings for failure to comply; (ii) requested to divulge such information by duly constituted authorities or court process; (iii) subject to governmental or regulatory audit or investigation; or (iv) so requested by the Administrator or any of its affiliates. The term "Administrator Confidential Information" does not include information that: (1) becomes or has been generally available to the public other than as a result of disclosure by a Fund Recipient; (2) was available to the Fund Recipients on a non-confidential basis prior to its disclosure by Administrator or any of its affiliates; or (3) was independently developed or becomes available to the Fund Recipients on a non-confidential basis from a source other than Administrator or any of its affiliates. The Fund represents and warrants that it shall take and maintain adequate physical, electronic, and procedural safeguards in connection with any use, storage, transmission, duplication, or other process involving or derived from Administrator Confidential Information (whether such storage, transmission, duplication, or other process is by physical or electronic medium, including use of the Internet).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The receiving party will immediately notify the disclosing party if the receiving party learns of any use of the confidential information by the receiving party's employees for purpose(s) other than identified above or that would otherwise violate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Section 5 will survive termination of this Agreement and will inure to the benefit of the Parties and their successors and assigns.

**6. <u>Limitation of Liability</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administrator shall exercise due care in good faith and in accordance with reasonable commercial standards in discharging its duties hereunder. Notwithstanding anything to the contrary in this Agreement, Administrator shall be liable to the Fund for all losses, damages, and reasonable costs and expenses suffered or incurred by the Fund resulting from the bad faith, gross negligence, fraud, reckless disregard in the performance of its duties and obligations hereunder, uncured material breach hereof, or willful misconduct of Administrator (the "<u>Standard of Care</u>"). Subject to the foregoing, Administrator shall not be liable for: (1) any action reasonably taken (or reasonably omitted to be taken) in accordance with or in good faith reliance upon Instructions, communications, data, documents, or information (without investigation or verification) received by Administrator from any Authorized Person; (2) any action taken or omission by the Fund, Investment Adviser, any Authorized Person, or any past or current service provider; or, (3) its reliance on the security valuations (without investigation or verification) provided by pricing service(s), Investment Adviser, or representatives of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, each Party will be excused from its obligation to perform any Service or obligation required of it hereunder for the duration that such performance is prevented by events beyond its reasonable control and shall not be liable for any default,

damage, loss of data or documents, errors, delay, or any other loss whatsoever caused thereby. However, each Party shall take all reasonable steps to minimize service interruptions for any period that such interruption continues beyond its reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event and under no circumstances shall the Indemnified Parties (as defined below) be liable to anyone (including, without limitation, the other Party) under any theory of tort, contract, strict liability, or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect, or consequential damages for any act (or failure to act) under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised of the possibility thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations of the Parties under Section 6 shall indefinitely survive the termination of this Agreement.

**7. <u>Indemnification</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall indemnify Administrator and its employees, agents, officers, directors, shareholders, affiliates, and nominees (collectively, "<u>Indemnified Parties</u>") from and against any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees, and other expenses of every nature and character ("<u>Losses</u>") which may be asserted against or incurred by any Indemnified Party or for which any Indemnified Party may be held liable (a "<u>Claim</u>"), arising out of or in any way relating to any of the following (except, in each case, to the extent a Claim resulted from Administrator's breach of the Standard of Care):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrator's provision of Services to the Fund pursuant to and consistent with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Administrator's good faith reliance on, implementation of, or use of Instructions, communications, data, documents, or information (without investigation or verification) received by Administrator from an Authorized Person or any service provider that the Fund has instructed Administrator they may rely upon (not including Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action taken (or omission by) the Fund, Investment Adviser, any Authorized Person, or any past or current service provider (not including Administrator);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Fund's refusal or failure to comply with the terms of this Agreement, any Claim that arises out of the Fund's gross negligence, misconduct, or breach of any representation or warranty of the Fund made herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) its reliance on the security valuations (without investigation or verification) provided by pricing service(s), Investment Adviser, or representatives of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after receipt by Administrator of notice of the commencement of an investigation, action, claim, or proceeding, Administrator shall (if a claim for indemnification in respect thereof is made under this Section) notify the Fund in writing of the commencement thereof (although the failure to do so shall not prevent recovery by Administrator or any Indemnified Party). The Fund shall be entitled to participate at its own expense in the defense (or to assume the defense, if it so elects) of any suit brought to enforce any such Loss.

If the Fund elects to assume the defense: (1) such defense shall be conducted by counsel chosen by the Fund and approved by Administrator (which approval shall not be unreasonably withheld); and (2) the indemnified defendant or defendants in such suit shall bear the fees and expenses of any additional counsel retained by them subsequent to the receipt of the Fund's election.

If: (1) the Fund does not elect to assume the defense of any such suit; (2) Administrator does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund; or (3) there is a conflict of interest between the Fund and Administrator or any Indemnified Party, the Fund will reimburse the Indemnified Party named as defendant in such suit for the reasonable legal fees and expenses of any counsel retained by such Indemnified Party.

The Fund's indemnification agreement contained in this Section 7 and the Fund's representations and warranties in this Agreement shall (1) remain operative and in full force and effect regardless of any investigation made by or on behalf of Administrator and each Indemnified Party and (2) survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the benefit of Administrator, each Indemnified Party, and their estates and successors. The Fund shall promptly notify Administrator of the commencement of any litigation or proceedings against the Fund or any of its officers or directors in connection with the issue and sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations of the Parties under this Section 7 shall indefinitely survive the termination of this Agreement.

**8. <u>Term</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective with respect to each Fund listed on Schedule A as of the Effective Date and, with respect to each Fund not party to this Agreement on the Effective Date, on the date on which such Fund is added to Schedule A of the Agreement by amendment. This Agreement shall continue in effect for a three-year (3) period beginning on the date of this Agreement and, with respect to each Fund not in existence on that date, on the date an amendment to Schedule A to this Agreement relating to that Fund is executed for such Fund (the "Initial Term"). Thereafter, if not terminated as provided herein, the Agreement shall continue automatically in effect for successive one-year (1) periods (each a "Renewal Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated by the Fund prior to the end of a Term, the Fund shall be obligated to pay Administrator the remaining balance of the fees payable to Administrator hereunder through the end of such Term as if the Agreement were not terminated early. Notwithstanding the foregoing, either Party may terminate this Agreement at the end of a Term (the "<u>Termination Date</u>") by giving the other Party a written notice not less than ninety (90) days prior to the end of such Term. Additionally, either Party may terminate this Agreement without penalty (e.g., the Fund shall not be obligated to pay Administrator the remaining balance of the fees payable to Administrator hereunder through the end of such Term): (i) immediately upon the material breach of the other Party of any term of this Agreement; (ii) upon liquidation or merger of the Fund (provided that any such merger does not, directly or indirectly, result in the "sale" of the Fund to a different investment adviser) with a written

notice provided to the Administrator not less than ninety (90) days' prior to such liquidation or merger; (iii) immediately in the event of the appointment of a conservator or receiver for the Administrator by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction; (iv) if Administrator has provided notice regarding the appointment of another party or parties to provide a material level of the core Services pursuant to Section 2(b) of this Agreement upon written notice provided to the Administrator not less than ninety (90) days' prior to such desired termination date and (v) if Administrator has assigned all its right, title, and interest in this Agreement to an affiliate, parent, subsidiary, or to the purchaser of substantially all of its business pursuant to Section 10(k), other than to any affiliate that is wholly controlling, controlled by, or under common control with Administrator, upon written notice provided to the Administrator not less than ninety (90) days' prior to such desired termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, upon the termination of the Agreement as provided herein or the liquidation, merger, or acquisition of the Fund, Administrator shall deliver the records of the Fund to the Fund or its successor service provider at the expense of the Fund and in a form that is consistent with Administrator's applicable license agreements. Thereafter, the Fund or its designee shall be solely responsible for preserving the records for the periods required by all applicable laws, rules, and regulations. The Fund shall be responsible for all expenses associated with the movement (or duplication) of records and materials and conversion thereof to a successor service provider (including all reasonable trailing expenses incurred by Administrator). In addition, in the event of termination of this Agreement (or the proposed liquidation, merger, or acquisition of the Fund) and Administrator's agreement to provide additional services in connection therewith, Administrator shall provide such Services and be entitled to such compensation as the Parties may mutually agree. Administrator shall not reduce the level of service provided to the Fund prior to termination following notice of termination by the Fund.

**9. <u>Power of Attorney</u>**. The Fund hereby grants to Administrator the limited power of attorney on behalf of the Fund to sign Blue Sky forms and related documents in connection with the performance of Services.

**10. <u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice required or permitted to be given by either Party to the other Party or Parties hereunder shall be in writing and deemed to have been given when received by the other Party. Such notices shall be sent to the addresses listed below (or to such other location as a Party may designate in writing):

---

| | |
|:---|:---|
| <u>If to Administrator</u>: | UMB Fund Services, Inc. |
|  | 235 West Galena Street |
|  | Milwaukee, Wisconsin 53212 |
|  | Attention: Legal Department |
| <u>If to the Fund</u>: | [Name of Fund] |
|  | 5050 S. Syracuse Street, Suite 1100 |
|  | Denver, Colorado 80237 |
|  | Attention: Legal Department |

---

If notice is sent by electronic delivery or facsimile, it shall be deemed to have been given immediately (contingent upon confirmed receipt by the intended recipient). If notice is sent by first-class mail, it shall be deemed to have been given five (5) days after it has been mailed. If notice is sent by messenger, it shall be deemed to have been given on the day it is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided to the contrary herein, this Agreement may not be amended or modified in any manner except by a written agreement executed by the Administrator and any Fund to be impacted by the amendment. For the avoidance of doubt, Schedule A may be amended to include any additional Fund and/or subsidiary upon agreement by the Administrator and the additional Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall be governed by Delaware law, excluding the laws on conflicts of laws. To the extent that applicable state laws or any of the provisions herein conflict with the applicable provisions of the 1940 Act, the latter shall control. Nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the Commission thereunder. Any provision of this Agreement which is determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the Parties shall negotiate in good faith to modify or substitute such provision in a manner consistent with the original intent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement but shall together constitute one and the same instrument. The facsimile signature of any Party shall constitute the valid and binding execution hereof by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The services of Administrator hereunder are not deemed to be exclusive. Administrator may render administration and fund accounting services and any other services to others, including other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The captions in the Agreement are included for convenience of reference only and do not define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement executed by the Fund and the obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of the Fund (and not binding upon any of the Fund's trustees, officers, or Shareholders individually). All obligations of the Fund hereunder shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement and the Schedules incorporated hereto constitute the full and complete understanding and agreement of the Parties and supersedes all prior negotiations, understandings, and agreements with respect to fund accounting and administration services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as specifically provided herein, this Agreement does not in any way affect any other agreements entered into among the Parties, and any actions taken or omitted by a Party shall not affect any rights or obligations of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Administrator shall retain all right, title, and interest in any and all computer programs, screen formats, report formats, procedures, data bases, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets, trademarks, and other related legal rights provided, developed, or utilized by Administrator in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) This Agreement shall extend to and shall be binding upon the Parties and their respective successors and assigns. This Agreement shall not be assignable by either Party without the written consent of the other Party, such consent not to be unreasonably withheld, **provided however that** Administrator may (in its sole discretion and upon advance written notice to the Fund) assign all its right, title, and interest in this Agreement to an affiliate, parent, subsidiary, or to the purchaser of substantially all of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The person signing below represents and warrants that he/she is duly authorized to execute this Agreement on behalf of the Fund.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer as of the Effective Date.

**Versus Capital Infrastructure Fund** 

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |
| Name: | Brian Peterson |
| Title: | CFO |

---

**Versus Capital Real Assets Fund LLC** 

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |
| Name: | Brian Peterson |
| Title: | CFO |

---

**Versus Capital Real Estate Fund LLC** 

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |
| Name: | Brian Peterson |
| Title: | CFO |

---

**UMB Fund Services, Inc.**

---

| | |
|:---|:---|
| By: | /s/ Maureen Quill |
| Name: | Maureen Quill |
| Title: | Executive Vice President |

---

**Schedule A**

**to the**

**Administration and Fund Accounting Agreement**

**by and between**

**the Versus Capital Funds**

**and**

**UMB Fund Services, Inc.**

---

| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>State and Form of Organization</u>** |
| **Versus Capital Infrastructure Income Fund** | Massachusetts business trust |
| **Versus Capital Real Assets Fund LLC** | Delaware limited liability company |
| **Versus Capital Real Estate Fund LLC** | Delaware limited liability company |

---

A copy of the Declaration of Trust of Versus Capital Infrastructure Income Fund, together with all amendments thereto, is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Fund by any officer or Trustee of the Fund as an officer or Trustee and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees of the Fund or shareholders of the Fund individually, but are binding only upon the assets and property of the Fund.

**Schedule B**

**to the**

**Administration and Fund Accounting Agreement**

**by and between**

**the Versus Capital Funds**

**and**

**UMB Fund Services, Inc.**

**<u>SERVICES</u>**

Subject to the oversight of, and utilizing information provided by each Fund, Investment Adviser, and each Fund's agents, Administrator will provide the following services:

**Fund Accounting**

&nbsp;&nbsp;&nbsp;&nbsp;1. Establish,
 maintain and review the administrative and procedural processes.

&nbsp;&nbsp;&nbsp;&nbsp;2. Establish,
 maintain and review the general ledgers.

&nbsp;&nbsp;&nbsp;&nbsp;3. Establish,
 maintain and review the investors' capital accounts and record all transactions including
 subscriptions and redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;4. Assess
 management and incentive fees, calculate net asset values and effect all appropriate allocations,
 including new issue carve-outs, in accordance with the Fund's operating documents as
 provided to the Administrator. Assess other applicable asset-based expenses such as UMB fees.

&nbsp;&nbsp;&nbsp;&nbsp;5. Coordinate,
 execute and give third-party approval for all cash movements in accordance with the Funds'
 offering documents. Reconcile cash transactions with the Fund's custodian on a daily
 basis and provide cash reconciliations monthly or upon request.

&nbsp;&nbsp;&nbsp;&nbsp;6. Load
 transactions in the portfolio accounting system. Maintain the security master files including
 monitoring and processing of corporate actions. Obtain market valuations from the appropriate
 pricing sources and value the investments in accordance with the Fund's operating documents.
 Reconcile positions and cash per the portfolio accounting system to the broker(s)/custodian(s)
 records. Provide reporting including performance and exposure reporting.

&nbsp;&nbsp;&nbsp;&nbsp;7. Obtain
 market valuations from the appropriate pricing sources and value the investments in accordance
 with the Fund's operating documents.

&nbsp;&nbsp;&nbsp;&nbsp;8. Receive
 and record all underlying investment transactions and reconcile to all bank accounts monthly.

&nbsp;&nbsp;&nbsp;&nbsp;9. Interface
 with the investment to determine and reconcile monthly valuations, long/short information.

&nbsp;&nbsp;&nbsp;&nbsp;10. Determine
 and periodically monitor the Fund's income and expense accruals.

&nbsp;&nbsp;&nbsp;&nbsp;11. Calculate
 Net Asset Value in the manner specified in the Fund's Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;12. Generate
 the financial reporting package as of each period-end including the Statements of Financial
 Position, Profit and Loss, Changes in Capital and Changes in Investor's Capital.

&nbsp;&nbsp;&nbsp;&nbsp;13. Provide
 additional reporting, as reasonably requested, such as to support the Investment Advisor's
 ongoing review and oversight of daily Net Asset Value Calculations.

**Regulatory Administration**

Subject to the direction of and utilizing information provided by the Fund, the Investment Adviser, and the Fund's agents, the Administrator will provide the services listed below. The Administrator's provision of these services shall not relieve the Fund and the Fund's Investment Adviser of their

primary day-to-day responsibility for assuring such compliance. The Administrator's ability to provide information regarding compliance with respect to applicable rules and regulations may be limited by the characteristics of the Fund's investments. The Administrator shall perform the following duties on behalf of the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;1. General
 Fund Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide
 appropriate personnel, office facilities, information technology, record keeping and other
 resources as necessary for the Administrator to perform its duties and responsibilities under
 this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Act
 as liaison among all Fund service providers.

