# EDGAR Filing Document

**Accession Number:** 0002090145
**File Stem:** 0000910472-26-009007
**Filing Date:** 2026-6
**Character Count:** 71089
**Document Hash:** 6d112a71ef2e4b44ffd8dea264c91cb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-009007.hdr.sgml**: 20260612

**ACCESSION NUMBER**: 0000910472-26-009007

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260612

**DATE AS OF CHANGE**: 20260612

**EFFECTIVENESS DATE**: 20260612

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CAIS Sports, Media & Entertainment Fund
- **CENTRAL INDEX KEY:** 0002090145

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24126
- **FILM NUMBER:** 261085958

**BUSINESS ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 844 241 8667

**MAIL ADDRESS:**
- **STREET 1:** 527 MADISON AVENUE
- **STREET 2:** 12TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Inst

**CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND**

**AMENDED AND RESTATED MULTIPLE CLASS PLAN**

**ADOPTED PURSUANT TO RULE 18f-3**

WHEREAS, CAIS Sports, Media and Entertainment Fund (the "**Fund**") is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**");

WHEREAS, the Fund currently relies on an exemptive order from the U.S. Securities and Exchange Commission (the "**SEC**") that permits the Fund to offer multiple classes of shares (the "**Order**");

WHEREAS, reliance on the Order requires the Fund to comply with the provisions of Rule 18f-3 under the 1940 Act as if it were an open-end management investment company;

WHEREAS, Rule 18f-3 requires that a board of directors of an investment company desiring to offer multiple classes of shares pursuant to said Rule adopt a plan setting forth the differences among the classes with respect to shareholder services, distribution arrangements, expense allocations and any related conversion features or exchange privileges;

WHEREAS, the Board of Trustees of the Fund (the "**Board**", and each member, a "**Trustee**"), including a majority of the Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund (the "**Independent Trustees**"), previously adopted voluntarily a plan pursuant to Rule 18f-3 (the "**Original Plan**"), so that the Fund may issue multiple classes of shares of beneficial interest ("**Shares**") in compliance with the Order; and

WHEREAS, the Fund desires to amend and restate the Original Plan as set forth herein to reflect the designation of Class A Shares as an additional class of Shares of the Fund (as amended and restated, the "**Plan**").

NOW THEREFORE, the Fund hereby adopts the Plan on the following terms and conditions:

**A**. **<u>Class Designation; General Description of Classes</u>**

The Fund will offer four (4) classes of Shares: Class A Shares, Class D Shares, Class I Shares, and Class S Shares. In general, Shares of each class shall be identical except for different expense variables (which will result in different yields or total returns for each class), certain related rights and certain shareholder services.

In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted an Amended and Restated Distribution and Servicing Plan (the "**12b-1 Plan**") under which Class A Shares and Class D Shares are subject to a distribution and servicing fee. A general description of the fees applicable to each class of Shares is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Class A Shares</u>**. Class A Shares are not subject to a front-end sales load; *provided, however*, if such Class A Shares are purchased through certain brokers-dealers and their agents that have agreed to participate in the distribution of the Shares (the "**Financial Intermediaries**"), those Financial Intermediaries may directly charge transaction or other fees, including upfront placement fees or brokerage commissions, in such amounts as they may determine, provided that Financial Intermediaries limit such charges to a 3.50% cap on NAV. Under the 12b-1 Plan, Class A Shares are subject to a quarterly distribution and servicing fee at an annual rate of up to 0.85% of the aggregate net asset value ("**NAV**") of Class A Shares, to be calculated and accrued as of the last business day of each calendar quarter (before any repurchases of shares of Class A Shares). Class A Shares are subject to certain minimum investment requirements as described in the Fund's then-current registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Class D Shares</u>**. Class D Shares are not subject to a sales load. Under the 12b-1 Plan, Class D Shares are subject to a quarterly shareholder servicing fee at an annual rate of up to 0.25% of the NAV of Class D Shares, to be calculated and accrued as of the last business day of each calendar quarter (before any repurchases of shares of Class D Shares). Class D Shares are subject to certain minimum investment requirements as described in the Fund's then-current registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Class I Shares</u>**. Class I Shares are not subject to a sales load or a distribution and servicing fee. Class I Shares are purchased only through certain Financial Intermediaries, *however*, Financial Intermediaries may not directly charge Shareholders of Class I Shares any transaction-based fees, including upfront placement fees or brokerage commissions. Class I Shares are subject to certain minimum investment requirements as described in the Fund's then-current registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Class S Shares</u>**. Class S Shares are not subject to a sales load or a distribution and servicing fee; *provided*, *however*, Class S Shares are purchased only through certain participating Financial Intermediaries who charge such clients a fee for advisory, investment, consulting or similar services, including upfront placement fees or brokerage commissions, in such amount as they may determine. Class S Shares are subject to certain minimum investment requirements as described in the Fund's then-current registration statement.