&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinate
 Board activities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Develop
 with legal counsel and the secretary of the Fund an agenda and draft resolutions for each
 quarterly Board meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare
 Board reports based on financial and administrative data as requested by the Board. Coordinate
 the preparation of electronic board books for quarterly Board meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Attend
 quarterly Board meetings, either in person or telephonically, and prepare a first draft of
 the quarterly meeting minutes, as requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;3. Financial
 Reporting and Audits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare
 quarterly, semi-annual and annual schedules and financial statements including schedule of
 investments and the related statements of operations, assets and liabilities, changes in
 net assets and cash flow (if required), and financial highlights to each financial statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Draft
 footnotes to financial statements for approval by the Funds' officers and independent
 accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assisting
 the Fund in preparing and filing reports that need to be filed in XBRL format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide
 facilities, information and personnel as necessary to accommodate annual audits with the
 Funds' independent accountants or examinations by the SEC or other regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;4. Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. On
 a daily basis, check the Fund's compliance with the policies and limitations of the
 Fund relating to the portfolio investments as set forth in the Fund's Offering Memorandum
 and Statement of Additional Information (but these functions shall not relieve the Fund's
 Portfolio Managers, if any, of their primary day-to-day responsibility for assuring such
 compliance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Monitor
 Fund activity for compliance with subchapter M under the Internal Revenue Code (but these
 functions shall not relieve the Fund's Portfolio Managers, if any, of their primary
 day-to-day responsibility for assuring such compliance). Compliance testing is dependent
 on receiving necessary information from any underlying investment.

&nbsp;&nbsp;&nbsp;&nbsp;5. Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare
 annual Fund-level and class-level budgets and update on a periodic basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate
 the payment of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Establish
 accruals and provide to the Funds' Fund Accountant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide
 expense summary reporting as reasonably requested by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;6. Filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide
 the following for Form N-1A or Form N-2 filings and required updates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Preparation
 of expense table;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Performance
 information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Preparation
 of shareholder expense transaction and annual fund operating expense examples; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Investment
 Advisor and trustee fee data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject
 to having received all relevant information from the Fund and upon the advice and direction
 of Fund counsel, prepare Form N-PX and provide to Fund officers for its review; upon the
 advice and direction of Fund officers, file Form N-PX with the Commission as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Assist
 in compiling exhibits and disclosures for Form N-CEN and Form N-CSR and file when approved
 by the principal officers of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subject
 to having received all relevant information regarding holdings, risk metrics, and liquidity
 buckets, compile data and prepare, maintain, and file timely N-PORT reports with the SEC;
 each Fund hereby agrees as follows with respect to the data provided by Administrator's
 data provider in connection with Form N-PORT ("Data"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To
 comply with all laws, rules and regulations applicable to accessing and using Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To
 not extract the Data from the view-only portal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To
 not use the Data for any purpose independent of the Form N-PORT (use in risk reporting or
 other systems or processes);

&nbsp;&nbsp;&nbsp;&nbsp;&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. To
 permit audits of the use of the Data by Administrator's data provider, its affiliates,
 or at your request, a mutually agreed upon third-party auditor; 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;5. To
 exculpate Administrator's data provider, its affiliates and their respective suppliers
 from any liability or responsibility of any kind relating to your receipt or use of the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Compile
 data, prepare timely notices and file with SEC pursuant to Rule 24f-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare
 and file Exhibit Part F of Form N-PORT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. File
 Rule 17g-1 fidelity bond with the Commission when received from the Funds or broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Prepare
 and file periodic tender offers/repurchases and associated notices of tender offers/repurchases
 with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;7. Other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Calculate
 dividend and capital gain distributions, subject to review and approval by the Funds'
 officers and independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate
 standard performance, as defined by Rule 482 of the 1933 Act, as requested by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Supply
 various normal and customary portfolio and Fund statistical data, such as Fund yields, weighted
 average maturities and portfolio turnover rates, as requested on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Report
 daily Fund NAVs, performance and other portfolio information to outside reporting agencies
 as directed by the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist
 in securing and monitoring the directors and officers' liability coverage and fidelity
 bond for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Provide
 periodic updates on recent accounting, tax and regulatory events affecting the Funds and/or
 Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Assist
 the Funds during SEC audits, including providing applicable documents from the SEC's
 document request list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Maintain
 a regulatory compliance calendar (initially provided by the Fund's CCO) listing various
 Board approval and SEC filing dates.

*Additional Regulatory Administration services available but not included in the above are (specific charges to be agreed to by the parties):*

&nbsp;&nbsp;&nbsp;&nbsp;1. For
 money market funds, prepare for review an initial draft of Form N-MFP based on information
 contained in the accounting records and such additional information that may be needed from
 the Investment Adviser or other service providers. Upon review and acceptance by the Investment
 Adviser, file the EDGARized form with the SEC by the established deadlines.

&nbsp;&nbsp;&nbsp;&nbsp;2. Electronic
 board book portal.

&nbsp;&nbsp;&nbsp;&nbsp;3. Multi-manager
 reporting.

&nbsp;&nbsp;&nbsp;&nbsp;4. Update
 annual amendments to the Funds' registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;5. Coordinate
 filing of Form 485a/485b and XBRL as agreed to with the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare
 draft minutes for additional Board meetings (beyond standard quarterly Board meetings).

&nbsp;&nbsp;&nbsp;&nbsp;7. Other
 special projects as agreed to by the parties.

**Tax Preparation, Compliance, and Reporting – 1099**

&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare
 income tax and excise tax provisions. Calculate required income and excise dividend and capital
 gains distribution amounts subject to review and approval by the Fund's officers and
 their independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;2. Include
 the appropriate tax adjustment for wash sales in income tax and excise tax provisions and
 tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;3. Include
 the appropriate tax adjustments for Passive Foreign Investment Company (PFIC) holdings, identified
 by third-party services or provided by the Investment Adviser, in tax work schedules. Assist
 the Investment Adviser in determining either the marked-to-market or Qualified Electing Fund
 (QEF) election. If the QEF election is chosen, the Investment Adviser will work with the
 underlying PFIC to procure and provide the required QEF Statement to the Fund, as well as
 an estimate for the excise tax calculation and the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare
 for review by the Fund's independent accountants the financial statement book/tax differences
 (e.g., capital accounts) and footnote disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;5. Assist
 the Funds in monitoring and maintaining documentation associated with ASC 740-10 (Financial
 Interpretation Number 48 Accounting for Uncertainty in Income Taxes). Prepare FIN 48 documentation
 for review and approval by the Fund's Officers.

&nbsp;&nbsp;&nbsp;&nbsp;6. Assist
 the Fund's independent accountants in the preparation and filing, for execution by
 the Fund's officers, of all federal income and excise tax returns and the Fund's
 State of Organization's income tax returns (and such other required tax filings as
 may be agreed to by the parties) other than those required to be made by the Fund's
 custodian or Transfer Agent, subject to review, approval and signature by the Fund's
 officers and the Fund's independent accountants.

&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare
 analysis in determining qualified dividend income amounts for notification to shareholders
 and prepare ICI Primary and Secondary Layouts for annual shareholder tax reporting.

&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare
 forms 1099-MISC Miscellaneous Income for board members and other required Fund vendors.

**Blue Sky State Filings**

Prepare and file state securities qualification/notice compliance filings, with the advice of the Fund's legal counsel, upon and in accordance with instructions from the Fund, which instructions will include the states to qualify in, the amounts of shares to initially and subsequently qualify and the warning threshold to be maintained; promptly prepare an amendment to a Fund's notice permit to increase the offering amount as necessary.

**Schedule C**

**to the**

**Administration and Fund Accounting Agreement**

**by and between**

**the Versus Capital Funds**

**and**

**UMB Fund Services, Inc.**

**<u>FEES</u>**

**Fund Accounting, Fund Administration, Tax**

**Annual Asset-Based Fee (Versus Fund Complex) \***

---

| | | |
|:---|:---|:---|
| ☐ | First $2 billion in assets | 3.5 basis points, plus |
| ☐ | Next $2 billion in assets | 2.5 basis points, plus |
| ☐ | Next $1 billion in assets | 2 basis points, plus |
| ☐ | Assets over $5 billion | 1.5 basis points |

---

---

| | |
|:---|:---|
| *Subject to a minimum annual fee for the Versus Fund Complex* | *$190000* |

---

 

■ Multi-Manager
 Fee (per fund, per manager) $15,000

■ Acquired
 Fund Fee & Expenses (AFFE) – per underlying fund holding $50

*\*Fund Accounting and Administration fees are determined based on the aggregated net assets for all registered investment companies subject to this Agreement as set forth on Schedule A. The amount paid by each fund is based on its pro-rata share of assets under management.*

**Multi-Class Fee** (all fund types)

---

| | |
|:---|:---|
| For each class after the first, per month | $1000 |

---

**N-PORT and N-CEN Service Fees**

■ Annual
 fee per fund $15,000

■ Annual
 data feeds from third party – out-of-pocket estimates <sup>1</sup>

---

| | |
|:---|:---|
| ☐ | $1400 |
| ☐ Risk data (if applicable) <sup>2,3</sup> | $1400 |

---

<sup>1</sup> Per-service fees are subject to increase by vendor. Such increases will be applied when effective.

<sup>2</sup> Applies to funds with derivatives or at least 25% of net asset value in debt instruments.

<sup>3</sup> Fee does not apply if advisor chooses not to use the third-party vendor to provide the data; however, advisor must provide fund holdings data in UMB's required format by the 7th business day of each month.

**Daily Compliance Services**

■ Annual
 fee per fund, including investment sleeves $20,000

**Blue Sky**

---

| | |
|:---|:---|
| Per state filing | $150 |

---

**Programming and Special Project Fees**

Additional fees at $175 per hour, or as quoted by project, may apply for special programming or projects to meet your servicing requirements or to create custom reports or data extracts.

**Out-of-Pocket Expenses**

Out-of-pocket expenses include but are not limited to normal recurring expenses such as pricing services; security master set-up services; corporate action services; factor services; EDGAR filing fees; design, typesetting and printing of shareholder reports and prospectuses; customized reporting; third-party data provider/research services costs (including but not limited to Gainskeeper, E&Y PFIC Analyzer, Bloomberg, GICS, MSCI, CUSIP, SEDOL); assistance in preparation of responses to IRS correspondence; statement paper; tax forms; envelopes; postage; express delivery charges; courier services; telephone charges; printing of reports; photocopying; binders; dividers; stationery; record retention/storage/retrieval; travel on behalf and request of the fund; bank account service fees and any other bank charges; DTCC/NSCC participant billing; customer identity check fees; and expenses, including but not limited to attorney's fees, incurred in connection with responding to and complying with SEC or other regulatory investigations, inquiries or subpoenas, excluding routine examinations of UMB in its capacity as a service provider to the funds. Customized reports or excessive reporting requests may be charged in accordance with the current pricing schedule.

Complex tax vehicles such as MLPs, straddles, or other unique structures may require additional charges for review or systems.

All fees, other than basis point fees, are subject to an annual escalation equal to the increase in the Consumer Price Index–Urban Wage Earners (CPI). Such escalations shall be effective commencing one year from the effective date of each Fund and the corresponding date each year thereafter. No amendment of this fee schedule shall be required with each escalation. CPI will be determined by reference to the Consumer Price Index News Release issued by the Bureau of Labor Statistics, U.S. Department of Labor.

Fees for services not contemplated by this schedule will be negotiated on a case-by-case basis.

## Ex-99.K(12)

**Exhibit k(12)**

**TRANSFER AGENCY AGREEMENT**

This transfer agency agreement (this "<u>Agreement</u>"), effective as of March 14, 2025 (the "<u>Effective Date</u>"), is made by **UMB Fund Services, Inc.** ("<u>Transfer Agent</u>") and each of the investment companies listed on Schedule A hereto, as such schedule may be amended from time to time (each investment company referred to herein as the "Fund" and collectively the "Funds"). Although the Transfer Agent and each Fund have executed this Agreement in the form of a master agreement for administrative convenience, this Agreement shall create a separate Agreement for each Fund as though the Transfer Agent had executed a separate agreement with each Fund, with all rights and obligations of a Fund hereunder separate and not joint. The Transfer Agent, together with the Funds, shall be referred to herein as the "<u>Parties</u>".

**WHEREAS**, the Fund is a closed-end interval fund registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") and authorized to issue shares of beneficial interest (or classes thereof) ("<u>Shares</u>").

**WHEREAS**, the Parties desire to enter into an agreement pursuant to which Transfer Agent shall provide the transfer agency and dividend disbursement services described on Schedule B ("<u>Services</u>") to the Fund.

**NOW, THEREFORE**, in consideration of the mutual promises and agreements contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

**1. <u>Definitions</u>**. In addition to any terms defined in the body of this Agreement, the following capitalized terms shall have the meanings set forth hereinafter whenever they appear in this Agreement:

**"<u>1933 Act</u>"** shall mean the Securities Act of 1933, as amended.

***"*<u>1934 Act</u>"** shall mean the Securities Exchange Act of 1934, as amended.

**"<u>Authorized Person</u>"** shall mean any individual who is authorized to provide Transfer Agent with Instructions on behalf of the Fund, whose name shall be certified to Transfer Agent pursuant to this Agreement. Any officer of the Fund shall be considered an Authorized Person (unless such authority is limited in a writing from the Fund and received by Transfer Agent) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Transfer Agent the names of the Authorized Persons.

**"<u>Board</u>"** shall mean the Board of Directors or Board of Trustees of the Fund, as applicable.

**"<u>Business Day</u>"** shall mean each day on which the New York Stock Exchange, Inc. is open for trading.

**"<u>Commission</u>"** shall mean the U.S. Securities and Exchange Commission.

**"<u>Custodian</u>"** shall mean the financial institution appointed as custodian under the terms and conditions of a custody agreement between the financial institution and the Fund (or its successor).

**"<u>Investment Adviser</u>"** shall mean the investment adviser or investment advisers to the Fund and includes all sub-advisers to the Fund.

**"<u>Instructions</u>"** shall mean an oral communication from an Authorized Person or a written communication signed by an Authorized Person and actually received by Transfer Agent. Instructions shall include manually executed originals, telefacsimile transmissions of manually executed originals, or electronic communications. An Authorized Person may confirm an oral Instruction in writing and, in such cases, the written Instruction shall control; provided, however, that in no event shall Transfer Agent be liable for following an oral Instruction prior to receipt of a contrary written Instruction.

"**<u>Organizational Documents"</u>** shall mean the Fund's Limited Liability Company Agreement, Agreement and Declaration of Trust, or other similar operational document of the Fund, including any amendments made thereto.

**"<u>Prospectus</u>"** shall mean the then-current prospectus and statement of additional information with respect to a Fund (including any applicable amendments and supplements thereto) received by Transfer Agent from the Fund. Following written notice to the Transfer Agent from the Fund, the Transfer Agent shall be deemed to have received any prospectus or statement of additional information filed with the Commission and publicly available on the Commission's EDGAR filing system.

**"<u>Registration Statement</u>"** shall mean the then-current registration statement on Form N-2 filed with the Commission with respect to any of the Shares and any amendments and supplements thereto which have been filed with the Commission.

**"<u>Resolution</u>"** shall mean any resolution passed by the Board.

"**<u>Shareholder</u>"** shall mean a record owner of Shares.