The ability of the Fund to waive or adjust the minimum initial and subsequent investments shall be disclosed by the Fund in its then-current registration statement.

A 2.00% early repurchase fee payable to the Fund will be charged with respect to any repurchase of a shareholder's Class A, Class D, Class I, or Class S Shares at any time prior to the day immediately preceding the one-year anniversary of the shareholder's acquisition of such Class A, Class D, Class I, or Class S Shares, respectively, on a "first in-first out" basis. An early repurchase fee payable by a shareholder may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund and in a manner that will not discriminate unfairly against any investor, including for repurchase requests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· arising from the death or qualified disability of a shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· submitted by discretionary model portfolio management programs (and similar arrangements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· from feeder funds (or similar vehicles) primarily created to hold the Shares, which are offered to non-U.S.
persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in the event that a shareholder's Shares are repurchased because the shareholder has failed to maintain
a $10,000 minimum account balance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· as otherwise described in the Fund's then-current registration statement.

To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an early repurchase fee, it will do so consistently with the requirements of Rule 22d-1 under the 1940 Act, and the Fund's waiver of, scheduled variation in, or elimination of, the early repurchase fee will apply uniformly to all shareholders regardless of Share class.

**B. <u>Expense Allocation of Each Class</u>**

Class-specific expenses of the Fund shall be allocated to the specific class of Shares of the Fund. Non-class specific expenses shall be allocated in accordance with Rule 18f-3 and any related guidance from the SEC or its staff. All expenses incurred by the Fund will be allocated, as provided for herein, among its classes of Shares based on the respective net assets of the Fund attributable to each such class. The value of the Fund's net assets attributable to each class of Shares shall be computed in the manner specified in the Fund's then-current registration statement for the computation of the Fund's NAV.

In addition to different expenses associated with the 12b-1 Plan, each class of Shares may pay a different amount of the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. administrative and/or accounting or similar fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. legal, printing and postage expenses related to preparing and distributing to current shareholders of
a specific class materials such as shareholder reports, prospectuses and proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Blue Sky fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SEC registration fees incurred by a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. expenses of administrative personnel and services required to support the shareholders of a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. trustees' fees incurred as a result of issues relating to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. auditor's fees, litigation expenses, and other legal fees and expenses relating to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. transfer agent fees and shareholder servicing expenses identified as being attributable to a specific
class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. account expenses relating solely to a specific class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. expenses incurred in connection with any shareholder meetings as a result of issues relating to a specific
class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. any such other expenses (not including advisory or custodial fees or other expenses related to the management
of the Fund's assets) actually incurred in a different amount by a class or related to a class's receipt of services of a
different kind or to a different degree than another class, including reimbursement for any expense support provided to such class.

**C. <u>Waivers and Reimbursements</u>**

Fees and expenses may be waived or reimbursed by the Adviser or its affiliates, or any other service provider to the Fund. Such waiver or reimbursement may be applicable to some or all of the classes and may be in different amounts for one or more classes.

**D. <u>Income, Gains and Losses</u>**

Income, realized gains and losses and unrealized appreciation and depreciation shall be allocated to each class on the basis of the NAV of that class in relation to the NAV of the Fund, in each case in accordance with U.S. Generally Accepted Accounting Principles.

**E. <u>Class Designation</u>**

Subject to approval by the Board, the Fund may alter the nomenclature for the designations of one or more of its classes of Shares.

**F. <u>Conversion Features; Exchange Privileges</u>**

Shares of one class may be exchanged, including at the shareholder's option, for Shares of another class of the Fund (an "**intra-Fund exchange**"), if and to the extent an applicable intra-Fund exchange privilege is disclosed in and subject to the terms and conditions (including the imposition or waiver of any sales load or repurchase fee) set forth in the Fund's then-current registration statement, provided that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the class into which such shareholder seeks to exchange. Assuming the intra-Fund exchange meets the eligibility requirements of the class into which such shareholder seeks to exchange and the Fund has received proper instruction from the financial intermediary to effect such intra-Fund exchange and consents to such intra-Fund exchange, a Financial Intermediary may, in its discretion, determine to exchange a shareholder's Shares at such shareholder's request.

**G. <u>Additional Information</u>**

This Plan is qualified by and subject to the terms of the then-current registration statement for the applicable classes; *provided*, *however*, *that* none of the terms set forth in any such registration

statement shall be inconsistent with the terms of the classes contained in this Plan. Nothing in this Plan shall be deemed to require the Fund to take action contrary to the Declaration of Trust or the Bylaws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Board of the responsibility for and control of the conduct of the affairs of the Fund.

**H. <u>Effective Date; Amendments</u>**

This Plan shall become effective at such time as specified by the Board. This Plan may be terminated or amended at any time with respect to the Fund or a class of Shares thereof by a vote of a majority of the Board, including a majority of the Independent Trustees.

## Internal

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of CAIS Sports, Media and Entertainment Fund

In planning and performing our audit of the financial statements of CAIS Sports, Media and Entertainment Fund (the "Fund") for the period December 4, 2025 (the effective date of the Fund's registration statement on Form N-2) to March 31, 2026, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March 31, 2026.

This report is intended solely for the information and use of management and the Board of Trustees of CAIS Sports, Media and Entertainment Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Ernst & Young LLP

New York, NY

May 28, 2026

## Advisory

**INVESTMENT ADVISORY AGREEMENT BETWEEN**

**CAIS Sports, Media and Entertainment Fund AND**

**CAIS Advisors LLC**

This Investment Advisory Agreement, dated as of September 29, 2025 (this "<u>Agreement</u>"), is made between CAIS Sports, Media and Entertainment Fund, a Delaware statutory trust (the "<u>Fund</u>"), and CAIS Advisors LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Fund is a newly formed statutory trust that intends to operate as a continuously offered, closed-end management investment company registered under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>1940 Act</u>");

WHEREAS, the Fund intends to file a registration statement on Form N-2 with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") (as amended from time to time, the "<u>Registration Statement</u>") under the 1940 Act and the Securities Act of 1933, as amended, to register its shares of beneficial interest (the "<u>Shares</u>") for issuance in a public offering (the "<u>Offering</u>");

WHEREAS, the Fund desires to retain the Adviser to provide investment advisory services to the Fund in the manner and on the terms and conditions hereinafter set forth;

WHEREAS, the Adviser is willing to provide investment advisory services to the Fund in the manner and on the terms and conditions hereinafter set forth; and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the "<u>Advisers Act</u>").

NOW, THEREFORE, in consideration of the covenants and mutual promises hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Fund and the Adviser hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>.

The Adviser agrees, as more fully set forth herein, to act as investment adviser to the Fund with respect to the investment of the Fund's assets and to supervise and arrange for the day-to-day operations of the Fund and the purchase, management and sale of assets comprising the investment portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties and Obligations of the Adviser with Respect to Investment of Assets of the Fund</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to supervision of the Fund's board of trustees (the "<u>Board</u>"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund. The Fund hereby delegates to the Adviser the management of the Fund