**2. <u>Appointment and Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby (1) appoints Transfer Agent as transfer agent and dividend disbursing agent of all Shares and (2) authorizes Transfer Agent to provide Services during the term hereof and on the terms set forth herein. Subject to the oversight of the Board and utilizing information provided by the Fund and its current and prior agents and service providers, Transfer Agent will provide the Services in accordance with the terms of this Agreement. Notwithstanding anything herein to the contrary, Transfer Agent shall not be required to provide any Services or information that it believes (in its sole discretion) to represent dishonest, unethical, or illegal activity. In no event shall Transfer Agent provide any investment advice or recommendations to any party in connection with its Services hereunder. In connection with providing the Services for the Fund, the Fund hereby authorizes Transfer Agent, acting as agent for the Fund to: (1) establish in the name of (and to maintain on behalf of) the Fund, on the usual terms and conditions prevalent in the industry, one or more deposit accounts at a nationally or regionally known banking institution (a "<u>Bank</u>") into which Transfer Agent shall deposit the Fund's funds that Transfer Agent receives for payment of dividends, distributions, purchases of Fund interests, redemptions of Fund interests, commissions, corporate re-organizations (including recapitalizations or liquidations), or any other disbursements made by Transfer Agent on behalf of the Fund; (2) move money to either the Fund or Custodian cash positions per securityholder instructions; (3) draw checks upon such accounts; (4) issue orders or instructions to the Bank for the payment out of such accounts as necessary or appropriate to accomplish the purposes of providing the Services; and (5) any other banking relationships,

arrangements, and agreements with such Bank as are necessary or appropriate to fulfill Transfer Agent's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transfer Agent may from time to time (in its reasonable discretion) appoint one or more other parties to carry out some or all of its duties under this Agreement, **provided that** (i) Transfer Agent shall not appoint any such other party or parties to provide a material level of the core Services without prior notice to the Fund and (ii) Transfer Agent shall remain responsible to the Fund for all such delegated responsibilities in accordance with the terms and conditions of this Agreement, in the same manner and to the same extent as if Transfer Agent were itself providing such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Transfer Agent's duties shall be confined to those expressly set forth herein, and no implied duties are assumed by or may be asserted against Transfer Agent hereunder. The Services do not include correcting, verifying, or addressing any prior actions or inactions of the Fund or by any other current or prior agent or service provider. To the extent Transfer Agent agrees to take such actions, those actions taken shall be deemed part of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Transfer Agent shall not be responsible for the payment of any original issue or other taxes required to be paid by the Fund in connection with the issuance of any Shares in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Processing and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transfer Agent agrees to accept purchase orders and repurchase requests with respect to the Shares of the Fund via postal mail, telephone, electronic delivery, or personal delivery on each Business Day in accordance with the Fund's Prospectus; **provided, however, that** Transfer Agent shall only accept purchase orders from jurisdictions in which the Shares are qualified for sale, as indicated from time to time by the Fund or pursuant to an Instruction. Transfer Agent shall, as of the time at which the net asset value ("<u>NAV</u>") of the Fund is computed on each Business Day, issue to the accounts specified in a purchase order in proper form and accepted by the Fund the appropriate number of full and fractional Shares based on the NAV per Share of the Fund specified in a communication received on such Business Day from or on behalf of the Fund. Transfer Agent shall redeem from accounts any Shares tendered for repurchase in accordance with procedures stated in the Fund's Prospectus or pursuant to an Instruction. Transfer Agent shall not be required to issue any Shares after it has received from an Authorized Person (or from an appropriate federal or state authority) written notification that the sale of Shares has been suspended or discontinued (and Transfer Agent shall be entitled to rely upon such written notification). Payment for Shares shall be in the form of a check, wire transfer, Automated Clearing House transfer, or such other methods to which the Parties agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Upon receipt of a repurchase request and monies paid to it by the Custodian in connection with a repurchase of Shares, Transfer Agent shall (A) cancel the repurchased Shares and (B) after making appropriate deduction for any withholding of taxes required of it by applicable federal law, make payment in accordance with the Fund's repurchase and payment procedures described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as otherwise provided in this paragraph, Transfer Agent will exchange, transfer, or repurchase Shares upon presentation to Transfer Agent of properly endorsed instructions and such documents as Transfer Agent deems necessary to evidence the authority of the person requesting such exchange, transfer, or repurchase. Transfer Agent reserves the right to refuse to exchange, transfer,

or repurchase Shares until it is satisfied that (1) the endorsement or instructions are valid and genuine (for that purpose, it will require, unless otherwise instructed by an Authorized Person or except as otherwise provided in this paragraph, a Medallion signature guarantee by an "Eligible Guarantor Institution" as that term is defined by Commission in Rule 17Ad-15) and (2) the requested exchange, transfer, or repurchase is legally authorized, and it shall incur no liability for a good faith refusal to make exchanges, transfers, or repurchases which the Transfer Agent (in its judgment) deems improper or unauthorized, or until it is satisfied that there is no reasonable basis to any claims adverse to such exchange, transfer, or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding any provision contained in this Agreement to the contrary, Transfer Agent shall (1) not be required or expected to require, as a condition to any exchange, transfer, or repurchase of any Shares pursuant to an electronic data transmission, any documents to evidence the authority of the person requesting the exchange, transfer, or repurchase (and/or the payment of any stock transfer taxes) and (2) be fully protected in acting in accordance with the applicable provisions of this Section 3(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In connection with each purchase and each repurchase of Shares, Transfer Agent shall send such statements as are prescribed by the federal securities laws applicable to transfer agents or as described in the Prospectus. It is understood that certificates for Shares have not been and will not be offered by the Fund or made available to Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Parties shall establish procedures for effecting purchase, repurchase, exchange, or transfer transactions accepted from Shareholders by telephone or other methods consistent with the terms of the Prospectus. Transfer Agent may establish such additional procedures, rules, and requirements governing the purchase, repurchase, exchange, or transfer of Shares as it may deem advisable and consistent with the Prospectus and industry practice. Transfer Agent shall not be liable (and shall be held harmless by the Fund) for its actions or omissions which are consistent with the foregoing procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Dividends and Distributions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In its role as the Fund's transfer agent, the Transfer Agent agrees to serve as the recordkeeper for reinvestments of the Fund's distributions as described in the Fund's Registration Statement and the Transfer Agent shall provide services in respect of the distribution reinvestment plan as set forth on Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) When a dividend or distribution has been declared, the Fund shall give or cause to be given to Transfer Agent: (a) an Instruction that sets forth the date of the declaration of a dividend or distribution, the date of accrual or payment, as the case may be, thereof, the record date as of which Shareholders entitled to payment or accrual, as the case may be, shall be determined, the amount per Share of such dividend or distribution, the payment date on which all previously accrued and unpaid dividends are to be paid, and the total amount, if any, payable to Transfer Agent on such payment date; and (b) a copy of a Resolution that ratifies the dividend and distribution when such Resolution is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In connection with a reinvestment of a dividend or distribution of Shares of the Fund, Transfer Agent shall (as of each Business Day as specified in a Certificate or Resolution), issue Shares of the Fund based on the NAV per Share of the Fund specified in a communication received from or on behalf of the Fund on such Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the case of a cash dividend or distribution, the Fund shall cause the Custodian to deposit an amount of cash (sufficient for Transfer Agent to make the payment to the Shareholders who were of record on the record date) in an account in the name of Transfer Agent on behalf of a Fund, as of the mail date specified in such Certificate or Resolution. Upon receipt of any such cash, Transfer Agent will make payment of such cash dividends or distributions to the Shareholders as of the record date. Absent Transfer Agent's breach of the Standard of Care (as defined below), Transfer Agent shall not be liable for any improper payments made in accordance with a Certificate or Resolution. If Transfer Agent does not receive from the Custodian sufficient cash to make payments of any cash dividend or distribution to all Shareholders of the Fund as of the record date, Transfer Agent shall notify the Fund (which shall occur as soon as reasonably practicable) and withhold payment to such Shareholders until sufficient cash is provided to Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Transfer Agent (in its capacity as transfer agent and dividend disbursing agent) shall not be responsible for the determination of the rate or form of dividends or capital gain distributions due to the Shareholders pursuant to the terms of this Agreement. Transfer Agent shall file with the Internal Revenue Service and Shareholders such appropriate federal tax forms concerning the payment of dividend and capital gain distributions but shall not be responsible for the collection or withholding of taxes due on such dividends or distributions due to shareholders (except and only to the extent required by applicable federal law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **Records**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transfer Agent shall keep those records specified in Schedule D in the form and manner and for such period as it may deem advisable (but not inconsistent with the rules and regulations of appropriate government authorities, in particular Rules 31a-2 and 31a-3 under the 1940 Act). Transfer Agent shall destroy records only at the direction of the Fund, and any such destruction shall comply with the provisions of Section 248.30(b) of Regulation S-P (17 CFR 248.1-248.30). At Transfer Agent's discretion, it may deliver to the Fund (for safekeeping or disposition by Transfer Agent in accordance with law) such records, papers, and documents accumulated in the execution of its duties as transfer agent, other than those which Transfer Agent is itself required to maintain pursuant to applicable laws and regulations. The Fund shall assume all responsibility for any failure thereafter to produce any record, paper, or other document so returned, if and when required. To the extent required by Section 31 of the 1940 Act and the rules and regulations thereunder, the records specified in Schedule D maintained by Transfer Agent (which have not been previously delivered to the Fund pursuant to the foregoing provisions of this paragraph) shall be considered to be the property of the Fund and made available upon request for inspection by the trustees, officers, employees, and auditors of the Fund. Notwithstanding anything contained herein to the contrary, Transfer Agent shall be permitted to maintain copies of any such records, papers, and documents to the extent necessary to comply with the recordkeeping requirements of any applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Anti-Money Laundering ("<u>AML</u>") and Anti-Identity Theft Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Background</u> In order to assist its transfer agency clients with their AML responsibilities under the USA PATRIOT Act of 2001, the Bank Secrecy Act of 1970, the customer identification program rules jointly adopted by the Commission and the U.S. Treasury Department, and other applicable regulations adopted thereunder (the "<u>AML Laws</u>"), Transfer Agent offers various tools designed to: (a) aid in the detection and reporting of potential money laundering activity by monitoring certain aspects of Shareholder activity; and (b) assist in the verification of persons opening accounts, and

(if required) their beneficial owners, with the Fund and determine whether such persons appear on any list of known or suspected terrorists or terrorist organizations ("<u>AML Monitoring Activities</u>"). In connection with the AML Monitoring Activities, Transfer Agent may encounter Shareholder activity that would require it to file a Suspicious Activity Report ("<u>SAR</u>") with the Department of the Treasury's Financial Crimes Enforcement Network ("<u>FinCEN</u>"), as required by 31 CFR 103.15(a)(2) ("<u>Suspicious Activity</u>"). The Fund hereby agrees to make use of procedures and tools offered by Transfer Agent to comply with its AML and customer identification program obligations under the AML Laws (the "<u>AML Procedures</u>") and desires to implement the AML Procedures as part of its overall AML program. Subject to the terms of the AML Laws, the Fund delegates the day-to-day operation of the AML Procedures to Transfer Agent.

In addition to the AML Procedures, Transfer Agent has developed and implemented, and will maintain, a written identity theft prevention program that is designed to detect, prevent, and mitigate identity theft in compliance with the Identity Theft Red Flags Rule (17 CFR 248.201) (the "<u>Red Flags Rule</u>"). Transfer Agent offers the Fund various procedures and tools under its identity theft prevention program to the Fund, such procedures and tools sufficient for the Fund's compliance with its obligations under the Red Flags Rule (17 CFR 248.201) (the "Red Flags Procedures"). The Fund has, after review, selected the Red Flags Procedures offered by Transfer Agent. Transfer Agent agrees to comply with the Red Flags Procedures during the term of this Agreement with respect to each Fund's shareholder accounts and records that are maintained by Transfer Agent. Transfer Agent agrees to report any detected violations of the Red Flags Procedures, including any incidents of attempted or suspected identity theft that are detected by Transfer Agent, promptly (i) to the Fund in accordance with agreed upon procedures and (ii) to FinCEN to the extent a SAR filing is required. Transfer Agent shall handle such SAR filing in accordance with Section 2(i)(iii) of this Agreement. Subject to the terms of the Red Flags Rule, the Fund delegates the day-to-day operation of the Red Flags Procedures to Transfer Agent.

The Parties understand and agree that, notwithstanding the ability of the Fund to delegate the maintenance of the AML and Red Flags Procedures to the Transfer Agent, the Fund shall be ultimately responsible for ensuring that the Fund is compliant with its own AML and Red Flags obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Delegation</u>. The Fund acknowledges that it has had an opportunity to review, consider, and select the AML Procedures, and the Fund has determined that the AML Procedures (as part of the Fund's overall AML program) are reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with the applicable provisions of the AML Laws. Based on this determination, the Fund hereby instructs and directs Transfer Agent to implement the AML Procedures (as such may be amended or revised from time to time) on its behalf. The customer identification verification component of the AML Procedures applies only to Shareholders who are residents of the United States. The Fund hereby also delegates to Transfer Agent the authority to report Suspicious Activity to FinCEN.

The Fund acknowledges that it has had an opportunity to review, consider, and select the Red Flags Procedures, and the Fund has determined that the Red Flags Procedures are reasonably designed to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or any existing covered account and to achieve compliance with the applicable provisions of the Red Flags Rule. Based on this determination, the Fund hereby instructs and directs Transfer Agent to implement the Red Flag Procedures (as such may be amended or revised from time to time) on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>SAR Filing Procedures</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If Transfer Agent observes any Suspicious Activity, it shall prepare and send a draft SAR to the Fund's Chief Compliance Officer or AML officer for review. Transfer Agent shall complete each SAR in accordance with the procedures set forth in 31 CFR §103.15(a)(3), with the intent to satisfy the reporting obligation of both Parties. Accordingly, the SAR shall include the name of both Parties and the words "joint filing" in the narrative section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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's Chief Compliance Officer or AML officer shall review the SAR and provide comments (if any) to Transfer Agent within a time frame sufficient to permit Transfer Agent to file the SAR in accordance with the deadline set forth in 31 CFR §103.15(b)(3). Transfer Agent will provide reasonable notice to the Fund's Chief Compliance Officer or AML officer regarding any such SAR filing and time to review the same. Upon receipt of final approval from the Fund's Chief Compliance Officer or AML officer, Transfer Agent (or its affiliate) shall file the SAR in accordance with the procedures set forth in 31 CFR §103.15(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Transfer Agent shall provide a copy of each SAR filed (with supporting documentation) to the Fund. In addition, Transfer Agent shall maintain a copy of the same for a period of at least 5 years from the date of the SAR filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Nothing in this Agreement shall prevent either Party from making a determination that it has an obligation under the USA PATRIOT Act of 2001 to file a SAR relating to any Suspicious Activity and from making such filing independent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Amendment to Procedures</u>. It is contemplated that the Parties will amend the AML Procedures as additional regulations are adopted and/or regulatory guidance is provided relating to the Fund's AML responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Reporting</u>. Transfer Agent shall provide to the Fund: (i) prompt notification of any transaction or combination of transactions that Transfer Agent believes (based on the AML Procedures) evidence potential money laundering activity in connection with the Fund or any Shareholder; (ii) prompt notification of any true and complete match of a Shareholder to the names included on the Office of Foreign Asset Controls list or any Section 314(a) search list; (iii) any reports received by Transfer Agent from any government agency or applicable industry self-regulatory organization pertaining to the AML Monitoring Activities; (iv) prompt notification of any action taken in response to AML violations as described above; and, (v) quarterly reports of its monitoring and verification activities on behalf of the Fund. Transfer Agent shall provide such other reports on the verification activities conducted at the direction of the Fund as may be agreed to by Transfer Agent and the Fund's AML officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Inspection</u>. Transfer Agent shall: (1) permit federal regulators access to such information and records maintained by Transfer Agent and relating to Transfer Agent's implementation of the AML Procedures on behalf of the Fund as they may request; and, (2) permit such federal regulators to inspect Transfer Agent's implementation of the AML Procedures on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Disclosure Obligations Regarding SARs</u>. Neither Party shall disclose any SAR filed or the information included in a SAR to any third party other than its affiliates on a need to know basis and in accordance with applicable law, rule, regulation, and interpretation that would disclose that a SAR has been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Certification</u>. Upon request, Transfer Agent will certify annually to the Fund that it continues to (i) maintain the AML Procedures and continues to perform the AML Monitoring Activities; and (ii) maintain and perform the Red Flags Procedures.

**3. <u>Representations and Deliveries</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or prior to the Effective Date of this Agreement, the Fund shall deliver or cause the following documents to be delivered to Transfer Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a copy of the Fund's Organizational Documents and all amendments thereto, certified by an Authorized Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) copies of the Fund's Registration Statement, as of the Effective Date, together with any exemptive orders obtained by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a certificate signed by the President and Secretary of the Fund specifying (A) the number of authorized Shares and the number of such authorized Shares issued and currently outstanding (if any); (B) the validity of the authorized and outstanding Shares and whether such Shares are fully paid and non-assessable; and (C) the status of the Shares under the 1933 Act and any other applicable federal law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a certified copy of the Resolutions appointing Transfer Agent and authorizing the execution of this Agreement on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a certificate containing the names of the initial Authorized Persons in a form acceptable to Transfer Agent. Any officer of the Fund shall be considered an Authorized Person (unless such authority is limited in a writing from the Fund and received by Transfer Agent) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Transfer Agent the names of the Authorized Persons from time to time. The certificate required by this paragraph shall be signed by an officer of the Fund and designate the names of the Fund's initial Authorized Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) prior written notice of any decrease in the total number of Shares authorized to be issued, or the issuance of any additional Shares pursuant to stock dividends, stock splits, recapitalizations, capital adjustments, or similar transactions, and to deliver to Transfer Agent such documents, certificates, reports, and legal opinions as it may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) all other documents, records, and information that Transfer Agent may reasonably request in order for Transfer Agent to perform the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a certificate as of the Effective Date, certifying that, to the knowledge of the Fund: (1) the Fund and all Shareholder accounts are in balance and all accounts reconciled and current as of the Effective Date; (2) there are no outstanding issues relating to transfer agent activities and Shareholder and Fund recordkeeping (including those related to Shareholder accounts and transaction activity); and, (3) there are no existing or potential claims, litigation, or demands by Shareholders or others relating to the Fund or its officers or Trustees, except as disclosed in writing and dated as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund represents and warrants to Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) it is duly organized and existing under the laws of its state of formation, as set forth on Schedule A; it is empowered under applicable laws and by its Organizational Documents to enter into and perform this Agreement; and all requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any officer of the Fund has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Transfer Agent the names of such Authorized Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) it is duly registered as a closed-end investment company under 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;(4) a Registration Statement under the 1933 Act was effective before the Fund publicly offered its Shares (and will remain effective during such period as the Fund is publicly offering Shares for sale), and appropriate state securities laws filings have been made before Shares were issued in any jurisdiction (and such filings will continue to be made with respect to Shares being offered for sale);