including the management of the day-to-day operations of the Fund. The Adviser hereby agrees with the Fund to act as the investment manager of the Fund, to accept and carry out operational and investment management responsibilities and duties on behalf of the Fund, and to be responsible for portfolio and risk management and operation of the Fund in accordance with the terms of this Agreement. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the composition of the portfolio of the
Fund, the nature and timing of the changes therein and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify, evaluate and negotiate the structure of
the investments made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) execute, close, service and monitor the investments that the Fund makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine the securities and other assets that the
Fund will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) perform due diligence on prospective portfolio investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide the Fund with such other investment advisory,
research and related services as the Fund may, from time to time, reasonably require for the investment of its funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to the Fund's policies and procedures,
manage the capital structure of the Fund, including, but not limited to, asset and liability management and liquidity maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the services of its own staff, the Adviser shall have the authority to arrange for and coordinate the services of other professionals and consultants (including, without limitation, any affiliate of the Adviser) to assist it in providing services to the Fund. In the event that the Fund determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Fund through one or more subsidiaries or special purpose vehicles ("<u>SPVs</u>"), the Adviser shall have authority to create or arrange for the creation of such subsidiaries or SPVs and to make such investments through such subsidiaries or SPVs (in accordance with the 1940 Act). Nothing contained herein shall be construed to restrict the Fund's right to hire its own employees or to contract for administrative services to be performed by third parties, including but not limited to, the calculation of the net asset value of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the performance of its duties under this Agreement, the Adviser shall at all times use all reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Fund; (ii) any other applicable provision of law; (iii) the provisions of the Fund's Declaration of Trust and the Fund's Bylaws, as such documents may be amended from time to time; (iv) the investment objective, policies and restrictions

applicable to the Fund as set forth in the reports and/or Registration Statement that the Fund files with the SEC, as they may be amended from time to time; and (v) any policies and determinations of the Board that are provided in writing to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser may engage one or more sub-advisers (each, a "<u>Sub-Adviser</u>") (including, without limitation, any affiliate) that are registered under the Advisers Act to perform investment advisory or investment management services for the Fund, all as shall be set forth in a written contract (each, a "<u>Sub-Advisory Agreement</u>") to which the Adviser and Sub-Adviser shall be parties. Any such Sub-Advisory Agreement shall be subject to approval by the vote of a majority of the members of the Board who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Adviser, any Sub-Adviser, or of the Fund (each, an "<u>Independent Trustee</u>"), cast in person at a meeting called for the purpose of voting on such approval and, to the extent required by the 1940 Act, by the vote of a majority of the outstanding voting securities of the Fund and otherwise consistent with the terms of the 1940 Act. The Adviser and not the Fund shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Fund to pay directly to any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses payable to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser shall maintain all books and records with respect to the Fund's securities transactions required by Rule 31a-1 under the 1940 Act (other than those records being maintained by the administrator to the Fund (the "<u>Administrator</u>") under the administration agreement to be entered into by and between the Fund and the Administrator concurrent herewith (the "<u>Administration Agreement</u>"), or by the Fund's custodian or transfer agent) and preserve such records for the periods prescribed therefor by Rule 31a-2 under the 1940 Act. The Adviser shall have the right to retain copies, or originals of such records to the extent required by applicable law, subject to observance of its confidentiality obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall establish and maintain written policies and procedures for proxy voting in compliance with current applicable rules and regulations. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best interest of the Fund and in accordance with such proxy voting policies and procedures, as such proxy voting policies and procedures may be amended from time to time. The Adviser shall provide the Fund, or its designee, a copy of such policies and procedures and establish a process for the timely distribution of the Adviser's voting record with respect to the Fund's securities and other information necessary for the Fund to complete periodic filings required by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser is hereby authorized, on behalf of the Fund and at the direction of the Board pursuant to delegated authority, to possess, transfer, mortgage, pledge or otherwise deal in, and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, the Fund's investments and other property and funds held or owned by the Fund, including voting and providing consents and waivers with respect to the Fund's investments and exercising and enforcing rights with respect to any claims relating to the Fund's investments and other property and funds, including with respect to litigation, bankruptcy or other reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser will provide to the Board such periodic and special reports as it may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection herewith, the Adviser agrees to maintain such a staff within its organization as is necessary and appropriate to furnish the above services to the Fund. The expenses incurred by the Adviser and its officers, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Fund. For avoidance of doubt, unless the Adviser elects to bear or waive any of the following costs (in its sole and absolute discretion), the Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-investment related interest expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) calculating the Fund's net asset value and
expenses incurred by the Adviser or any Sub-Adviser in conjunction with the valuation services (including the cost and expenses of any
third-party valuation firms) requested by the Adviser or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all expenses related to its investment program, including,
but not limited to, expenses borne indirectly through the Fund's investments in subsidiaries or SPVs, all costs and expenses directly
related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with the
Fund's investments, including its investments in subsidiaries or SPVs (whether or not consummated), and enforcing the Fund's
rights in respect of such investments, transfer taxes and premiums, taxes withheld on non-U.S. dividends, fees for data and software providers,
research expenses, professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts) and,
if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short,
dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the organization of the Fund, including the organization of any feeder fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) direct and indirect expenses, incurred by the Adviser,
or members of its investment teams, or payable to third parties, in evaluating, developing, negotiating, structuring and performing due
diligence on prospective portfolio companies, including such expenses related to potential investments that were not consummated, and,
if necessary, enforcing the Fund's rights including, (a) travel, entertainment, lodging and meal expenses, (b) origination fees,
syndication fees, research costs, due diligence costs, bank service fees and (c) fees and expenses related to the organization or maintenance
of any intermediate entity used to acquire, hold or dispose of any portfolio company or otherwise facilitating the Fund's investment
activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses incurred by the Adviser (and its
affiliates) or the Administrator (or its affiliates) payable to third parties, including agents, consultants or other advisors, in monitoring
financial and legal affairs for the Fund and the Adviser and in conducting research and due diligence on prospective investments and equity
sponsors, analyzing investment opportunities, structuring the Fund's investments and monitoring investments and portfolio companies
on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any and all fees, costs and expenses incurred in
connection with the Fund's incurrence of leverage or other indebtedness, including, but not limited to, borrowings, dollar rolls,
reverse purchase agreements, credit facilities, securitizations, margin financing and derivatives and swaps, and including any principal
or interest on the Fund's borrowings and indebtedness (including, without limitation, any fees, costs, and expenses incurred in
obtaining lines of credit, loan commitments, and letters of credit for the Fund's account and in making, carrying, funding and/or
otherwise resolving investment guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) offerings, sales, and repurchases of the Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fees and expenses payable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) fees and expenses payable under any distribution
agreements entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) distribution and servicing fees payable pursuant
to Rule 12b-1 under the 1940 Act, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) administration fees and expenses, if any, payable
under the Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) fees and expenses based upon the Fund's allocable
portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including any allocable
portion of the compensation of the Fund's chief executive officer, chief compliance officer, chief financial officer, chief administrative
officer, chief legal officer, chief operating officer and their respective staffs, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) costs incurred in connection with investor relations and Board relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any applicable administrative agent fees or loan
arranging fees incurred with respect to the Fund's portfolio investments by the Adviser, the Administrator, the sub-administrator,
if any, or an affiliate thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any and all fees, costs and expenses incurred in
implementing or maintaining third-party or proprietary software tools, programs or other technology for the Fund's benefit (including,
without limitation, any and all fees, costs and expenses of any investment, books and records, portfolio

compliance and reporting systems, order management and portfolio management systems, general ledger or portfolio accounting systems and other similar systems and services, including without limitation, consultant, software licensing, data management and recovery services fees and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) federal and state registration fees, including notice filing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fees and expenses of Independent Trustees including
reasonable travel, entertainment, lodging and meal expenses, and any legal counsel or other advisors retained by, or at the discretion
or for the benefit of, the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) costs of preparing and filing reports or other documents
required by the SEC, Financial Industry Regulatory Authority, Inc., U.S. Commodity Futures Trading Commission, or other regulators, and
all fees, costs and expenses related to compliance-related matters (such as developing and implementing specific policies and procedures
in order to comply with certain regulatory requirements) and regulatory filings related to the Fund's activities and/or other regulatory
filings, notices or disclosures of the Adviser, any Sub-Adviser and their respective affiliates relating to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs of any reports, proxy statements or other notices
to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) fidelity bond, trustees and officers/errors and
omissions liability insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) direct costs and expenses of administration, including
printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors, tax preparers and outside legal
costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all expenses relating to payments of dividends or
interest or distributions in cash or any other form made or caused to be made by the Board to or on account of holders of the securities
of the Fund, including in connection with the distribution reinvestment plan or the share repurchase program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) costs incurred in connection with the formation or
maintenance of entities or vehicles to hold the Fund's assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to the extent permitted by the 1940 Act or any exemptive relief obtained thereunder,
allocable fees and expenses associated with marketing efforts on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) all costs and expenses incurred as a result of dissolution,
winding-up and termination of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) any extraordinary expenses, or those expenses incurred
by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim,
litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection
with holding and/or soliciting proxies for a meeting of shareholders, including indemnification expenses as provided for in the Fund's
organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in Section (3)(a)(xiii), above, during the term of this Agreement, the Adviser shall bear all compensation expenses (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and shall bear the costs of any salaries of any officers or trustees of the Fund who are affiliated persons (as defined in the 1940 Act) of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Services Not Exclusive</u>.