&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) all outstanding Shares are validly issued, fully paid, and non-assessable (and when Shares are hereafter issued in accordance with the terms of the Fund's Organizational Documents and Prospectus, such Shares shall be validly issued, fully paid, and non-assessable); 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;(6) it is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and no provision of its Organizational Documents, or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the term of this Agreement, the Fund shall have the ongoing obligation to provide Transfer Agent with a copy of the Prospectus as soon as it becomes effective. For purposes of this Agreement, Transfer Agent shall be deemed to have received any Prospectus filed with the Commission and publicly available on the Commission's EDGAR filing system written notice to the Transfer Agent from the Fund of such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board and the Investment Adviser have and retain primary responsibility for all compliance matters relating to the Fund (including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, as amended, the USA PATRIOT Act of 2001, the Sarbanes-Oxley Act of 2002, and the policies and limitations of the Fund as set forth in the Prospectus). The Services do not relieve the Board or the Investment Adviser of their primary day-to-day responsibility for assuring such compliance. Notwithstanding the foregoing, Transfer Agent will: (1) be responsible for its own compliance with such statutes insofar as such statutes are applicable to the Services; (2) promptly notify the Fund if it becomes aware of any material non-compliance which relates to the Fund; and (3) provide the Fund with quarterly and annual certifications (on a calendar basis) with respect to the design and operational effectiveness of its compliance and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall take (or cause to be taken) all requisite steps to qualify the Shares for sale in all states in which the Shares shall be offered for sale and require qualification. If the Fund receives notice of any stop order or other proceeding in any such state (or under the federal securities laws)

affecting such qualification or the sale of Shares, the Fund will give prompt notice thereof to Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall (1) advise Transfer Agent in writing at least thirty (30) days prior to affecting any change in the Prospectus which would increase or alter the duties and obligations of Transfer Agent hereunder and (2) proceed with such change only if it has received the written consent of Transfer Agent thereto (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) **Fund Instructions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund shall use reasonable efforts to cause its officers, trustees, Investment Adviser, legal counsel, independent accountants, administrator, fund accountant, Custodian, and other service providers and agents, past or present, to cooperate with Transfer Agent and to provide Transfer Agent with such information, documents, and communications as necessary and/or appropriate or as requested by Transfer Agent, in order to enable Transfer Agent to perform the Services. In connection with the performance of the Services, Transfer Agent shall (without investigation or verification) be entitled to (and is hereby instructed to) rely upon any and all Instructions, communications, information, or documents provided to Transfer Agent by an Authorized Person or by any of the aforementioned persons. Transfer Agent shall be entitled to rely on any document that it reasonably believes to be genuine and to have been signed or presented by the proper party. Fees charged by such persons shall be an expense of the Fund. Transfer Agent shall not be held to have notice of any change of authority of any trustee, officer, agent, representative, or employee of the Fund, Investment Adviser, Authorized Person, or service provider until receipt of written notice thereof from 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) The Fund shall provide Transfer Agent with an updated certificate evidencing the appointment, removal, or change of authority of any Authorized 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;(3) Transfer Agent, its officers, agents, or employees shall accept Instructions given to them by any person representing or acting on behalf of the Fund only if such representative is an Authorized Person. Upon the request of Transfer Agent, the Fund shall confirm oral Instructions in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) At any time, Transfer Agent may request Instructions from the Fund with respect to any matter arising in connection with this Agreement. If such Instructions are not received within a reasonable time, then, upon notice to the Fund, Transfer Agent may seek advice from legal counsel for the Fund (at the expense of the Fund) or its own legal counsel (at its own expense), and it shall not be liable for any action taken or not taken by it in good faith in accordance with such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Transfer Agent represents and warrants to the Fund that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a corporation duly organized and existing under the laws of the State of Wisconsin; it is empowered under applicable law and by its Articles of Incorporation and by-laws to enter into and perform this Agreement (and all requisite proceedings have been taken to authorize it to enter into and perform this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is conducting its business in compliance in all material respects with all applicable laws and regulations and has obtained all regulatory approvals necessary to carry on its business as now conducted; and there is no statute, rule, regulation, order, or judgment binding on it and

no provision of its operating documents or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. Its execution, delivery or performance of this Agreement will not conflict with or violate (a) any provision of the organizational or governance documents of Transfer Agent or (b) any law applicable to Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall (A) maintain a disaster recovery and business continuity plan and adequate and reliable computer and other equipment necessary and appropriate to carry out its obligations under this Agreement. including commercially reasonable cybersecurity systems, policies and procedures designed to prevent the unauthorized or inadvertent disclosure of Fund information and (B) provide supplemental information concerning its cybersecurity systems, policies and procedures and the aspects of its disaster recovery and business continuity plan that are relevant to the Services upon the Fund's reasonable request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is duly registered as a transfer agent under Section 17A of the 1934 Act to the extent required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Transfer Agent shall comply with all applicable law, as well as all policies and procedures adopted by the Fund. Except as set forth in this Agreement, Transfer Agent assumes no responsibility for such compliance by a Fund. Transfer Agent shall maintain a program reasonably designed to prevent violations of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the Services. Transfer Agent shall provide copies of such policies and procedures to the Fund, along with a written certification that such policies and procedures are reasonably designed to prevent violation of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) for review by the Fund and the Board prior to the execution of this Agreement, annually, upon material amendment, and at such other times as may be reasonably requested by the Fund.

**4. <u>Fees and Expenses</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the performance of the Services, the Fund shall pay Transfer Agent the fees set forth on Schedule C. Fees shall be adjusted in writing, in accordance with Schedule C. Fees shall be earned and paid monthly in an amount equal to at least 1/12<sup>th</sup> of the applicable annual fee. Basis point fees and minimum annual fees apply separately to each Fund and are calculated as set forth on Schedule C. The Parties may amend this Agreement to include fees for any additional services requested by the Fund, enhancements to current Services, or to add additional funds. The Fund shall pay agreed upon rates for services added to (or for any enhancements to) existing Services after the Effective Date, as agreed in writing from time to time. In addition, to the extent that Transfer Agent corrects, verifies, or addresses any prior actions or inactions by the Fund or by any prior service provider, the Fund shall pay Transfer Agent additional fees as provided in Schedule C. In the event of any disagreement between this Agreement and Schedule C, the terms of Schedule C shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining fees payable to Transfer Agent, NAV shall be computed in accordance with the Prospectus and Resolutions. The fee for the period from the Effective Date until the end of that month shall be pro-rated according to the proportion that such period bears to the full monthly period. Upon any termination of this Agreement before the end of any month, the fee for such part of a month shall be pro-rated according to the proportion which such period bears to the full monthly period and shall be payable upon the Termination Date (as defined in Section 8(b)). Should this Agreement be terminated, or the Fund be liquidated, merged with, or acquired by another fund or investment company, any accrued fees shall be immediately payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Transfer Agent will bear all expenses incurred by it in connection with its performance of Services, except as otherwise provided herein. Transfer Agent shall not be required to pay or finance any costs or expenses incurred in the operation of the Fund, including, but not limited to: taxes; interest; brokerage fees and commissions; salaries, fees, and expenses of officers and trustees; Commission fees and state Blue Sky fees; advisory fees; charges of custodians, administrators, fund accountants, dividend disbursing and accounting services agents, and other service providers; security pricing services; insurance premiums; outside auditing and legal expenses; costs of organization and maintenance of corporate existence; taxes and fees payable to federal, state, and other governmental agencies; preparation, typesetting, printing, proofing, and mailing of Prospectuses, statements of additional information, supplements, notices, forms, applications, and proxy materials for regulatory purposes and for distribution to current Shareholders; preparation, typesetting, printing, proofing, mailing, and other costs of Shareholder reports; expenses in connection with the electronic transmission of documents and information (including electronic filings with the Commission and the states); research and statistical data services; expenses incidental to holding meetings of the Fund's Shareholders and Trustees; fees and expenses associated with internet, e-mail, and other related activities; and extraordinary expenses. Expenses incurred for distribution of Shares (including the typesetting, printing, proofing, and mailing of Prospectuses for persons who are not Shareholders) will be borne by the Fund or the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund shall promptly reimburse Transfer Agent for all documented out-of-pocket expenses or disbursements incurred by Transfer Agent in connection with the performance of Services. Out-of-pocket expenses shall include, but not be limited to, those items specified on Schedule C. If reasonably requested by Transfer Agent, out-of-pocket expenses are payable in advance. If prepayment is reasonably requested, payment of postage expenses is due at least seven (7) days prior to the anticipated mail date. In the event Transfer Agent reasonably requests advance payment, Transfer Agent shall not be obligated to incur such expenses or perform the related Service until payment is received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall pay all amounts due hereunder within thirty (30) days of receipt of each invoice (the "<u>Due Date</u>"). Except as provided in Schedule C, Transfer Agent shall bill Service fees monthly and out-of-pocket expenses as incurred (unless prepayment is requested). At its option, Transfer Agent may arrange to have various service providers submit invoices directly to the Fund for payment of reimbursable out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund is aware that its failure to remit to Transfer Agent all amounts due on or before the Due Date will cause Transfer Agent to incur costs not contemplated by this Agreement (including, but not limited to carrying, processing, and accounting charges). Accordingly, in the event that Transfer Agent does not receive any amounts due hereunder by the Due Date, the Fund shall pay a late charge on the overdue amount equal to one and a half percent (1.5%) per month or the maximum amount permitted by law (whichever is less). In addition, the Fund shall pay Transfer Agent's reasonable attorneys' fees and court costs in the event that an attorney is engaged to assist in the collection of amounts due. The Parties agree that such late charge represents a fair and reasonable computation of the costs incurred by reason of the Fund's late payment. Acceptance of such late charge shall in no event constitute a waiver by Transfer Agent of the Fund's default or prevent Transfer Agent from exercising any other available rights and remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In the event that any charges are disputed, the Fund shall pay all undisputed amounts due hereunder on or before the Due Date and notify Transfer Agent in writing of any disputed charges for out-of-pocket expenses which it is disputing in good faith. Within a reasonable period of time after receipt of

such notice, Transfer Agent will provide documentation to reasonably support the disputed charge. Payment for such disputed charges shall be due on or before the close of the fifth (5<sup>th</sup>) Business Day after the day on which Transfer Agent provides documentation which an objective observer would agree reasonably supports the disputed charges(the "<u>Revised Due Date</u>"). Late charges shall not begin to accrue as to charges disputed in good faith until the first day after the Revised Due Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Fund acknowledges that the fees charged by Transfer Agent under this Agreement reflect the allocation of risk between the Parties, including the exclusion of remedies and limitations of liability in Sections 2, 3, and 6. Modifying the allocation of risk from what is stated herein would affect the fees that Transfer Agent charges. Accordingly, in consideration of those fees, the Fund agrees to the stated allocation of risk.

**5. <u>Confidential Information</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transfer Agent and its employees shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) treat confidentially and as proprietary information of the Fund all records relative to the Fund's Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) not use such records and information for any purpose other than performance of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) not disclose such information,

except when: (i) Transfer Agent may be exposed to civil or criminal proceedings for failure to comply; (ii) requested to divulge such information by duly constituted authorities or court process; (iii) subject to governmental or regulatory audit or investigation; or (iv) so requested by the Fund. In case of any requests or demands for inspection of the records of the Fund, Transfer Agent will endeavor to promptly notify the Investment Adviser and Fund and to secure Instructions from an Authorized Person of the Fund as to such inspection (unless prohibited by law from making such notification). Records and information which have become known to the public (through no wrongful act of Transfer Agent or any of its employees, agents, or representatives) and information which was already in the possession of Transfer Agent prior to the Effective Date shall not be subject to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with Transfer Agent's provision of the Services, the Fund may have access to and become acquainted with confidential and/or proprietary information of Transfer Agent, including, but not limited to: (1) client identities and relationships, compilations of information, records, and specifications; (2) data or information that is competitively sensitive material and not generally known by the public; (3) concepts, documentation, reports, or data; (4) information regarding Transfer Agent's information security program; and (5) anything designated as confidential (collectively, "<u>Transfer Agent Confidential Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Fund, the Investment Adviser, nor any of their officers, employees, or agents (collectively, "<u>Fund Recipients</u>") shall disclose any Transfer Agent Confidential Information (directly or indirectly) or use Transfer Agent Confidential Information in any way (for the benefit of itself or others), either during the term of this Agreement or at any time thereafter, except as may be contemplated by this Agreement or as required in the course of performing its duties under this Agreement or when: (i) the Fund Recipients will be exposed to civil or criminal proceedings for failure to comply; (ii) requested to

divulge such information by duly constituted authorities or court process; (iii) subject to governmental or regulatory audit or investigation; or (iv) so requested by Transfer Agent or any of its affiliates. The term "Transfer Agent Confidential Information" does not include information that: (1) becomes or has been generally available to the public other than as a result of disclosure by a Fund Recipient; (2) was available to the Fund Recipients on a non-confidential basis prior to its disclosure by Transfer Agent or any of its affiliates; or (3) was independently developed or becomes available to the Fund Recipients on a non-confidential basis from a source other than Transfer Agent or any of its affiliates. The Fund represents and warrants that it shall take and maintain adequate physical, electronic, and procedural safeguards in connection with any use, storage, transmission, duplication, or other process involving or derived from Transfer Agent Confidential Information (whether such storage, transmission, duplication, or other process is by physical or electronic medium, including use of the Internet).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The receiving party will immediately notify the disclosing party if the receiving party learns of any use of the confidential information by the receiving party's employees for purpose(s) other than identified above or that would otherwise violate this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The provisions of this Section 5 will survive termination of this Agreement and will inure to the benefit of the Parties and their successors and assigns.

**6. <u>Limitation of Liability</u>**. In addition to the limitations of liability contained in Sections 2 and 3 of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Transfer Agent shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with the matters to which this Agreement relates, except for a loss resulting from the bad faith, gross negligence, fraud, reckless disregard in the performance of its duties and obligations hereunder, uncured material breach hereof, or willful misconduct of Transfer Agent (the "<u>Standard of Care</u>"). Furthermore, Transfer Agent shall not be liable for any action taken (or omitted to be taken): (1) in accordance with or in good faith reliance upon Instructions, communications, data, documents, or information (without investigation or verification) received by Transfer Agent from any Authorized Person; or, (2) by the Fund, Investment Adviser, any Authorized Person, or any past or current service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, each Party will be excused from its obligation to perform any Service or obligation required of it hereunder for the duration that such performance is prevented by events beyond its reasonable control and shall not be liable for any default, damage, loss of data or documents, errors, delay, or any other loss whatsoever caused thereby. However, each Party shall take all reasonable steps to minimize service interruptions for any period that such interruption continues beyond its reasonable control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event and under no circumstances shall the Indemnified Parties (as defined below) be liable to anyone (including, without limitation, the other Party) under any theory of tort, contract, strict liability, or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect, or consequential damages for any act (or failure to act) under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised of the possibility thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, Transfer Agent shall have no duty or obligation under this Agreement to inquire into, and shall not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legality of the issue or sale of any Shares, the sufficiency of the amount to be received therefor, or the authority of the Fund to request such sale or issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the legality of a transfer, exchange, purchase, or repurchase of any Shares, the propriety of the amount to be paid therefor, or the authority of the Fund to request such transfer, exchange, or repurchase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the legality of the declaration of any dividend by the Fund or the legality of the issue of any Shares in payment of any stock dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the legality of any recapitalization or readjustment of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Transfer Agent's acting upon telephone or electronic instructions relating to the purchase, transfer, exchange, or repurchase of Shares received by Transfer Agent in accordance with procedures established in writing by the Parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the offer or sale of Shares in violation of any requirement under the securities laws or regulations of any jurisdiction that such Shares be qualified for sale in such state or in violation of any stop order or determination or ruling by any state with respect to the offer or sale of such Shares in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In effecting transfers and repurchases of Shares, Transfer Agent may rely upon those provisions of the Uniform Act for the Simplification of Fiduciary Security Transfers (or such other statutes which protect it and the Fund in not requiring complete fiduciary documentation) and shall not be responsible for any act done or omitted by it in good faith in reliance upon such laws. Notwithstanding the foregoing or any other provision contained in this Agreement to the contrary, Transfer Agent shall be fully protected by the Fund in not requiring any instruments, documents, assurances, endorsements, or guarantees (including, without limitation, any Medallion signature guarantees) in connection with a repurchase, exchange, or transfer of Shares whenever Transfer Agent reasonably believes that requiring the same would be inconsistent with the transfer, exchange, and repurchase procedures described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Parties under Section 6 shall indefinitely survive the termination of this Agreement.