Nothing in this Agreement shall prevent the Adviser or any officer, employee or other affiliate thereof from acting as investment adviser for any other person, firm or corporation, whether or not the investment objectives or policies of any such other person, firm, or corporation are similar to those of the Fund, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Adviser or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Confidentiality</u>.

The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including all "nonpublic personal information," as defined under the Gramm-Leach-Bliley Act of 1999 (Public law 106-102, 113 Stat. 1138), shall be used by the other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party, except that such confidential information may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set forth herein. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is requested by or required to be disclosed to any governmental or regulatory authority, including in connection with any required regulatory filings or examinations, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Best Execution; Research Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a broker or dealer is required to effectuate a transaction on behalf of the Fund, the Adviser will engage one as described below. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Adviser will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. It is acknowledged that although the Adviser will generally seek reasonably competitive trade execution costs, the Fund may not necessarily pay the lowest spread or commission available.

Consistent with this obligation, and subject to applicable legal requirements, the Adviser may select brokers partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge, provided that the Adviser determines in good faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Adviser to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term, subject to review by the Board from time to time with respect to the extent and continuation of such practice to determine whether the Fund benefits, directly or indirectly, from such practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation of the Adviser</u>.

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a management fee as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services provided by the Adviser under this Agreement, the Fund will pay the Adviser a management fee (the "<u>Management Fee</u>") as indicated on **<u>Exhibit A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee for the period from the effective date of this Agreement to the end of the quarter (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar quarter) or month (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar month), during which such effective date occurs will be prorated according to the proportion that such period bears to the full quarterly or monthly period, as applicable. Upon any termination of this Agreement before the end of a quarter or month, the Management Fee for such part of that quarter or month, will be prorated according to the proportion that such period bears to the full quarterly or monthly period, as applicable, and will be payable upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of determining fees payable to the Adviser under this Section 7, the value of the Fund's assets will be computed at the times and in the manner specified in the Registration Statement, and on days on which the value of Fund assets are not so determined, the asset value computation to be used will be as determined on the immediately preceding day on which the value of Fund assets were determined. Furthermore, fees payable to the Adviser under

this Section 7 will be earned and attributed to each class of the Shares based on the net asset value and net profits of the Fund attributable to each such class of Shares and in accordance with U.S. Generally Accepted Accounting Principles applicable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall provide full and prompt disclosure to the Fund regarding itself and its partners, officers, directors, shareholders, employees, affiliates or any person who controls any of the foregoing, including, but not limited to, information regarding any change in control of the Adviser or any change in its personnel that could affect the services provided by the Adviser to the Fund hereunder, information regarding any material adverse change in the condition (financial or otherwise) of the Adviser or any person who controls the Adviser, information regarding the results of any examination conducted by the SEC or any other state or federal governmental agency or authority or any self-regulatory organization relating directly or indirectly to the services performed by the Adviser hereunder with respect to the Fund, and, upon request, other information that the Board reasonably deems necessary or desirable to enable the Trustees to monitor the performance of the Adviser and information that is required, in the reasonable judgment of the Trustees and upon prior written request, to be disclosed in any filings required by any governmental agency or by any applicable law, regulation, rule or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations of the Adviser. The Adviser (and its officers, directors, managers, partners, agents, trustees, advisors, consultants, employees, controlling persons, members and any other person or entity affiliated with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (including any Sub-Adviser)) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against any and all damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Section 9 to the

contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of fraud, willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the first date written above. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act) and (b) the vote of a majority of Independent Trustees, in accordance with the requirements of the 1940 Act or any exemptive relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by (x) (i) the Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (y) the Adviser upon not less than 90 days' written notice. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 7 through the date of termination or expiration, and Section 9 shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment</u>.

This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), or the vote of a majority of the Fund's Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Entire Agreement; Governing Law</u>.

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Miscellaneous</u>.