**7. <u>Indemnification</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund shall indemnify Transfer Agent and its employees, agents, officers, directors, shareholders, affiliates, and nominees (collectively, "<u>Indemnified Parties</u>") from and against any and all claims, demands, actions, suits, judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees, and other expenses of every nature and character ("<u>Losses</u>") which may be asserted against or incurred by any Indemnified Party or for which any Indemnified Party may be held liable (a "<u>Claim</u>"), arising out of or in any way relating to any of the following (except, in each case, to the extent a Claim resulted from Transfer Agent's breach of the Standard of Care):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Transfer Agent's provision of Services to the Fund pursuant to and consistent with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transfer Agent's good faith reliance on, implementation of, or use of Instructions, communications, data, documents, or information (without investigation or verification) received from an officer or representative of the Fund, any Authorized Person or service provider that the Fund has instructed Transfer Agent they may rely upon (not including Transfer Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any action taken (or omission by) the Fund, Investment Adviser, any Authorized Person, or any past or current service provider (not including Transfer Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the Fund's refusal or failure to materially comply with the terms of this Agreement, any Claim that arises out of the Fund's gross negligence, misconduct, or breach of any representation or warranty of the Fund made herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) the legality of the issue or sale of any Shares, the sufficiency of the amount received therefore, or the authority of the Fund to have requested such sale or issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the legality of either the declaration of any dividend by the Fund or the issue of any Shares in payment of any stock dividend;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the legality of any recapitalization or readjustment of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Transfer Agent's acting upon telephone or electronic instructions relating to the purchase, transfer, exchange, or repurchase of Shares received by Transfer Agent in accordance with written procedures established by the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the acceptance, processing, and/or negotiation of a fraudulent payment for the purchase of Shares unless the result of Transfer Agent's or its affiliates' willful misfeasance, bad faith, or gross negligence in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. In the absence of a finding to the contrary, the acceptance, processing, and/or negotiation of a fraudulent payment for the purchase, repurchase, transfer or exchange of Shares shall be presumed not to have been the result of Transfer Agent's or its affiliates' willful misfeasance, bad faith or gross negligence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the offer or sale of Shares in violation of any requirement under the securities laws or regulations of any state or other jurisdiction that such Shares be qualified for sale in such state or in violation of any stop order or determination or ruling by any state with respect to the offer or sale of such Shares in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after receipt by Transfer Agent of notice of the commencement of an investigation, action, claim, or proceeding, Transfer Agent shall (if a claim for indemnification in respect thereof is made under this Section) notify the Fund in writing of the commencement thereof (although the failure to do so shall not prevent recovery by Transfer Agent or any Indemnified Party). The Fund shall be entitled to participate at its own expense in the defense (or to assume the defense, if it so elects) of any suit brought to enforce any such Loss.

If the Fund elects to assume the defense: (1) such defense shall be conducted by counsel chosen by the Fund and approved by Transfer Agent (which approval shall not be unreasonably withheld); and (2) the indemnified defendant or defendants in such suit shall bear the fees and expenses of any additional counsel retained by them subsequent to the receipt of the Fund's election.

If: (1) the Fund does not elect to assume the defense of any such suit; (2) Transfer Agent does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund; or (3) there is a conflict of interest between the Fund and Transfer Agent or any Indemnified Party, the Fund will reimburse the Indemnified Party named as defendant in such suit for the reasonable legal fees and expenses of any counsel retained by such Indemnified Party.

The Fund's indemnification agreement contained in this Section 7 and the Fund's representations and warranties in this Agreement shall (1) remain operative and in full force and effect regardless of any investigation made by or on behalf of Transfer Agent and each Indemnified Party and (2) survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the benefit of Transfer Agent, each Indemnified Party, and their estates and successors. The Fund shall promptly notify Transfer Agent of the commencement of any litigation or proceedings against the Fund or any of its officers or directors in connection with the issue and sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations of the Parties under this Section 7 shall indefinitely survive the termination of this Agreement.

**8. <u>Term</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective with respect to each Fund listed on Schedule A as of the Effective Date and, with respect to each Fund not party to this Agreement on the Effective Date, on the date on which such Fund is added to Schedule A of the Agreement by amendment. This Agreement shall continue in effect for a three-year (3) period beginning on the date of this Agreement and, with respect to each Fund not in existence on that date, on the date an amendment to Schedule A to this Agreement relating to that Fund is executed for such Fund (the "Initial Term"). Thereafter, if not terminated as provided herein, the Agreement shall continue automatically in effect for successive one-year (1) periods (each a "Renewal Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated by the Fund prior to the end of a Term, the Fund shall be obligated to pay Transfer Agent the remaining balance of the fees payable to Transfer Agent hereunder through the end of the applicable Term. Notwithstanding the foregoing, either Party may terminate this Agreement at the end of a Term (the "<u>Termination Date</u>") by giving the other Party a written notice not less than ninety (90) days' prior to the end of such Term. Additionally, either Party may terminate this Agreement without penalty (e.g., the Fund shall not be obligated to pay Transfer Agent the remaining balance of the fees payable to Transfer Agent hereunder through the end of such Term): (i) immediately upon the material breach of the other Party of any term of this Agreement; (ii) upon liquidation or merger of the Fund (provided that any such merger does not, directly or indirectly, result in the "sale" of the Fund to a different investment adviser) with a written notice provided to the Transfer Agent not less than ninety (90) days' prior to such liquidation or merger; (iii) immediately in the event of the appointment of a conservator or receiver for the Transfer Agent by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction (iv) if Transfer Agent has provided notice regarding the appointment of another party or parties to provide a material level of the core Services pursuant to Section 2(b) of this Agreement upon written notice provided to the Transfer Agent not less than ninety (90) days' prior to such desired termination date and (v) if Transfer Agent has assigned all its right, title, and interest in this Agreement to an affiliate, parent, subsidiary, or to the purchaser of substantially all of its business pursuant to Section 9(k), other than to any affiliate that

is wholly controlling, controlled by, or under common control with Transfer Agent, upon written notice provided to the Transfer Agent not less than ninety (90) days' prior to such desired termination date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, upon the termination of the Agreement as provided herein or the liquidation, merger, or acquisition of the Fund, Transfer Agent shall deliver the records of the Fund to the Fund or its successor service provider at the expense of the Fund and in a form that is consistent with Transfer Agent's applicable license agreements. Thereafter, the Fund or its designee shall be solely responsible for preserving the records for the periods required by all applicable laws, rules, and regulations. The Fund shall be responsible for all expenses associated with the movement (or duplication) of records and materials and conversion thereof to a successor service provider (including all reasonable trailing expenses incurred by Transfer Agent). In addition, in the event of termination of this Agreement (or the proposed liquidation, merger, or acquisition of the Fund) and Transfer Agent's agreement to provide additional Services in connection therewith, Transfer Agent shall provide such Services and be entitled to such compensation as the Parties may mutually agree. Transfer Agent shall not reduce the level of service provided to the Fund prior to termination following notice of termination by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event notice is given by the Fund pursuant to subparagraph (c), it shall be accompanied by a copy of a Resolution certified by the Secretary or any Assistant Secretary, electing to terminate this Agreement and designating the successor transfer agent or transfer agents. In the event such notice is given by Transfer Agent, the Fund shall deliver to Transfer Agent a copy of a Resolution certified by the Secretary or any Assistant Secretary designating a successor transfer agent or transfer agents on or before the Termination Date. In the absence of such designation by the Fund, the Fund shall be deemed to be its own transfer agent as of the Termination Date and Transfer Agent shall thereby be relieved of all duties and responsibilities pursuant to this Agreement.

**9. <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice required or permitted to be given by either Party to the other Party or Parties hereunder shall be in writing and deemed to have been given when received by the other Party. Such notices shall be sent to the addresses listed below (or to such other location as a Party may designate in writing):

---

| | |
|:---|:---|
| <u>If to Transfer Agent</u>: | UMB Fund Services, Inc. |
|  | 235 West Galena Street |
|  | Milwaukee, Wisconsin 53212 |
|  | Attention: Legal Department |

---

---

| | |
|:---|:---|
| <u>If to the Fund</u>: | [Name of Fund] |
|  | 5050 S. Syracuse Street, Suite 1100 |
|  | Denver, Colorado 80237 |
|  | Attention: Legal Department |

---

If notice is sent by electronic delivery or facsimile, it shall be deemed to have been given immediately (contingent upon confirmed receipt by the intended recipient). If notice is sent by first-class mail, it shall be deemed to have been given five (5) days after it has been mailed. If notice is sent by messenger, it shall be deemed to have been given on the day it is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided to the contrary herein, this Agreement may not be amended or modified in any manner except by a written agreement executed by the Transfer Agent and any Fund to be impacted by the amendment. For the avoidance of doubt, Schedule A may be amended to include any additional Fund upon agreement by the Transfer Agent and the additional Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall be governed by Delaware law, excluding the laws on conflicts of laws. To the extent that applicable state laws or any of the provisions herein conflict with the applicable provisions of the 1940 Act, the latter shall control. Nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the Commission thereunder. Any provision of this Agreement which is determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the Parties shall negotiate in good faith to modify or substitute such provision in a manner consistent with the original intent of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement but shall together constitute one and the same instrument. The electronic or facsimile signature of any party to this Agreement shall constitute the valid and binding execution hereof by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The services of Transfer Agent hereunder are not deemed to be exclusive. Transfer Agent may render transfer agency and dividend disbursement services and any other services to others, including other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The captions in the Agreement are included for convenience of reference only and do not define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement executed by the Fund and the obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of the Fund (and not binding upon any of the Fund's trustees, officers, or Shareholders individually). All obligations of the Fund hereunder shall apply only on a Fund-by-Fund basis, and the assets of one Fund shall not be liable for the obligations of another Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Agreement and the Schedules incorporated hereto constitute the full and complete understanding and agreement of the Parties and supersedes all prior negotiations, understandings, and agreements with respect to transfer agency and dividend disbursement services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as specifically provided herein, this Agreement does not in any way affect any other agreements entered into among the Parties, and any actions taken or omitted by a Party shall not affect any rights or obligations of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Transfer Agent shall retain all right, title, and interest in any and all computer programs, screen formats, report formats, procedures, data bases, interactive design techniques, derivative works, inventions, discoveries, patentable or copyrightable matters, concepts, expertise, trade secrets, trademarks, and other related legal rights provided, developed, or utilized by Transfer Agent in connection with the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) This Agreement shall extend to and shall be binding upon the Parties and their respective successors and assigns. This Agreement shall not be assignable by either Party without the written consent of the other Party, such consent not to be unreasonably withheld, provided however that Transfer Agent may (in its sole discretion and upon advance written notice to the Fund) assign all its right, title, and interest in this Agreement to an affiliate, parent, subsidiary, or to the purchaser of substantially all of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The person signing below represents and warrants that he/she is duly authorized to execute this Agreement on behalf of the Fund.

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer as of the Effective Date.

---

| | |
|:---|:---|
| **Versus Capital Real Assets Fund LLC** | **Versus Capital Real Assets Fund LLC** |
| By: | /s/ Brian Peterson |
| Name: | Brian Peterson |
| Title: | CFO |

---

**Versus Capital Real Estate Fund LLC** 

---

| | |
|:---|:---|
| By: | /s/ Brian Peterson |
| Name: | Brian Peterson |
| Title: | CFO |

---

---

| | |
|:---|:---|
| **Versus Capital Infrastructure Income Fund** | **Versus Capital Infrastructure Income Fund** |
| By: | /s/ Brian Peterson |
| Name: | Brian Peterson |
| Title: | CFO |

---

---

| | |
|:---|:---|
| **UMB Fund Services, Inc.** | **UMB Fund Services, Inc.** |
| By: | /s/ Maureen Quill |
| Name: | Maureen Quill |
| Title: | Executive Vice President |

---

**Schedule A**

**to the**

**Transfer Agency Agreement**

**by and between**

**the Versus Capital Funds**

**and**

**UMB Fund Services, Inc.**

---

| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>State and Form of Organization</u>** |
| **Versus Capital Infrastructure Income Fund** | Massachusetts business trust |
| **Versus Capital Real Assets Fund LLC** | Delaware limited liability company |
| **Versus Capital Real Estate Fund LLC** | Delaware limited liability company |

---

A copy of the Declaration of Trust of Versus Capital Infrastructure Income Fund, together with all amendments thereto, is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Fund by any officer or Trustee of the Fund as an officer or Trustee and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees of the Fund or shareholders of the Fund individually, but are binding only upon the assets and property of the Fund.

**Schedule B**

**to the**

**Transfer Agency Agreement**

**by and between**

**the Versus Capital Funds**

**and**

**UMB Fund Services, Inc.**

**<u>SERVICES</u>**

In addition to, or in connection with, the Services set forth in Section 2 of the Agreement and subject to the direction of, and utilizing information provided by, each Fund, Investment Adviser, and the Fund's agents, Transfer Agent will provide the following Services:

**Transfer Agency/Investor Servicing**

&nbsp;&nbsp;&nbsp;&nbsp;1. Provide
 access to the NSCC's suite of services for daily valued funds and perform all applicable
 functions as defined in Section 2 of the Agreement with respect to accounts and transactions
 processed through the NSCC.

&nbsp;&nbsp;&nbsp;&nbsp;2. Establish
 and maintain investor accounts and records.

&nbsp;&nbsp;&nbsp;&nbsp;3. Store
 account documents electronically.

&nbsp;&nbsp;&nbsp;&nbsp;4. Receive
 and respond to investor inquiries by telephone, mail, or email within a commercially reasonable
 period.

&nbsp;&nbsp;&nbsp;&nbsp;5. Process
 shareholder purchases, redemptions, exchanges and transfers.

&nbsp;&nbsp;&nbsp;&nbsp;6. Accept
 payment for shares in the form of a check, wire transfer or ACH.

&nbsp;&nbsp;&nbsp;&nbsp;7. Process
 dividend and redemption payments by check, wire or ACH.

&nbsp;&nbsp;&nbsp;&nbsp;8. Process
 dividend reinvestment transactions.

&nbsp;&nbsp;&nbsp;&nbsp;9. Notify
 on a timely basis the Fund's investment adviser, accounting agent, and custodian of
 share transaction activity.

&nbsp;&nbsp;&nbsp;&nbsp;10. Issue
 transaction confirmation statements and periodic statements of account.

&nbsp;&nbsp;&nbsp;&nbsp;11. Perform
 USA PATRIOT Act, anti-money laundering, and escheatment services and provide quarterly reporting
 summarizing the results of those services.

&nbsp;&nbsp;&nbsp;&nbsp;12. Perform
 identity theft monitoring and prevention services according to Transfer Agent's internal
 policies and procedures and Regulation S-ID and provide quarterly reporting summarizing the
 results of those services.

&nbsp;&nbsp;&nbsp;&nbsp;13. Follow
 up on IRAs, soliciting beneficiary and other information and sending required minimum distribution
 reminder letters.

&nbsp;&nbsp;&nbsp;&nbsp;14. Provide
 report access through our web portal or SFTP and provide reasonably requested ad-hoc reporting
 such as shareholder statistics by domicile and/or intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;15. Conduct
 periodic National Change of Address (NCOA) postal clean-up.

&nbsp;&nbsp;&nbsp;&nbsp;16. Monitor
 and receive redemption requests and process according to the terms of the Fund's applicable
 repurchase offer notice.

&nbsp;&nbsp;&nbsp;&nbsp;17. Calculate
 redemption fees, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;18. Monitor
 tender/repurchase cap and modify the cap if requested by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;19. Distribute
 money as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;20. Provide
 a portal for investors, financial advisors and the client including, but not limited to,
 information as to current balance, transaction details, statements, confirmations of purchases,
 redemptions, exchanges, and transfers, and tax forms.

&nbsp;&nbsp;&nbsp;&nbsp;21. Provide
 year-end information, as received from the Fund's Administrator, necessary for preparation
 of shareholder federal tax filings.

&nbsp;&nbsp;&nbsp;&nbsp;22. File
 IRS Forms 1099, 5498, 1042, 1042-S and 945 with investors and the IRS.

**USA PATRIOT Act (AML) and Red Flags Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;1. Conduct
 AML screening for new direct investors, which shall include initial comparison of investor
 information against Identity Chek, OFAC and other watch lists; provide the Fund with any
 exceptions. Systematically compare updates against investor name for each update of the OFAC
 list.

&nbsp;&nbsp;&nbsp;&nbsp;2. File
 Suspicious Activity Reports, if any, with the appropriate reporting authorities.

&nbsp;&nbsp;&nbsp;&nbsp;3. Provide
 AML certification report upon request.

**Schedule C**

**to the**

**Transfer Agency Agreement**

**by and between**

**the Versus Capital Funds**

**and**

**UMB Fund Services, Inc.**

**<u>FEES</u>**

**Transfer Agency/Investor Servicing**

&nbsp;&nbsp;&nbsp;&nbsp;■ Annual
 minimum per Fund $25,000

**Multi-Class Fee**

---

| | |
|:---|:---|
| For each class after the first, per month | $500 |

---

**Annual Per-Account Transfer Agent Fees**

&nbsp;&nbsp;&nbsp;&nbsp;■ Open
 account fee $12.50

&nbsp;&nbsp;&nbsp;&nbsp;■ Closed
 account fee $3.00

**Other Fees**

&nbsp;&nbsp;&nbsp;&nbsp;■ Tender/repurchase
 – per investor, per event, manually processed by UMB $10

&nbsp;&nbsp;&nbsp;&nbsp;■ Investor
 telephone calls – per minute $1

&nbsp;&nbsp;&nbsp;&nbsp;■ Suspicious
 Activity Report filing – per occurrence $25

&nbsp;&nbsp;&nbsp;&nbsp;■ Escheatment
 – per filing, per state $50

&nbsp;&nbsp;&nbsp;&nbsp;■ Line Data Reporting – annual maintenance
 fee included

**CCO Support Services**

---

| | |
|:---|:---|
| Annual fee per Fund family | $3000 |

---

**Document Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
 applications and forms in electronic format no charge

&nbsp;&nbsp;&nbsp;&nbsp;■ Customized
 forms as quoted

&nbsp;&nbsp;&nbsp;&nbsp;■ Pre-printed,
 machine-ready statement inserts (per item) $.03

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard
 single-sided statement/confirm/tax form/check (per item including .pdf)

---

| | | |
|:---|:---|:---|
| ☐ | First page | $.30 |

---

---

| | | |
|:---|:---|:---|
| ☐ | Each additional page | $.15 |

---

**Reprocessing Charges**

---

| | |
|:---|:---|
| Base fee – per occurrence, per day, per Fund | $500 |

---

*Applies when investor transactions must be reprocessed as a result of incorrect or not timely NAV or dividend information caused by the Advisor or other entity unaffiliated with UMBFS*

---

| | |
|:---|:---|
| **Conversion Costs** | TBD |

---

**USA PATRIOT Act (AML)**

---

| | |
|:---|:---|
| Annual fee, per Fund, per year | $2000 |

---

**NSCC- FundSERV – daily interval fund**

---

| | |
|:---|:---|
| One-time setup fee per Fund family | $2000 |

---

---

| | |
|:---|:---|
| Annual service fee per Fund | $1000 |

---

**Programming and Special Project Fees**

Additional fees at $175 per hour, or as quoted by project, may apply for special programming or projects to meet your servicing requirements or to create custom reports or data extracts.

**Out-of-Pocket Expenses**

Out-of-pocket expenses include but are not limited to normal recurring expenses such as pricing services; security master set-up services; corporate action services; factor services; EDGAR filing fees; design, typesetting and printing of investor reports and prospectuses; customized reporting; third-party data provider/research services costs (including but not limited to Gainskeeper, E&Y PFIC Analyzer, Bloomberg, GICS, MSCI, CUSIP, SEDOL); assistance in preparation of responses to IRS correspondence; statement paper; tax forms; envelopes; postage; express delivery charges; courier services; telephone charges; printing of reports; photocopying; binders; dividers; stationery; record retention/storage/retrieval; travel on behalf and request of the Fund; bank account service fees and any other bank charges; DTCC/NSCC participant billing; customer identity check fees; and expenses, including but not limited to attorney's fees, incurred in connection with responding to and complying with SEC or other regulatory investigations, inquiries or subpoenas, excluding routine examinations of UMB in its capacity as a service provider to the Funds. Customized reports or excessive reporting requests may be charged in accordance with the current pricing schedule.

Complex tax vehicles such as MLPs, straddles, or other unique structures may require additional charges for review or systems.

All fees, other than basis point fees, are subject to an annual escalation equal to the increase in the Consumer Price Index–Urban Wage Earners (CPI). Such escalations shall be effective commencing one year from the effective date of each Fund and the corresponding date each year thereafter. No amendment of this fee schedule shall be required with each escalation. CPI will be determined by reference to the Consumer Price Index News Release issued by the Bureau of Labor Statistics, U.S. Department of Labor.

Fees for services not contemplated by this schedule will be negotiated on a case-by-case basis.

**Schedule D**

**to the**

**Transfer Agency Agreement**

**by and between**

**the Versus Capital Funds**

**and**

**UMB Fund Services, Inc.**

**<u>RECORDS MAINTAINED BY TRANSFER AGENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Account
 applications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Checks
 including check registers, reconciliation records, any adjustment records and tax withholding
 documentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Indemnity
 bonds for replacement of lost or missing checks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Liquidation,
 repurchase, withdrawal and transfer requests including signature guarantees and any supporting
 documentation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shareholder
 correspondence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Shareholder
 transaction records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Share
 transaction history of the Fund

## Ex-99.N

**Exhibit n**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We have issued our report dated May 29, 2025, with respect to the financial statements and financial highlights of Harrison Street Real Estate Fund LLC (formerly, Versus Capital Real Estate Fund LLC) for the year ended March 31, 2025, which are incorporated by reference in the Prospectus and Statement of Additional Information contained in this Registration Statement. We consent to the incorporation by reference of the aforementioned report in the Prospectus and Statement of Additional Information contained in this Registration Statement, and to the use of our name as it appears under the captions "Financial Highlights", "Independent Registered Public Accounting Firm", and Financial Statements".

/s/ GRANT THORNTON LLP

Philadelphia, Pennsylvania

July 29, 2025

## Ex-99.R(1)

**Exhibit r(1)**

![](image_001.jpg)

**Harrison Street Private Wealth LLC, Harrison Street Real Estate Fund LLC, Harrison Street Real Assets Fund LLC &**

**Harrison Street Infrastructure Income Fund**

Joint Code of Ethics,

Personal Investment and Trading Policy and

Statement on Insider Trading

Last Updated: July 29, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Table of Contents** | **Table of Contents** |  |
| **I.** |  | **INTRODUCTION** | **3** |
| **II.** |  | **DEFINITIONS** | **4** |
| **III.** |  | **PERSONAL INVESTMENT AND TRADING POLICY** | **7** |
| **IV.** |  | **OTHER COMPLIANCE, ADMINISTRATIVE AND PROCEDURAL MATTERS** | **12** |
| **V.** |  | **FUND REQUIREMENTS UNDER SARBANES-OXLEY ACT OF 2002** | **14** |
| **VI.** |  | **POLICY ON GIFTS** | **14** |
| **VII.** |  | **POLICY ON ENTERTAINMENT** | **14** |
| **VIII.** |  | **POLICY ON OUTSIDE BUSINESS ACTIVITIES** | **14** |
| **IX.** |  | **STATEMENT ON INSIDER TRADING** | **15** |
| **X.** |  | **INDEPENDENT DIRECTOR REQUIREMENTS** | **18** |
|  | A. | Personal Investment and Trading Policy for Independent Directors | 18 |
|  | B. | Statement on Insider Trading for Independent Directors | 19 |
| **Exhibit I : Funds Covered by this Code of Ethics** | **Exhibit I : Funds Covered by this Code of Ethics** | **Exhibit I : Funds Covered by this Code of Ethics** | **21** |
| **Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers** | **Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers** | **Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers** | **22** |
|  | Appendix A | Appendix A | 27 |
|  | Appendix B | Appendix B | 28 |
|  | Appendix C | Appendix C | 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **INTRODUCTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Policy Statement** 

At Harrison Street Private Wealth LLC (the "**Adviser**", "**HSPW**"), we intend to maintain a reputation for conducting our business activities in the highest ethical and professional manner. Such a reputation for integrity is instrumental in the success of our business. Each employee, officer and director of the Adviser and the investment companies registered under the Investment Company Act of 1940, as amended (the "IC Act") that are managed by the Adviser (the "Funds", each of which is listed in Exhibit I attached hereto) - whatever his or her position - is responsible for upholding the highest ethical and professional standards. This includes a commitment to conducting business in accordance with applicable laws, rules and regulations, and to full and accurate financial disclosure in compliance with applicable laws and this Joint Code of Ethics, Personal Investment and Trading Policy and Statement on Insider Trading (collectively hereafter, the "**Joint Code of Ethics**"), which has been developed by the Adviser and Funds pursuant to Rules 204A-1 under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), and Rule 17j-1 under the Investment Company Act of 1940, as amended (the *"***IC Act***"*). As such, the Adviser, the Funds and their Covered Persons must not act or behave in any manner or engage in any activity that creates even the appearance of the misuse of material non-public information ("**MNPI**") or gives rise to, or appears to give rise to, any breach of fiduciary duty owed to any Client.

The fiduciary duty owed to a given Client differs depending on the role of the Covered Person. A Covered Person who is an employee, officer or director of the Adviser (a "**Covered Employee**") owes a fiduciary duty to all of the Adviser's Clients, whereas a Covered Person who is an Access Person of a Fund solely by virtue of being a director of the Fund in question, but who is not an "interested person" (as defined in the IC Act) with respect to the Fund in question (each, an "**Independent Director**") owes a fiduciary duty only to the Fund(s) for which he or she serves as an Independent Director.

As such, while much of this code applies only to Covered Employees, certain portions will apply to Independent Directors. Unless explicitly noted otherwise, all requirements of Covered Employees will be outlined in this introductory statement and in sections III through IV of this code. **<u>Requirements of Independent Directors are included in this introductory statement and in section X of this code.</u>**

Because of the potential conflicts of interest inherent in our business, Covered Persons are expected to behave in a manner that seeks to avoid even the appearance of a conflict of interest with our Clients whenever possible. Covered Persons are expected to disclose all material conflicts of interest between themselves and our Clients to the Adviser's and Funds' Chief Compliance Officer (the "**CCO**"), including any outside business activities, and to avoid personal investment and trading activity which creates actual or potential conflicts of interest with our Clients. Duties prescribed to the CCO in this code may also be performed by a delegate of the CCO unless explicitly noted otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Requirements of this Joint Code of Ethics** 

---

| | |
|:---|:---|
| 1. | *Duty to Comply with Applicable Laws.* Covered Persons are required to adhere to the Federal Securities Laws, including Rule 204A-1 under the Advisers Act, and Rule 17j-1 under the IC Act, the fiduciary duty owed to our Clients, and this Joint Code of Ethics. |
| 2. | *Duty to Report Violations.* Each Covered Person is required by law to promptly notify the CCO in the event they know or have reason to believe that they or any other Covered Person has violated any provision of this Joint Code of Ethics. If a Covered Person knows or has reason to believe that the CCO has violated any provision of this Joint Code of Ethics, such Covered Person must promptly notify the President of the Adviser (the "**President**") and is not required to notify the CCO. |
|  | The Adviser and the Funds are committed to fostering a culture of compliance and therefore urge Covered Persons to contact the CCO if they believe there is any reason to do so. Covered Persons will not be penalized and their status at the Adviser or the Funds will not be jeopardized by communicating with the CCO or reporting a suspected violation in good faith. Reports of violations or suspected violations also may be submitted anonymously to the CCO. Any retaliatory action taken against any person who reports a violation, or a suspected violation, of this Joint Code of Ethics is itself a violation of this Joint Code of Ethics and cause for appropriate corrective action, up to and including dismissal. |
| 3. | *Duty to Provide Copy of the Code of Ethics and Related Certification.* The Adviser and the Funds shall provide all Covered Persons with a copy of this Joint Code of Ethics and all subsequent amendments hereto. By law, all Covered Persons must in turn provide written acknowledgement to the CCO of their initial receipt and review of this Joint Code of Ethics, their annual review of this Joint Code of Ethics and their receipt and review of any subsequent amendments to this Joint Code of Ethics. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. **DEFINITIONS** 

**<u>Access Person</u>**. An "**Access Person**" of the Adviser is any employee, officer or director of the Adviser who has access to non-public information regarding the purchases or sales of any Client holding or non-public information regarding the portfolio holdings of any Client account. Given the current size of our operations, all employees, officers and directors of the Adviser are considered Access Persons of both the Adviser and the Funds. In addition, all employees, officers and directors of the Adviser are considered "**Investment Persons**" as defined in Rule 17j-1 under the IC Act, and are subject to the requirement to pre-clear transactions in limited offerings, as discussed in section III.A.1 below. Contract employees of the Adviser who have access to the non-public information described above will typically be deemed Access and Investment Persons for the purposes of this Joint Code of Ethics, as determined by the CCO. Independent Directors are considered Access Persons of the Fund(s) for which he or she serves as an Independent Director.

**<u>Automatic Investment Plan</u>**. An "**Automatic Investment Plan**" is a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts according to a predetermined schedule and allocation. This includes dividend reinvestment plans.

**<u>Beneficial Ownership</u>**. Covered Persons will be considered to have "**Beneficial Ownership**" in a Covered Security if: (i) he or she has a direct or indirect financial interest in such Covered Security; (ii) he or she has voting power with respect to the Covered Security, meaning the power to vote or direct the voting of such Covered Security; or (iii) he or she has the power to dispose, or direct the disposition of, such Covered Security. This includes Covered Securities held in accounts held in the name of your spouse or equivalent domestic partner, your minor children, and relatives living with you to whom you provide financial support (collectively, your "**Immediate Family**"). This may include trusts for which you are a trustee or a beneficiary, but due to the complexity and variety of trust agreements, will be reviewed on a case-by-case basis . If a Covered Person has any question about whether an interest in a Covered Security or an account constitutes Beneficial Ownership, they should contact the CCO.

**<u>Client</u>**. The term "**Client**" means any investment vehicle, including the Funds, advised or managed by the Adviser and the owner of any separate account managed by the Adviser, if any.

**<u>Covered Employee</u>**. The term "**Covered Employee**" means employees, officers and directors of the Adviser to whom this Joint Code of Ethics applies. It also includes any contractors or other persons employed by the Adviser in such a way that they are deemed an Access Person by the CCO.

**<u>Covered Person</u>**. The term "**Covered Person**" means persons to whom this Joint Code of Ethics applies, which includes all Access Persons (both Covered Employees and Independent Directors).

**<u>Covered Security</u>**. The term "**Covered Security**" has the same meaning as it has in section 2(a)(36) of the IC Act. It generally includes all securities, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual stocks and bonds;

• exchange-traded products;

• closed-end funds;

• private placements; and

• Limited Offerings.

It shall <u>not</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities issued by the government of the United States;

• short-term securities which are "government securities" as defined in Section 2(a)(16) of the IC Act;

• bankers' acceptances, bank certificates of deposit or commercial paper;

• shares of registered open-end investment companies; and

• such other money market instruments as are designated by the Adviser and/or the Board of Directors of the Funds.

For the avoidance of doubt, the term Covered Security includes Reportable Funds and interests in Private Investment Funds, as well as any derivative contract where a Covered Security is the underlying asset. The term Covered Security and Reportable Security are used throughout this document and should generally be interpreted to mean the same thing, with the more conservative definition prevailing when discrepancies arise.

**<u>Federal Securities Laws</u>**. The term "**Federal Securities Laws**" means the Securities Act of 1933 (the "**Securities Act**"), as amended, the Securities Exchange Act of 1934 (the "**Exchange Act**"), as amended, the Sarbanes-Oxley Act of 2002, the IC Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission ("**SEC**") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

**<u>Initial Public Offering</u>**. The term "**Initial Public Offering**" (or "**IPO**") means an offering of securities registered under the Securities Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**<u>Private Investment Funds</u>**. The term "**Private Investment Funds**" means privately offered institutional investment funds that invest in real estate and other real assets through entities that qualify as real estate investment trusts for federal income tax purposes under the Internal Revenue Code of 1986 or other entities that would be investment companies but for Section 3(c)(1) or Section 3(c)(7) of the IC Act.

**<u>Limited Offering</u>**. The term "**Limited Offering**" means an offering that is exempt from registration under the Securities Act pursuant to Section 4(a)(2) or Section 4(a)(6) thereof or pursuant to Rule 504 or Rule 506 thereunder.

**<u>Real Asset Security</u>**. The term "**Real Asset Security**" includes all Covered Securities that the Funds may invest in that relate to real assets, such as farmland, agriculture, timberland, and infrastructure related investments. If a Covered Person has any question about whether a security falls into this category, such Covered Person should contact the CCO prior to trading.

**<u>Real Estate Security</u>**. The term "**Real Estate Security**" includes all Covered Securities that the Funds may invest in that relate to real estate and real estate assets. If a Covered Person has any question about whether a security falls into this category, such Covered Person should contact the CCO prior to trading.

**<u>Reportable Fund</u>**. The term "**Reportable Fund**" means any investment company registered under the IC Act for which the Adviser serves as the investment adviser, including the Funds.

**<u>Reportable Security</u>**. The term "**Reportable Security**" includes all securities other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. Government;

• bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;

• shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by open-end funds registered under the Investment Company Act, other than Reportable Funds; and

• shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

The term Covered Security and Reportable Security are used throughout this document and should generally be interpreted to mean the same thing, with the more conservative definition prevailing when discrepancies arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **PERSONAL INVESTMENT AND TRADING POLICY** 

Generally, no Covered Employee may engage in a transaction in a Covered Security that is also the subject of a transaction by a Client if such Covered Employee's transaction would disadvantage or appear to disadvantage the Client. In addition, no Covered Employee shall, directly or indirectly, in connection with the purchase or sale of securities or other investments held or to be acquired by a Client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ
 any device, scheme or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make
 to a Client any untrue statement of a material fact or omit to state to a Client a material
 fact necessary in order to make the statements made, in light of the circumstances under
 which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any act, practice or course of business which operates or would operate as a fraud or
 deceit upon a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any manipulative practice with respect to a Client.