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on, and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>.

This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

IN WITNESS WHEREOF, the parties hereto caused their duly authorized signatories to execute this Agreement as of the day and year first written above.

CAIS SPORTS, MEDIA AND ENTERTAINMENT FUND

By: <u>/s/Terrence McCarthy</u>

Name: Terrence McCarthy Title: Chief Financial Officer

CAIS ADVISORS LLC

By: <u>/s/Michael Richman</u>

Name: Michael Richman Title: Chief Legal Officer

**<u>EXHIBIT A</u>**

<u>Management Fee</u>

In consideration of the advisory services provided by the Adviser, the Fund will pay the Adviser a Management Fee at an annual rate of 0.95% payable quarterly (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar quarter) or monthly (to the extent the net asset value of the Shares is calculated as of the close of business on the last business day of each calendar month), in arrears based upon the Fund's net assets, calculated as of the close of business on the last business day of each calendar quarter or month (including any assets in respect of Shares that will be repurchased as of the end of the quarter or month), as applicable. The Management Fee is due and payable in arrears within thirty calendar days after the end of the quarter or month, as applicable. Base management fees for any partial quarter or month are prorated based on the number of days in the quarter or month, as applicable.

## Item

**CAIS Sports, Media and Entertainment Fund**

Item G.1b.iv. Information called for by Item 405 of Regulation S-K

There were three inadvertent late Forms 3 filed in December 2025 for

Patrick Sivak, William Kimme, and Kent Barnes, officers of the fund.

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0002090145

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2026-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** Yes

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** CAIS Sports, Media & Entertainment Fund

- **Item B.1.b - Investment Company Act file number:** 811-24126

- **Item B.1.c - CIK:** 0002090145

- **Item B.1.d - LEI:** 5299006BC1K9TK4LSU86

- **Item B.2.a - Street 1:** 527 Madison Avenue, 12th Floor

- **Item B.2.b - City:** New York

- **Item B.2.c - State:** NY

- **Item B.2.e - Zip Code:** 10022

- **Item B.2.f - Telephone:** 1-844-241-8667

- **Item B.2.g - Public Website:** www.caisadvisors.com/sme

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** CAIS Advisors LLC

- **b. Street 1:** 527 Madison Avenue

- **Street 2:** 12th Floor

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10022

- **g. Telephone number:** 844-241-8667

- **h. Briefly describe the books and records kept at this location:** Records related to its function as the fund's investment adviser

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** UMB Bank, N.A.

- **b. Street 1:** 1010 Grand Boulevard

- **c. City:** Kansas City

- **d. State, if applicable:** MO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 64106

- **g. Telephone number:** 816-860-7930

- **h. Briefly describe the books and records kept at this location:** Records related to its function as the fund's custodian

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Ultimus Fund Solutions, LLC

- **b. Street 1:** 225 Pictoria Drive, Suite 450

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45246

- **g. Telephone number:** 631-470-2600

- **h. Briefly describe the books and records kept at this location:** Records related to its function as the fund's administrator, accounting agent and transfer agent

- **Item B.4.a - Is this the first filing by the Registrant?:** Yes

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name           | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Joseph Carrier | No                      | 811-04415                               |
| Kevin Mirabile | No                      | N/A                                     |
| Richard Arney  | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** William Kimme

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 4221 North 203rd Street, Suite 100

- **d. City:** Elkhorn

- **e. State, if applicable:** NE

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 68022

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-35627

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Ultimus Fund Distributors, LLC

- **ii. SEC file number:** 8-52643

- **iii. CRD number:** 000104177

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Ernst & Young LLP

- **b. PCAOB Number:** 42

- **c. LEI, if any:** N/A

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - CAIS Sports, Media and Entertainment Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** CAIS Sports, Media and Entertainment Fund

- **c. LEI:** 5299006BC1K9TK4LSU86

- **d. Is this the first filing on this form by the Fund?:** Yes

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [x] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** CAIS ADVISORS LLC

- **ii. SEC file number:** 801-130768

- **iii. CRD number:** 000317466

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 84-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB Bank, National Association

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $161,893,676.40

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** CAIS Sports, Media & Entertainment Fund

**Date:** 2026-06-12

**Signature:** Terrence McCarthy

**Title:** Chief Financial Officer