&nbsp;&nbsp;&nbsp;&nbsp;**A. Requirements of Covered Employees**

To facilitate adherence to this Personal Investment and Trading Policy, the following requirements apply to all investment and trading activity where a Covered Employee has Beneficial Ownership of a Covered Security except where exempted in section III.A.1.e below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Pre-clearance</u>:** The following transactions require pre-clearance by the CCO before they can be executed:
 (i) purchases or sales of Real Estate Securities and Real Asset Securities (including any
 derivative contract where a Real Estate Security or Real Asset Security is the underlying
 asset), (ii) participation in an IPO, (iii) participation in a Limited Offering (which includes,
 but is not limited to, proposed investments in a Private Investment Fund), (iv) the redemption
 or sale of an interest in a Private Investment Fund, (v) purchases and sales of a Reportable
 Fund, and (vi) such other classes of transactions or specific transactions as may be specified
 from time to time by the CCO based upon a determination that the transactions may violate
 Rule 204A-1 under the Advisers Act or Rule 17j-1 under the IC Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 following transactions are exempted from the pre-clearance requirement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Purchases
 and sales of currencies transactions in digital or crypto currencies and assets; however,
 transactions in digital or crypto currencies and assets during an initial coin offering,
 initial exchange offering, or security token offerings would be subject to pre-clearance.
 Additionally, any derivative or futures-related transactions in digital or crypto currencies
 and assets would be subject to pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To
 obtain pre-clearance to transact, a Covered Employee must submit a Trade Pre-Clearance request
 to the CCO, typically via MyComplianceOffice ("MCO"). The CCO will review the
 transaction considering any recent or pending Client transactions, the Adviser's Restricted
 List, and any other potential conflict of interest the CCO deems relevant. The CCO will notify
 the Covered Employee, typically via MCO, within two business days of any conflict or concern
 and will advise whether the Covered Employee's transaction has been approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If
 pre-clearance is granted for a publicly-traded security, the Covered Employee will have three
 business days to execute the transaction, including the day of approval. Pre-clearance will
 typically not be granted for Real Estate Securities and Real Asset Securities if a Client
 has traded the security in the past seven calendar days. In addition, if, following the submission
 of a pre-clearance form or the approval by the CCO, a Client trades the security within seven
 calendar days in the same direction (buy/cover or sell/short) and receives a less favorable
 price than the Covered Employee, the Covered Employee may be asked to disgorge their price
 advantage. All disgorged profits will be donated to a charity of their choice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. No
 Covered Employee who invests personal funds in a Reportable Fund or a Private Investment
 Fund may obtain any more favorable treatment in respect of his or her investment than is
 made available to a Client; provided that waiver of minimum investment amounts shall not
 be considered favorable treatment if such Fund has waived such minimum in the past, or agrees
 to in the future, in the case of other individual investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Transactions
 in securities issued by Colliers International Group Inc. ("Colliers"), the majority
 owner of the Adviser, require pre-clearance and will typically be denied if the transaction
 would occur within Colliers' corporate blackout period (typically, from the end of
 each calendar quarter until two days after Colliers' earnings are released).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A
 transaction may be denied if it is determined by the CCO that the Covered Employee is unfairly
 benefiting from, or that the transaction is in conflict with, or appears to be in conflict
 with, any Client transaction or this Joint Code of Ethics. The determination that a Covered
 Employee may unfairly benefit from, or that a transaction may conflict with, or appears to
 be in conflict with, a Client transaction or this Joint Code of Ethics may be subjective
 and individualized, may include questions about the timely and adequate dissemination of
 information, availability of bids and offers, and other factors deemed pertinent for that
 transaction or series of transactions. It is possible that a denial of a transaction could
 be costly to a Covered Employee or members of a Covered Employee's family; therefore,
 each Covered Employee should take great care to adhere to the trading restrictions of this
 Joint Code of Ethics and avoid conflicts of interest, or the appearance of conflicts of interest,
 in their personal trading whenever

possible. Any denial of a transaction shall be communicated in writing, typically via MCO. A Covered Employee may appeal any such denial by written notice to the CCO and President within three business days after receipt of notice of denial. Such appeal shall be resolved promptly by the President. If an appeal is being made by the President, it will be made to the CEO of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The
 CCO may allow for certain exceptions to the above pre-clearance requirements if the exception
 would not violate Federal Securities Laws and the spirit of this Joint Code of Ethics remains.
 For example, approval for limit orders may be granted which allow for trade execution beyond
 three business days. In addition, certain pre-clearance requirements may be waived for certain
 accounts where the Covered Employee has contractual investment discretion but does not actively
 participate in making investment decisions in practice. In these instances, reporting requirements
 will typically remain, and additional certifications may be required of the Covered Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Minimum holding period</u>:** The minimum holding period for any investment requiring pre-clearance
 per section III.A.1 above is 30 days. Reportable Funds have a minimum holding period of 90
 days. (Note that officers and directors of the Funds are prohibited from profiting on "short-swing"
 transactions in the Funds during a six-month period per Section 16(b) of the Exchange Act)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Reporting</u>:** Covered Employees must submit to the CCO periodic written reports about their investments
 in Covered Securities (and those of other persons if the Covered Employee has Beneficial
 Ownership of such Covered Securities), including details of holdings, transactions and accounts.
 The obligation to submit these reports and the content of these reports are governed by the
 Federal Securities Laws.

Failure to provide a timely, accurate, and complete report is a breach of certain SEC rules and this Joint Code of Ethics. If a Covered Employee is late in filing a report, or files a report that is misleading or incomplete, such Covered Employee may face sanctions up to and including termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Initial Holdings Report and Letter(s) of Direction:* A Covered Employee must submit a holdings
 report to the CCO within ten days of becoming a Covered Employee. This report must be based
 on information that is current as of a date not more than 45 days prior to the date such
 Covered Employee became a Covered Employee, and must contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 name/title and type of security, and, as applicable, the exchange ticker symbol or CUSIP
 number, the number of equity shares and principal amount of each Reportable Security for
 which such Covered Employee has Beneficial Ownership. Covered Employees may provide this
 information via MCO or by referring to attached copies of broker transaction confirmations
 or account statements that contain the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 name and address of any broker, dealer, bank or other institution (such as a general partner
 of a limited partnership, or transfer agent of a Fund) that maintained any account holding
 any Covered Securities, or that

can hold Covered Securities, for which such Covered Employee has Beneficial Ownership, and the account numbers and names of the persons for whom the accounts are held. Covered Employees may provide this information via MCO or by referring to attached copies of broker transaction confirmations or account statements that contain the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 date the Covered Employee submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Quarterly Transaction Report:* Within 30 days after the end of each calendar quarter, the CCO must
 receive duplicate transaction reports or trade confirmations from each broker, dealer, bank,
 or other institution for each account the Covered Employee has Beneficial Ownership of and
 which holds, or that can hold, Covered Securities. These reports will typically be submitted
 directly from the broker via a direct feed to MCO. If a broker is not able to submit statements
 directly to MCO, the CCO will request the Covered Employee provide a copy of the report at
 this time. With respect to any transaction during the quarter in any Covered Security in
 which such Covered Employee had, or as a result of the transaction acquired, Beneficial Ownership
 of such Covered Security:

&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
 date of the transaction, the name/title and as applicable, the exchange ticker symbol or
 CUSIP number, interest rate and maturity date, the number of equity shares of (or the principal
 amount of debt represented by) and principal amount of each Covered Security involved.

&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
 nature of the transaction (i.e., purchase, sale, or other type of acquisition or disposition).

&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
 price at which the transaction in the Covered Security was effected.

&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. The
 name of the broker, dealer, or bank with or through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. The
 date the report was submitted.

If a quarterly transaction report for a particular investment does not exist (e.g., in the case of certain private investments), the Covered Employee will be required to attest whether any transactions occurred and, if so, to provide the information above.

In addition, each Covered Employee must provide the CCO a list of each broker, dealer or bank with whom the Covered Employee established an account during the quarter that can hold Covered Securities for such person's direct or indirect benefit, along with details of the new account and the date the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Annual Holdings Report:* Covered Employees must, no later than February 14 of each year, submit
 to the CCO a report (typically via MCO) that is current as of a date no earlier than December
 31 of the preceding calendar year (the "**Annual Report Date**") and that
 contains:

&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
 name/title and type of Covered Security, and as applicable, the exchange ticker symbol or
 CUSIP number, the number of equity shares

and principal amount of each Covered Security for which such Covered Employee has Beneficial Ownership on the Annual Report Date. Covered Employees may provide this information by referring to attached copies of broker transaction confirmations or account statements that contain the information, or by referring to statements or confirmations known to have been received by the CCO via a duplicate statement or MCO.

&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
 name and address of any broker, dealer, bank, or other institution (such as a general partner
 of a limited partnership, or transfer agent of a Fund) that maintained any account holding,
 or that can hold, any Covered Securities for which such Covered Employee has Beneficial Ownership
 on the Annual Report Date, the account numbers and names of the persons for whom the accounts
 are held, and the date when each account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 date that such Covered Employee submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Exceptions to the requirement to submit transactions or holdings:* Unless otherwise requested by
 the CCO, Covered Employees are not required to submit quarterly holdings or transactions
 reports for:

&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
 account over which such Covered Employee had no direct or indirect influence or control or
 with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. An
 estate or trust account or other fully discretionary account managed by a registered investment
 adviser where a Covered Employee has a beneficial interest but no power to effect investment
 decisions.

&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. Accounts
 that only permit the Covered Employee to invest in open-end mutual funds, provided none of
 the available funds are managed by the Adviser.

&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. Qualified
 state tuition programs (also known as "529 Programs"), provided they are not
 able to hold funds that are managed by the Adviser.

For those accounts described in 3.d.i or 3.d.ii above, Covered Employees must still disclose the existence of the account in his or her list of accounts. Transactions that override pre-set schedules or allocations of an Automatic Investment Plan, however, must be included in a quarterly transaction report.

Any investment plans or accounts that may be eligible for these exceptions should be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO may ask for supporting documentation, such as a copy of an Automatic Investment Plan, a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser. On a sample basis, the CCO may request reports on holdings and/or transactions made in the trust or discretionary account to identify transactions that would have

been prohibited pursuant to the Joint Code of Ethics, absent reliance on the reporting exception. Covered Employees who claim they have no direct or indirect influence or control over an account are also required to complete an Exempt Accounts Certification (typically via MCO) upon commencement of their employment and on an annual basis thereafter. Covered Employees should consult with the CCO before excluding any accounts, especially those held by their Immediate Family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. *Review of Reports and Other Documents.* The CCO will review each report submitted by Covered
 Employees, and each account statement or confirmation from institutions that maintain their
 accounts. The review will include an assessment of whether the Covered Employee followed
 all required procedures of this Joint Code of Ethics, such as pre-clearance, and will include
 a comparison to the Adviser's Restricted List. At the CCO's discretion, the review
 may also: (i) assess whether Clients are receiving terms as favorable as the Covered Employee
 does in transactions relating to Private Investment Funds owned by Clients, (ii) periodically
 analyze the Covered Employee's trading for patterns that may indicate market abuse,
 including market timing or trading while in possession of MNPI, and (iii) investigate any
 substantial disparities between the performance the Covered Employee achieves for his or
 her own account and the performance achieved for Clients. To ensure adequate scrutiny, reports
 concerning the CCO will be reviewed by the President or their designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Consequences of Non-Compliance</u>:** Violations of this Personal Investment and Trading Policy are
 taken very seriously and can result in disciplinary action up to and including termination
 of employment. Generally, a first offense will result in a written warning from the CCO and
 the notification of the Covered Employee's supervisor. A second offense may include
 a meeting with the President and require additional training for the Covered Employee. A
 third offense is grounds for termination, at the discretion of the CCO, President, and the
 Covered Employee's supervisor. In all circumstances, a Covered Employee may be required
 to disgorge profits received from transactions that violated this policy, may have their
 bonus or other supplemental compensation reduced, and, depending on the severity, may have
 their violations reported to the Board of Directors of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **OTHER COMPLIANCE, ADMINISTRATIVE AND PROCEDURAL MATTERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each
 Covered Employee shall be furnished a copy of this Joint Code of Ethics upon becoming a Covered
 Employee and annually thereafter and shall be notified of his or her obligation to file reports
 as required by this Joint Code of Ethics. Each Covered Employee is required to acknowledge
 receipt of a copy of this Joint Code of Ethics and that he or she has read and understands
 this Joint Code of Ethics at the time of becoming a Covered Employee. In addition, each Covered
 Employee is required to certify annually thereafter that he or she has read and understands
 this Joint Code of Ethics, recognizes that he or she is subject to this Joint Code of Ethics,
 and that he or she has complied with all of the requirements of this Joint Code of Ethics
 during the prior year, including the requirement to disclose, report, or caused to be reported,
 all holdings and transactions as required hereunder during the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If
 a Covered Employee violates this Joint Code of Ethics he or she may be subject to remedial
 actions, which may include, but are not limited to, any one or more of the following: (1) a warning; (2) disgorgement
of profits; (3) demotion (which may be substantial); (4) withholding of bonus; (5) suspension of employment (with or without pay); (6)
termination of employment; or (7) referral to civil or governmental authorities for possible civil or criminal prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 CCO shall furnish to the Funds' Boards of Directors (the "**Boards** ")
 at least annually a written report for the Funds and Adviser that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Describes
 any issues arising under the Joint Code of Ethics since the last report to the Boards, including
 but not limited to information about material violations of this Joint Code of Ethics and
 sanctions imposed in response to those violations; and<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Certifies
 that the Funds and the Adviser have adopted procedures reasonably necessary to prevent Access
 Persons from violating the Joint Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 CCO is responsible for supervising the implementation of this Joint Code of Ethics and the
 enforcement of the terms herein and may determine whether any particular securities transaction
 should be exempted pursuant to the provisions of this Joint Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 CCO may issue, either personally or with the assistance of counsel, as may be appropriate,
 any interpretation of this Joint Code of Ethics which may appear consistent with the objectives
 of Rule 17j-1 under the IC Act, Rule 204A-1 under the Advisers Act, and this Joint Code of
 Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The
 CCO will conduct such inspections or investigations as shall reasonably be required to detect
 and report any apparent violations of this Joint Code of Ethics to the Boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The
 CCO shall ensure that the relevant recordkeeping requirements of Rule 17j-1(f) under the
 IC Act and Rule 204-2 under the Advisers Act which apply to this Joint Code of Ethics are
 adhered to at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Exceptions
 to this Joint Code of Ethics may be granted as deemed appropriate by the CCO, while maintaining
 compliance with the requirements of Rule 17j-1 under the IC Act and Rule 204A-1 under the
 Advisers Act. Exceptions will be documented and periodically reported to the Boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. This
 Joint Code of Ethics shall be reviewed by the CCO on an annual basis to ensure that it is
 meeting its objectives, is functioning fairly and effectively, and is not unduly burdensome
 to the Adviser, the Funds or their Covered Persons. Covered Persons are encouraged to contact
 the CCO with any comments, questions or suggestions regarding implementation or improvement
 of the Joint Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. In
 the event that the CCO or another member of the HSPW Compliance team is unavailable, unreachable
 or involved in a violation, please request approvals or report violations to the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. The
 CCO delegates many of the responsibilities described as theirs in this Joint Code of Ethics
 to other Covered Persons, including other members of the HSPW Compliance team, when allowable
 by Rule 17j-1 under the IC Act and Rule 204A-1 under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **FUND REQUIREMENTS UNDER SARBANES-OXLEY ACT OF 2002** 

As required by Section 406 of the Sarbanes-Oxley Act of 2002 ("**SOX**") and the rules and forms applicable to registered investment companies thereunder, the Funds have adopted and implemented a standalone Code of Ethics that applies to the principal executive officer, principal financial officer, controller, principal accounting officer, and persons performing similar functions for the Funds (the "**SOX Code of Ethics**"). A copy of the SOX Code of Ethics is attached as Exhibit I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **POLICY ON GIFTS** 

A Covered Employee may not accept any gift with an assumed value in excess of $100 during any year from any person or entity that does business, or desires to do business, with the Adviser or the Funds directly or on behalf of a Client, unless approved by the CCO. A Covered Employee may not give a gift that is inappropriate under the circumstances, or inconsistent with applicable law or regulations, to persons associated with securities or financial organizations, exchanges, member firms, commodity firms, news media, or Clients. Gifts that would be embarrassing to a Covered Employee, the Adviser or the Funds if made public should not be given or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **POLICY ON ENTERTAINMENT** 

A Covered Employee may not accept extravagant or excessive entertainment during any year from any person or entity that does business, or desires to do business, with the Adviser or the Funds directly or on behalf of a Client, unless approved by the CCO. A Covered Employee may accept a business entertainment event, such as dinner or a sporting event, of reasonable value, if the person or entity providing the entertainment is present. A Covered Employee may not provide entertainment that is inappropriate under the circumstances, or inconsistent with applicable law or regulations, to persons associated with securities or financial organizations, exchanges, member firms, commodity firms, news media, or Clients. A Covered Employee may provide a business entertainment event, such as dinner or a sporting event, of reasonable value, if the Covered Employee providing the entertainment is present. Entertainment that would be embarrassing to a Covered Employee, the Funds or the Adviser if made public should not be given or received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **POLICY ON OUTSIDE BUSINESS ACTIVITIES** 

Covered Employees are required to disclose the following Outside Business Activities ("OBA") to the CCO on an annual basis and provide updates promptly if there are any material changes to a previously disclosed OBA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving
 as an employee, contractor, sole proprietor, officer, director, or partner for a for-profit
 business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Serving
 as a director, officer, or employee of a non-profit entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Volunteering
 for a non-profit entity in a capacity in which you perform investment-related functions on
 its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging
 in any other outside activity, paid or unpaid, that may give rise to a conflict with the
 Adviser or the Funds or their shareholders or clients.

Covered Employees must submit the following information about each OBA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 general description of the activities of the organization, including the name and address
 of the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Covered Employee's role and level of involvement in the organization, including the
 number of hours devoted to the activity monthly and the expected compensation (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether
 such organization, to the employee's knowledge, will seek to do, or currently does,
 business with the Adviser or any of its clients, and if so, specify which companies such
 organization will seek to do business with.

The CCO shall review, in consultation with the HSPW Compliance team and the Covered Employee's manager, as appropriate, all disclosed activities. If the Covered Employee's engagement in the OBA represents an actual or potential conflict of interest with the Adviser, requires the Covered Employee to disclose confidential information or trade secrets of the Adviser, would materially interfere with the Covered Employee's fulfillment of his or her duties and responsibilities to the Adviser, would require the Adviser to provide additional supervision, in accordance with regulatory requirements, of the Covered Employee, or is unlawful, the Covered Employee will be asked to discontinue the OBA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **STATEMENT ON INSIDER TRADING** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Background** 

Under current laws, individuals who trade while in possession of material non-public information ("MNPI", a.k.a "inside information") or provide MNPI to others ("tipping") can be liable for a civil penalty of up to three times the profit gained or loss avoided, a criminal fine (no matter how small the profit) of up to $5 million and a jail term of up to 20 years. Any Covered Employee who fails to take appropriate steps to prevent illegal insider trading could be subject to a civil penalty of the greater of $1 million or three times the profit gained or loss avoided as a result of the Covered Employee's violation, and the Adviser could be subject to a criminal penalty of up to $25 million. In addition, investors may sue seeking to recover damages for insider trading violations.

Regardless of whether a federal inquiry occurs, the Adviser and the Funds view any violation of this Statement on Insider Trading (the "**Statement**") seriously. Any such violation constitutes grounds for disciplinary sanctions, including dismissal and/or referral to civil or governmental authorities for possible civil or criminal prosecution.

The law of insider trading is complex; a Covered Employee legitimately may be uncertain about the application of the Statement in a particular circumstance. A question could forestall disciplinary action or complex legal problems. Covered Employees should direct any questions relating to the Statement to the CCO. A Covered Employee must also notify the CCO immediately if he or she knows or has reason to believe that a violation of the Statement has occurred or is about to occur.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statement of Firm Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Buying
 or selling Covered Securities (<u>including the Funds</u>) while in possession of MNPI about
 the issuer or market for those securities is prohibited. This includes purchasing or selling
 for a Covered Employee's own account or one in which the Covered Employee has direct
 or indirect influence or control or for a Client's account. If any Covered Employee
 is uncertain as to whether information is *material* or *nonpublic*, such person
 should consult the CCO immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosing
 MNPI to inappropriate personnel, whether or not for consideration (i.e., "tipping"),
 is prohibited. MNPI regarding a publicly-traded company or the Funds must only be disseminated
 on a need to know basis and only to appropriate Adviser and Fund personnel. The CCO should
 be consulted should a question arise as to who is privy to MNPI and anytime a Covered Employee
 believes that they may have come into possession of MNPI as it relates to a publicly-traded
 security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 following summarizes principles important to this Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) What
 is *"* Material *"* Information?

Information is *material* when there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions or the information would significantly alter the total mix of information available publicly. No clear test exists to determine whether information is material and assessments of materiality involve highly fact-specific inquiries. Covered Employees should direct any questions regarding the materiality of information to the CCO.

Material information often relates to a company's financial results and operations, including, for example, dividend changes, earnings results, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems, extraordinary management developments, and pending capital raises. Material information may also relate to the market for a specific security. For example, information about a significant order to purchase or sell securities, in some contexts, may be deemed material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) What
 is *"* Non-public *"* Information?

Information is *non-public* until it has been broadly disseminated in a manner making it available to investors generally. Tangible evidence of such dissemination is the best indication that the information is public. For example, information is public after it has become available to the general public through a public filing with the SEC or another government agency, is available on a company's website or is discussed in a broadly disseminated publication. Covered Employees should direct any questions regarding whether information is public to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Before
 executing any trade for oneself or others, a Covered Employee must determine whether he or
 she has access to MNPI related to the potential transaction. If a Covered Employee believes
 he or she might have access to MNPI, he or she should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately
 alert the CCO, so that the applicable issuer can be placed on the Adviser's Restricted
 List, if deemed appropriate by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Do
 not purchase or sell securities of the issuer on his or her behalf or for others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Do
 not communicate the information inside or outside of the Adviser, other than to the CCO.

The CCO will review the issue, determine whether the information is both material and nonpublic, and, if so, what action the Adviser should take.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Procedures to Implement Statement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All
 Covered Employees must make a diligent effort to ensure that a violation of the Statement
 does not either intentionally or inadvertently occur. In this regard, all Covered Employees
 are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Reading,
 understanding and consenting to comply with the insider trading policies contained in this
 Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ensuring
 that no trading occurs for their account, or for any account over which they have direct
 or indirect influence or control, in Covered Securities for which they have MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not
 disclosing insider information obtained from any source whatsoever to inappropriate persons.
 Disclosure to family, friends or acquaintances may be grounds for immediate termination and/or
 referral to civil or governmental authorities for possible civil or criminal prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Consulting
 the CCO when questions arise regarding insider trading or when potential violations of the
 Statement are suspected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Advising
 the CCO of all outside activities, directorships, or major ownership (over 5%) related to
 a publicly-traded company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In
 order to prevent accidental dissemination of MNPI, Covered Employees should adhere to the
 following practices whenever possible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Inform
 management when unauthorized personnel enter the premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lock
 doors or cabinets in areas that have confidential files when not in use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Refrain
 from discussing sensitive information in public areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Refrain
 from leaving confidential information on message devices or printers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Maintain
 control of sensitive documents including handouts and copies intended for internal dissemination
 only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Ensure
 that faxes, e-mail messages and other electronic communications containing sensitive information
 are properly sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Do
 not allow passwords to be given to unauthorized personnel.

&nbsp;&nbsp;&nbsp;&nbsp;**X.** **INDEPENDENT DIRECTOR REQUIREMENTS** 

Each Independent Director shall be furnished a copy of this Joint Code of Ethics upon becoming an Independent Director and annually thereafter and shall be notified of his or her obligation to file reports as provided by this Joint Code of Ethics. Each Independent Director is required to acknowledge receipt of a copy of this Joint Code of Ethics and that he or she has read and understands this Joint Code of Ethics at the time of becoming an Independent Director. In addition, each Independent Director is required to certify annually thereafter that he or she has read and understands this Joint Code of Ethics, recognizes that he or she is subject to this Joint Code of Ethics, and that he or she has complied with all of the requirements of this Joint Code of Ethics during the prior year.

Any violations of this Joint Code of Ethics by an Independent Director will be reported to the Chairman of the Board and Lead Independent Director for the Fund(s) for which he or she serves as an Independent Director.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Personal Investment and Trading Policy for Independent Directors** 

Generally, Independent Directors may not engage in a transaction in a Covered Security that is also the subject of a transaction by a Fund if the transaction would disadvantage or appear to disadvantage the Fund. In addition, no Independent Director shall, directly or indirectly, in connection with the purchase or sale of securities or other investments held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ
 any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make
 to a Fund any untrue statement of a material fact or omit to state to a Fund a material fact
 necessary in order to make the statements made, in light of the circumstances under which
 they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any act, practice or course of business which operates or would operate as a fraud or
 deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage
 in any manipulative practice with respect to a Fund.

The following requirements apply to all investment and trading activity where an Independent Director has Beneficial Ownership of a Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Pre-clearance</u>:** Independent Directors are not required to pre-clear their transactions in Covered Securities  **<u>with the exception of</u>** transactions in a Reportable Fund for which they are
 an Independent Director. Given their direct involvement in monitoring the Funds, Independent
 Directors should exercise extreme caution when transacting in the Funds or in any Covered
 Security which may be held or considered for investment by the Funds, including Private Investment
 Funds, Real Estate Securities and Real Asset Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Prohibited Holdings</u>:** Independent Directors may  **<u>not</u>** hold or transact in securities
 issued by any adviser, sub-adviser or principal underwriter (or any controlling person of
 any adviser, sub-adviser or principal underwriter) of a Fund for which they act as Independent
 Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Minimum holding period</u>:** The minimum holding period for any investment in the Funds is 90
 days. (Note that Independent Directors are prohibited from profiting on "short-swing" transactions
in the Funds during a six-month period per Section 16(b) of the Exchange Act)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Reporting</u>:** Independent Directors must submit to the CCO periodic written reports about their investments
 in the Funds and certain Covered Securities as follows:

Independent Directors are generally exempt from the requirement to report quarterly transactions, except that, within 30 days after the end of each calendar quarter, the CCO must receive a quarterly transaction report for any Covered Security where the Independent Director knew or, in the ordinary course of fulfilling his or her official duties as an Independent Director, should have known that, during the 15-day period immediately before or after the Independent Director's transaction in a Covered Security, the Funds purchased or sold the Covered Security, or the Funds or one of their investment advisers considered purchasing or selling the Covered Security. The report should include the details described in Section III.A.3.b above.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Statement on Insider Trading for Independent Directors** 

As outlined in sections IX.A and IX.B, buying or selling Covered Securities (including the Funds) while in possession of MNPI is prohibited by both United States law and this Joint Code of Ethics. This includes purchasing or selling for an Independent Director's own account or one for which the Independent Director has direct or indirect influence or control. If an Independent Director is uncertain as to whether information obtained through their duties as an Independent Director is material or nonpublic, he or she should consult the CCO and counsel to the Independent Directors immediately.

Disclosing MNPI to inappropriate persons, whether or not for consideration (i.e., "tipping"), is prohibited. MNPI regarding a publicly-traded company or the Funds must only be disseminated on a need to know basis and only to appropriate Adviser and Fund personnel. The CCO and counsel to the Independent Directors should be consulted should a question arise as to who is privy to MNPI.

**Responsibilities of Independent Directors**. All Independent Directors must make a diligent effort to ensure that a violation of the Statement does not either intentionally or inadvertently occur. In this regard, all Independent Directors are responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reading, understanding and consenting to comply with the insider trading policies contained in this Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Ensuring that no trading occurs for their account, or for any account over which they have direct or indirect influence or control, in Covered Securities for which they have MNPI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Not disclosing insider information obtained from any source whatsoever to inappropriate persons. Disclosure to family, friends or acquaintances may be grounds for immediate removal as an Independent Director and/or referral to civil or governmental authorities for possible civil or criminal prosecution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consulting the CCO and counsel to the Independent Directors when questions arise regarding insider trading or when potential violations of the Statement are suspected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Advising the CCO of all outside activities, directorships, or major ownership (over 5%) related to a publicly-traded company.

**Exhibit I : Funds Covered by this Code of Ethics**

<br> &nbsp;&nbsp;&nbsp;&nbsp;• Harrison Street Real Estate Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;• Harrison Street Real Assets Fund LLC

&nbsp;&nbsp;&nbsp;&nbsp;• Harrison Street Infrastructure Income Fund

**Exhibit II: Code of Ethics for Principal Executive and Senior Financial Officers**

**HARRISON STREET REAL ESTATE FUND LLC**

**HARRISON STREET REAL ASSETS FUND LLC**

**HARRISON STREET INFRASTRUCTURE INCOME FUND**

&nbsp;&nbsp;&nbsp;&nbsp;I. Covered
 Officers/Purpose of the Code

This Code of Ethics (the *"Code"*) shall apply to the Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the *"***Covered Officers***,"* each of whom is named in Appendix A attached hereto) of the Harrison Street Real Estate Fund LLC, the Harrison Street Real Assets Fund LLC, and the Harrison Street Infrastructure Income Fund (the *"*Funds" or the "Companies") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
 relationships;

• full,
 fair, accurate, timely and understandable disclosure in reports and documents that the Companies file with, or submit to, the Securities
 and Exchange Commission (*"SEC"*) and in other public communications made by the Companies;

• compliance
 with applicable laws and governmental rules and regulations;

• the
 prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability
 for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;II. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

Overview. A *"*conflict of interest*"* occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds or the Adviser. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Companies. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Companies to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the programs and procedures or codes of ethics of the Companies' investment adviser or distributor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between a Fund and its service providers, including the investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Companies, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Companies and their service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Companies. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the *"Investment Company Act"*) and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Companies' Boards of Directors (the *"Board"*) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Companies.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use
 his or her personal influence or personal relationship improperly to influence investment decisions or financial reporting by the
 Companies whereby the Covered Officer would benefit personally to the detriment of a Fund;

• cause
 the Companies to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the
 benefit of the Companies; or

• retaliate
 against any other Covered Officer or any employee of the Companies or their affiliated persons for reports of potential violations
 by a Fund of applicable rules and regulations that are made in good faith.

Each Covered Officer must discuss certain material conflict of interest situations with the Companies' Audit Committee. Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director,
 trustee, general partner, or officer of any unaffiliated business organization. This rule does not apply to charitable,
 civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Companies;

• the receipt of any
 non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any
 entertainment from any Fund with which the Companies have current or prospective business dealings unless such entertainment is business-related,
 reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety;

• any ownership interest
 in, or any consulting or employment relationship with, any of the Companies' service providers, other than its investment adviser,
 principal underwriter, administrator, transfer agent, custodian or any affiliated person thereof; and

• a direct or indirect
 financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling
 or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;III. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer
 should familiarize himself or herself with the disclosure requirements generally applicable to the Companies.

• Each Covered Officer
 should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside the Fund,
 including to the Fund's Board, Audit Committee and independent auditors, and to governmental regulators and self-regulators
 and self-regulatory organizations.

• Each Covered Officer
 should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Companies
 and their service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports
 and documents the Companies file with, or submit to, the SEC and in other public communications made by the Companies.

• It is the responsibility
 of each Covered Officer to promote and encourage professional integrity in all aspects of the Companies' operations.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon
 adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Appendix
 B to the Companies' compliance officer affirming that he or she has received, read, and understands the Code;

• annually
 sign and return a report in the form of Appendix C to the Companies' compliance officer as an affirmation that he or she has
 complied with the requirements of the Code; and

• notify
 the Companies' Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself
 a violation of this Code.

The Companies' Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation including any approvals or waivers sought by the Covered Persons.

The Audit Committee will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee
 will take all appropriate actions to investigate any potential violations reported to the Committee.

• If, after such investigation,
 the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action.

• Any matter that the
 Audit Committee believes is a violation of this Code will be reported to the full Board.

• If the Board concurs
 that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered
 Officer as an officer of the Companies.

• The Audit Committee
 will be responsible for granting waivers of provisions of this Code, as appropriate.

• Any changes to or
 waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;V. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the Companies for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Companies, the Companies' investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Companies', investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;1. Amendments

Any amendments to this Code, other than amendments to Appendix A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Companies' Board or Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Internal
 Use

The Code is intended solely for the internal use by the Companies and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**Appendix A**

PERSONS COVERED BY THIS CODE OF ETHICS:

**<u>Harrison Street Real Estate Fund LLC</u>**

Mark Quam, CEO

Brian Petersen, CFO

**<u>Harrison Street Real Assets Fund LLC</u>**

Mark Quam, CEO

Brian Petersen, CFO

**<u>Harrison Street Infrastructure Income Fund</u>**

Mark Quam, CEO

Brian Petersen, CFO

**Appendix B**

INITIAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Harrison Street Real Estate Fund LLC, Harrison Street Real Assets Fund LLC, and Harrison Street Infrastructure Income Fund dated _______________________, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

Please sign your name here:

Please print your name here:

Please date here:

**Appendix C**

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Harrison Street Real Estate Fund LLC, Harrison Street Real Assets Fund LLC, and Harrison Street Infrastructure Income Fund dated _________________________ (the *"Code"*) and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of the Code during the period of January 1, _______ through December 31, _______.

Please sign your name here:

Please print your name here:

Please date here: