# EDGAR Filing Document

**Accession Number:** 0002067955
**File Stem:** 0001193125-25-335256
**Filing Date:** 2025-12
**Character Count:** 1586981
**Document Hash:** febe8eb9c333647805d37ff79510ba23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-335256.hdr.sgml**: 20251229

**ACCESSION NUMBER**: 0001193125-25-335256

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

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20251229

**DATE AS OF CHANGE**: 20251229

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Diameter Dynamic Credit Fund
- **CENTRAL INDEX KEY:** 0002067955

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24092
- **FILM NUMBER:** 251609015

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DIAMETER CAPITAL PARTNERS LP
- **STREET 2:** 50 HUDSON YARDS, SUITE 6600A
- **CITY:** NEW YORK
- **STATE:** NY
- **BUSINESS PHONE:** (212) 655-1419

**MAIL ADDRESS:**
- **STREET 1:** C/O DIAMETER CAPITAL PARTNERS LP
- **STREET 2:** 50 HUDSON YARDS, SUITE 6600A
- **CITY:** NEW YORK
- **STATE:** NY
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Diameter Dynamic Credit Fund
- **CENTRAL INDEX KEY:** 0002067955

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287486
- **FILM NUMBER:** 251609014

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DIAMETER CAPITAL PARTNERS LP
- **STREET 2:** 50 HUDSON YARDS, SUITE 6600A
- **CITY:** NEW YORK
- **STATE:** NY
- **BUSINESS PHONE:** (212) 655-1419

**MAIL ADDRESS:**
- **STREET 1:** C/O DIAMETER CAPITAL PARTNERS LP
- **STREET 2:** 50 HUDSON YARDS, SUITE 6600A
- **CITY:** NEW YORK
- **STATE:** NY

?xml version='1.0' encoding='ASCII'? N-2/A

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

#### Securities Act Registration No. 333-287486

#### Investment Company Act Registration No. 811-24092

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-2

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| the Securities Act of 1933 | ☒ |
| Pre-Effective Amendment No. 2 | ☒ |
| Post-Effective Amendment No. | ☐ |

---

#### and/or

### REGISTRATION STATEMENT

#### UNDER
the Investment Company Act of 1940 ☒ <br> Amendment No. 2 ☒

## Diameter Dynamic Credit Fund

#### (Exact Name of Registrant as Specified in Declaration of Trust)

#### 50 Hudson Yards, Suite 6600A, New York, NY 10001

#### (Address of Principal Executive Offices)

#### 833-891-0802

#### (Registrant's Telephone Number, Including Area Code)

#### Michael Cohn, Esq.

#### 50 Hudson Yards, Suite 6600A, New York, NY 10001

#### (Name and Address of Agent for Service)

#### Copies to:

#### Rajib Chanda, Esq.

#### Steven Grigoriou, Esq.

#### Neesa Patel Sood, Esq.

#### Simpson Thacher & Bartlett LLP

#### 900 G Street, N.W.

#### Washington, D.C. 20001

#### Rajib.Chanda@stblaw.com

#### Steven.Grigoriou@stblaw.com

#### Neesa.Sood@stblaw.com
Approximate Date of Commencement 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. 

#### It is proposed that this filing will become effective (check appropriate box):
☐ when declared effective pursuant to section 8(c), or as follows:

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

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☒ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 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).

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

☒ New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this filing).

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THE REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.** 

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The information in this preliminary prospectus is not complete and may be changed. The Fund may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION

Preliminary Prospectus Dated December 29, 2025

#### PRELIMINARY PROSPECTUS

#### Diameter Dynamic Credit Fund

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| | | |
|:---|:---|:---|
| Class | Ticker Symbol | Ticker Symbol |
| Class A Shares |  | DDCAX |
| Class I Shares |  | DDCIX |

---

The Fund. Diameter Dynamic Credit Fund, a Delaware statutory trust, is a newly organized, non-diversified, closed-end management investment company (the "Fund") registered under the Investment Company Act of 1940, as amended (the "Investment Company Act") that continuously offers its common shares of beneficial interest, par value $0.001 per share ("Common Shares"), and is operated as an "interval fund."

Investment Objective. The Fund's investment objective is to seek to generate current income and provide attractive risk-adjusted returns. There can be no assurances that the Fund's investment objective will be achieved or that the Fund's investment program will be successful.

Investment Strategy. To pursue its objective, the Fund will invest in a wide range of credit-related products in both the public and private credit sectors and will aim to dynamically adjust its portfolio exposures depending on the market environment. The Fund's investment strategy will focus on three credit-related strategies: (1) a Performing Corporate Credit strategy, which includes pursuing investments in performing first and second lien bank loans (including broadly syndicated loans), secured and unsecured high yield bonds and investment grade bonds, (2) a Structured Credit strategy, which includes pursuing investments in structured credit products, including tranches of collateralized debt and loan obligations, asset backed securities, other securitizations and risk transfer or regulatory capital relief transactions and (3) a Private Credit strategy, which includes pursuing direct lending and related investments, which will largely consist of investments in the debt of private, primarily U.S. domiciled, sponsored and non-sponsored middle-market and upper middle-market companies. Under normal circumstances, the Fund will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in credit instruments (including, but not limited to, loans, bonds, structured credit investments and other credit instruments) of varying maturities. The Fund may invest in non-U.S. securities, emerging markets and derivatives, and may also invest in additional strategies in the future. This 80% investment policy is not fundamental and may be changed by the Fund's board of trustees (the "Board") without shareholder approval and upon sixty (60) days' notice to shareholders.

Performing Corporate Credit Strategy. As part of its overall investment strategy and approach, the Fund will pursue investments in performing first and second lien bank loans (including broadly syndicated loans), secured and unsecured high yield bonds and investment grade bonds. The Adviser (as defined below) aims to capitalize on its expertise investing across the full credit spectrum, from new issue and performing to stressed, distressed and special situation equities to identify what it believes to be attractive performing credit and credit-related opportunities for the Fund while also seeking to identify any potential downside risk.

Structured Credit Strategy. As a part of its overall investment strategy and approach, the Fund will also seek to invest in structured credit products, including tranches of collateralized debt and loan obligations, asset backed securities, other securitizations and risk transfer or regulatory capital relief transactions such as credit default swaps or credit-linked notes issued or structured by banks seeking to reduce the amount of regulatory capital they must hold against credit exposures. The Adviser may invest in various tranches, from senior tranches to the "equity" tranche or "residual". The Adviser believes that its approach to fundamentally analyzing the underlying credits of a given structured credit portfolio gives it an advantage over a model-driven investor's approach to investing in structured credit products.

Private Credit Strategy. As a part of its overall investment strategy and approach and depending on the market environment, the Fund is planning to invest approximately 30 - 40% of its total assets in the private credit

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strategy, which includes direct lending and related investments. These investments will largely consist of investments in the debt of private, primarily U.S. domiciled, sponsored and non-sponsored middle-market and upper middle-market companies. While there is no universally agreed definition of "middle-market", we generally use the term to refer to companies with annual EBITDA between approximately $25 million and $125 million. We generally refer to companies with annual EBITDA equal to or greater than approximately $125 million as "upper middle-market companies". Sponsored companies are typically owned by a private equity firm. The Adviser believes that the breadth of Diameter's platform and the strength of Diameter's connectivity can help provide the Adviser with a competitive advantage in sourcing investment opportunities for the Fund.

**The Fund may invest a substantial portion of its assets in credit instruments that are rated below investment grade by credit rating agencies or that have no credit rating at all and would be rated below investment grade if they were rated. Credit instruments that are rated below investment grade (commonly referred to as "high yield" securities or "junk bonds") are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. Because of the risks associated with investing in high yield securities, an investment in the Fund should be considered speculative. The Fund may also invest substantially in distressed and defaulted securities which may involve substantial financial and business risks that can result in substantial or at times even total losses.** 

The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment (see "Investments and Related Risks" beginning on page 27 of this prospectus (the "Prospectus"). Also, consider the following:

• The Common Shares are not listed on any stock exchange, and the Fund does not expect a secondary market in the Common Shares to develop.

• This is a "blind pool" offering and thus shareholders will not have the opportunity to evaluate the Fund's investments before the Fund makes them.

• Shareholders should generally not expect to be able to sell their Common Shares (other than through the limited repurchase process), regardless of how the Fund performs.

• Although the Fund is required to implement and has implemented a Common Share repurchase program, only a limited number of Common Shares will be eligible for repurchase by the Fund.

• Shareholders should consider that they may not have access to the money they invest for an indefinite period of time.

• An investment in the Fund is suitable only for investors who can bear the risks associated with limited liquidity, and therefore an investment in the Fund will not be suitable for an investor if that investor has a foreseeable need to access the money they invest. See "Periodic Repurchase Offers and Transfers of Shares."

• Shareholders will bear substantial fees and expenses in connection with their investment. See "Summary of Fund Fees and Expenses."

• Because shareholders will be unable to sell their Common Shares or have them repurchased immediately, shareholders may find it difficult to reduce their exposure on a timely basis during a market downturn.

• The Fund cannot guarantee that it will make distributions. If the Fund does make distributions, it may fund such distributions from sources other than net investment income, including the sale of assets, borrowings, return of capital or offering proceeds. Although the Fund generally expects to fund distributions from net investment income, the Fund has not established limits on the amounts the Fund may pay from other such sources. A return of capital is not paid from tax earnings or profits and will have the effect of reducing the tax basis of a shareholder's Common Shares, such that when a shareholder sells its Common Shares, the sale may be subject to tax even if the Common Shares are sold for less than the original purchase price.

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• Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to the Adviser or its affiliates may reduce future distributions to which shareholders would otherwise be entitled.

• It is anticipated that the Fund will employ leverage, which will magnify the potential for loss on amounts invested in the Fund.

**Neither the Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

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| | | | | |
|:---|:---|:---|:---|:---|
| The Offering  | Offering Price to<br>the Public | Offering Price to<br>the Public | Proceeds to the Fund,<br>Before Expenses | Proceeds to the Fund,<br>Before Expenses |
| Class A Shares, per share |  | Current NAV |  | Amount invested at NAV |
| Class I Shares, per share |  | Current NAV |  | Amount invested at NAV |

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ALPS Distributors, Inc. (the "Distributor") acts as distributor for the Fund's Common Shares and serves in that capacity on a reasonable best efforts basis, subject to various conditions. The principal business address of the Distributor is 1290 Broadway, Suite 1000, Denver, CO 80203.

#### The date of this Prospectus is [ ]
(1) The Distributor acts as the principal underwriter of Common Shares on a best-efforts basis. The minimum initial investment in the Fund by any investor in Class A Shares is $25,000 and in Class I Shares is $1,000,000. The minimum subsequent investment in the Fund by any shareholder of Class A Shares is $1,000 and of Class I Shares is $500,000. The Adviser may waive or reduce the minimum initial investment and minimum subsequent investment for Class A Shares and Class I Shares. See " Plan of Distribution ."

(2) Each class of the Fund's Common Shares will be issued on a daily basis at a price per share equal to the net asset value ("NAV") per share for such class.

(3) No upfront sales load will be paid with respect to Class A Shares or Class I Shares. However, if an investor buys Class A Shares through certain financial intermediaries, the intermediaries may directly charge the investor transaction fees or other fees, including upfront placement fees or brokerage commissions, in such amounts as they may determine, provided that selling agents limit such charges to a 2.00% cap on NAV for Class A Shares. Selling agents will not charge such fees on Class I Shares. Class A Shares pay to the Distributor a shareholder servicing and distribution fee that is equal to 0.75% per annum of the average daily value of the Fund's net assets for the Class A Shares, accrued monthly and payable monthly or at such other intervals as the Fund and the Distributor mutually agree. Payment of the shareholder servicing and distribution fee will be governed by the Fund's distribution and service plan (the "Distribution and Service Plan"), which, pursuant to the conditions of an exemptive order issued by the SEC, has been adopted by the Fund in compliance with Rule 12b-1 under the Investment Company Act. Class I Shares are not subject to any shareholder servicing or distribution fees under the Distribution and Service Plan. Shareholder servicing and distribution fees are subject to Financial Industry Regulatory Authority, Inc. ("FINRA") limitations on underwriting compensation.

The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objective will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment (see "Investments and Related Risks" beginning on page 27).

Seeding Transaction. Simultaneously with the Fund beginning to accept offers to purchase Shares, it is intended that DIF LP (the "Predecessor Fund") will reorganize with and transfer substantially all of its assets and

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liabilities to the Fund (the "Proposed Reorganization"). The Predecessor Fund has maintained an investment objective and investment policies that are substantially similar to those of the Fund and at the time of the reorganization the Predecessor Fund will be managed by an affiliated adviser of the Adviser and the same portfolio managers as the Fund. The Predecessor Fund's investments, if any, at the time of the Proposed Reorganization will be appropriate for investment by the Fund in light of the Fund's investment objectives and policies. The Predecessor Fund's investment manager is Diameter Capital Partners LP, an affiliate of the Adviser.

The Proposed Reorganization is subject to approval by the Fund's Board and the Predecessor Fund's general partner. In considering whether to approve the Proposed Reorganization, the Board will consider whether participation in the Proposed Reorganization is in the best interests of the Fund's existing Shareholders and whether the interests of the Fund's existing Shareholders will be diluted as a result of the Proposed Reorganization. There is no guarantee that the Proposed Reorganization will be approved or consummated. Regardless of whether the Proposed Reorganization is consummated, the Fund will invest the proceeds from the sale of Shares in accordance with its investment objective and strategies.

Interval Fund/Repurchase Offers. The Fund is an "interval fund," a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at NAV, reduced by any applicable repurchase fee. Subject to applicable law and approval of the Fund's Board, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of each class of the Fund's outstanding Common Shares at the NAV applicable to each such class, which is the minimum amount permitted. It is possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their Common Shares repurchased. There is no assurance that shareholders will be able to tender their Common Shares when or in the amount that they desire. See "Periodic Repurchase Offers and Transfers of Shares." A 2% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a shareholder's Common Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Common Shares (on a "first in-first out" basis) (the "Early Repurchase Deduction"). The Early Repurchase Deduction may be waived in certain specified circumstances and will be retained by the Fund for the benefit of remaining shareholders. See "Closed-End Interval Fund Structure."

Leverage. It is anticipated that the Fund will employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will the leverage employed by the Fund exceed the limitations set forth in the Investment Company Act. The Investment Company Act requires that a registered investment company must comply with an asset coverage requirement of 300% of its borrowings, including amounts borrowed, measured at the time such investment company incurs the indebtedness. This requirement means that the value of such investment company's total indebtedness may not exceed one-third the value of its total assets (including the indebtedness). See "Leverage."

Securities Offered. This Prospectus applies to the public offering of two separate classes of Common Shares of the Fund, designated as Class A Shares and Class I Shares. The Common Shares will be offered in a continuous offering. The Distributor, which acts on a reasonable best efforts basis to sell the Fund's Common Shares, is not required to sell any specific number or dollar amount of the Fund's Common Shares, but will use its best efforts to solicit orders for the sale of the Common Shares. The Common Shares will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable charges and other fees, as described herein. The Common Shares will be issued at daily NAV per share. The minimum initial investment in the Fund by any investor in Class A Shares is $25,000, and in Class I Shares is $1,000,000. The minimum subsequent investment in the Fund by any shareholder of Class A Shares is $1,000, and of Class I Shares is $500,000. The Adviser may waive or reduce the minimum initial investment and minimum subsequent investment for Class A Shares and Class I Shares. No holder of Common Shares will have the right to require the Fund to redeem its Common Shares.

Unlisted Closed-End Interval Fund Structure; Limited Liquidity. The Common Shares are not listed on any securities exchange, and the Fund does not expect any secondary market to develop for the Common Shares.

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The Fund is designed for long-term investors and an investment in the Common Shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund.

Adviser. Diameter DCF Advisor LLC, a Delaware limited liability company, is the Fund's investment adviser (the "Adviser"). The Adviser is a wholly-owned subsidiary of Diameter Capital Partners LP, a credit-focused investment manager with approximately $24.8 billion of assets under management as of September 30, 2025 that combines its expertise in research and trading to invest through the credit cycle and across the capital structure.

Distributor. ALPS Distributors, Inc. acts as distributor for the Common Shares and serves in that capacity on a reasonable best efforts basis, subject to various conditions. The principal business address of the Distributor is 1290 Broadway, Suite 1000, Denver, CO 80203. The Distributor may appoint additional selling agents (each a "Dealer") or other financial intermediaries through which investors may purchase Common Shares. See "Plan of Distribution."

#### \*\*\*\*
Prospective investors should read this Prospectus, which concisely sets forth information about the Fund, before deciding whether to invest in the Common Shares, and retain it for future reference. A Statement of Additional Information ("SAI"), dated [ ], containing additional information about the Fund, has been filed with the SEC and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus. Investors may request a free copy of the SAI by calling 833-891-0802 or by writing to the Fund. Investors can get the same information for free from the SEC's website (http://www.sec.gov). Investors may also e-mail requests for these documents to publicinfo@sec.gov. In addition, investors may request copies of the Fund's prospectus, semi-annual and annual reports or other information about the Fund or make shareholder inquiries by calling 833-891-0802. The Fund's Prospectus, annual and semi-annual reports, when produced, will be available at the Fund's website (www.diameterdynamiccredit.com) free of charge. Information contained in, or that can be accessed through, the Fund's website is not part of this Prospectus.

**Investors should not construe the contents of this Prospectus as legal, tax or financial advice. Investors should consult with their own professional advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.** 

**The Fund's Common Shares do not represent a deposit or an obligation of, and are not 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.** 

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  [Prospectus Summary](#toca902005_1) | 1 |
|  [Summary of Fund Fees and Expenses](#toca902005_2) | 13 |
|  [Financial Highlights](#toca902005_3) | 16 |
|  [The Fund](#toca902005_4) | 17 |
|  [Use of Proceeds](#toca902005_5) | 18 |
|  [The Fund's Investments](#toca902005_6) | 19 |
|  [Leverage](#toca902005_7) | 26 |
|  [Investments and Related Risks](#toca902005_8) | 27 |
|  [Management of the Fund](#toca902005_9) | 79 |
|  [Potential Conflicts of Interest](#toca902005_10) | 88 |
|  [Determination of Net Asset Value](#toca902005_11) | 99 |
|  [Distributions](#toca902005_12) | 101 |
|  [Distribution Reinvestment Plan](#toca902005_13) | 102 |
|  [Description of Shares](#toca902005_14) | 103 |
|  [Delaware Law and Certain Provisions in the Declaration of Trust](#toca902005_15) | 106 |
|  [Closed-End Interval Fund Structure](#toca902005_16) | 109 |
|  [Periodic Repurchase Offers and Transfers of Shares](#toca902005_17) | 110 |
|  [Certain U.S. Federal Income Tax Matters](#toca902005_18) | 114 |
|  [Certain ERISA Considerations](#toca902005_18a) | 126 |
|  [Plan of Distribution](#toca902005_19) | 129 |
|  [Custodian and Transfer Agent](#toca902005_20) | 135 |
|  [Administration and Accounting Services](#toca902005_21) | 136 |
|  [Independent Registered Public Accounting Firm](#toca902005_22) | 137 |
|  [Legal Matters](#toca902005_23) | 138 |
|  [Privacy Notice](#toca902005_24) | 139 |
|  [Appendix A – List of Investments](#toca902005_25) | 146 |

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**Investors should rely only on the information contained in or incorporated by reference into this Prospectus. The Fund has not authorized any other person to provide investors with different information. If anyone provides investors with different or inconsistent information, investors should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. Investors should assume that the information in this Prospectus is accurate only as of the date of this Prospectus or another date set forth in this Prospectus. The Fund's business, financial condition, and prospects may have changed since that date.** 

i

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#### PROSPECTUS SUMMARY
This is only a summary of certain information contained in this Prospectus relating to Diameter Dynamic Credit Fund. This summary may not contain all of the information that prospective investors should consider before investing in the Fund's common shares of beneficial interest ("Common Shares"). Investors should review the more detailed information contained in this Prospectus and in the Statement of Additional Information (the "SAI").

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| | |
|:---|:---|
| The Fund | Diameter Dynamic Credit Fund (the "Fund") is a closed-end management investment company structured as an "interval fund" and registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Fund was organized as a Delaware statutory trust on May 2, 2025. The Fund is non-diversified, which means that under the Investment Company Act, it is not limited in the percentage of its assets that it may invest in any single issuer of securities. |

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The Fund offers two separate classes of Common Shares, designated as Class A Shares ("Class A Shares") and Class I Shares ("Class I Shares"). Class A Shares and Class I Shares are subject to different fees and expenses. The Fund may offer additional classes of Common Shares in the future. The Fund has received an exemptive order from the Securities and Exchange Commission ("SEC") permitting the Fund's multi-class structure.

Simultaneously with the Fund beginning to accept offers to purchase Shares (defined below), it is intended that DIF LP (the "Predecessor Fund") will reorganize with and transfer substantially all of its assets and liabilities to the Fund (the "Proposed Reorganization"). The Predecessor Fund has maintained an investment objective and investment policies that are substantially similar to those of the Fund. The Predecessor Fund's investments, if any, at the time of the Proposed Reorganization will be appropriate for investment by the Fund in light of the Fund's investment objectives and policies. The Predecessor Fund's investment manager is Diameter Capital Partners LP ("Diameter Capital Partners" and, collectively with its subsidiaries and affiliated entities, "Diameter"), an affiliate of the Adviser.

The Proposed Reorganization is subject to approval by the Fund's Board of Trustees (the "Board," and each of the trustees on the Board, a "Trustee") and the Predecessor Fund's general partner. In considering whether to approve the Proposed Reorganization, the Board will consider whether participation in the Proposed Reorganization is in the best interests of the Fund's existing shareholders and whether the interests of the Fund's existing shareholders will be diluted as a result of the Proposed Reorganization. There is no guarantee that the Proposed Reorganization will be approved or consummated. Regardless of whether the Proposed Reorganization is consummated, the Fund will invest the proceeds from the sale of Shares in accordance with its investment objective and strategies.

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| | |
|:---|:---|
| The Adviser | Diameter DCF Advisor LLC is the Fund's investment adviser (the "Adviser") and provides day-to-day investment management services to the Fund. Its principal place of business is located at 50 Hudson Yards, Suite 6600A, New York, NY 10001. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is a wholly-owned subsidiary of Diameter Capital Partners, a credit-focused investment adviser that focuses on the full spectrum of credit investing, from performing to distressed. As of September 30, 2025, Diameter Capital Partners had over $24.8 billion in assets under management and advisement (including discretionary and non-discretionary accounts). |

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Investment Objective and Strategies The Fund's investment objective is to seek to generate current income and provide attractive risk-adjusted returns. The Fund's investment objective is not a fundamental policy of the Fund and may be changed by the Fund's Board without prior shareholder approval.

To pursue its objective, the Fund will invest in a wide range of credit-related products in both the public and private credit sectors and will aim to dynamically adjust its portfolio exposures depending on the market environment. The Fund's investment strategy will focus on three credit-related strategies: (1) a Performing Corporate Credit strategy, which includes pursuing investments in performing first and second lien bank loans (including broadly syndicated loans), secured and unsecured high yield bonds and investment grade bonds, (2) a Structured Credit strategy, which includes pursuing investments in structured credit products, including tranches of collateralized debt and loan obligations, asset backed securities, other securitizations and risk transfer or regulatory capital relief transactions and (3) a Private Credit strategy, which includes pursuing direct lending and related investments, which will largely consist of investments in the debt of private, primarily U.S. domiciled, sponsored and non-sponsored middle-market and upper middle-market companies. Under normal circumstances, the Fund will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in credit instruments (including, but not limited to, loans, bonds, structured credit investments and other credit instruments) of varying maturities. The Fund may invest in non-U.S. securities, emerging markets and derivatives, and may also invest in additional strategies in the future. This 80% investment policy is not fundamental and may be changed by the Board without shareholder approval and upon sixty (60) days' notice to shareholders.

Performing Corporate Credit Strategy. As part of its overall investment strategy and approach, the Fund will pursue investments in performing first and second lien bank loans (including broadly syndicated loans), secured and unsecured high yield bonds and investment grade bonds. The Adviser aims to capitalize on its <br>

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expertise investing across the full credit spectrum, from new issue and performing to stressed, distressed and special situation equities to identify what it believes to be attractive performing credit and credit-related opportunities for the Fund while also seeking to identify any potential downside risk. The Adviser believes that its approach to combining its expertise in trading and research allows it to identify the early development of any potential microcycles in order to dynamically trade certain positions as fundamentals unfold. <br>

Structured Credit Strategy. As a part of its overall investment strategy and approach, the Fund will also seek to invest in structured credit products, including tranches of collateralized debt and loan obligations, asset backed securities, other securitizations and risk transfer or regulatory capital relief transactions such as credit default swaps or credit-linked notes issued or structured by banks seeking to reduce the amount of regulatory capital they must hold against credit exposures. The Adviser may invest in various tranches, from senior tranches to the "equity" tranche or "residual". The Adviser believes that its approach to fundamentally analyzing the underlying credits of a given structured credit portfolio gives it an advantage over a model-driven investor's approach to investing in structured credit products.

Private Credit Strategy. As a part of its overall investment strategy and approach and depending on the market environment, the Fund is planning to invest approximately 30 - 40% of its total assets in the private credit strategy, which includes direct lending and related investments. These investments will largely consist of investments in the debt of private, primarily U.S. domiciled, sponsored and non-sponsored middle-market and upper middle-market companies. While there is no universally agreed definition of "middle-market", we generally use the term to refer to companies with annual EBITDA between approximately $25 million and $125 million. We generally refer to companies with annual EBITDA equal to or greater than approximately $125 million as "upper middle-market companies". Sponsored companies are typically owned by a private equity firm. Diameter has broad expertise and experience investing at all levels of a company's capital structure, and its investment team has worked diligently over many years to build strategic relationships with global investment banks, financial intermediaries, private equity sponsors and other alternative investment firms, trading desks, financial advisers, corporates and existing investors. The Adviser believes that the breadth of Diameter's platform and the strength of Diameter's connectivity can help provide the Adviser with a competitive advantage in sourcing investment opportunities for the Fund. The Adviser expects that it will be able to leverage these relationships into multiple and varied origination channels to find and execute attractive investment opportunities for the Fund. A portion of the Fund's portfolio may consist of loans or debt instruments issued by non-U.S. borrowers (expected to be mostly Western European and Canadian).

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Notwithstanding the Fund's intent to invest across a variety of industries, with respect to 75% of its assets, the Fund expects to hold securities of a single portfolio company that will comprise more than 5% of its total assets and/or more than 10% of the outstanding voting securities of the portfolio company. For that reason, the Fund is classified as a non-diversified management investment company under the Investment Company Act.

There can be no assurances that the Fund's investment objective will be achieved or that the Fund's investment program will be successful. The Fund is not intended as, and investors should not construe it to be, a complete investment program. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund.

Leverage It is anticipated that the Fund will employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will the leverage employed by the Fund exceed the limitations set forth in the Investment Company Act.

The Investment Company Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time such investment company incurs the indebtedness. This requirement means that the value of such investment company's total indebtedness may not exceed one-third the value of its total assets (including the indebtedness).

The Fund intends to incur leverage in the form of borrowings, which may include loans from certain financial institutions and the issuance of debt securities. The Fund may also, to a limited extent, use reverse repurchase agreements or similar transactions and derivatives, credit default swaps, dollar rolls or borrowings, such as through bank loans or commercial paper and/or other credit facilities. The Fund may also enter into transactions other than those noted above that may give rise to a form of leverage including, without limitation, futures and forward contracts (including foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio securities, short sales and, when-issued, delayed delivery and forward commitment transactions.

The Fund may also incur leverage through the issuance of preferred shares. Under the Investment Company Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance, the value of the Fund's total assets (minus any liabilities not representing senior securities) is at least 200% of the aggregate amount of senior securities representing indebtedness plus the liquidation value of the outstanding preferred shares (i.e., the liquidation value plus the amount of senior securities representing indebtedness may not exceed 50% of the Fund's total assets, after subtracting any liabilities not representing senior securities).

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In determining whether to borrow money, the Fund will analyze the maturity, covenant package and rate structure of any proposed borrowings as well as the risks of such borrowings compared to its investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund. The Fund may pledge and may grant a security interest in all of its assets under the terms of any debt instruments that it enters into with lenders. In addition, from time to time, the Fund's losses on investments may result in the liquidation of other investments held by the Fund.

The amount and cost of leverage, which is often priced on a floating rate basis, may vary frequently and may increase the Fund's volatility. Changes in NAV can be amplified with the use of leverage. See "Leverage".

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|:---|:---|
| Periodic Repurchase Offers | As an "interval fund," the Fund has adopted a fundamental policy to make quarterly repurchase offers, at per-class net asset value ("NAV"), of not less than 5% nor more than 25% of the Fund's outstanding Common Shares on the repurchase request deadline. For each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of each class of the Fund's outstanding Common Shares at the NAV applicable to each such class, which is the minimum amount permitted. If the value of Common Shares tendered by investors for repurchase exceeds the value the Fund intended to repurchase, the Fund may elect to repurchase less than the full number of Common Shares tendered. In such event, shareholders will have their Common Shares repurchased on a pro rata basis, and tendering shareholders will not have all of their tendered Common Shares repurchased by the Fund. Shareholders tendering Common Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be no more than fourteen (14) days prior to the Valuation Date. See "Determination of Net Asset Value." |

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A 2% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a shareholder's Common Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Common Shares (on a "first in-first out" basis) (the "Early Repurchase Deduction"). The Early Repurchase Deduction may be waived in certain specified circumstances and will be retained by the Fund for the benefit of remaining shareholders.

Common Shares in the Fund provide limited liquidity, since shareholders will not be able to redeem Common Shares on a daily basis. A shareholder may not be able to tender its Common Shares in the Fund promptly after it has made a decision to do so. Liquidity will be provided only through repurchase offers made quarterly by the <br>

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Fund. Common Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Common Shares, and Common Shares should be viewed as a long-term investment.

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|:---|:---|
| Distributions; Distribution Reinvestment Plan | The Fund intends to distribute all or substantially all of its net earnings and realized gains, if any, in the form of dividends from net investment income ("dividends") and distributions of net realized capital gains ("capital gain distributions," and together with dividends, "distributions"). The Fund intends to declare dividends daily and distribute dividends to shareholders of record on a quarterly basis. The Fund does not have a fixed distribution rate nor does it guarantee that it will pay any distributions in any particular period. |

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Each shareholder whose Common Shares are registered in its own name will automatically be a participant in the Fund's distribution reinvestment program (the "DRIP"), pursuant to which all income dividends and/or capital gains distributions will be automatically reinvested on behalf of such shareholder in Common Shares priced at the then-current NAV, unless such shareholder specifically elects to receive income dividends and/or capital gains distributions in cash. A shareholder may make such an election at any time. A shareholder receiving Common Shares under the DRIP instead of cash distributions may still owe taxes and, because the Common Shares are generally illiquid, may need other sources of funds to pay any taxes due. Inquiries concerning income dividends and/or capital gains distributions should be directed to the Fund's administrator, ALPS Fund Services, Inc. (the "Administrator") by mail at Diameter Capital Partners PO Box 219070, Kansas City, MO 64121-9070 or by calling the Administrator at 833-697-4987.

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|:---|:---|
| Distributor | ALPS Distributors, Inc. acts as distributor for the Common Shares (the "Distributor") and is located at 1290 Broadway, Suite 1000, Denver, CO 80203. The Fund's Shares are offered for sale through the Distributor at NAV. Although no upfront sales loads will be paid with respect to Class A Shares or Class I Shares, with respect to any Class A Shares that may be offered in the future, certain financial intermediaries may directly charge the investor transaction fees or other fees, including upfront placement fees or brokerage commissions, in such amounts as they may determine, provided that selling agents limit such charges to a 2.00% cap on NAV for Class A Shares. Selling agents will not charge such fees on Class I Shares. The Distributor may appoint additional selling agents (each a "Dealer") or other financial intermediaries through which investors may purchase Common Shares. Dealers or other financial intermediaries may impose terms and conditions on investor accounts and investments in the Fund that are in addition to the terms and conditions set forth in this prospectus. Any terms and conditions imposed by a Dealer or other financial intermediary, or operational limitations applicable to such parties, may affect or limit a shareholder's ability to purchase the Common Shares or tender the  |

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Common Shares for repurchase, or otherwise transact business with the Fund. Investors should consult with their Dealers about any additional fees or charges their Dealers might impose on each class of Common Shares in addition to any fees imposed by the Fund.

Class A Shares pay to the Distributor a shareholder servicing and distribution fee that is equal to 0.75% per annum of the average daily value of the Fund's net assets for the Class A Shares. Class I Shares are not subject to any shareholder servicing or distribution fees. The Fund may also pay fees to financial intermediaries for sub-administration, sub-transfer agency, sub-accounting and other administrative services outside of its Distribution and Servicing Plan.

Additionally, the Adviser or its affiliates, in the Adviser's discretion and from its own resources, may pay additional compensation to Dealers in connection with the sale of Common Shares (the "Additional Compensation"). In return for the Additional Compensation, the Fund may receive certain marketing advantages including but not limited to access to a broker's or dealer's registered representatives, placement on a list of investment options offered by a broker or dealer, or the ability to assist in training and educating the broker's or dealer's registered representatives. The Additional Compensation may differ among brokers or dealers in amount. Payments of Additional Compensation may be fixed dollar amounts, based on the aggregate value of outstanding Shares held by common shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of Additional Compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

See "Plan of Distribution".

Fees and Expenses The Fund bears its own operating expenses (including, without limitation, its offering expenses not paid by the Adviser). A more detailed discussion of the Fund's expenses can be found under "Summary of Fund Fees and Expenses".

Management Fee. The Fund pays the Adviser a management fee (the "Management Fee") in an amount equal to 1.25% of the Fund's average daily Managed Assets (as defined below), payable quarterly in arrears. "Managed Assets" means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes). See "Management of the Fund." The Management Fee is paid before giving effect to any repurchase of Common Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund.

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Administration Fee. The Fund pays the Administrator an annual fee calculated based upon the average NAV of the Fund, subject to a minimum annual fee (the "Administration Fees"). The Administration Fees are paid to the Administrator out of the assets of the Fund, and therefore they decrease the net profits or increase the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses. See "Administration and Accounting Services."

Expense Limitation and Reimbursement Agreement. The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Adviser has agreed to waive the Management Fee and/or to assume or reimburse expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding the Management Fee; any taxes; fees and interest payments on borrowed funds; shareholder servicing and distribution fees; brokerage and distribution costs and expenses; acquired fund fees and expenses (as determined in accordance with SEC Form N-2); expenses incurred in connection with any merger or reorganization; and extraordinary or non-routine expenses, such as litigation expenses) ("Total Annual Expenses") do not exceed 0.75% of the average daily net assets of Class A Shares and Class I Shares (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. Unless earlier terminated by the Board, the Expense Limitation and Reimbursement Agreement has an initial two-year term. The Expense Limitation and Reimbursement Agreement may be renewed at the Adviser's discretion for consecutive one-year terms thereafter. The Adviser may not terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, the Expense Limitation and Reimbursement Agreement may be terminated, without the payment of any penalty, by the Fund at any time, with or without notice, or by the Adviser upon thirty days' written notice prior to the end of the then current term. See "Management of the Fund."

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|:---|:---|
| The Offering | The minimum initial investment in the Fund by any investor in Class A Shares is $25,000 and in Class I Shares is $1,000,000. The minimum subsequent investment in the Fund by any shareholder of Class A Shares is $1,000, and of Class I Shares is $500,000. The Adviser may waive or reduce the minimum initial investment and minimum subsequent investment for Class A Shares and Class I Shares. |

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The Common Shares will be offered in a continuous offering. Common Shares will generally be offered for purchase on any day the New York Stock Exchange ("NYSE") is open for business (each, a

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"Business Day"), except that Common Shares may be offered more or less frequently as determined by the Board in its sole discretion. Once a prospective investor's purchase order is received, a confirmation is sent to the investor. Potential investors should send subscription funds by wire transfer pursuant to instructions provided to them by the Fund. Subscriptions are generally subject to the receipt of cleared funds on or prior to the acceptance date set by the Fund and notified to prospective investors. <br>

A prospective investor must submit a completed investor application on or prior to the acceptance date set by the Fund. The Fund reserves the right to reject, in its sole discretion, any request to purchase Common Shares in the Fund at any time. The Fund also reserves the right to suspend or terminate offerings of Common Shares at any time in the Board's sole discretion.

Custodian and Transfer Agent The Bank of New York Mellon will serve as the Fund's custodian, and SS&C GIDS, Inc. will serve as the Fund's transfer agent.

Administrator ALPS Fund Services, Inc. will serve as the Fund's administrator and fund accountant.

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|:---|:---|
| Principal Risk Considerations | The Fund is subject to substantial risks, including market risks and strategy risks. The Fund is also subject to risks associated with the investment strategies employed by the Adviser, which may include credit risks, prepayment risks, valuation risks, and interest rate risks. An investment in the Fund should only be made by investors who understand the risks involved and who are able to withstand the loss of the entire amount invested. Some of the more significant risks relating to an investment in the Fund include those listed below. A discussion of the risks associated with an investment in the Fund can be found under "Investments and Related Risks." |

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• There is no assurance that the Fund will achieve its investment objective.

• A shareholder should not expect to be able to sell all or most of its Common Shares regardless of how the Fund performs.

• A shareholder should consider that it may not have access to the money it invests for an extended period of time.

• The Fund does not intend to list its Common Shares on any securities exchange, and the Fund does not expect a secondary market in its Common Shares to develop in the absence of any listing.

• Because a shareholder may be unable to sell its Common Shares, a shareholder will be unable to reduce its exposure in any market downturn.

• The Fund has elected to operate as an "interval fund" and will make periodic repurchase offers, but only a limited number of

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Common Shares will be eligible for repurchase, and repurchase offers and the need to fund repurchase obligations may affect the Fund's ability to be fully invested or force the Fund to maintain a higher percentage of assets in liquid investments, which may harm the Fund's investment performance. <br>

• An investment in the Fund is suitable only for investors who can bear the risks associated with limited liquidity. See " Periodic Repurchase Offers and Transfers of Shares ."

• Investors will bear substantial fees and expenses in connection with their investments. See " Summary of Fund Fees and Expenses ."

• The Fund is subject to special risks associated with investments in its structured credit strategy, which involves the pooling of debt obligations and investments in structured products. Holders of such obligations and structured products bear numerous risks including but not limited to risks of the underlying investments, index or reference obligation risk, and counterparty risk.

• The Fund is subject to special risks associated with investments in credit strategies. Performing corporate credit, structured credit and private credit strategies are subject to a high degree of risk, and investments within such strategies may be adversely affected by credit changes, interest rate fluctuations, the financial condition of the U.S. and global corporate market, tax, legislative, regulatory, political or government changes and the financial conditions of issuers, which may pose significant credit risks (i.e., the risk that an issuer of a security will fail to pay principal and interest in a timely manner, reducing the associated total return) that result in issuer default.

• The Fund is subject to special risks associated with investments in non-U.S. securities, including possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to shareholders located outside the country of the issuer, whether from currency blockage or otherwise. The Fund is also subject to special risks associated with investments in so-called "emerging markets". Non-U.S. securities of issuers in emerging markets (or lesser developed countries, including countries that may be considered "frontier" markets) are particularly speculative and entail all of the risks of investing in non-U.S. Securities but to a heightened degree.

• The Fund is subject to special risks associated with investments in derivatives. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and the Fund could lose more than the amount it invests. Derivatives

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can have the potential for unlimited losses, for example, where the Fund may be called upon to deliver a security it does not own.

• There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among other things, activities of the Adviser, its affiliates and their respective employees with respect to the management of accounts for other clients.

• The Fund cannot guarantee that it will make distributions. If the Fund does make distributions, it may fund such distributions from sources other than net investment income, including the sale of assets, borrowings, return of capital or offering proceeds. Although the Fund generally expects to fund distributions from net investment income, the Fund has not established limits on the amounts the Fund may pay from other such sources. A return of capital is not paid from tax earnings or profits and will have the effect of reducing the tax basis of a shareholder's Common Shares, such that when a shareholder sells its Common Shares, the sale may be subject to tax even if the Common Shares are sold for less than the original purchase price.

• Distributions funded by a return of capital can reduce the amount of capital available to the Fund for investment, potentially impacting the Fund's ability to achieve its investment objectives.

• Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to the Adviser or its affiliates may reduce future distributions to which shareholders would otherwise be entitled.

• The Fund may utilize leverage to the maximum extent permitted by the Investment Company Act or other law for investment and other general corporate purposes, which will magnify the potential for loss on amounts invested in the Fund. See " Leverage " and " Risks—Leverage Risk ."

• The Fund may invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below-investment-grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the given issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

Unlisted Closed-End Fund The Fund does not intend to list the Common Shares on any securities exchange, unlike traditional listed closed-end funds. The Fund is designed for long-term investors and an investment in the Common Shares, unlike an investment in a traditional listed closed-end fund,

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should be considered illiquid. An investment in the Common Shares is not suitable for investors who need access to the money they invest. Unlike shares of open-end funds (commonly known as mutual funds), which generally are redeemable on a daily basis, the Common Shares will not be redeemable at an investor's option. Notwithstanding that the Fund will conduct periodic repurchase offers, investors should not expect to be able to sell their Common Shares when and/or in the amount desired, regardless of how the Fund performs. See "Closed-End Interval Fund Structure". <br>

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| Summary of Taxation | The Fund intends to elect to be treated and to qualify as a "regulated investment company" for U.S. federal income tax purposes (a "RIC") under Subchapter M of the U.S. Internal Revenue code of 1986, as amended (the "Code"). As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that, among other things, it distributes its net income and gains to shareholders each year. See "Certain U.S. Federal Income Tax Matters." |

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Tax Year and Fiscal Year For accounting purposes, the Fund's fiscal year is the 12-month period ending on December 31. The Fund's taxable year is the 12-month period ending on December 31.

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#### SUMMARY OF FUND FEES AND EXPENSES
The following tables describe the aggregate fees and expenses that the Fund expects to incur and that the shareholders can expect to bear, either directly or indirectly, through the Fund's investments. More information about these and other discounts is available from an investor's financial professional and in the section titled "Plan of Distribution".

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| | | |
|:---|:---|:---|
|  | Class A<br>Shares | Class I<br>Shares |
|  Shareholder Transaction Expenses (Fees Paid Directly From Your Investment): |  |  |
|  Maximum Sales Charge (Load)<sup>(1)</sup> | N/A | N/A |
|  Maximum Early Repurchase Deduction<sup>(2)</sup> | 2.00% | 2.00% |

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| | | |
|:---|:---|:---|
|  Annual Expenses (as a Percentage of Net Assets Attributable to our Shares)<sup>(3)</sup> |  |  |
|  Management Fee<sup>(4)</sup> | 1.25% | 1.25% |
|  Shareholder Servicing and/or Distribution Fees<sup>(5)</sup> | 0.75% |  |
|  Fees and Interest Payments on Borrowed Funds<sup>(6)</sup> | 0.84% | 0.84% |
|  Acquired Fund Fees and Expenses<sup>(6)</sup> | 0.0% | 0.00% |
|  Other Expenses<sup>(6)</sup> | 0.71% | 0.71% |
|  Total Annual Expenses | 3.55% | 2.80% |
|  Less: Amount Paid or Absorbed Under Expense Limitation and Reimbursement Agreement<sup>(7)</sup> | 0.0% | 0.00% |
|  Net Annual Expenses<sup>(7)</sup> | 3.55% | 2.80% |

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<sup>(1)</sup> No upfront sales load will be paid with respect to Class A Shares or Class I Shares. However, if an investor buys Class A Shares through certain financial intermediaries, such intermediaries may directly charge the investor transaction fees or other fees, including upfront placement fees or brokerage commissions, in such amounts as they may determine, provided that selling agents limit such charges to a 2.00% cap on NAV for Class A Shares. Selling agents will not charge such fees on Class I Shares. Please consult the applicable selling agent for additional information. 

<sup>(2)</sup> A 2% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a shareholder's Common Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Common Shares (on a "first in-first out" basis) (the "Early Repurchase Deduction"). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the Repurchase Pricing Date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of Common Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Fund. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders. 

<sup>(3)</sup> This table summarizes the expenses of the Fund and is designed to help investors understand the costs and expenses they will bear, directly or indirectly, by investing in the Fund. The figures in this table assume an average Managed Assets (defined below) of $750 million. For purposes of determining net assets in fee table calculations, derivatives are valued at market value. 

<sup>(4)</sup> The Management Fee will be paid to the Adviser in an amount equal to 1.25% of the Fund's average daily Managed Assets, payable quarterly in arrears. "Managed Assets" means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes). The Management Fee will decrease the net profits or increase the net losses of the Fund. 

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<sup>(5)</sup> Investors may pay a shareholder servicing and distribution fee for Class A Shares equal to 0.75% per annum of the average daily value of the Fund's net assets for the Class A Shares, accrued daily and payable monthly. Payment of the shareholder servicing and distribution fee will be governed by the Fund's distribution and service plan (the "Distribution and Service Plan") for Class A Shares, which, pursuant to the conditions of an exemptive order issued by the SEC, has been adopted by the Fund with respect to Class A Shares in compliance with Rule 12b-1 under the Investment Company Act. Class I Shares are not subject to any shareholder servicing and distribution fees. See "Plan of Distribution". 

<sup>(6)</sup> Fees and Interest Payments on Borrowed Funds, "Other Expenses" (as defined below), and Acquired Fund Fees and Expenses represent estimated amounts for the current fiscal year. Acquired Fund Fees and Expenses will be indirectly borne by the Fund's shareholders. "Other Expenses" include administration, accounting, legal and auditing fees, organization and offering expenses and fees payable to the Fund's Trustees. The amount presented in the table estimates the amounts the Fund expects to pay for the current fiscal year. 

<sup>(7)</sup> The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Adviser has agreed to waive the Management Fee and/or to assume or reimburse expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding the Management Fee; any taxes; fees and interest payments on borrowed funds; shareholder servicing and distribution fees; brokerage and distribution costs and expenses; acquired fund fees and expenses (as determined in accordance with SEC Form N-2); expenses incurred in connection with any merger or reorganization; and extraordinary or non-routine expenses, such as litigation expenses) ("Total Annual Expenses") do not exceed 0.75% of the average daily net assets of Class A Shares and Class I Shares (the "Expense Limit"). Because the Management Fee; taxes; fees and interest payments on borrowed funds; shareholder servicing and distribution fees; brokerage and distribution costs and expenses; acquired fund fees and expenses; expenses incurred in connection with any merger or reorganization; and extraordinary or non-routine expenses are excluded from the Expense Limit, the expenses that investors in the Fund will ultimately be responsible to bear for the current fiscal year (after fee waivers and expense reimbursements) are expected to exceed the Expense Limit. The Net Annual Expenses are estimated to be approximately 3.55% (including the 0.75% shareholder servicing and distribution fee) for Class A Shares and 2.80% for Class I Shares. For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. Unless earlier terminated by the Board, the Expense Limitation and Reimbursement Agreement has an initial two-year term. The Expense Limitation and Reimbursement Agreement may be renewed at the Adviser's discretion for consecutive one-year terms thereafter. The Adviser may not terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, the Expense Limitation and Reimbursement Agreement may be terminated, without the payment of any penalty, by the Fund at any time, with or without notice, or by the Adviser upon thirty days' written notice prior to the end of the then current term. 

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#### Example
The following example is intended to help investors compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes a $1,000 investment and that all distributions are reinvested at NAV and that the percentage amounts listed under annual expenses remain the same in the years shown. The expenses in the example do not reach the Expense Limit. If they did, Waivers in connection with the expense limitation for the 1 Year period and the first two years of the 3 Years, 5 Years and 10 Years periods would be reflected. The assumption in the hypothetical example of a 5% annual return is the same as that required by regulation of the SEC applicable to all registered investment companies.

The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Common Shares.

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|:---|:---|:---|:---|:---|
|  | 1 Year | 3 Years | 5 Years | 10 Years |
|  Class A Shares | $36 | $111 | $187 | $387 |
|  Class I Shares | $29 | $88 | $150 | $316 |

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While the example assumes a $1,000 investment and a 5% annual return on investment before fees and expenses, the Fund's performance will vary and may result in an annual return that is greater or less than this. The example above excludes the Early Repurchase Deduction which would apply if Shares were repurchased within one year of their purchase. If an investor's Common Shares are repurchased within one year of their purchase, the Common Shares would incur the 2.00% Early Repurchase Deduction. This example should not be considered a representation of any particular shareholder's future expenses.

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#### FINANCIAL HIGHLIGHTS
Because the Fund has no performance history as of the date of this Prospectus, there are no financial highlights for the Fund.

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#### THE FUND
The Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act. The Fund was organized as a Delaware statutory trust on May 2, 2025, pursuant to a Certificate of Trust, governed by the laws of the State of Delaware. The Fund has no operating history. The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Amended and Restated Agreement and Declaration of Trust (the "Declaration of Trust"). The Fund's principal office is located at 50 Hudson Yards, Suite 6600A, New York, NY 10001, and its telephone number is 833-891-0802.

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#### USE OF PROCEEDS
The proceeds from the continuous offering of the Fund's Common Shares, not including the amount of any sales charges or the Fund's fees and expenses (including, without limitation, offering expenses not paid by the Adviser), will be invested by the Fund in accordance with the Fund's investment objective and strategies as soon as practicable (and in any event not later than six months after receipt, subject to market conditions and the availability of suitable investments) and, to the extent proceeds are held in cash, to pay dividends or expenses, to satisfy repurchase offers or for temporary defensive purposes.

Delays in fully investing the Fund's assets may occur, for example, because of the time required to complete certain transactions pursuant to certain of the Fund's strategies and because the Adviser's ability to find suitable investments may be delayed. While the Fund's investments are expected to be partially-invested within three months, the aforementioned delays may inhibit the Fund from being fully-invested at all times. A delay in the anticipated use of proceeds could lower returns and reduce the Fund's distributions to shareholders.

To the extent required to comply with diversification or other requirements during the startup period, the Fund may invest in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments, which the Adviser expects will earn yields substantially lower than the interest, dividend or other income that it anticipates receiving in respect of suitable portfolio investments. The Fund may be prevented from achieving its objective during any period in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

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#### THE FUND'S INVESTMENTS

#### Investment Objective and Strategies
Investment Objective. The Fund's investment objective is to seek to generate current income and provide attractive risk-adjusted returns. There can be no assurances that the Fund's investment objective will be achieved or that the Fund's investment program will be successful.

Investment Strategy. To pursue its objective, the Fund will invest in a wide range of credit-related products in both the public and private credit sectors and will aim to dynamically adjust its portfolio exposures depending on the market environment. The Fund's investment strategy will focus on three credit-related strategies: (1) a Performing Corporate Credit strategy, which includes pursuing investments in performing first and second lien bank loans (including broadly syndicated loans), secured and unsecured high yield bonds and investment grade bonds, (2) a Structured Credit strategy, which includes pursuing investments in structured credit products, including tranches of collateralized debt and loan obligations, asset backed securities, other securitizations and risk transfer or regulatory capital relief transactions and (3) a Private Credit strategy, which includes pursuing direct lending and related investments, which will largely consist of investments in the debt of private, primarily U.S. domiciled, sponsored and non-sponsored middle-market and upper middle-market companies. Under normal circumstances, the Fund will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in credit instruments (including, but not limited to, loans, bonds, structured credit investments and other credit instruments) of varying maturities. The Fund may invest in non-U.S. securities, emerging markets and derivatives, and may also invest in additional strategies in the future. This 80% investment policy is not fundamental and may be changed by the Fund's Board without shareholder approval and upon sixty (60) days' notice to shareholders.

Performing Corporate Credit Strategy. As part of its overall investment strategy and approach, the Fund will pursue investments in performing first and second lien bank loans (including broadly syndicated loans), secured and unsecured high yield bonds and investment grade bonds. The Adviser aims to capitalize on its expertise investing across the full credit spectrum, from new issue and performing to stressed, distressed and special situation equities to identify what it believes to be attractive performing credit and credit-related opportunities for the Fund while also seeking to identify any potential downside risk. The Adviser believes that its approach to combining its expertise in trading and research allows it to identify the early development of any potential microcycles in order to dynamically trade certain positions as fundamentals unfold.

Structured Credit Strategy. As a part of its overall investment strategy and approach, the Fund will also seek to invest in structured credit products, including tranches of collateralized debt and loan obligations, asset backed securities, other securitizations and risk transfer or regulatory capital relief transactions such as credit default swaps or credit-linked notes issued or structured by banks seeking to reduce the amount of regulatory capital they must hold against credit exposures. The Adviser may invest in various tranches, from senior tranches to the "equity" tranche or "residual". The Adviser believes that its approach to fundamentally analyzing the underlying credits of a given structured credit portfolio gives it an advantage over a model-driven investor's approach to investing in structured credit products.

Private Credit Strategy. As a part of its overall investment strategy and approach and depending on the market environment, the Fund is planning to invest approximately 30 - 40% of its total assets in the private credit strategy, which includes direct lending and related investments. These investments will largely consist of investments in the debt of private, primarily U.S. domiciled, sponsored and non-sponsored middle-market and upper middle-market companies. While there is no universally agreed definition of "middle-market", we generally use the term to refer to companies with annual EBITDA between approximately $25 million and $125 million. We generally refer to companies with annual EBITDA equal to or greater than approximately $125 million as "upper middle-market companies". Sponsored companies are typically owned by a private equity firm. Diameter has broad expertise and experience investing at all levels of a company's capital structure, and its

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investment team has worked diligently over many years to build strategic relationships with global investment banks, financial intermediaries, private equity sponsors and other alternative investment firms, trading desks, financial advisers, corporates and existing investors. The Adviser believes that the breadth of Diameter's platform and the strength of Diameter's connectivity can help provide the Adviser with a competitive advantage in sourcing investment opportunities for the Fund. The Adviser expects that it will be able to leverage these relationships into multiple and varied origination channels to find and execute attractive investment opportunities for the Fund.

The Adviser will focus on companies that it considers to be high quality, performing borrowers in stable or growing industries (i.e., industries that have experienced stable rates of earnings or industries that have experienced above-average rates of earnings growth). The Adviser's process will prioritize borrower quality and capital preservation over yield, to select investments that offer current income.

Some of the debt may be directly originated by the Adviser or an affiliate, meaning that the Adviser or such affiliate will negotiate and structure material terms of the transaction other than just the price. Alternatively, the Adviser or an affiliate may participate in transactions where third parties are equally or more involved in the negotiation and structuring with the company, including club deals, or transactions with a bank or advisor acting as an intermediary.

It is expected that most of the investments within the private credit strategy will be composed of first lien loans to U.S. borrowers, but that may fluctuate from time to time.

The Adviser believes that investments in middle-market and upper middle-market companies will allow the Fund to target a class of borrowers whose financing needs may be overlooked in the current private credit markets, as incumbent asset managers target underwriting to large borrowers. Further, the Adviser believes that investments in both sponsored and non-sponsored borrowers will increase the Fund's origination opportunities. The broader Diameter platform (as discussed below) greatly expands the Adviser's contacts into sponsor firms and non-sponsor channels including global investment banks, financial intermediaries and advisers, alternative investment firms, and family offices. The Adviser believes that the Diameter platform's broader contacts will greatly enhance its proprietary origination efforts.

The Adviser will seek to achieve downside protection through contractual means or structural terms, including by generally seeking a senior position in the capital structure of portfolio companies (e.g., first lien loans), requiring a total return that appropriately compensates the Fund for credit risk, and requiring certain covenants and restrictions in our negotiations with portfolio companies, including certain affirmative and negative covenants, default penalties, lien protections and change of control provisions.

A portion of the Fund's portfolio may consist of loans or debt instruments issued by non-U.S. borrowers (expected to be mostly Western European and Canadian).

#### Other Investment Strategies and Approaches.
The Fund intends to target a diversified portfolio of investments, with a focus on what percentage of the total portfolio is constituted by a single asset or single industry. The Adviser's assessment of concentration percentages and diversification metrics will be based on a targeted, fully ramped total portfolio size. The Adviser will monitor the Fund's portfolio for industry balance, using industry and market metrics as key indicators, to seek to reduce the effects of economic downturns associated with any particular industry or market sector. The holding size in each private credit position will be determined based on a number of factors, including the anticipated return of an investment, pricing, terms and structure, and targeted portfolio metrics for sector, LTV, EBITDA ranges and geography.

Notwithstanding the Fund's intent to invest across a variety of industries, with respect to 75% of its assets, the Fund may hold securities of a single portfolio company that will comprise more than 5% of its total assets

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and/or more than 10% of the outstanding voting securities of the portfolio company. For that reason, the Fund is classified as a non-diversified management investment company under the Investment Company Act.

Subsidiaries. The Fund may make investments or originate loans through direct and indirect wholly owned subsidiaries ("Subsidiaries"). The Fund may form a Subsidiary in order to pursue its investment objective and strategies in a potentially tax-efficient manner or for the purpose of facilitating its use of permitted borrowings. Except as otherwise provided, references to the Fund's investments also will refer to any Subsidiary's investments, as applicable. Such Subsidiaries may not be registered under the Investment Company Act; however, the Fund will wholly own and control any Subsidiaries.

The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary and the Fund's role as sole direct or indirect shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies. The Fund will comply with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with any Subsidiary. Any Subsidiary also would comply with Section 17 of the 1940 Act relating to affiliated transactions and custody. In determining which investments should be bought and sold for a Subsidiary, the Adviser will treat the assets of any Subsidiary as if the assets were held directly by the Fund, as appropriate. The financial statements of any Subsidiary would be consolidated with those of the Fund.

If the Fund uses one or more Subsidiaries to make investments, such Subsidiaries will bear their respective organizational and operating fees, costs, expenses and liabilities and, as a result, the Fund will indirectly bear these fees, costs, expenses and liabilities. As the Subsidiaries will be wholly-owned, they will have the same investment strategies (or a subset thereof) as the Fund. The Fund complies with the provisions of the Investment Company Act governing capital structure and leverage on an aggregate basis with the Subsidiaries. The Adviser will serve as investment adviser to each Subsidiary. The Subsidiaries will comply with the provisions relating to affiliated transactions and custody of the Investment Company Act. The Bank of New York Mellon will serve as the custodian to the Subsidiaries. The Fund does not intend to create or acquire primary control of any entity which engages in investment activities in securities or other assets other than entities wholly-owned by the Fund.

#### Overview of Investment Process
The Fund's investment activities will be managed by the Adviser. The Adviser will source and manage the Fund's portfolio through a team of investment professionals led by Scott Goodwin, Jonathan Lewinsohn, who are the co-founders and co-managing partners of Diameter (together, the "Managing Partners") and Joshua Green (together with the Managing Partners, the "Portfolio Managers").

Performing Corporate Credit and Structured Credit Strategy:

Portfolio Management. Portfolio management decisions around industry and sector composition, and position sizing will be made by the Portfolio Managers.

The Adviser believes that its approach to combining its expertise in trading and research allows it to identify the early development of any potential microcycles in order to dynamically trade certain positions as fundamentals unfold.

The Adviser seeks to combine technical knowledge of market conditions with the type of deep fundamental approach often associated with equity and distressed debt investors. The Adviser expects that its combination of research and trading in the portfolio management function will increase the Adviser's ability to quickly respond to changing market conditions.

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The Adviser focuses its analysis on cycles. This includes attention to general macroeconomic progressions; however, it also entails attention to less pronounced cycles that develop in specific industries. The Adviser believes these industry microcycles have represented the best opportunity for most of this century in areas as diverse as telecom, autos, financials, muni bonds, European sovereigns, energy, retail and healthcare. The Adviser believes that by combining its extensive research and trading skills, it can identify the early development of these microcycles and proactively trade appropriate positions as the cycles become more pronounced.

The Adviser will employ a rigorous approach to research and security selection. The Managing Partners, which are two of the three Portfolio Managers, have successfully built the Diameter platform into a research-driven proprietary investment and trading businesses and Diameter believes it has recruited and trained best-in-class investment professionals. Specifically, the Portfolio Managers will work together to supervise research analysts and traders, direct their areas of work on a regular basis, identify the best risk opportunities, and evaluate investments on a continuing basis.

Research Process. Research at the Adviser begins by placing companies and industries in their macroeconomic context. This may involve exploring considerations such as: In what economic conditions have target companies usually thrived? Which economic indices are most correlated to their revenues? What evidence is there that historical relationships are persisting or breaking down? The Adviser continues with bottom-up microeconomic work, examining companies' working capital and cost buildups. For example, the Adviser may consider: How might a small change in revenues or costs impact a company's profitability? As relevant, the Adviser will consider the goals and incentives of a portfolio company's management team, to assess likely actions such companies might take, particularly during periods of industry dislocation, and how it will affect such companies' performance. Finally, the Adviser will make decisions to invest in certain positions by identifying the most attractive securities and trading technicals.

The Adviser believes that its use of industry-focused analysts who are experts in their respective areas will enable the Fund to quickly adjust to new market conditions and effectively trade around dislocations.

The Adviser will take a disciplined approach to investment research, analyzing companies on a bottom-up, standalone basis, and combining such findings with thematic sectoral macro research. Each analyst on the investment team will regularly present his or her sector macro views to the broader investment team. Broadly, the Adviser will make a comprehensive distressed-style valuation of all relevant potential investments across the credit spectrum. Among other things, the Adviser's research process is meant to assess the following:

• industry attractiveness, secular trends and potential macro impact;

• the issuer's position within the industry as well as latest operating trends;

• fixed versus variable costs to predict how changes in revenue will impact profitability;

• management incentives in changing circumstances;

• industry experts' views who can assist with knowns and unknowns;

• secular decliners where rating agencies have not yet acted;

• working capital needs; and

• any overlooked public information, such as year-to-year changes in risk factors, covenants or tax status.

The Adviser plans to have a dual focus on assets and liabilities which should allow for a wide range of downside protected investments.

Trading. The Adviser believes that its trading capabilities are a key element of its overall investment strategy and risk management process. The Adviser will dynamically trade the Fund's positions as the individual fundamentals of its underlying portfolio companies unfold, and the Adviser will reallocate the Fund's

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investments across its three strategies and its other investments, as applicable. The Adviser believes that its ability to dynamically enter, exit, and potentially re-enter positions without materially impacting market pricing should give the Fund a competitive advantage. The Adviser will focus its trading efforts for the Fund on having long term relationships with sell-side counterparties and providing fast responses with bids, offers, or feedback to the sell-side when opportunities arise in investments that the Fund has proactively underwritten in advance of a potential dislocation.

Portfolio Monitoring. The Adviser's research and trading teams will be responsible for closely monitoring Fund positions at all times, including by updating the Portfolio Managers on financial performance, company management, covenant compliance and event triggers. The Adviser's personnel will be expected to attend lender conferences, management meetings and facility visits. The Adviser will often engage in restructuring discussions with advisors to both creditors and borrowers, company management, company sponsors or fellow lenders.

Risk Management. The Adviser seeks to manage risk actively in order to protect its capital and enhance the stability of its returns. The Adviser will actively monitor the Fund's industry and company concentration, portfolio liquidity by individual position and risk bucket, interest rate exposure and foreign exchange exposure. The Fund will seek to hedge currency and interest rate risk exposure, where it believes appropriate. The Fund's primary risk metric will likely be an estimation of potential downside for each investment. The Adviser uses position level beta and individualized liquidity score to help manage risk. For long performing credit investments, extreme downside is estimated using a jump-to-default scenario that estimates the potential loss incurred if the performing issuer defaults on its obligations. The Adviser will consider the maximum loss that it believes can result from each position and will seek to keep the Fund's total portfolio exposure within acceptable levels. The Adviser expects to analyze both upside and downside scenarios by engaging in a full revaluation of the portfolio to credit spread widening and tightening, high-yield index beta adjusted scenarios and S&P scenarios.

Portfolio risk will be reviewed daily by the investment team and monthly by a formal risk management committee.

Private Credit Strategy:

Portfolio Management. The Portfolio Managers will evaluate and approve investments made by the Fund pursuant to its Private Credit strategy.

Disciplined Investment Philosophy. The Private Credit strategy is intended to maximize current income and minimize the risk of capital loss. The Adviser intends to employ a rigorous investment approach focused on what it considers to be quality borrowers and portfolio construction, to emphasize capital preservation over yield. This investment approach will involve a multi-step underwriting process for each investment opportunity, as well as ongoing monitoring of each completed investment, with a particular emphasis on quickly identifying investments that are underperforming.

Portfolio Structure. In addition to focusing the Fund's investments on middle-market and upper middle-market companies, the Fund seeks to invest across various industries. The Adviser will monitor the Fund's investment portfolio to ensure that the Fund has acceptable industry balance, using industry and market metrics as key indicators. By monitoring the Fund's investment portfolio for industry balance, the Adviser seeks to reduce the effects of economic downturns associated with any particular industry or market sector.

Investment Focus. We believe that Private Credit strategy's focus on middle-market and upper middle-market companies will allow us to target a class of borrowers whose financing needs may be overlooked in the current private credit markets, as incumbent asset managers target underwriting to large borrowers. Further, we believe that our focus on both sponsored and non-sponsored borrowers will increase our origination opportunities. Our dedicated Private Capital investment team has established prior relationships with private

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equity sponsor firms, as well as non-sponsor contacts. The broader Diameter platform greatly expands our contacts into sponsor firms and non-sponsor channels including global investment banks, financial intermediaries and advisers, alternative investment firms, and family offices. We believe that the dedicated team's existing contacts combined with the Diameter platform's broader contacts will greatly enhance our proprietary origination efforts.

#### Synergies with Larger Diameter Platform.
Diameter Capital Partners LP ("Diameter Capital Partners" and, collectively with its subsidiaries and affiliated entities, "Diameter") is a credit-focused investment adviser that focuses on the full spectrum of credit investing, from performing to distressed. It is headquartered in New York and maintains offices in Florida and London. As of September 30, 2025, Diameter Capital Partners employs 67 investment professionals and has approximately $24.8 billion in assets under management.

The Adviser believes it will realize significant synergies by being a part of the broader Diameter platform and that it can benefit from those synergies in the following ways:

• Sourcing Investment Opportunities: We believe Diameter has broad expertise and experience investing at all levels of a company's capital structure, and its investment team has worked diligently over many years to build strategic relationships with global investment banks, financial intermediaries, private equity sponsors and other alternative investment firms, trading desks, financial advisers, corporates and existing investors. The Adviser believes that the breadth of Diameter's platform and the strength of its connectivity can help provide the Adviser a competitive advantage in sourcing investment opportunities for the Fund. It has a broad and diverse investor base, which includes family offices, pension plans and other sophisticated investors. The Adviser expects that it will be able to leverage these relationships into multiple and varied origination channels to find and execute attractive investment opportunities for the Fund.

• Underwriting Investment Opportunities: The Adviser's investment team is centrally located in New York, Florida and London alongside the other investment professionals of the larger Diameter platform. The Adviser believes that this proximity allows for a collaborative culture, which in turn promotes knowledge sharing. Diameter's investment process for the rest of its businesses has sought to focus on "breadth and depth" of sector coverage. Subject to Diameter Capital Partners' policies and procedures, including those regarding the management of conflicts of interest, the Adviser's investment team will collaborate with the investment professionals of the larger Diameter platform, which will allow the Adviser to easily access industry knowledge and the deep sector expertise of Diameter Capital Partners analysts when relevant to a specific investment.

• Non-Investment Side Expertise. The Adviser will benefit from the broader Diameter platform's dedicated legal and restructuring expertise and its experienced accounting, operational, tax and compliance resources.

Temporary Defensive Positions

The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategy, such as in attempting to respond to adverse market, economic, political or other conditions. During such times, the Adviser may determine that a large portion of the Fund's assets should be invested in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, municipal bonds, bank accounts, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities and other high-quality debt instruments maturing in one year or less from the time of investment. In these and in other cases, the Fund may not achieve its investment objective. The Adviser may invest the Fund's cash balances in any investments it deems appropriate.

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Portfolio Turnover

The frequency and amount of portfolio purchases and sales (known as the "portfolio turnover rate") may vary from year to year and will not be a limiting factor when the Adviser deems portfolio changes appropriate.

The Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held, when in the opinion of the Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund. If securities are not held for the applicable holding periods, gain or loss from sales will be short-term capital gain or loss and dividends paid on them will not qualify for the advantageous federal tax rates.

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#### LEVERAGE
It is anticipated that the Fund will employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will the leverage employed by the Fund exceed the limitations set forth in the Investment Company Act.

The Investment Company Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time such investment company incurs the indebtedness. This requirement means that the value of such investment company's total indebtedness may not exceed one-third the value of its total assets (including the indebtedness).

The Fund intends to incur leverage in the form of borrowings, which may include loans from certain financial institutions and the issuance of debt securities. The Fund may also, to a limited extent, use reverse repurchase agreements or similar transactions and derivatives, credit default swaps, dollar rolls or borrowings, such as through bank loans or commercial paper and/or other credit facilities. The Fund may also enter into transactions other than those noted above that may give rise to a form of leverage including, without limitation, futures and forward contracts (including foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio securities, short sales and when-issued, delayed delivery and forward commitment transactions.

The Fund may also incur leverage through the issuance of preferred shares. Under the Investment Company Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund's total assets (minus any liabilities not representing senior securities) is at least 200% of the aggregate amount of senior securities representing indebtedness plus the liquidation value of the outstanding preferred shares (i.e., the liquidation value plus the amount of senior securities representing indebtedness may not exceed 50% of the Fund's total assets, after subtracting any liabilities not representing senior securities). In determining whether to borrow money, the Fund will analyze the maturity, covenant package and rate structure of any proposed borrowings as well as the risks of such borrowings compared to its investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund. The Fund may pledge and may grant a security interest in all of its assets under the terms of any debt instruments that it enters into with lenders. In addition, from time to time, the Fund's losses on investments may result in the liquidation of other investments held by the Fund.

The amount and cost of leverage, which is often priced on a floating rate basis, may vary frequently and may increase the Fund's volatility. Changes in NAV can be amplified with the use of leverage.

In response to changes in market conditions, such as rising short-term interest rates or increased volatility, the Adviser may take steps to reduce the negative impact of leverage on common shareholders. This may include shortening the average maturity of the portfolio, reallocating assets into short-term securities, or reducing the level of leverage by repaying outstanding borrowings. These actions are taken with the goal of maintaining the Fund's risk profile while maximizing returns. However, the success of these strategies is dependent on the Adviser's ability to accurately predict market movements, and there is no guarantee that such efforts will mitigate leverage risk effectively.

When market conditions are favorable and leverage is expected to benefit shareholders, the Fund may increase leverage by entering into new credit facilities, expanding existing facilities, or issuing preferred shares, subject to regulatory limits. The Fund continuously evaluates the costs and benefits of leverage, adjusting the level of leverage as necessary to optimize the portfolio's performance while managing risk.

The Fund's use of derivatives, such as swaps, options, and futures, may also create indirect leverage by increasing the Fund's exposure to certain assets without requiring a direct investment. While these instruments can help manage interest rate, credit, or market risks, they also introduce additional complexities and risks. The Adviser carefully assesses these risks and integrates them into the broader risk management framework.

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#### INVESTMENTS AND RELATED RISKS
Investors should carefully consider the risk factors described below, before deciding on whether to make an investment in the Fund. The risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund's business, financial condition and/or operating results. If any of the following events occur, the Fund's business, financial condition and results of operations could be materially adversely affected. In such case, the NAV of the Fund's Common Shares could decline, and investors may lose all or part of their investment.

Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and health conditions all over the world, the risks below are heightened significantly compared to normal conditions. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions.

References to "we" and "our" in this section of the Prospectus refer to the Fund.

#### Risks Related to the Fund's Business and Structure
No Operating History. The Fund has not commenced operations and therefore has no operating history upon which potential investors may evaluate past or future performance. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of an investor's investment could decline substantially or an investor's investment could become worthless. There may be delays in investing substantially all of the capital raised by us in this offering due to the time necessary to identify, evaluate, structure, negotiate and close suitable investments in our performing corporate credit strategy, structured credit strategy and private credit strategy.

To the extent required to comply with diversification and other requirements, or otherwise deemed appropriate, during the startup period, we will use funds to invest in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less, which we expect will earn yields substantially lower than the interest, dividend or other income that we anticipate receiving in respect of suitable portfolio investments. We may not be able to pay any significant dividends during the startup period, and any such dividends may be substantially lower than the dividends we expect to pay when our portfolio is fully invested.

We will pay a management fee to the Adviser throughout this interim period. If the management fee and our other expenses exceed the return on any temporary investments, our equity capital will be eroded.

While we believe that the past professional experiences of the Adviser's investment team, including investment and financial experience of the Adviser's senior management, will increase the likelihood that the Adviser will be able to manage the Fund successfully, there can be no assurance that this will be the case.

Non-Diversified Status. We are classified as a non-diversified investment company within the meaning of the Investment Company Act, which means that we are not limited by the Investment Company Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Under the Investment Company Act, a "diversified" investment company is required to invest at least 75% of the value of its total assets in cash and cash items, 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 the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, we are not subject to this requirement. To the extent that we assume large positions in the securities of a small number of issuers, or within a particular industry, our NAV may fluctuate to a greater extent than that of a

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diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company or to a general downturn in the economy.

The Adviser will endeavor to build and manage a diversified portfolio of investments with representation in various industries and economic sectors, geographic regions and deal types which may include growth financings and recapitalizations. Despite the foregoing objectives, the Fund may be concentrated in certain industries and/or economic sectors, geographic regions and/or deal types. The Fund also may be more concentrated than other funds with similar diversification objectives.

However, we will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code, which include single issuer concentration limits. See "Certain U.S. Federal Income Tax Matters – Taxation as a Regulated Investment Company."

Our Board May Amend our Declaration of Trust Without Prior Shareholder Approval. Our Board may, without shareholder vote, subject to certain exceptions, amend or otherwise supplement the Declaration of Trust, including without limitation to classify the Board, to impose advance notice provisions for Trustee nominations or for shareholder proposals and to require super-majority approval of transactions with significant shareholders or other provisions that may be characterized as anti-takeover in nature. See "Delaware Law and Certain Provisions in the Declaration of Trust—Amendment of the Declaration of Trust." The Fund's Declaration of Trust includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status.

Closed-End Interval Fund; Illiquidity of Common Shares. The Fund is structured as an "interval fund" and designed primarily for long-term investors. An investment in the Common Shares should be considered illiquid. The Common Shares are appropriate only for investors who are seeking an investment in less liquid or illiquid portfolio investments within an illiquid fund. An investment in the Common Shares is not suitable for investors who need access to the money they invest. Unlike open-end funds, which generally permit redemptions on a daily basis, the Common Shares are not redeemable at an investor's option. Unlike the shares of listed closed-end funds, the Common Shares are not listed for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Common Shares in the foreseeable future. The NAV of the Common Shares may be volatile and the Fund's use of leverage will increase this volatility. As the Common Shares are not traded, investors may not be able to dispose of their investment in the Fund when or in the amount desired, no matter how the Fund performs.

Although the Fund, as a fundamental policy, will make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at NAV, the number of Common Shares tendered in connection with a repurchase offer may exceed the number of Common Shares the Fund has offered to repurchase, in which case the Fund may not repurchase all of a shareholder's Common Shares tendered in that offer. In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Common Shares. Hence, shareholders may not be able to sell their Common Shares when and/or in the amount that they desire. See "Repurchase Offers Risk".

Large Shareholder Risk. To the extent a large proportion of Common Shares is held by a small number of shareholders (or a single common shareholder), including affiliates of the Adviser, the Fund is subject to the risk that these shareholders may seek to sell Common Shares (including after expiration of any applicable "lock-up period") in large amounts rapidly in connection with repurchase offers. These transactions could adversely affect the ability of the Fund to conduct its investment program. Furthermore, it is possible that in response to a repurchase offer, the total amount of Common Shares tendered by a small number of shareholders (or a single common shareholder) may exceed the number of Common Shares that the Fund has offered to repurchase. If a repurchase offer is oversubscribed by shareholders, the Fund will repurchase only a pro rata portion of shares tendered by each shareholder. See "Repurchase Offers Risk".

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Repurchase Offers Risk. The Fund is an "interval fund" and, in order to provide liquidity to shareholders, the Fund, subject to applicable law, will conduct quarterly repurchase offers of the Fund's outstanding Common Shares at NAV, with the size of the repurchase offer subject to approval of the Board. In all cases, such repurchase offers will be for at least 5% and not more than 25% of its outstanding Common Shares at NAV, pursuant to Rule 23c-3 under the Investment Company Act. The Fund currently expects to conduct quarterly repurchase offers for 5% of its outstanding Common Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to its shareholders, and repurchases may be funded from available cash, borrowings, subscription proceeds or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund may accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments. If at any time cash and other cash equivalents held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments, including illiquid investments. If the Fund employs investment leverage, repurchases of Common Shares would compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect common shareholders who do not tender their Common Shares by increasing the Fund's expenses and reducing any net investment income. If a repurchase offer is oversubscribed, the Fund may, but is not required to, determine to increase the amount repurchased by up to 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Common Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in anticipation of proration, may tender more Common Shares than they wish to have repurchased in a particular quarter, thereby increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the NAV of Common Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Common Shares is determined. In addition, the repurchase of Common Shares by the Fund may be a taxable event to shareholders. See "Certain U.S. Federal Income Tax Matters – Taxation as a Regulated Investment Company."

Distributions Risk. Any distributions the Fund makes will be at the discretion of the Board, considering factors such as the Fund's earnings, cash flow, capital and liquidity needs and general financial condition and the requirements of Delaware law. As a result, the Fund's distribution rates and payment frequency may vary from time to time. The Fund may not achieve investment results that will allow it to make a specified or stable level of cash distributions and its distributions may decrease over time. In addition, the Fund may be limited in its ability to make distributions.

Valuation Risk. Under the Investment Company Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, in accordance with rule 2a-5, at fair value as determined pursuant to policies adopted by, and subject to the oversight of, our Board. There is not a public market for certain of the private assets in which we plan to invest. We expect that many of our investments will not be publicly-traded or actively traded on a secondary market. The Board's valuation designee, as further described below, will value these securities daily at fair value as determined in good faith as required by the Investment Company Act, but generally based on the most recent monthly (or, in certain cases, quarterly) mark. Between monthly (or, in certain cases, quarterly) valuations the valuation designee will consider daily whether there has been a material change to such investments as to affect their fair value, but such analysis will be more limited than the monthly process.

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As part of the valuation process, the valuation designee will generally take into account relevant factors in determining the fair value of the Fund's investments, without market quotations, some of which are loans, including and in combination, as relevant: (i) the estimated enterprise value of a portfolio company; (ii) the nature and realizable value of any collateral; (iii) the portfolio company's ability to make payments based on its earnings and cash flow; (iv) the markets in which the portfolio company does business; (v) a comparison of the portfolio company's securities to any similar publicly traded securities; and (vi) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. Our determinations of fair value may differ materially from the values that would have been used if a ready market for these non-traded securities existed. Due to this uncertainty, our fair value determinations may cause our NAV on a given date to materially differ from the value that we may ultimately realize upon the sale of one or more of our investments. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from what was previously the value, and such differences could be material.

Part of our investment strategy is to invest in illiquid debt and equity securities of private companies. Most of these investments will not have a readily available market price, and we value these investments at fair value as determined in good faith as required by the Investment Company Act in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Risks Related to Cybersecurity and Cyber Incidents. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to, use, alteration or destruction of our information systems for purposes of misappropriating assets, obtaining ransom payments, stealing confidential information, corrupting data or causing operational disruption, or may involve phishing. The results of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. This could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. The costs related to cybersecurity incidents may not be fully insured or indemnified. We, our Adviser and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

Third parties with which we do business (including, but not limited to, key service providers, such as accountants, custodians, transfer agents and administrators, and the issuers of securities in which we invest) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, we cannot control the cybersecurity plans and systems put in place by these third parties and ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.

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Additionally, investments of Diameter's funds, including the Fund, and other Diameter entities have involved and/or may in the future involve companies that have experienced cyber-events and/or that may become involved in future cyber events. Cybersecurity events also could affect other Diameter and/or affiliated entities. Such cyber security attacks are evolving and include, but are not limited to, malicious software, attempts to gain unauthorized access to data, and other electronic security breaches that could lead to disruptions in critical systems, unauthorized release of confidential or otherwise protected information and corruption of data.

A cybersecurity breach may cause the Fund to lose proprietary information, suffer data corruption or expose information to misuse, which could have material adverse effects on the Fund. Sensitive information which may be breached in the event of a cybersecurity threat includes, without limitation, information regarding the Fund's investment activities and shareholders (including personal information of any shareholder and, if applicable, its underlying investors, beneficial owners and/or control persons). Cybersecurity breaches of Diameter's (including the Adviser) and the Fund's third-party service providers or portfolio investments may also subject the Fund to many of the same risks associated with direct cybersecurity breaches. Moreover, any such breaches could result in reputational harm to Diameter, the Adviser, the Fund and/or, as applicable, a portfolio investment, could subject any such entity and its affiliates to legal claims and could otherwise adversely affect any such entity's business and financial performance, which could directly or indirectly adversely affect the Fund.

Cybersecurity risks also require Diameter to undertake ongoing preventative measures and to incur compliance costs.

Risks Related to Compliance with the SEC's Regulation Best Interest. Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the prior standard of conduct for broker-dealers and natural persons who are associated persons of a broker-dealer when recommending to a retail customer any securities transaction or investment strategy involving securities to a retail customer. Regulation Best Interest, which was adopted in June 2020, may negatively impact whether broker-dealers and their associated persons recommend the offering to retail customers. If Regulation Best Interest reduces our ability to raise capital in the offering, it would harm our ability to create a diversified portfolio of investments and achieve our investment objectives and would result in our fixed operating costs representing a larger percentage of our gross income.

Inflation and Supply Chain Risk. Inflation and rapid fluctuations in inflation rates have in the past had, and may in the future have, negative effects on economies and financial markets, particularly in emerging economies. For example, wages and prices of inputs increase during periods of inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, countries may impose wage and price controls or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Recent and potential future U.S. tariff policies may contribute to inflationary pressures by increasing the cost of imported goods and materials, which could in turn prompt further economic intervention. There can be no assurance that inflation will not become a serious problem in the future and have an adverse impact on the Fund's returns.

Trade Negotiations and Government Actions Risk. In recent years, the U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto, and has proposed and/or taken actions to increase tariffs or other duties on goods or products being imported into the U.S. For example, the U.S. government has imposed, and may in the future increase, tariffs on certain foreign goods, including from China, such as steel and aluminum. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods. Recently, the current U.S. presidential administration has proposed and/or imposed significant increases to tariffs on goods imported into the U.S., including from China, Canada and Mexico. It is impossible to predict how or what tariffs will be imposed or what retaliatory measures other countries, including China, may take in response to tariffs proposed or imposed by the U.S. Such uncertainty and/or tariffs or counter-measures could further increase costs,

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decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies in which the Fund invests and adversely affect the revenues and profitability of portfolio companies whose businesses rely on imported goods.

There is uncertainty as to further actions that may be taken under the current U.S. presidential administration with respect to U.S. trade policy, including with respect to such tariffs. Further governmental actions related to the imposition of tariffs or other trade barriers, or changes to international trade agreements or policies, could create further regulatory uncertainty for the portfolio companies in which the Fund invests and adversely affect their businesses and financial condition, particularly to the extent the revenues and profitability of their businesses rely on goods imported from outside of the United States.

Risks Related to Uncertainty About Financial Stability. S&P, Moody's and Fitch downgraded the federal government's credit rating from AAA to AA+, AAA to AA+ and Aaa to Aa1, respectively, on August 11, 2011, August 1, 2023 and May 16, 2025, respectively. Further downgrades or warnings by rating agencies, and the government's credit and deficit concerns in general, could cause interest rates and borrowing costs to rise, which may negatively impact both the perception of credit risk associated with our debt portfolio and our ability to access the debt markets on favorable terms. In addition, a decreased credit rating could create broader financial turmoil and uncertainty, which may weigh heavily on our financial performance and the value of our Common Shares.

In recent years, the Federal Reserve's benchmark federal funds rate has moved through several phases. It was gradually increased in 2017 to 2018, cut multiple times in 2019 and 2020, raised sharply in 2022 to 2023, and then eased in 2024 and September 2025. As of late 2025, further cuts remain possible, depending on evolving economic conditions. Further changes in key economic indicators, such as the unemployment rate or inflation, could lead to additional changes to the target range for the federal funds rate that may cause instability or may negatively impact our ability to access the debt markets on favorable terms. The election of a new U.S. president for a term that commenced in 2025, coupled with a consolidation of party control of both chambers of Congress, has led to new legislative and regulatory initiatives and the roll-back of certain initiatives of the previous presidential administration, which may impact our business and our portfolio investments' businesses in unpredictable ways. Areas subject to potential change or amendment include the Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, and the authority of the Federal Reserve and the Financial Stability Oversight Council. Additionally, under the narrowly divided control of the Congress, the likelihood of a failure to increase the debt ceiling and a default by the federal government is increased. The United States has already and may continue to increase tariffs and potentially withdraw from, renegotiate or enter into various trade agreements and take other actions that has changed and would continue to change current trade policies of the United States. We cannot predict which, if any, of these actions will be taken or, if taken, their effect on the financial stability of the United States. Such actions could have a significant adverse effect on our business, financial condition and results of operations.

Risks Related to Economic Recession or Downturn. The Fund and its investments may be susceptible to economic slowdowns or recessions. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record our investments at their current fair value. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our and our portfolio companies' funding costs, limit our and our portfolio companies' access to the capital markets or result in a decision by lenders not to extend credit to us or our portfolio companies. These events could prevent us from increasing investments and harm our operating results.

Investment and Market Risk. An investment in the Fund's Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund's Common Shares represents an indirect investment in the portfolio of floating rate instruments, other securities and derivative

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investments owned by the Fund, and the value of these investments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund's Common Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of common shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund's investment, market and certain other risks.

Interest Rate Risk. Because we may borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. Rising interest rates could also adversely affect our performance if such increases cause our borrowing costs to rise at a rate in excess of the rate that our investments yield. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Trading prices for debt that pays a fixed rate of return tend to fall as interest rates rise and trading prices tend to fluctuate more for fixed-rate securities that have longer maturities. An increase in interest rates could decrease the value of any investments we hold which earn fixed interest rates and also could increase our interest expense, thereby decreasing our net income.

In periods of rising interest rates, to the extent we borrow money subject to a floating interest rate, our cost of funds would increase, which could reduce our net investment income. Further, rising interest rates could also adversely affect our performance if we hold investments with floating interest rates, subject to specified minimum interest rates, while at the same time engaging in borrowings subject to floating interest rates not subject to such minimums. In such a scenario, rising interest rates may increase our interest expense, even though our interest income from investments is not increasing in a corresponding manner as a result of such minimum interest rates.

If interest rates rise, there is a risk that the portfolio companies in which we hold floating rate securities will be unable to pay escalating interest amounts, which could result in a default under their loan documents with us. Rising interest rates could also cause portfolio companies to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. In addition, rising interest rates may increase pressure on us to provide fixed rate loans to our portfolio companies, which could adversely affect our net investment income, as increases in our cost of borrowed funds would not be accompanied by increased interest income from such fixed-rate investments.

A significant portion of our debt investments are expected to be based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate. General interest rate fluctuations may have a substantial negative impact on our investments, the value of our Common Shares and our rate of return on invested capital. On one hand, a reduction in the interest rates on new investments relative to interest rates on current investments could have an adverse impact on our net interest income, which also could be negatively impacted by our borrowers making prepayments on their loans. On the other hand, an increase in interest rates could increase the interest repayment obligations of our borrowers and result in challenges to their financial performance and ability to repay their obligations.

An increase in interest rates could also decrease the value of any investments we hold that earn fixed interest rates, including subordinated loans, senior and junior secured and unsecured debt securities and loans and high yield bonds, and also could increase our interest expense, thereby decreasing our net income. Moreover, an increase in interest rates available to investors could make investment in our Common Shares less attractive if we are not able to increase our dividend rate, which could reduce the value of our Common Shares. Federal Reserve policy, including with respect to certain interest rates and the decision to end its quantitative easing policy, may also adversely affect the value, volatility and liquidity of dividend-and interest-paying securities. Market volatility, rising interest rates and/or a return to unfavorable economic conditions could adversely affect our business.

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A rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments.

We may enter into and borrow under credit facilities. Our credit facilities may be subject to variable rates that expose us to interest rate risk. We may also incur additional indebtedness subject to variable rates in the future. When interest rates increase, our debt service obligations on the variable rate indebtedness increase even though the amount borrowed remains the same.

U.S. dollar borrowings under our credit facilities may bear interest at a rate derived from SOFR. SOFR is a relatively new reference rate and has a very limited history. The future performance of SOFR cannot be predicted based on its limited historical performance. Since the initial publication of SOFR in April 2018, changes in SOFR have, on occasion, been more volatile than changes in other benchmark or market rates. The use of SOFR is relatively new, and there could be unanticipated difficulties or disruptions with the calculation and publication of SOFR. Additionally, any successor rate to SOFR under our revolving credit facility may not have the same characteristics as SOFR. As a result, the amount of interest we may pay on our revolving credit facility is difficult to predict.

We will regularly measure our exposure to interest rate risk. We will assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate-sensitive assets to our interest rate-sensitive liabilities. Based on that review, we will determine whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates. We may in the future hedge against interest rate fluctuations by using hedging instruments such as additional interest rate swaps, futures, options and forward contracts. While hedging activities may mitigate our exposure to adverse fluctuations in interest rates, certain hedging transactions that we may enter into in the future, such as interest rate swap agreements, may also limit our ability to participate in the benefits of changes in interest rates with respect to our portfolio investments.

Force Majeure Risk. The Fund may be affected by force majeure events (e.g., acts of God, fire, flood, earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern, war, terrorism, nationalization of industry and labor strikes). Force majeure events could adversely affect the ability of the Fund or a counterparty to perform its obligations. The liability and cost arising out of a failure to perform obligations as a result of a force majeure event could be considerable and could be borne by the Fund. Certain force majeure events, such as war or an outbreak of an infectious disease, could have a broader negative impact on the global or local economy, thereby affecting the Fund. Additionally, a major governmental intervention into industry, including the nationalization of an industry or the assertion of control, could result in a loss to the Fund if an investment is affected, and any compensation provided by the relevant government may not be adequate.

Technological or Other Innovations and Industry Disruptions Risk. Recent trends in the market generally, including technological developments in artificial intelligence, have disrupted the industry with technological or other innovations. In this period of rapid technological and commercial innovation, new businesses and approaches may be created that could affect the Fund and/or its portfolio companies or alter the market practices that help frame its strategy. Any of these new approaches could damage the Fund's investments, significantly disrupt the market in which it operates and subject it to increased competition, which could materially and adversely affect its business, financial condition and results of investments. Moreover, given the pace of innovation in recent years, the impact on a particular investment may not have been foreseeable at the time the Fund made the investment. Furthermore, the Fund could base investment decisions on views about the direction or degree of innovation that prove inaccurate and lead to losses.

Changes in Laws or Regulations Risk. The Fund, the portfolio companies, and other counterparties are subject to regulation at the local, state and federal levels. New legislation may be enacted, or new interpretations, rulings or regulations could be adopted, including those governing the types of investments the Fund is permitted to make, any of which could harm the Fund and its shareholders, potentially with retroactive effect.

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Additionally, any changes to or repeal of the laws and regulations governing the Fund's operations relating to permitted investments may cause the Fund to alter its investment strategy to avail the Fund of new or different opportunities. Such changes could result in material differences to the Fund's strategies and plans as set forth in this prospectus and may result in the Fund's investment focus shifting from the areas of expertise of the Adviser to other types of investments in which the Adviser may have less expertise or little or no experience. Thus, any such changes, if they occur, could have a material adverse effect on the Fund's financial condition and results of operations and the value of a shareholder's investment.

Regulatory Oversight Risk. The Fund's business and the businesses of the Adviser, the Distributor and their respective affiliates are subject to extensive regulation, including periodic examinations, inquiries and investigations, which may result in enforcement and other proceedings, by governmental agencies and self-regulatory organizations in the jurisdictions in which the Fund, the Adviser, the Distributor and their respective affiliates operate around the world, including by the SEC and various other U.S. federal, state and local agencies. These authorities have regulatory powers dealing with many aspects of financial services, including the authority to grant, and in specific circumstances to cancel, permissions to carry on particular activities.

In addition, if previously enacted laws are amended or if new legislative or regulatory reforms are adopted, this could have further impact on the Fund's industry. Changes in administration have lead to, and may continue to lead to, leadership changes at a number of U.S. federal regulatory agencies with oversight over the U.S. financial services industry. Such changes would pose uncertainty with respect to such agencies' ongoing policy priorities and could lead to increased regulatory enforcement activity in the financial services industry. Any changes or reforms may impose additional costs on the Fund's current or future investments, require the attention of senior management or result in other limitations on the Fund's business or investments. The Fund is unable to predict at this time the likelihood or effect of any such changes or reforms.

Risks Related to Restrictions on Entering into Transactions with Affiliates. The Investment Company Act limits the Fund's ability to enter into certain transactions with certain of the Fund's affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security directly from or to any portfolio company of or fund managed by Diameter or any of its affiliates. However, the Fund may under certain circumstances purchase any such portfolio company's loans or securities in the secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The Investment Company Act also prohibits certain "joint" transactions with certain of the Fund's affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund. Although certain affiliates of the Adviser have received an exemptive order from the SEC that permits the Fund, among other things, to co-invest with certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, it may only do so in accordance with certain terms and conditions that limit the types of transactions the Fund may engage in. Moreover, while the Fund and certain of its affiliates have also applied for a revised exemptive order from the SEC, even if it is granted, the revised exemptive order would also contain terms and conditions that limit the types of transactions the Fund would be able to engage in.

The decision by Diameter, the Adviser or their respective affiliates to allocate an opportunity to another entity could cause us to forgo an investment opportunity that we otherwise would have made. We also generally will be unable to invest in any issuer in which Diameter Capital Partners and its affiliates (including the Adviser) or a fund managed by Diameter Capital Partners or its affiliates has previously invested or in which they are making an investment. Similar restrictions limit our ability to transact business with our officers or trustees or their affiliates. These restrictions may limit the scope of investment opportunities that would otherwise be available to us.

Although, as a general matter, Section 17 of the Investment Company Act restricts the ability of the Fund to engage (except in certain limited circumstances) in transactions with "affiliated persons" of investment

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companies, certain of the Fund's affiliates have obtained from the SEC a co-investment order that permits a broader range of affiliated transactions, subject to a variety of conditions and requirements, that would apply to the Fund. Thus, subject to the requirements of such co-investment order (or any future co-investment order applicable to the Fund), the Fund will be permitted to co-invest alongside affiliates in a broader range of affiliated transactions.

No Guarantee of Obtaining Licenses. We are required to have and may be required in the future to obtain various state licenses to, among other things, originate commercial loans, and we may be required to obtain similar licenses from other authorities (including those outside of the United States) in the future, in connection with one or more investments. Applying for and obtaining required licenses can be costly and take several months. We cannot assure investors that we will maintain or obtain all of the licenses that we need on a timely basis. We also are and will be subject to various information and other requirements to maintain and obtain these licenses, and we cannot assure investors that we will satisfy those requirements. Our failure to maintain or obtain licenses that we require, now or in the future, might restrict investment options and have other adverse consequences.

#### Risks Related to the Fund's Investment Strategy and Activities
Risk of Investment Strategy. An investor should be aware that it may lose all or part of its investment in the Fund. All investments involve the risk of loss of capital. The Adviser believes that the Fund's investment program and research techniques moderate this risk through a careful selection of securities and other financial instruments. However, no guarantee or representation is made that the Fund's investment program will be successful. The Fund's investment program may utilize such investment techniques as option transactions and forward contracts, which practices can, in certain circumstances, increase the adverse impact to which the Fund's portfolio may be subject.

Investments Generally. All investments risk the loss of capital. Such investments are subject to investment-specific price fluctuations as well as to macro-economic, market and industry-specific conditions, including but not limited to national and international economic conditions, domestic and international financial policies and performance, conditions affecting particular investments such as the financial viability, sales and product lines of corporate issuers, national and international politics and governmental events, and changes in income tax laws. No guarantee or representation is made that the Fund's investment program will be successful. The Fund's investment program involves, without limitation, risks associated with limited diversification and concentration, investments in speculative assets and the use of speculative investment strategies and techniques, interest rates, volatility, tracking risks in hedged positions, credit deterioration or default risks, systems risks and other risks inherent in the Fund's activities. Certain investment techniques of the Fund can, in certain circumstances, magnify the impact of adverse market moves to which the Fund may be subject. In addition, the Fund's investments may be materially affected by conditions in the financial markets and overall economic conditions occurring globally and in particular markets where the Fund may invest its assets.

The Fund's methods of minimizing such risks may not accurately predict future risk exposures. Risk management techniques are based in part on the observation of historical market behavior, which may not predict market divergences that are larger than historical indicators. Also, information used to manage risks may not be accurate, complete or current, and such information may be misinterpreted.

General Economic and Market Conditions. The success of the Fund's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), trade barriers, currency exchange controls, and national and international political circumstances (including wars, terrorist acts or security operations). These factors may affect the trading strategies which are based on the predicated outcomes of macroeconomic themes.

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Concentrated Investment Strategy. The Fund will not be broadly diversified, but rather will concentrate on credit investments across its performing credit, structured credit and private credit strategies. The undiversified nature of the Fund's trading can be expected to result in increased performance volatility and risk.

High-Yield and Distressed Securities. The Fund expects to trade high-yield and distressed credit instruments. These instruments are subject to substantial risk of default, bankruptcy, moratorium, etc., as they are by definition issued by or referenced to issuers in precarious and often declining financial condition. Valuing high-yield and distressed credit instruments is an inherently uncertain process due to the lack of available market prices and the uncertain financial condition of the issuers (and the lack of reliable information concerning such issuers' financial condition). The mispricings on which the Fund will attempt to capitalize in its investing reflect both the risk and the uncertainty of high-yield and distressed investments. The long-term and illiquid nature of many of these investments increases their risk, as the Fund will generally be unable to exit these investments in order either to recognize profits or limit losses. High-yield and distressed securities exhibit high mark-to-market volatility, require extensive due diligence and medium- to long-term holding periods, are generally illiquid and demand constant monitoring and carefully engineered exit strategies.

Structured Credit Products. Special risks may be associated with investments in structured credit products, collateralized debt obligations, synthetic credit portfolio transactions and asset-backed securities. For example, synthetic portfolio transactions may be structured with two or more classes of tranches that receive different proportions of the interest and principal distributions on a pool of credit assets. The yield to maturity of a tranche may be extremely sensitive to the rate of defaults in the underlying reference portfolio. A rapid change in the rate of defaults may have a material adverse effect on the yield to maturity. It is therefore possible that the Fund may incur losses on its investments in structured products regardless of their ratings by S&P or Moody's. Additionally, the securities in which the Fund is authorized to invest include securities that are subject to legal or contractual restrictions on their resale or for which there is a relatively inactive trading market. Securities subject to resale restrictions may sell at a price lower than similar securities that are not subject to such restrictions. Investments in the junior subordinated tranche of structured credit products such as collateralized debt obligations tend to be highly levered; this may magnify the adverse impact on the tranche as a result of changes in the market value of the underlying assets.

Financing Arrangements; Availability of Credit. The Fund will use leverage as part of its strategy, and, as a result, the Fund may depend on the availability of credit in order to finance its portfolio. Such leverage may be in the form of imbedded leverage inherent in the investments the Fund makes including subordinated classes of structured credit products such as CDOs and CLOs as well as leverage inherent in certain derivative instruments and in short investments. There can be no assurance that the Fund will be able to maintain adequate financing arrangements under all market circumstances. As a general matter, the banks and dealers that provide financing to the Fund can apply essentially discretionary margin, haircut, financing, security and collateral valuation policies. Changes by banks and dealers in such policies, or the imposition of other credit limitations or restrictions, whether due to market circumstances or governmental, regulatory or judicial action, may result in margin calls, loss of financing, forced liquidation of positions at disadvantageous prices, termination of swap and repurchase agreements and cross-defaults to agreements with other dealers. Any such adverse effects may be exacerbated in the event that such limitations or restrictions are imposed suddenly and/or by multiple market participants at or about the same time. The imposition of such limitations or restrictions could compel the Fund to liquidate all or a portion of its portfolio at disadvantageous prices.

During the 2008 financial crisis the availability of financing for speculative strategies was materially restricted. In addition, many dealers materially increased the cost and margin requirements applicable to outstanding financing, which materially adversely affected certain funds.

Directional Trading. Certain of the positions taken by the Fund will be designed to profit from forecasting absolute price movements in a particular instrument or asset class. Predicting future prices is inherently uncertain and the losses incurred, if the market moves against a position, will often not be hedged. The speculative aspect

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of attempting to predict absolute price movements is generally perceived to exceed that involved in attempting to predict relative price fluctuations.

Lack of Effective Securities Interests. Certain higher risk debt investors make a policy of acquiring only secured debt so that they have good assurances of receiving back their principal even in the event of a default. In the case of the Fund, on the other hand, the Adviser recognizes that certain instruments may not be paid in full and, in fact, may be a complete loss. In addition, when the Fund holds participations in a loan, the Fund may not have the right to vote for or waive enforcement of any default by an obligor, and/or the selling institution may not consider the interests of the Fund in connection with its actions.

Hedging Transactions. The Fund may utilize securities for risk management purposes in order to: (i) protect against possible changes in the market value of the Fund's investment portfolio resulting from fluctuations in the markets and changes in interest rates; (ii) protect the Fund's unrealized gains in the value of its investment portfolio; (iii) facilitate the sale of any securities; (iv) enhance or preserve returns, spreads or gains on any security in the Fund's portfolio; (v) hedge against a directional trade; (vi) hedge the interest rate, credit or currency exchange rate on any of the Fund's securities; (vii) protect against any increase in the price of any securities the Fund anticipates purchasing at a later date; or (viii) act for any other reason that the Adviser deems appropriate. The Fund will not be required to hedge any particular risk in connection with a particular transaction or its portfolio generally. The Adviser may be unable to anticipate the occurrence of a particular risk and, therefore, may be unable to attempt to hedge against it. While the Fund may enter into hedging transactions to seek to reduce risk, such transactions may result in a poorer overall performance for the Fund than if it had not engaged in any such hedging transaction. Moreover, the portfolio will always be exposed to certain risks that cannot be hedged.

Hedging Risks. The Fund may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the Investment Company Act. These financial instruments may be purchased on exchanges or may be individually negotiated and traded in over-the-counter markets. Use of such financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase the Fund's losses. Further, hedging transactions may reduce cash available to pay distributions to the Fund's shareholders. The Dodd-Frank Wall Street Reform and Consumer Protection Act could adversely impact an issuer's ability to hedge risks associated with the Fund's investments. Such transactions may be subject to special and complex U.S. federal income tax provisions that may, among other things, make it more difficult for the Fund to comply with certain U.S. federal income tax requirements applicable to RICs if the tax characterization of the Fund's investments is not clear or if the tax treatment of the income from such investments was successfully challenged by the Internal Revenue Service.

Spread Widening Risks. For reasons not necessarily attributable to any of the risks set forth herein (for example, supply/demand imbalances or other market forces), the prices of the debt instruments and other securities in which the Fund invests may decline substantially. In particular, purchasing debt instruments or other assets at what may appear to be "undervalued" or "discounted" levels is no guarantee that these assets will not be trading at even lower levels at a time of valuation or at the time of sale. It may not be possible to predict, or to hedge against, such "spread widening" risk. Additionally, the perceived discount in pricing from previous environments described herein may still not reflect the true value of the assets underlying debt instruments in which the Fund invests and therefore further deteriorations in value with respect thereto may occur following the Fund's investment therein.

Undervalued Investments Risk. The Fund's investment strategy with respect to certain types of investments may be based, in part, upon the premise that certain investments (either held directly or indirectly) that are

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otherwise performing may from time to time be available for purchase by the Fund at "undervalued" or "discounted" prices. Purchasing interests at what may appear to be "undervalued" levels is no guarantee that these investments will generate attractive risk-adjusted returns to the Fund or will not be subject to further reductions in value. No assurance can be given that investments can be acquired or realized at favorable prices or that the market for such interests will continue to improve since this depends, in part, upon events and factors outside the control of the Adviser. In addition, there can be no assurance that current market conditions may not deteriorate during the life of the Fund, which could have a materially adverse effect on the assets of the Fund. Actual or perceived trends in debt markets do not guarantee, predict or forecast future events, which may differ significantly from those implied by such trends.

Risks Related to the Lack of Liquidity in our Investments. The illiquidity of our investments may make it difficult for us to sell positions if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we had previously recorded these investments.

Risks Related to OID and PIK. There are certain risks associated with holding debt obligations that have original issue discount or payment-in-kind interest.

Original issue discount, or OID, may arise if we hold securities issued at a discount, receive warrants in connection with the making of a loan, or in certain other circumstances.

The higher interest rates of OID instruments reflect the payment deferral and increased credit risk associated with these instruments, and OID instruments generally represent a significantly higher credit risk than coupon loans. Even if the accounting conditions for income accrual are met, the borrower could still default when our actual collection is supposed to occur at the maturity of the obligation.

OID instruments may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral. OID income may also create uncertainty about the source of our cash dividends. In addition, market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash.

For accounting purposes, any cash dividends to shareholders representing OID income are not treated as coming from paid-in capital, even if the cash to pay them comes from the proceeds of issuances of our Common Shares. As a result, despite the fact that a dividend representing OID income could be paid out of amounts invested by our shareholders, the Investment Company Act does not require that shareholders be given notice of this fact by reporting it as a return of capital.

Zero Coupon, Original Issue Discount and Payment-In-Kind Instruments Risk. To the extent that the Fund invests in original issue discount or payment-in-kind ("PIK") instruments and the accretion of original issue discount or PIK interest income constitutes a portion of the Fund's income, it will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following: (i) the higher interest rates on PIK instruments reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (ii) original issue discount and PIK instruments may have unreliable valuations because the accruals require judgments about collectability of the deferred payments and the value of any associated collateral; (iii) an election to defer PIK interest payments by adding them to the principal on such instruments increases the Fund's future investment income which increases the Fund's net assets and, as such, increases the Adviser's future base management fees at a compounding rate; (iv) market prices of PIK instruments and other zero-coupon instruments are affected to a greater extent by interest rate changes, and may be more volatile than instruments that pay interest periodically in cash. While PIK instruments are usually less volatile than zero-coupon debt instruments, PIK instruments are generally more volatile than cash pay securities;

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(v) the deferral of PIK interest on an instrument increases the loan-to-value ratio, which is a measure of the riskiness of a loan, with respect to such instrument; (vi) even if the conditions for income accrual under GAAP are satisfied, a borrower could still default when actual payment is due upon the maturity of such loan; (vii) for accounting purposes, cash distributions to investors representing original issue discount income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of original issue discount income may come from the cash invested by investors, the Investment Company Act does not require that investors be given notice of this fact; (viii) the required recognition of original issue discount or PIK interest for U.S. federal income tax purposes may have a negative impact on liquidity, as it represents a non-cash component of the Fund's investment company taxable income that may require cash distributions to shareholders in order to qualify for and maintain the Fund's tax treatment as a RIC; and (ix) original issue discount may create a risk of non-refundable cash payments to the Adviser based on non-cash accruals that may never be realized.

Because investors in zero coupon or PIK bonds receive no cash prior to the maturity or cash payment date applicable thereto, an investment in such securities generally has a greater potential for complete loss of principal and/or return than an investment in debt securities that make periodic interest payments. Such investments are more vulnerable to the creditworthiness of the issuer and any other parties upon which performance relies.

Failure to Maintain RIC Tax Treatment Risk. To qualify for and maintain RIC tax treatment under Subchapter M of the Code, the Fund must, among other things, meet annual distribution, income source and quarterly asset diversification requirements. Each of the aforementioned ongoing requirements for the Fund's qualification as a RIC requires that the Fund obtain information from or about the underlying investments in which it invests, and the Fund may have difficulty complying with these requirements. In particular, if the Fund has equity investments in portfolio companies or other vehicles that are treated as partnerships or other pass-through entities for tax purposes, it may not have control over, or receive accurate information about, the underlying income and assets of those portfolio companies or other vehicles that are taken into account in determining the Fund's compliance with the income source and quarterly asset diversification requirements. If the Fund does not receive sufficient information from such investments, the Fund risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income.

If, before the end of any quarter of its taxable year, the Fund believes it may fail the Diversification Tests (as defined below), the Fund may seek to take certain actions to avert such a failure. However, the action frequently taken by RICs to avert such a failure, the disposition of non-diversified assets, may be difficult to pursue because of the limited liquidity of certain of the Fund's investments. While relevant tax provisions afford a RIC a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets, the constraints on the Fund's ability to effect a sale of an investment may limit the Fund's use of this cure period. In certain cases, the Fund may be afforded a longer cure period under applicable savings provisions, but it may be subject to a penalty tax in connection with its use of those savings provisions.

If the Fund fails to satisfy the Diversification Tests or other RIC requirements, it may fail to qualify as a RIC under the Code, and if the Fund fails to qualify as a RIC, it would become subject to a corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes), which could substantially reduce its net assets, the amount of income available for distribution and the amount of the Fund's distributions, and distributions to the shareholders generally would be treated as corporate dividends. See "Certain U.S. Federal Income Tax Matters – Taxation as a Regulated Investment Company."

In addition, the Fund is required each December to make certain "excise tax" calculations based on income and gain information that must be obtained from certain of its investments. If the Fund does not receive sufficient information from such investments, it risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income (in addition to the corporate income tax). The Fund may, however, attempt to avoid such outcomes by paying a distribution that is or is considered to be in excess of its current and accumulated earnings and profits for the relevant period (i.e., a return of capital).

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In order to comply with the RIC rules or for other reasons, the Fund may structure its investments in a way that could increase the taxes imposed thereon or in respect thereof. For example, the Fund may hold such investments through one or more U.S. or non-U.S. corporation(s) (or other entity treated as such for U.S. federal income tax purposes), and the Fund would indirectly bear any U.S. or non-U.S. taxes imposed on such corporation(s). The Fund's need to hold such investments through such U.S. or non-U.S. corporation(s) in order to satisfy the 90% Gross Income Test (as defined below) may jeopardize its ability to satisfy the Diversification Tests, which may make it difficult for the Fund to qualify as a RIC for U.S. federal income tax purposes. The Fund may also be unable to make investments that it would otherwise determine to make as a result of the desire to qualify for the RIC rules.

In addition, the Fund may directly or indirectly invest in certain investments located outside the United States. Such investments may be subject to withholding taxes and other taxes in such jurisdictions with respect to their investments. In general, a U.S. person will not be able to claim a foreign tax credit or deduction for foreign taxes paid by the Fund. Further, adverse U.S. tax consequences can be associated with certain foreign investments, including potential U.S. withholding taxes on foreign entities with respect to their U.S. investments and potential adverse tax consequences associated with investments in any foreign corporations that are characterized for U.S. federal income tax purposes as "controlled foreign corporations" or "passive foreign investment companies."

The Fund may retain some income and capital gains in the future, including for purposes of providing the Fund with additional liquidity, which amounts would be subject to the 4% U.S. federal excise tax to the extent they exceed the Excise Tax Distribution Requirements (as defined below), in addition to the corporate income tax. In that event, the Fund will be liable for the tax on the amount by which the Fund does not meet the foregoing distribution requirement. See "Certain U.S. Federal Income Tax Matters – Taxation as a Regulated Investment Company."

Return of Capital Risk. The Fund may fund its cash distributions to shareholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Fund on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser, if any. The Fund's ability to pay distributions, if any, might be adversely affected by, among other things, the impact of one or more of the risk factors described in this prospectus. All distributions are and will be paid at the discretion of the Board and will depend on the Fund's earnings, the Fund's financial condition, maintenance of the Fund's RIC status and such other factors as the Board may deem relevant from time to time. The Fund cannot assure shareholders that it will continue to pay distributions to its shareholders in the future. In the event that the Fund encounters delays in locating suitable investment opportunities, the Fund may pay all or a substantial portion of its distributions from borrowings or sources other than net investment income in anticipation of future cash flow, which may constitute a return of shareholders' capital. Distributions funded by a return of capital can reduce the amount of capital available to the Fund for investment, potentially impacting the Fund's ability to achieve its investment objectives. A return of capital is not paid from tax earnings or profits and will have the effect of reducing the tax basis of a shareholder's Common Shares, such that when a shareholder sells its Common Shares the sale may be subject to tax, even if the Common Shares are sold for less than the original purchase price.

Recognizing Income Before or Without Receiving Cash Risk. For U.S. federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which the Fund does not receive a corresponding payment in cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as zero-coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), the Fund must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Fund in the same taxable year. The Fund may also have to include in income other amounts that it has not yet received in cash, such as deferred loan

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origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock or income from investments in portfolio companies or other vehicles that are treated as partnerships or other pass-through entities for tax purposes. The Fund anticipates that a portion of its income may constitute original issue discount or other income required to be included in taxable income prior to receipt of cash. Furthermore, the Fund intends to elect to amortize market discount and include such amounts in the Fund's taxable income on a current basis, instead of upon disposition of the applicable debt obligation.

Because any original issue discount, market discount or other amounts accrued will be included in the Fund's investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to its shareholders in order to satisfy the annual distribution requirement, even though the Fund will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the annual distribution requirement necessary to qualify for taxation as a RIC under Subchapter M of the Code. The Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may not qualify for or maintain RIC tax treatment and thus the Fund may become subject to corporate-level income tax.

Counterparty Risk. The Fund is subject to credit risk with respect to the counterparties to any derivatives contracts (whether a clearing corporation in the case of exchange-traded instruments or the Fund's hedge counterparty in the case of OTC instruments) purchased by the Fund. Counterparty risk is the risk that the other party in a derivative transaction will not fulfill its contractual obligation. Changes in the credit quality of the companies that serve as the Fund's counterparties with respect to their derivative transactions will affect the value of those instruments. By entering into derivatives transactions, the Fund assumes the risks that these counterparties could experience financial or other hardships that could call into question their continued ability to perform their obligations. In the case of a default by the counterparty, the Fund could become subject to adverse market movements while replacement transactions are executed. The ability of the Fund to transact business with any one or number of counterparties, the possible lack of a meaningful and independent evaluation of such counterparties' financial capabilities, and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Furthermore, concentration of derivatives in any particular counterparty would subject the Fund to an additional degree of risk with respect to defaults by such counterparty.

The Adviser evaluates and monitors the creditworthiness of counterparties in order to ensure that such counterparties can perform their obligations under the relevant agreements. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial or other difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a dissolution, assignment for the benefit of creditors, liquidation, winding-up, bankruptcy or other analogous proceedings. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value upon the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying assets. The Fund may obtain only a limited recovery or may obtain no recovery at all in such circumstances. In addition, regulations that were adopted in 2019 require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that such counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings.

Certain categories of interest rate and credit default swaps are subject to mandatory clearing, and more categories may be subject to mandatory clearing in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivative transactions because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only to the clearing house for performance of

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financial obligations. However, there can be no assurance that a clearing house, or its members, will satisfy the clearing house's obligations (including, but not limited to, financial obligations and legal obligations to segregate margins collected by the clearing house) to the Fund. Counterparty risk with respect to certain exchange-traded and over-the-counter derivatives may be further complicated by recently enacted U.S. financial reform legislation. See "Derivatives Risk."

Joint Ventures Risk. From time to time, the Fund may hold a portion of its investments through partnerships, joint ventures, securitization vehicles or other entities with third-party investors (collectively, "joint ventures"). Joint venture investments involve various risks, including risks similar to those associated with a direct investment in a portfolio company, the risk that the Fund will not be able to implement investment decisions or exit strategies because of limitations on the Fund's control under applicable agreements with joint venture partners, the risk that a joint venture partner may become bankrupt or may at any time have economic or business interests or goals that are inconsistent with those of the Fund, the risk that a joint venture partner may be in a position to take action contrary to the Fund's objectives, the risk of liability based upon the actions of a joint venture partner and the risk of disputes or litigation with such partner and the inability to enforce fully all rights (or the incurrence of additional risk in connection with enforcement of rights) one partner may have against the other, including in connection with foreclosure on partner loans, because of risks arising under state law. The Fund's ability to exercise control or significant influence over management in these cooperative efforts will depend upon the nature of the joint venture arrangement, and certain joint venture arrangements may pose risks of impasse if no single party controls the joint venture, including the risk that the Fund will not be able to implement investment decisions or exit strategies because of limitations on the Fund's control under applicable agreements with joint venture partners. In addition, the Fund may, in certain cases, be liable for actions of the Fund's joint venture partners.

The joint ventures in which the Fund participates may sometimes be allocated investment opportunities that might have otherwise gone entirely to the Fund, which may reduce the Fund's return on equity. Additionally, the Fund's joint venture investments may be held on an unconsolidated basis and at times may be highly leveraged. Such leverage would not count toward the investment limits imposed on the Fund by the Investment Company Act. If an investment in an unconsolidated joint venture were to be consolidated for any reason, the leverage of such joint venture could impact the Fund's ability to maintain the minimum coverage ratio of total assets to total borrowings and other senior securities required under the Investment Company Act, which could have an effect on the Fund's operations and investment activities. See "Leverage Risk."

Investing Alongside Other Third Parties Risk. The Fund may invest alongside third parties through joint ventures, partnerships or other entities in the future. Such investments may involve risks not present in investments where a third party is not involved, including the possibility that such third party may at any time have economic or business interests or goals which are inconsistent with the Fund's, or may be in a position to take action contrary to the Fund's investment objective. In addition, the Fund may in certain circumstances be liable for actions of such third party.

More specifically, joint ventures involve a third party that has approval rights over activity of the joint venture. The third party may take actions that are inconsistent with the Fund's interests. For example, the third party may decline to approve an investment for the joint venture that the Fund otherwise wants the joint venture to make. A joint venture may also use investment leverage which magnifies the potential for gain or loss on amounts invested. Generally, the amount of borrowing by the joint venture is not included when calculating the Fund's total borrowing and related leverage ratios and is not subject to asset coverage requirements imposed by the Investment Company Act. If the activities of the joint venture were required to be consolidated with the Fund's activities because of a change in GAAP rules or SEC staff interpretations, it is likely that the Fund would have to reorganize any such joint venture.

Competition Risk. Other public and private entities, including commercial banks, commercial financing companies, business development companies, registered investment companies and other investment funds and

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insurance companies, compete with us to make the types of investments that we make. Certain of these competitors may be substantially larger, have considerably greater financial, technical and marketing resources than we have and offer a wider array of financial services. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships. We may lose investment opportunities if we do not match our competitors' pricing, terms and structure. If we match our competitors' pricing, terms and structure, however, we may experience decreased net interest income and increased risk of credit loss.

In addition, many competitors are not subject to the regulatory restrictions that the Investment Company Act imposes on us as a registered investment company or the restrictions that the Code imposes on us as a RIC. As a result, we face additional constraints on our operations, which may put us at a competitive disadvantage. As a result of this existing and potentially increasing competition, we may not be able to take advantage of attractive investment opportunities and we cannot assure investors that we will be able to identify and make investments that are consistent with our investment objective. The competitive pressures we face could have a material adverse effect on our ability to achieve our investment objective.

Potential Strategy Saturation. The amount of capital committed to "alternative investment strategies" and credit related strategies has increased dramatically during recent years and at the same time, market conditions have become significantly more adverse to many of such strategies than they were in previous years. The profit potential of the Fund may be materially reduced as a result of the "saturation" of the alternative investment field.

Risk of Borrowing. As part of our business strategy, we intend to borrow from and may in the future issue senior debt securities to banks, insurance companies and other lenders. Holders of these loans or senior securities would have fixed-dollar claims on our assets that have priority over the claims of our shareholders. If the value of our assets decreases, leverage will cause our net asset value to decline more sharply than it otherwise would have without leverage. Similarly, any decrease in our income would cause our net income to decline more sharply than it would have if we had not borrowed. This decline could negatively affect our ability to make dividend payments on our Common Shares. In addition, we would have to service any additional debt that we incur, including interest expense on debt and dividends on preferred shares that we may issue, as well as the fees and costs related to the entry into or amendments to debt facilities. Our ability to service our borrowings depends largely on our financial performance and is subject to prevailing economic conditions and competitive pressures. In addition, the Management Fee is payable based on our Managed Assets, including cash and assets acquired through the use of leverage, which may give our Adviser an incentive to use leverage to make additional investments. Even in the event the value of an investor's investment declines, the Management Fee will still be payable to the Adviser. The amount of leverage that we employ will depend on our Adviser's and our Board's assessment of market and other factors at the time of any proposed borrowing. We cannot assure investors that we will be able to obtain credit at all or on terms acceptable to us.

We may enter into credit facilities or issue debt pursuant to indentures that may impose financial and operating covenants that restrict our business activities, remedies on default and similar matters. Our compliance with these covenants depends on many factors, some of which are beyond our control. Failure to comply with these covenants could result in a default. If we were unable to obtain a waiver of a default from the lenders or holders of that indebtedness, as applicable, those lenders or holders could accelerate repayment under that indebtedness. An acceleration could have a material adverse impact on our business, financial condition and results of operations. Lastly, we may be unable to obtain additional leverage, which would, in turn, affect our return on capital.

Risk of Indebtedness. Our indebtedness could adversely affect our business, financial condition or results of operations. We cannot assure investors that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under our credit facilities or otherwise in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion

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of our indebtedness on or before it matures. We cannot assure investors that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets or seeking additional equity. We cannot assure investors that any such actions, if necessary, could be effected on commercially reasonable terms or at all, or on terms that would not be disadvantageous to our shareholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

Leverage Risk. The use of leverage is speculative and involves certain risks. Although leverage will increase the Fund's investment return if the Fund's investment purchased with borrowed funds earns a greater return than the interest expense the Fund pays for the use of those funds, leverage magnifies the Fund's exposure to declines in the value of one or more underlying reference assets or creates investment risk with respect to a larger pool of assets than the Fund would otherwise have and may be considered a speculative technique. The value of an investment in the Fund will be more volatile, and other risks tend to be compounded if and to the extent the Fund borrows or uses derivatives or other investments that have embedded leverage. The use of leverage will decrease the return on the Fund if the Fund fails to earn as much on its investment purchased with borrowed funds as it pays for the use of those funds. The use of leverage will in this way magnify the volatility of changes in the value of an investment in the Fund, especially in times of a "credit crunch" or during general market turmoil. The Fund may be required to maintain minimum average balances in connection with its borrowings or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. In addition, a lender to the Fund may terminate or refuse to renew any credit facility into which the Fund has entered. If the Fund is unable to access additional credit, it may be forced to sell its interests in investment funds at inopportune times, which may further depress the Fund's returns.

Credit Facility Provisions Risk. A credit facility may be backed by all or a portion of the Fund's loans and securities on which the lenders will have a security interest. The Fund may pledge up to 100% of its assets and may grant a security interest in all of the Fund's assets under the terms of a debt instrument the Fund enters into with lenders. The Fund expects that any security interests it grants will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, the Fund expects that the custodian for its securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If the Fund were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of the Fund's assets securing such debt, which would have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows. In connection with one or more credit facilities entered into by the Fund, distributions to shareholders may be subordinated to payments required in connection with any indebtedness contemplated thereby.

In addition, any security interests and/or negative covenants required by a credit facility may limit the Fund's ability to create liens on assets to secure additional debt and may make it difficult for the Fund to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if the Fund's borrowing base under a credit facility were to decrease, the Fund may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of the Fund's assets are secured at the time of such a borrowing base deficiency, the Fund could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on its ability to fund future investments and to make distributions.

In addition, the Fund may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio

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performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on the Fund's business and financial condition. This could reduce the Fund's liquidity and cash flow and impair its ability to grow its business.

#### Risks Related to the Fund's Investments
Debt Instruments. The debt instruments in which the Fund will invest may be subject to price volatility due to various factors including, but not limited to, changes in interest rates, market perception of the creditworthiness of the issuer and general market liquidity. The Fund will invest in non-investment grade debt securities, which are typically subject to greater market fluctuations and risks of loss of income and principal than lower yielding, investment grade securities and are often influenced by many of the same unpredictable factors which affect equity prices. In addition to the sensitivity of debt securities to overall interest-rate movements, debt securities involve a fundamental credit risk based on the issuer's ability to make principal and interest payments on the debt it issues. The Fund's investments in debt instruments may experience substantial losses due to adverse changes in interest rates and the market's perception of any particular issuer's creditworthiness, which may inhibit such issuer's ability to refinance, restructure or otherwise experience recovery. The Fund also will invest in certain hybrid debt arrangements, which are subject to risks in addition to the conventional risks of general interest-rate movements and the issuer's ability to pay the debt in accordance with its terms.

Corporate Bonds Risk. The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate and longer term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the issuer, such as investors' perceptions of the creditworthiness of the issuer, the issuer's financial performance, perceptions of the issuer in the market place, performance of management of the issuer, the issuer's capital structure and use of financial leverage and demand for the issuer's goods and services. There is a risk that the issuers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. Corporate bonds of below investment grade quality are often high risk and have speculative characteristics and may be particularly susceptible to adverse issuer-specific developments.

Distressed and Defaulted Credits. The Fund will invest in securities of issuers in weak financial condition or default, experiencing poor operating results, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, or involved in bankruptcy or reorganization proceedings. Investments of this type may involve substantial financial and business risks that can result in substantial or at times even total losses. Among the risks inherent in investments in troubled entities is the fact that it frequently may be difficult to obtain information as to the true condition of such issuers. Such investments also may be adversely affected by laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability, and a tribunal's power to disallow, reduce, subordinate, or disenfranchise particular claims. The market prices of such securities are also subject to abrupt and erratic market movements and above-average price volatility, and the spread between the bid and asked prices of such securities may be greater than those prevailing in other securities markets. It may take a number of years for the market price of such securities to reflect their intrinsic value. In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (e.g., until various liabilities, actual or contingent, have been satisfied) or will result in a distribution of cash or a new security the value of which will be less than the purchase price to the Fund of the security in respect to which such distribution was made.

Bank Loans. The Fund will invest in loans and participations therein originated by banks and other financial institutions. These investments may include highly leveraged loans to borrowers whose credit is rated below investment grade. Such loans are typically private corporate loans that are negotiated by one or more commercial

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banks or financial institutions and syndicated among a group of commercial banks and financial institutions. In order to induce the lenders to extend credit and to offer a favorable interest rate, the borrower often provides the lenders with extensive information about its business that is not generally available to the public. To the extent that the Fund obtains such information and it is material and nonpublic, the Fund will be unable to trade in the securities of the borrower until the information is disclosed to the public or otherwise ceases to be material, nonpublic information.

The Fund may invest directly or through participations in loans with revolving credit features or other commitments or guarantees to lend funds in the future. A failure by the Fund to advance requested funds to a borrower could result in claims against the Fund and in possible assertions of offsets against amounts previously lent.

The Fund may acquire interests in bank loans and other debt obligations either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment 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, its rights can be more restricted than those of the assigning institution. A participation interest in a portion of a debt obligation typically results in a contractual relationship with only the institution acting as a lender under the credit agreement, not with the borrower. As a holder of a participation interest, the Fund generally will have no right to exercise the rights of the lender under the credit agreement, including the right to enforce compliance by the borrower with the terms of the loan agreement, approve amendments or waivers of terms, nor will the Fund have any rights of set-off against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation.

Risks Associated with Issuers in Bankruptcy and/or Liquidation. Investments made by the Fund may become non-performing or enter into default, and the issuer or obligor may be forced to enter into bankruptcy or liquidation proceedings. Events within a bankruptcy case are frequently adversarial and beyond the control of creditors. While creditors generally are afforded an opportunity to object to significant actions, a bankruptcy court may approve actions that may be contrary to the interests of the Fund. Furthermore, creditors and equity holders may lose their ranking and priority when they take over management and functional operating control of a debtor.

The duration of a bankruptcy cannot be estimated with any degree of certainty. Generally, no interest will be permitted to accrue during, and, therefore, return on investment may be adversely affected by, the passage of time during which a plan of reorganization of a debtor is being negotiated, approved by the creditors and confirmed by a bankruptcy court.

The Adviser, on behalf of the Fund, may seek representation on creditors' committees, equity holders' committees or other groups to ensure preservation or enhancement of the Fund's position as a creditor or equity holder. A member of any such committee or group may owe certain obligations generally to all parties similarly situated that the committee represents. If the Adviser concludes that its obligations owed to the other parties as a committee or group member conflict with its duties owed to the Fund, it may decide to resign from that committee or group, and the Fund may not realize the benefits, if any, of the Adviser's participation on the committee or group. In addition, if the Fund is represented on a committee or group, it may be restricted or prohibited under applicable law from disposing of its investments in that debtor while it continues to be represented on such committee or group.

Equities. The Fund may invest in equities (particularly in connection with its private credit strategy), deferred interest obligations and other investments which do not produce current income for the Fund. Equity prices are directly affected by issuer-specific events, as well as general market conditions. In addition, in many countries investing in equity is subject to heightened regulatory and self-regulatory scrutiny as compared to investing in debt or other financial instruments.

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Derivative Instruments Generally. Certain swaps, options and other derivative instruments may be subject to various types of risks, including market risk, liquidity risk, the risk of non-performance by the counterparty, including risks relating to the financial soundness and creditworthiness of the counterparty, legal risk and operations risk. Derivatives traded over-the-counter may not have an authoritative source of valuation and the models used to value such derivatives is subject to change. In addition, the Fund may, in the future, take advantage of opportunities. Special risks may apply in the future that cannot be determined at this time with respect to certain other derivative instruments that are not presently contemplated for use or that are currently not available. The regulatory and tax environment for derivative instruments in which the Fund may participate is evolving, and changes in the regulation or taxation of such securities may have a material adverse effect on the Fund.

• Call Options . The seller (writer) of a call option which is covered (i.e., the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The securities necessary to satisfy the exercise of an uncovered call option may be unavailable for purchase, except at much higher prices, thereby reducing or eliminating the value of the premium. Purchasing securities to cover the exercise of an uncovered call option can cause the price of the securities to increase, thereby exacerbating the loss. The buyer of a call option assumes the risk of losing its entire premium investment in the call option.

• Put Options . The seller (writer) of a put option which is covered (i.e., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received, and gives up the opportunity for gain on the underlying security if the market price falls below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing its entire investment in the put option.

• Index or Index Options . The value of an index or index option fluctuates with changes in the market values of the securities included in the index. Because the value of an index or index option depends upon movements in the level of the index rather than the price of a particular security, whether the Fund will realize appreciation or depreciation from the purchase or writing of options on indices depends upon movements in the level of instrument prices in the security market generally or, in the case of certain indices, in an industry or market segment, rather than movements in the price of particular securities.

• Index Futures . The price of index futures contracts may not correlate perfectly with the movement in the underlying index because of certain market distortions. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, shareholders may close futures contracts through offsetting transactions that would distort the normal relationship between the index and futures markets. Second, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore, increased participation by speculators in the futures market also may cause price distortions. Successful use of index futures contracts by the Fund also is subject to the Adviser's ability to correctly predict movements in the direction of the market.

• Swaps . Whether the Fund's use of swap agreements or swaptions will be successful will depend on the Adviser's ability to select appropriate transactions for the Fund. Swap agreements and options on swap agreements ("swaptions") can be individually negotiated and structured to include exposure to a variety of different types of investments, asset classes or market factors. Depending on their structure, swap agreements may increase or decrease the holder's exposure to, for example, equity securities, long-term or short-term interest rates, foreign currency values, credit spreads or other factors. Swap agreements

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can take many different forms and are known by a variety of names. Swap transactions may be highly illiquid and may increase or decrease the volatility of the Fund's portfolio. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or insolvency of its counterparty. The Fund will also bear the risk of loss related to swap agreements, for example, for breaches of such agreements or the failure of the Fund to post or maintain required collateral. It is possible that developments in the swap markets, including potential government regulation, could adversely affect the Fund's ability to terminate swap transactions or to realize amounts to be received under such transactions. <br>

• Futures Contracts . The value of futures contracts depends upon the price of the securities, such as commodities, underlying them. The prices of futures contracts are highly volatile, and price movements of futures contracts can be influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, as well as national and international political and economic events and policies. In addition, investments in futures contracts are also subject to the risk of the failure of any of the exchanges on which the Fund's positions trade or of its clearing houses or counterparties. Futures positions may be illiquid because certain commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Under such daily limits, during a single trading day no trades may be executed at prices beyond the daily limits. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. This could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses or prevent it from entering into desired trades. Also, low margin or premiums normally required in such trading may provide a large amount of leverage, and a relatively small change in the price of a security or contract can produce a disproportionately larger profit or loss. In extraordinary circumstances, a futures exchange or the CFTC could suspend trading in a particular futures contract, or order liquidation or settlement of all open positions in such contract.

• Forward Contracts . Banking authorities generally do not regulate trading in forward contracts. The principals who deal in the forward contract market are not required to continue to make markets in such contracts. There have been periods during which certain participants in forward markets have refused to quote prices for forward contracts or have quoted prices with an unusually wide spread between the price at which they were prepared to buy and that at which they were prepared to sell. The imposition of credit controls or price risk limitations by governmental authorities may limit such forward trading to less than that which the Adviser would otherwise recommend, to the possible detriment of the Fund. In its forward trading, the Fund will be subject to the risk of the failure of, or the inability or refusal to perform with respect to its forward contracts by, the principals with which the Fund trades. Fund assets on deposit with such principals will also generally not be protected by the same segregation requirements imposed on certain regulated brokers in respect of customer funds on deposit with them. The Adviser may order trades for the Fund in such markets through agents. Accordingly, the insolvency or bankruptcy of such parties could also subject the Fund to the risk of loss.

• Contracts for Differences . Contracts for differences ("CFDs") are privately negotiated contracts between two parties, buyer and seller, stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. The underlying instrument may be a single security, stock basket or index. A CFD can be set up to take either a short or long position on the underlying instrument. The buyer and seller are both required to post margin, which is adjusted daily. The buyer will also pay to the seller a financing rate on the notional amount of the capital employed by the seller less the margin deposit. A CFD is usually terminated at the buyer's initiative. As is the case with owning any financial instrument, there is the risk of loss associated with buying a CFD. There may be liquidity risk if the underlying instrument is illiquid because the liquidity of a CFD is based on the liquidity of the underlying

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instrument. A further risk is that adverse movements in the underlying security will require the buyer to post additional margin. CFDs also carry counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty were to do so, the value of the contract may be reduced. Entry into a CFD transaction may, in certain circumstances, require the payment of an initial margin and adverse market movements against the underlying stock may require the buyer to make additional margin payments. CFDs may be considered illiquid. To the extent that there is an imperfect correlation between the return on the Fund's obligation to its counterparty under the CFDs and the return on related assets in its portfolio, the CFD transaction may increase the Fund's financial risk. <br>

• Credit Default Swaps . The Fund may purchase and sell credit derivative contracts – primarily credit default swaps – both for hedging and other purposes. The typical credit default swap contract requires the seller to pay to the buyer, in the event that a particular reference entity experiences specified credit events, the difference between the notional amount of the contract and the value of a portfolio of securities issued by the reference entity that they buyer delivers to the seller. In return, the buyer agrees to make periodic payments equal to a fixed percentage of the notional amount of the contract. The Fund may also sell credit default swaps on a basket of reference entities as part of a synthetic collateralized debt obligation transaction.

As a buyer of credit default swaps, the Fund will be exposed to the risk that deliverable securities will not be available in the market, or will be available only at unfavorable prices, as would be the case in a so-called "short squeeze." While the credit default swap market auction protocols reduce this risk, it is still possible that an auction will not be organized or will be unsuccessful. In certain instances of issuer defaults or restructurings (for those credit default swaps for which restructuring is specified as a credit event), it has been unclear under the standard industry documentation for credit default swaps whether or not a "credit event" triggering the seller's payment obligation has occurred. The creation of the new ISDA Credit Derivative Determination Committee (the "Determination Committee") is intended to reduce this uncertainty and create uniformity across the market, although it is possible that the Determinations Committee will not be able to reach a resolution or do so on a timely basis. In either of these cases, the Fund would not be able to realize the full value of the credit default swap upon a default by the reference entity.

As a seller of credit default swaps, the Fund will incur leveraged exposure to the credit of the reference entity and is subject to many of the same risks it would incur if it were holding debt securities issued by the reference entity. However, the Fund will not have any legal recourse against the reference entity and will not benefit from any collateral securing the reference entity's debt obligations. In addition, the credit default swap buyer will have broad discretion to select which of the reference entity's debt obligations to deliver to the Fund following a credit event and will likely choose the obligations with the lowest market value in order to maximize the payment obligations of the Fund.

Credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not accurately value such swap positions when established or when subsequently traded or unwound under actual market conditions.

It appears that there are likely to be widespread defaults under certain credit default swaps as a result of the current credit market disruptions. The credit derivative market may become subject to increased regulation, which could increase costs or even prevent participation by the Fund.

Failure to Enter into Offsetting Trade. To the extent the Fund invests in a futures contract or option long, unless an offsetting trade is made, the Fund would be required to take physical delivery of the commodity underlying the future or option. To the extent the Adviser fails to enter into such offsetting trade prior to the expiration of the contract, the Fund may suffer a loss since neither the Fund nor the Adviser has the operational capacity to accept physical delivery of commodities.

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Illiquid Investments. The Fund may invest in restricted, as well as thinly-traded, instruments and securities (including privately placed securities and instruments). The Fund may also make investments in privately held companies or special purpose entities, provided that it is allowed under the applicable regulation. There may be no trading market for these securities and instruments, and the Fund might only be able to liquidate these positions, if at all, at disadvantageous prices. As a result, the Fund may be required to hold such securities despite adverse price movements. In addition, if the Fund makes a short sale of an illiquid security or instrument, it may have difficulty in covering the short sale, resulting in a potentially unlimited loss on that position.

Convertible Securities Risk. Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock or other equity security of the same or a different issuer within a particular period of time at a specified price or formula. A convertible security entitles its holder to receive interest that is generally paid or accrued on debt or a dividend that is paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to nonconvertible income securities in that they ordinarily provide a stable stream of income with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than comparable nonconvertible securities. The investment value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value. Convertible securities rank senior to common stock in a corporation's capital structure but are usually subordinated to comparable nonconvertible securities. Convertible securities may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument.

Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities (commonly known as "junk bonds"). Lower-rated debt securities involve greater risks than investment grade debt securities. Lower-rated debt securities may fluctuate more widely in price and yield and may fall in price during times when the economy is weak or is expected to become weak. The credit rating of a company's convertible securities is generally lower than that of its non-convertible debt securities. Convertible securities are normally considered "junior" securities—that is, the company usually must pay interest on its non-convertible debt securities before it can make payments on its convertible securities. If the issuer stops paying interest or principal, convertible securities may become worthless and the Fund could lose its entire investment.

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

Warrants. The Fund expects to invest, or receive as additional consideration for its credit investments, warrants from time to time. Warrants are generally exercisable for a set period of time at a purchase price is based on the valuation of the underlying security as of a certain date. If the price of the underlying security does not exceed the exercise price of a warrant when it is exercisable, the warrant may not have any value. Additionally, until the Fund exercises the warrant, it generally will not provide the Fund with any rights of a holder of such security.

Purchasing Securities in Initial Public Offerings. The Fund purchases securities of companies in initial public offerings or shortly thereafter. Special risks associated with these securities may include a limited number of shares available for trading, unseasoned trading, lack of investor knowledge of the company, lack of revenues and limited operating history. These factors may contribute to substantial price volatility for the shares of these companies. The limited number of shares available for trading in some initial public offerings may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable impact on prevailing

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market prices. Such risks may be exacerbated if one or more Other Accounts (defined below) attempt to buy or sell the same securities as the Fund in any public offering. In addition, some companies in initial public offerings are involved in relatively new industries or lines of business, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of achieving them.

Lender Liability Considerations and Equitable Subordination. In recent years, a number of judicial decisions in the United States have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories (collectively termed "lender liability"). Generally, lender liability is founded upon the premise that an institutional lender has violated a duty (whether implied or contractual) of good faith and fair dealing owed to the obligor or has assumed a degree of control over the obligor that creates a fiduciary duty owed to the obligor or its other creditors or shareholders. Because of the nature of the loans, the Fund could be subject to allegations of lender liability made against it with respect to U.S. investments, if any, as part of a group of lenders and may be liable for pro rata liabilities of the agent or lead lender. In addition, under common law principles that in some cases form the basis for lender liability claims, if a lending institution (i) intentionally takes an action that results in the undercapitalization of an obligor to the detriment of other creditors of such obligor, (ii) engages in other inequitable conduct to the detriment of such other creditors, (iii) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (iv) uses its influence as a stockholder to dominate or control an obligor to the detriment of other creditors of such obligor, a court may elect to subordinate the claim of the offending lending institution to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination". Because of the nature of certain of the loans, the Fund could be subject to claims from creditors of an obligor that loans issued by such obligor should be equitably subordinated.

Market and Credit Risks of Debt Securities. Debt securities are subject to credit and interest rate risks. "Credit risk" refers to the likelihood that an issuer will default in the payment of principal and/or interest on an instrument and how this risk changes over time. Financial strength and solvency of an issuer and the priority of the lien are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Certain of the Fund's investments may provide for payment-in-kind interest, which has a similar effect of deferring current cash payments. In addition, certain of the Fund's investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. Further, credit risk may change over the life of an instrument and debt instruments that are rated by rating agencies are subject to downgrade at a later date. The Fund will be dependent upon the judgment of the Adviser as to the credit quality of the investments. There can be no assurance that the Adviser will be successful in assessing the credit risk of the different investments or mitigating the impact of credit risk changes.

Real Estate Investment Trust Risk. The Fund may invest in Real Estate Investment Trusts ("REITs"). REITs are companies that invest primarily in income-producing real estate or real estate-related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. REITs are not taxed on income distributed to shareholders, provided they comply with the applicable requirements of the Code. Debt securities issued by REITs are, for the most part, general and unsecured obligations and are subject to risks associated with REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by changes in interest rates and the ability of the issuers of its portfolio mortgages to repay their obligations. REITs are dependent upon the skills of their managers and are not diversified. REITs are generally dependent upon maintaining cash flows to repay borrowings and to make distributions to shareholders and are subject to the risk of default by lessees or borrowers. REITs whose underlying assets are concentrated in properties used by a particular industry, such as health care or geographic

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area, are also subject to risks associated with such industry or geographic area. REITs are also subject to interest rate risk. When interest rates decline, the value of a REIT's investment in fixed rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT's investment in fixed rate obligations can be expected to decline. REITs may have limited financial resources, may trade less frequently and in a limited volume, and may be subject to more abrupt or erratic price movements than larger company securities.

Commercial Mortgage Loans. The Fund or a REIT may invest in commercial mortgage loans. Mortgage loans on commercial properties often are structured so that a substantial portion of the loan principal is not amortized over the loan term but is payable at maturity, and thus the repayment of the loan principal often depends upon the future availability of real estate financing from the existing or an alternative lender and/or upon the current value and salability of the real estate. Therefore, the unavailability of real estate financing may lead to default. Many commercial mortgage loans are effectively nonrecourse obligations of the borrower, meaning that there is no recourse against the borrower's assets other than the collateral. If borrowers are not able or willing to refinance or dispose of encumbered property to pay the principal and interest owed on such mortgage loans, payments on such loans are likely to be adversely affected. The ultimate extent of the loss, if any, may only be determined after a negotiated discounted settlement, restructuring or sale of the mortgage note, or the foreclosure (or deed in lieu of foreclosure) of the mortgage encumbering the property and subsequent liquidation of the property. Foreclosure can be costly and delayed by litigation and/or bankruptcy. Factors such as the property's location, the legal status of title to the property, its physical condition and financial performance, environmental risks and governmental disclosure requirements with respect to the condition of the property may make a third party unwilling to purchase the property at a foreclosure sale or to pay a price sufficient to satisfy the obligations with respect to the related loans. Revenues from the assets underlying such loans may be retained by the borrower and the return on investment may be used to make payments to others, maintain insurance coverage, pay taxes or pay maintenance costs. Such diverted revenue is generally not recoverable without a court-appointed receiver to control collateral cash flow.

Risk Transfer Transactions. The Fund may make investments in synthetic securitizations, including investments in instruments issued directly or indirectly by banks and/or other financial institutions that are intended to reduce such entities' regulatory capital obligations ("Risk Transfer Transactions"). Such synthetic securitizations are expected to expose clients to risks related to both (a) the instruments in which such clients are expected to invest directly (i.e., the credit-linked notes, financial guarantees, financial guarantee-linked notes, credit protection agreements, other credit risk transfer instruments, and other instruments related to synthetic securitizations (or combination thereof) that are issued, directly or indirectly, by such banks and/or other financial institutions), and (b) the "underlying exposures" referenced by or related to such instruments (i.e., the securities, instruments, interests, and/or property underlying any such synthetic securitization). Risk Transfer Transactions are extremely complex and subject to various material risks, including risks related to the relevant underlying exposures. Such risks include counterparty non-performance, credit, illiquidity, lack of transparency, adverse selection, market, geographical concentration, legal, basis, operational, and regulatory risks. Synthetic securitizations typically are divided into tranches representing different degrees of credit quality, with mezzanine and other junior tranches being subordinate to senior tranches. The Fund is expected to invest in such subordinated junior tranches, including "first-loss" positions (which could represent all or substantially all of investments). It is expected that the returns on the junior tranches of a synthetic securitization would be particularly sensitive to the rate of defaults in such synthetic securitization's underlying exposures, and junior tranches would be expected to be subject to a risk of loss that is (possibly materially) higher than the risk of loss applicable to more senior tranches. However, there are no restrictions on the tranches in which the Fund may directly or indirectly invest. In addition, synthetic securitizations typically will be highly illiquid. There is expected to be no (or only a limited) secondary market for certain such assets and, to the extent a market exists, no assurance can be given that such market will continue to exist in the future. Further, banks and other financial institutions are heavily regulated, and the regulatory capital requirements applicable to such institutions are often complex and may be open to interpretation. Accordingly, the Fund would be subject to significant regulatory risk in connection with synthetic securitizations, including with respect to Risk Transfer Transactions in particular. Such risks include the risk of regulatory sanction, reputational harm, regulatory decisions or actions that result in

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the premature unwinding of the applicable transaction, and changes in applicable regulatory capital and/or other similar laws or regulations and/or their interpretation. Similarly, certain synthetic securitizations may be deemed by relevant authorities to constitute insurance products. Because the Fund is not expected to obtain a license to provide insurance, any such synthetic securitization could expose the Fund to liability for unlicensed insurance activity. In addition, any such synthetic securitization could expose clients to negative tax consequences. The Fund is expected to pursue synthetic securitizations with various types of underlying exposures. Such underlying exposures are expected to include corporate loans, small and medium enterprise loans, revolving credit facilities, project finance loans, fund finance loans, leases, shipping and airline loans, commercial loans (including commercial real estate), mortgage loans, consumer loans, and/or derivatives (i.e., in "credit valuation adjustment" transactions). Further, such underlying exposures might be secured and/or unsecured and might be investment grade and/or sub-investment grade. There is no limitation on the types of synthetic securitizations and underlying exposures that the Fund can pursue and/or on the geographic location of any such synthetic securitization or underlying exposure. In particular, such underlying exposures may be located in any region, including in one or more emerging markets, and therefore may be subject to various political, social, economic, market, and/or other risks related to investing and trading in, or otherwise related to, international markets and/or with international counterparties, any of which could increase the likelihood of a default or other credit event. Further, the underlying exposures associated with a particular synthetic securitization might be uniform or varied in nature, and in certain cases the Adviser is expected not to have significant (or any) information about such underlying exposures. In addition, the performance of certain underlying exposures is expected to be correlated (e.g., if the underlying exposures are uniform and/or otherwise subject to the same types of market and/or other risks), and the risks associated with any such correlated underlying exposures are expected to be particularly acute.

Private Credit Risk. Typically, private credit investments are in restricted securities that are not traded in public markets and subject to substantial holding periods, so that the Fund may not be able to resell some of its holdings for extended periods, which may be several years. Investments in private securities are illiquid, can be subject to various restrictions on resale, and there can be no assurance that the Fund will be able to realize the value of such investments in a timely manner. See "Closed-End Interval Fund Structure." Additionally, private credit investments can range in credit quality depending on security-specific factors, including total leverage, amount of leverage senior to the security in question, variability in the issuer's cash flows, the size of the issuer, the quality of assets securing debt and the degree to which such assets cover the subject company's debt obligations.

Price Declines in the U.S. Corporate Debt Market Risk. Conditions in the U.S. corporate debt market may deteriorate, which may cause pricing levels to similarly decline or be volatile. During the 2008-2009 financial crisis, many institutions were forced to raise cash by selling their interests in performing assets in order to satisfy margin requirements or the equivalent of margin requirements imposed by their lenders and/or, in the case of hedge funds and other investment vehicles, to satisfy widespread redemption requests. This resulted in a forced deleveraging cycle of price declines, compulsory sales, and further price declines, with falling underlying credit values, and other constraints resulting from the credit crisis generating further selling pressure. If similar events occurred in the corporate debt market, the Fund's NAV could decline through an increase in unrealized depreciation and incurrence of realized losses in connection with the sale of the Fund's investments, which could have a material adverse impact on the Fund's business, financial condition and results of operations.

Yield and Ratings Risk. The yields on debt obligations are dependent on a variety of factors, including general market conditions, conditions in the particular market for the obligation, the financial condition of the issuer, the size of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody's, S&P and Fitch, represent their respective opinions as to the quality of the obligations they undertake to rate. Ratings, however, are general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and interest rate may have different market prices. Subsequent to its purchase by the Fund, a rated security may cease to be rated. The Adviser will consider such an event in determining whether the Fund should continue to hold the security.

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Structured Products Risk. The Fund may invest its assets in structured products, including the rated debt tranches of CLOs, floating rate mortgage-backed securities and credit linked notes. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.

The Fund may have the right to receive payments only from the structured product, and generally will not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund.

Investments in structured notes involve risks, including credit risk and market risk. Where the Fund's investments in structured notes will be based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note.

CLO Risk. In addition to the general risks associated with debt securities and structured products discussed herein, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; (iv) the potential of spread compression in the underlying loans of the CLOs, which could reduce credit enhancement in the CLOs; and (v) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

CLO junior debt securities that the Fund may acquire are subordinated to more senior tranches of CLO debt. CLO junior debt securities are subject to increased risks of default relative to the holders of superior priority interests in the same securities. In addition, at the time of issuance, CLO equity securities are under-collateralized in that the liabilities of a CLO at inception exceed its total assets. Though not exclusively, the Fund will typically be in a first loss or subordinated position with respect to realized losses on the assets of the CLOs in which it is invested. The Fund may recognize phantom taxable income from its investments in the subordinated tranches of CLOs.

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

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

The Fund's CLO investments are exposed to leveraged credit risk. If certain minimum collateral value ratios and/or interest coverage ratios are not met by a CLO, primarily due to senior secured loan defaults, then cash flow that otherwise would have been available to pay distributions to the Fund on its CLO investments may instead be used to redeem any senior notes or to purchase additional senior secured loans, until the ratios again exceed the minimum required levels or any senior notes are repaid in full.

When investing in CLOs, the Fund may invest in any level of a CLO's subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). CLOs are typically highly levered and therefore, the junior debt and equity tranches that the Fund may invest in are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, the Fund will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs. Furthermore, the investments the Fund makes in CLOs are at times thinly traded or have only a limited trading market. As a result, investments in such CLOs may be characterized as illiquid securities.

Asset Backed Securities Risk. Asset backed securities ("ABS") and other securitizations, are generally limited recourse obligations of a special purpose vehicle issuer of such instruments ("Securitization Vehicles") payable solely from the underlying assets ("Securitization Assets") of the issuer or proceeds thereof. Consequently, holders of equity or other securities issued by Securitization Vehicles must rely solely on distributions on the Securitization Assets or proceeds thereof for payment in respect thereof. The Securitization Assets may include, without limitation, broadly-syndicated leveraged loans, middle-market bank loans, collateralized debt obligation debt tranches, trust preferred securities, insurance surplus notes, asset-backed securities, consumer loans, other receivables, mortgages, REITs, high-yield bonds, mezzanine debt, second-lien leverage loans, credit default swaps and emerging market debt and corporate bonds, which are subject to liquidity, market value, credit, interest rate, reinvestment and certain other risks.

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

The collateral supporting ABS is generally of shorter maturity than certain other types of loans and is less likely to experience substantial prepayments. ABS are often backed by pools of any variety of assets, including, for example, leases, mobile home loans and aircraft leases, which represent the obligations of a number of different parties and use credit enhancement techniques such as letters of credit, guarantees or preference rights. The market value of an ABS is affected by changes in the market's perception of the asset backing the ABS and the creditworthiness of the servicer for the loan pool, the originator of the loans or the financial institution providing any credit enhancement, as well as by the expiration or removal of any credit enhancement.

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

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

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

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

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

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

In addition, investments in subordinated ABS involve greater credit risk of default than the senior classes of the issue or series. Default risks can be further pronounced in the case of ABS secured by, or evidencing an interest in, a relatively small or less diverse pool of underlying loans. Certain subordinated securities in an ABS issue generally absorb all losses from default before any other class of securities in such issue is at risk, particularly if such securities have been issued with little or no credit enhancement equity. Such securities, therefore, possess some of the attributes typically associated with equity investments.

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

In the case of ABS structured using Securitization Vehicles, Securitization Assets are typically actively managed by an investment manager, which may be the Adviser or its affiliates, and as a result, the Securitization

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Assets will be traded, subject to rating agency and other constraints, by such investment manager. The aggregate return on these equity securities will depend in part upon the ability of each such investment manager to actively manage the related portfolio of Securitization Assets.

Mortgage-Backed Securities Risk. The collateral underlying mortgage-backed securities generally consists of commercial mortgages or real property that has a residential, multifamily or commercial use, such as retail space, office buildings, warehouse property and hotels. Commercial mortgage-backed securities ("CMBS") have been issued in a variety of issuances, with varying structures including senior and subordinated classes. The commercial mortgages underlying CMBS generally have shorter maturities than residential mortgages, allow all or a substantial portion of the loan balance to be paid at maturity, commonly known as a "balloon payment," and are usually non-recourse against the commercial borrower. Investments in CMBS are subject to various risks and uncertainties, including credit, market, interest rate, structural and legal risks. These risks may be magnified by volatility in the credit and commercial real estate markets. The investment characteristics of CMBS differ from traditional debt securities in a number of respects, and are similar to the characteristics of structured credit products in which investors participate through a trust or other similar conduit arrangement. As described more fully above, commercial mortgage loans are obligations of the borrowers thereunder and are not typically insured or guaranteed by any other person or entity. While the Fund intends to vigorously analyze and underwrite its CMBS investments from a fundamental real estate perspective, there can be no assurance that underwriting practices will yield their desired results, and there can be no assurance that the Fund will be able to effectively achieve its investment objective or that expected returns will be achieved.

In general, if prevailing interest rates fall significantly below the interest rates on the related mortgage loans, the rate of prepayment on the underlying mortgage loans would be expected to increase. Conversely, if prevailing interest rates rise to a level significantly above the interest rates on the related mortgages, the rate of prepayment would be expected to decrease, which could reduce the returns on certain residual mortgage-backed securities in which the Fund may invest. In addition, rising rates may increase the frequency of defaults on certain floating-rate mortgage-backed securities.

Platform Risk. Payments on whole loans or securities representing the right to receive principal and interest payments due on loans are received only if the platform servicing the loans receives the borrower's payments on such loans and passes such payments through to the Fund. If a borrower is unable or fails to make payments on a loan for any reason, the Fund may be greatly limited in its ability to recover any outstanding principal or interest due, as (among other reasons) the Fund may not have direct recourse against the borrower or may otherwise be limited in its ability to directly enforce its rights under the loan, whether through the borrower or the platform through which such loan was originated, the loan may be unsecured or under-collateralized and/or it may be impracticable to commence a legal proceeding against the defaulting borrower.

TRS Agreements Risk. A total return swap ("TRS") is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. For example, if an investment fund wished to invest in a senior loan, it could instead enter into a TRS and receive the total return of the senior loan, less the "funding cost," which would be a floating interest rate payment to the counterparty. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. The Fund would typically have to post collateral to cover this potential obligation.

A TRS is subject to market risk, liquidity risk and risk of imperfect correlation between the value of the TRS and the loans underlying the TRS. In addition, the Fund may incur certain costs in connection with the TRS that could in the aggregate be significant. A TRS is also subject to the risk that a counterparty will default on its payment obligations thereunder or that the Fund will not be able to meet its obligations to the counterparty.

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Syndications Risk. An investment may be made with the expectation of offering a portion of its interests therein as a co-investment opportunity to third-party investors. There can be no assurance that the Fund will be successful in syndicating any such co-investment, in whole or in part, that the closing of such co-investment will be consummated in a timely manner, that any syndication will take place on terms and conditions that will be preferable for the Fund or that expenses incurred by the Fund with respect to any such syndication will not be substantial. In the event that the Fund is not successful in syndicating any such co-investment, in whole or in part, the Fund may consequently hold a greater concentration and have more exposure in the related investment than initially was intended, which could make the Fund more susceptible to fluctuations in value resulting from adverse economic and/or business conditions with respect thereto. Moreover, an investment by the Fund that is not syndicated to co-investors as originally anticipated could significantly reduce the Fund's overall investment returns.

Direct Lending Risk. The Fund may make direct loans and engage in direct lending, which practice involves certain risks. If a loan is foreclosed, the Fund could become part owner of any collateral and would bear the costs and liabilities associated with owning and disposing of the collateral. As a result, the Fund may be exposed to losses resulting from default and foreclosure. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying assets will further reduce the proceeds and thus increase the loss. There is no assurance that the Fund will correctly evaluate the value of the assets collateralizing the loan. In the event of a reorganization or liquidation proceeding relating to the borrower, the Fund may lose all or part of the amounts advanced to the borrower. There is no assurance that the protection of the Fund's interests is adequate, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests. Furthermore, there is no assurance that claims will not be asserted that might interfere with enforcement of the Fund's rights.

There are no restrictions on the credit quality of the Fund's loans. Loans may be deemed to have substantial vulnerability to default in payment of interest and/or principal. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced on loans in which the Fund has invested. Certain of the loans in which the Fund may invest have large uncertainties or major risk exposures to adverse conditions, and may be considered to be predominantly speculative. Generally, such loans offer a higher return potential than better quality loans, but involve greater volatility of price and greater risk of loss of income and principal. The market values of certain of these loans also tend to be more sensitive to changes in economic conditions than better quality loans.

Loans to issuers operating in workout modes or under Chapter 11 of the U.S. Bankruptcy Code or the equivalent laws of member states of the European Union ("EU") are, in certain circumstances, subject to certain potential liabilities that may exceed the amount of the loan. For example, under certain circumstances, lenders who have inappropriately exercised control of the management and policies of a debtor may have their claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions.

Loan origination and servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of their business. These legal proceedings range from actions involving a single plaintiff to class action lawsuits with potentially tens of thousands of class members. 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 or regulatory actions, or private lawsuits, including purported class action lawsuits, may adversely affect such companies' financial results. To the extent the Fund seeks to engage in origination and/or servicing directly, or has a financial interest in, or is otherwise affiliated with, an origination or servicing company, 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 investments.

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Distressed Lending Risk. As part of our lending activities, we may originate loans to companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although the terms of such financing may result in significant financial returns to us, they involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful financing to companies experiencing significant business and financial difficulties is unusually high. We cannot assure investors that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action. In any reorganization or liquidation proceeding relating to a company that we fund, we may lose all or part of the amounts advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan advanced by us to the borrower.

Restructurings. Investments in companies operating in workout or bankruptcy modes present additional legal risks, including fraudulent conveyance, voidable preference and equitable subordination risks. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that we will correctly evaluate the value of the assets collateralizing our loans or the prospects for a successful reorganization or similar action.

Bankruptcy Cases. One or more of our portfolio companies may be or may become involved in bankruptcy or other reorganization or liquidation proceedings. Many of the events within a bankruptcy case are adversarial and often beyond the control of the creditors. While creditors generally are afforded an opportunity to object to significant actions, we cannot assure investors that a bankruptcy court would not approve actions that may be contrary to our interests. There also are instances where creditors can lose their ranking and priority if they are considered to have taken over management of a borrower. If one of our portfolio companies were to go bankrupt, depending on the facts and circumstances, including the extent to which we will actually provide significant managerial assistance to that portfolio company, a bankruptcy court might subordinate all or a portion of our claim to that of other creditors.

The reorganization of a company can involve substantial legal, professional and administrative costs to a lender and the borrower. It is subject to unpredictable and lengthy delays, and during the process a company's competitive position may erode, key management may depart and a company may not be able to invest adequately. In some cases, the debtor company may not be able to reorganize and may be required to liquidate assets. The debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization and may be adversely affected by an erosion of the issuer's fundamental value.

In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower's business or exercise control over the borrower. For example, we could become subject to a lender liability claim (alleging that we misused our influence on the borrower for the benefit of its lenders), if, among other things, the borrower requests significant managerial assistance from us and we provide that assistance.

First-Lien Debt. When we make a first-lien loan, we generally take a security interest in the available assets of the portfolio company, including the equity interests of its subsidiaries, which we expect to help mitigate the risk that we will not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the portfolio company to raise additional capital. In some circumstances, our lien is, or could become, subordinated to claims of other creditors. Consequently, the fact that a loan is secured does not guarantee that we will receive principal and interest payments according to the loan's terms, or at all, or that we will be able to collect on the loan should we need to enforce our remedies. In addition, in connection with our "last out" first-lien loans, we enter into agreements among lenders. Under these agreements, our interest in the collateral of the first-lien loans may rank junior to those of other lenders in the loan under certain circumstances. This may result in greater risk and loss of principal on these loans.

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Second-Lien and Mezzanine Debt. Our investments in second-lien and mezzanine debt generally are subordinated to senior loans and will either have junior security interests or be unsecured. As such, other creditors may rank senior to us in the event of insolvency. This may result in greater risk and loss of principal.

Nature of Mezzanine Debt Securities Risk. Mezzanine debt securities generally will be unrated or have ratings or implied or imputed ratings below investment grade. They will be obligations of corporations, partnerships or other entities that are generally unsecured, typically are subordinated to other obligations of the obligor and generally have greater credit and liquidity risk than is typically associated with investment grade corporate obligations. While mezzanine debt investments and other loans or unsecured investments can benefit from the same or similar covenants as those enjoyed by the indebtedness ranking more senior to such investments and can benefit from cross-default provisions and security over the issuer's assets, some or all of such terms might not be part of particular investments (for example, such investments might not be protected by financial covenants or limitations upon incurrence of additional indebtedness by the issuer). Accordingly, the risks associated with mezzanine debt securities include a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including a sustained period of rising interest rates or an economic downturn) could adversely affect the obligor's ability to pay principal and interest on its debt. Many obligors on mezzanine debt securities are highly leveraged, and specific developments affecting such obligors, including reduced cash flow from operations or the inability to refinance debt at maturity, can also adversely affect such obligors' ability to meet debt service obligations. Mezzanine debt securities are often issued in connection with leveraged acquisitions or recapitalizations, in which the issuers incur a substantially higher amount of indebtedness than the level at which they had previously operated. Default rates for mezzanine debt securities have historically been higher than has been the case for investment grade securities.

Emerging Markets Investments Risk. Non-U.S. securities of issuers in so-called "emerging markets" (or lesser developed countries, including countries that may be considered "frontier" markets) are particularly speculative and entail all of the risks of investing in Non-U.S. Securities but to a heightened degree. "Emerging market" countries generally include every nation in the world except developed countries, that is, the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or non-existent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national policies that may limit the Fund's investment opportunities such as restrictions on investment in issuers or industries deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing private and foreign investments and private property.

Foreign investment in certain emerging market countries may be restricted or controlled to varying degrees. These restrictions or controls may at times limit or preclude foreign investment in certain emerging market issuers and increase the costs and expenses of the Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons in a particular issuer, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons only to a specific class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of the countries and/or impose additional taxes on foreign investors.

Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or

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the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. In certain countries with emerging capital markets, reporting standards vary widely.

Many emerging markets have histories of political instability and abrupt changes in policies and these countries may lack the social, political and economic stability characteristic of more developed countries. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Fund could lose the entire value of its investments in the affected market. Some countries have pervasiveness of corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Fund's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests. In such a dynamic environment, there can be no assurances that any or all of these capital markets will continue to present viable investment opportunities for the Fund.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. In addition to withholding taxes on investment income, some countries with emerging markets may impose differential capital gains taxes on foreign investors.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Fund will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost.

The Fund would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

Equity and Other Investments. When we invest in first-lien debt, second-lien debt or mezzanine debt, we may acquire equity securities, such as warrants, options and convertible instruments. In addition, we may invest directly in the equity securities of the portfolio companies. We intend to dispose of these equity interests and realize gains upon our disposition of these interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Equity Securities Risk. Equity securities include common stocks, preferred stocks, convertible securities, limited partnership interests and warrants. This may include the equity securities of private credit sponsors. Common stocks and preferred stocks represent shares of ownership in a corporation. Preferred stocks usually have specific dividends and rank after bonds and before common stock in claims on assets of the corporation should it be dissolved. Increases and decreases in earnings are usually reflected in a corporation's stock price.

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Convertible securities are debt or preferred equity securities convertible into common stock. Usually, convertible securities pay dividends or interest at rates higher than common stock, but lower than other securities. Convertible securities usually participate to some extent in the appreciation or depreciation of the underlying stock into which they are convertible.

Preferred securities, which are a form of hybrid security (i.e., a security with both debt and equity characteristics), may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities, however, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred securities are generally payable at the discretion of the issuer's board and after the company makes required payments to holders of its bonds and other debt securities. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Preferred securities may be less liquid than common stocks. Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. Preferred shareholders may have certain rights if distributions are not paid but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Generally, preferred shareholders have no voting rights with respect to the issuer unless distributions to preferred shareholders have not been paid for a stated period, at which time the preferred shareholders may elect a number of Trustees to the issuer's board. Generally, once all the distributions have been paid to preferred shareholders, the preferred shareholders no longer have voting rights.

Warrants are options to buy a stated number of shares of common stock at a specified price anytime during the life of the warrants. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional Common Shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

Preferred Shares. To the extent we invest in preferred securities, we may incur particular risks, including:

• preferred securities may include provisions that permit the issuer, at its discretion, to defer distributions for a stated period without any adverse consequences to the issuer. If we own a preferred security that is deferring its distributions, we may be required to report income for U.S. federal income tax purposes before we receive such distributions;

• preferred securities are subordinated to bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and liquidation payments, and therefore are subject to greater credit risk than more senior debt instruments; and

• generally, preferred security holders have no voting rights with respect to the issuing company unless preferred dividends have been in arrears for a specified number of periods, at which time the preferred security holders may elect a number of directors to the issuer's board; generally, once all the arrearages have been paid, the preferred security holders no longer have voting rights

In addition, our investments generally involve a number of significant risks, including:

• the companies in which we invest may have limited financial resources and may be unable to meet their obligations under their debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing any guarantees we may have obtained in connection with our investment;

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• the companies in which we invest typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

• the companies in which we invest are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our portfolio company and, in turn, on us;

• the companies in which we invest generally have less predictable operating results, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

• the debt investments in our portfolio generally have a significant portion of principal due at the maturity of the investment, which would result in a substantial loss to us if such borrowers are unable to refinance or repay their debt at maturity;

• our executive officers, Trustees and Adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in the portfolio companies;

• the companies in which we invest generally have less publicly available information about their businesses, operations and financial condition and, if we are unable to uncover all material information about these companies, we may not make a fully informed investment decision; and

• the companies in which we invest may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Subordinated Debt. Our subordinated debt investments will generally rank junior in priority of payment to senior debt and will generally be unsecured. This may result in a heightened level of risk and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such debt may be subject to greater fluctuations in valuations, and such debt could subject us and our shareholders to non-cash income. Because we will not receive any principal repayments prior to the maturity of some of our subordinated debt investments, such investments will be of greater risk than amortizing loans.

Junior, Unsecured Securities. Our strategy may entail acquiring securities that are junior or unsecured instruments. While this approach can facilitate obtaining control and then adding value through active management, it also means that certain of the Fund's investments may be unsecured. If a portfolio company becomes financially distressed or insolvent and does not successfully reorganize, we will have no assurance (compared to those distressed securities investors that acquire only fully collateralized positions) that we will recover any of the principal that we have invested. Similarly, investments in "last out" pieces of unitranche loans will be similar to second lien loans in that such investments will be junior in priority to the "first out" piece of the same unitranche loan with respect to payment of principal, interest and other amounts. Consequently, the fact that debt is secured does not guarantee that we will receive principal and interest payments according to the debt's terms, or at all, or that we will be able to collect on the debt should it be forced to enforce its remedies.

While such junior or unsecured investments may benefit from the same or similar financial and other covenants as those enjoyed by the indebtedness ranking more senior to such investments and may benefit from cross-default provisions and security over the issuer's assets, some or all of such terms may not be part of particular investments. Moreover, our ability to influence an issuer's affairs, especially during periods of financial distress or following insolvency, is likely to be substantially less than that of senior creditors. For example, under typical subordination terms, senior creditors are able to block the acceleration of the junior debt or the exercise by junior debt holders of other rights they may have as creditors. Accordingly, we may not be able to take steps to protect investments in a timely manner or at all, and there can be no assurance that our rate of

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return objectives or any particular investment will be achieved. In addition, the debt securities in which we will invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and are not expected to be rated by a credit rating agency.

Early repayments of our investments may have a material adverse effect on our investment objective. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity investments may become worthless.

There can be no assurance that attempts to provide downside protection through contractual or structural terms with respect to our investments will achieve their desired effect and potential investors should regard an investment in us as being speculative and having a high degree of risk. Furthermore, we have limited flexibility to negotiate terms when purchasing newly issued investments in connection with a syndication of mezzanine or certain other junior or subordinated investments or in the secondary market.

"Covenant-lite" Obligations. We may invest in, or obtain exposure to, obligations that may be "covenant- lite," which means such obligations lack certain financial maintenance covenants. While these loans may still contain other collateral protections, a covenant-lite loan may carry more risk than a covenant-heavy loan made by the same borrower, as it does not require the borrower to provide affirmation that certain specific financial tests have been satisfied on a routine basis as is required under a covenant-heavy loan agreement. Should a loan we hold begin to deteriorate in quality, our ability to negotiate with the borrower may be delayed under a covenant-lite loan compared to a loan with full maintenance covenants. This may in turn delay our ability to seek to recover its investment.

Fixed-Income Securities Risks. Fixed-income securities in which the Fund may invest, including as part of the Fund's performing corporate credit strategy, are generally subject to the following risks:

• Issuer and Spread Risk . The value of fixed-income securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, reduced demand for the issuer's goods and services, historical and prospective earnings of the issuer and the value of the assets of the issuer. In addition, wider credit spreads and decreasing market values typically represent a deterioration of a debt security's credit soundness and a perceived greater likelihood of risk or default by the issuer.

• Credit Risk. Credit risk is the risk that an underlying issuer or borrower will be unable to make principal and interest payments on its outstanding debt or other payment obligations when due or otherwise defaults on its obligations to the Fund and/or that the guarantors or other sources of credit support for such persons do not satisfy their obligations. The Fund's return to shareholders would be adversely impacted if an underlying issuer of debt investments or other instruments or a borrower under a loan in which the Fund invests were to become unable to make such payments when due.

Although the Fund may make investments that the Adviser believes are secured by specific collateral the value of which may initially exceed the principal amount of such investments or the Fund's fair value of such investments, there can be no assurance that the liquidation of any such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a borrower, shareholders could experience delays or limitations with respect to the Fund's ability to enforce rights against and realize the benefits of the collateral securing an investment. Under certain circumstances, collateral securing an investment may be released without the consent of the Adviser and/or the shareholder or the shareholder's expected rights to such collateral could, under certain circumstances, be voided or disregarded. The Fund's investments in secured debt may be unperfected for a variety of reasons, including the failure to make required filings by lenders and, as a result, the shareholder may not have priority over other creditors as anticipated. The Fund may also invest in leveraged loans, high yield securities, marketable and non-marketable

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common and preferred equity securities and other unsecured investments, each of which involves a higher degree of risk than senior secured loans. Furthermore, the Fund's right to payment and its security interest, if any, may be subordinated to the payment rights and security interests of a senior lender, to the extent applicable. Certain of these investments may have an interest-only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In addition, certain instruments may provide for payments-in-kind, which have a similar effect of deferring current cash payments. In such cases, a portfolio company's ability to repay the principal of an investment may depend on a liquidity event or the long-term success of the company, the likelihood of which is uncertain.

With respect to the Fund's investments in any number of credit products, if the borrower or issuer breaches any of the covenants or restrictions under the credit agreement or indenture that governs loans or securities of such issuer or borrower, it could result in a default under the applicable indebtedness as well as the indebtedness held by the Fund. Such default may allow the creditors to accelerate the related debt and may result in the acceleration of any other debt to which a cross-acceleration or cross-default provision applies. This could result in an impairment or loss of the Fund's investment or result in a pre-payment (in whole or in part) of the Fund's investment.

Similarly, while the Adviser will generally target investing the Fund's assets in companies it believes are of high quality, these companies could still present a high degree of business and credit risk. Portfolio companies in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in their business, a change in the competitive environment or economic and financial market downturns and dislocations. As a result, companies that the Adviser expected to be stable or improve may operate, or expect to operate, at a loss or have significant variations in operating results, may require substantial additional capital to support their operations or maintain their competitive position, or may otherwise have a weak financial condition or be experiencing financial distress.

• Call Risk. There is a risk that issuers may exercise a right to redeem a fixed income security earlier than expected (a "call"). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

• Prepayment Risk . The Fund is subject to the risk that the investments it makes in its portfolio companies may be repaid prior to maturity. When this occurs, the Fund will generally reinvest these proceeds in temporary investments, pending their future investment in new portfolio companies. These temporary investments will typically have substantially lower yields than the debt being prepaid and the Fund could experience significant delays in reinvesting these amounts. Any future investment in a new portfolio company may also be at lower yields than the debt that was repaid. As a result, the Fund's results of operations could be materially adversely affected if one or more of the portfolio companies elect to prepay amounts owed to the Fund. Additionally, prepayments, net of prepayment fees, could negatively impact the Fund's return on equity.

• Reinvestment Risk. Reinvestment risk is the risk that income from the Fund's portfolio will decline if the Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Fund portfolio's current earnings rate.

• Duration and Maturity Risk. The Fund has no set policy regarding the duration or maturity of the fixed-income securities it may hold. In general, the longer the duration of any fixed-income securities in the Fund's portfolio, the more exposure the Fund will have to the interest rate risks described above. The Adviser may seek to adjust the portfolio's duration or maturity based on its assessment of current and projected market conditions and any other factors that the Adviser deems relevant. There can be no

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assurance that the Adviser's assessment of current and projected market conditions will be correct or that any strategy to adjust the portfolio's duration or maturity will be successful at any given time.

Below Investment Grade Risk. The Fund may invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade (rated Ba/BB or below, or judged to be of comparable quality by the Adviser) if they were rated. Below investment grade securities, which are often referred to as "high yield" or "junk," have predominantly speculative characteristics with respect to the given issuer's capacity to pay interest and repay principal. Lower grade securities, though often high yielding, are characterized by high risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated securities. They may also be difficult to value and illiquid. The major risks of below investment grade securities include: (i) below investment grade securities may be issued by less creditworthy issuers. Issuers of below investment grade securities may have a larger amount of outstanding debt relative to their assets than issuers of investment grade securities. These issuers are more vulnerable to financial setbacks and recession than more creditworthy issuers, which may impair their ability to make interest and principal payments. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of holders of below investment grade securities, leaving few or no assets available to repay holders of below investment grade securities; (ii) prices of below investment grade securities are subject to extreme price fluctuations. Adverse changes in an issuer's industry and general economic conditions may have a greater impact on the prices of below investment grade securities than on other higher-rated fixed-income securities. It is likely that an economic recession could severely disrupt the market for such securities and may have an adverse impact on the value of such securities; (iii) issuers of below investment grade securities may be unable to meet their interest or principal payment obligations because of an economic downturn, specific issuer developments, or the unavailability of additional financing; (iv) below investment grade securities frequently have redemption features that permit an issuer to repurchase the security from the Fund before it matures. If the issuer redeems below investment grade securities, the Fund may have to invest the proceeds in securities with lower yields and may lose income; (v) below investment grade securities may be less liquid than higher-rated fixed-income securities, even under normal economic conditions. There are fewer dealers in the below investment grade securities market, and there may be significant differences in the prices quoted by the dealers. Judgment may play a greater role in valuing these securities and the Fund may be unable to sell these securities at an advantageous time or price; (vi) the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer.

The prices of fixed-income securities generally are inversely related to interest rate changes; however, below investment grade securities historically have been somewhat less sensitive to interest rate changes than higher quality securities of comparable maturity because credit quality is also a significant factor in the valuation of lower grade securities. On the other hand, an increased rate environment results in increased borrowing costs generally, which may impair the credit quality of low-grade issuers and thus have a more significant effect on the value of some lower grade securities. In addition, a low rate environment may result in traditional investment grade oriented investors being forced to accept more risk in order to maintain income. In a rising rate environment, buyers of lower grade securities may exit the market and reduce demand for lower grade securities, potentially resulting in greater price volatility.

The ratings of Moody's, S&P, Fitch and other rating agencies represent their opinions as to the quality of the obligations which they undertake to rate. Ratings are relative and subjective and, although ratings may be useful in evaluating the safety of interest and principal payments, they do not evaluate the market value risk of such obligations. Although these ratings may be an initial criterion for selection of portfolio investments, the Adviser also will independently evaluate these securities and the ability of the issuers of such securities to pay interest and principal. To the extent that the Fund invests in lower grade securities that have not been rated by a rating agency, the Fund's ability to achieve its investment objective will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated securities.

For securities rated in the lower rating categories (rated as low as D, or unrated but judged to be of comparable quality by the Adviser), the risks associated with below investment grade instruments are more pronounced. The

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credit rating of a high-yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

High Yield Debt Risk. The Fund may invest in debt securities that may be classified as "higher-yielding" (and, therefore, higher-risk) debt securities. In most cases, such debt will be rated below "investment grade" or will be unrated and will face both ongoing uncertainties and exposure to adverse business, financial or economic conditions and the issuer's failure to make timely interest and principal payments. The market for high yield securities has experienced periods of volatility and reduced liquidity. Securities in the lower rated categories and comparable non-rated securities are subject to greater risk of loss of principal and interest than higher rated and comparable non-rated securities and are generally considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings or comparable non-rated securities in the case of deterioration of general economic conditions. High yield securities may or may not be subordinated to certain other outstanding securities and obligations of the issuer, which may be secured by all or substantially all of the issuer's assets. High yield securities may also not be protected by financial covenants or limitations on additional indebtedness. The market values of certain of these debt securities may reflect individual corporate developments. General economic recession or a major decline in the demand for products and/or services in the industry in which the issuer operates would likely have a material adverse impact on the value of such securities or could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default of such securities. In addition, adverse publicity and investor perceptions, whether or not based on fundamental analysis, may also decrease the value and liquidity of these high yield debt securities.

Loan Assignments and Participations Risk. As the assignee of a loan, 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 between potential assignees and potential assignors, 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 become part owner of any collateral and could bear the costs and liabilities of owning and disposing of the collateral. The Fund may be required to pass along to a purchaser that buys a loan from the Fund by way of assignment a portion of any fees to which the Fund is entitled under the loan. In connection with purchasing participations, the Fund generally will have no 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. 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.

Loan Interests Risk. Loan interests generally are subject to restrictions on transfer, and the Fund may be unable to sell its loan interests at a time when it may otherwise be desirable to do so or may be able to sell them promptly only at prices that are less than what the Fund regards as their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult to value and may have extended settlement periods (the settlement cycle for many bank loans exceeds 7 days). Extended settlement periods may result in cash not being immediately available to the Fund. As a result, during periods of unusually heavy repurchases, the Fund may have to sell other investments or borrow money to meet its obligations. A significant portion of floating rate loans may be "covenant lite" loans that may contain fewer or less restrictive constraints on the borrower and/or may contain other characteristics that would be favorable to the borrower, limiting the ability of lenders to take legal action to protect their interests in certain situations. Interests in loans made to finance highly leveraged companies or to finance corporate acquisitions or other transactions may be especially vulnerable to adverse changes in economic or market conditions. Interests in secured loans have the benefit of collateral and, typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. There is a

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risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be sufficient to cover the amount owed on the loan. In the event the borrower defaults, the Fund's access to the collateral may be limited or delayed by bankruptcy or other insolvency laws. Further, in the event of a default, second or lower lien secured loans, and unsecured loans, will generally be paid only if the value of the collateral exceeds the amount of the borrower's obligations to the senior secured lenders, and the remaining collateral may not be sufficient to cover the full amount owed on the loan in which the Fund has an interest. Further, there is a risk that a court could take action with respect to a loan that is adverse to the holders of the loan and the Fund may need to retain legal counsel to enforce its rights in any resulting event of default, bankruptcy, or similar situation. Interests in loans expose the Fund to the credit risk of the underlying borrower and may expose the Fund to the credit risk of the lender.

Repurchase Agreements Risk. Subject to its investment objective and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The agreed-upon repurchase price determines the yield during the Fund's holding period. Repurchase agreements are considered to be loans collateralized by the underlying security that is the subject of the repurchase contract. The Fund will only enter into repurchase agreements with registered securities dealers or domestic banks that, in the opinion of the Adviser, present minimal credit risk. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation.

In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (i) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (ii) possible lack of access to income on the underlying security during this period; and (iii) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. In addition, if bankruptcy proceedings are commenced with respect to the seller of the security, realization upon the collateral by the Fund may be delayed or limited.

The Adviser will monitor the value of the collateral at the time the transaction is entered into and at all times subsequent during the term of the repurchase agreement in an effort to determine that such value always equals or exceeds the agreed-upon repurchase price. In the event the value of the collateral declines below the repurchase price, the Adviser will demand additional collateral from the issuer to increase the value of the collateral to at least that of the repurchase price, including interest.

Reverse Repurchase Agreements Risk. The Fund may use reverse repurchase agreements, which involves many of the same risks involved in the Fund's use of leverage, as the proceeds from reverse repurchase agreements generally will be invested in additional securities. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. There is a risk that the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there is a risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experiences insolvency, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be

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restricted pending such decision. Also, in entering into reverse repurchase agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements transactions, the Fund's NAV will decline, and, in some cases, the Fund may be worse off than if it had not used such instruments. If the Fund enters into reverse repurchase agreements and similar financing transactions in reliance on the exemption in Rule 18f-4(d), the Fund may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or (ii) treat such transactions as "derivatives transactions" and comply with Rule 18f-4 with respect to such transactions.

Cash Equivalents and Short-Term Debt Securities Risk. For temporary defensive purposes, a fund may invest up to 100% of its assets in cash equivalents and short-term debt securities. Short-term debt securities are defined to include, without limitation, the following:

• U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities issued by: (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and Government National Mortgage Association, the securities of which are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks and Tennessee Valley Authority, the securities of which are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, the securities of which are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, the securities of which are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate.

• Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Certificates of deposit purchased by the Fund may not be fully insured by the Federal Deposit Insurance Corporation.

• Repurchase agreements, which involve purchases of debt securities.

• Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Adviser will consider the financial condition of the corporation (e.g., earning power, cash flow and other liquidity ratios) and will continuously monitor the corporation's ability to meet all of its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a major rating agency and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

Non-U.S. Securities. We may invest in non-U.S. securities, which may include securities denominated in U.S. dollars or in non-U.S. currencies, to the extent permitted by the Investment Company Act. Because evidence of ownership of such securities usually is held outside the United States, we would be subject to additional risks if we invested in non-U.S. securities, which include possible adverse political and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions, which might adversely affect or restrict the payment of principal and interest on the non-U.S. securities to shareholders located outside

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the country of the issuer, whether from currency blockage or otherwise. Because non-U.S. securities may be purchased with and payable in foreign currencies, the value of these assets as measured in U.S. dollars may be affected unfavorably by changes in currency rates and exchange control regulations.

Non-U.S. Investments. Investing in the securities outside of the United States involves certain considerations not usually associated with investing in securities of U.S. companies or the U.S. Government, including political and economic considerations, such as greater risks of expropriation, nationalization, confiscatory taxation, imposition of withholding or other taxes on interest, dividends, capital gains, other income or gross sale or disposition proceeds, limitations on the removal of assets and general social, political and economic instability; the relatively 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; the evolving and unsophisticated laws and regulations applicable to the securities and financial services industries of certain countries; fluctuations in the rate of exchange between currencies and costs associated with currency conversion; and certain government policies that may restrict the Fund's investment opportunities. In addition, accounting and financial reporting standards that prevail outside of the U.S. generally are not as high as U.S. standards and, consequently, less information is typically available concerning companies located outside of the U.S. than for those located in the U.S. As a result, the Fund may be unable to structure its transactions to achieve the intended results or to mitigate all risks associated with such markets. It may also be difficult to enforce the Fund's rights in such markets. For example, securities traded on non-U.S. exchanges and the non-U.S. persons that trade these instruments are not subject to the jurisdiction of the SEC or the CFTC or the securities and commodities laws and regulations of the U.S. Accordingly, the protections accorded to the Fund under such laws and regulations are unavailable for transactions on foreign exchanges and with foreign counterparties.

#### Risks Related to Portfolio Companies
Default Risk. It is generally anticipated that conventional debt will be paid as due, barring unexpected developments. Nonetheless, there exists the risk of default. The Adviser will attempt to reduce default risk through diversification and research (both on a country-by-country and issuer-by-issuer basis).

Active Management. The Adviser may from time to time attempt to exert management control over the reorganization process of the Fund's portfolio companies. Active management is unusually resource-intensive and the Adviser's more limited resources may put it at a competitive disadvantage.

Fraudulent Conveyance Considerations. Various laws enacted for the protection of creditors may apply to certain investments that are debt obligations, although the existence and applicability of such laws will vary from jurisdiction to jurisdiction. For example, if a court were to find that the borrower did not receive fair consideration or reasonably equivalent value for incurring indebtedness evidenced by an investment and the grant of any security interest or other lien securing such investment, and, after giving effect to such indebtedness, the borrower (i) was insolvent, (ii) was engaged in a business for which the assets remaining in such borrower constituted unreasonably small capital or (iii) intended to incur or believed that it would incur debts beyond its ability to pay such debts as they mature, such court could invalidate such indebtedness and such security interest or other lien as fraudulent conveyances, subordinate such indebtedness to existing or future creditors of the borrower or recover amounts previously paid by the borrower (including to the Fund) in satisfaction of such indebtedness or proceeds of such security interest or other lien previously applied in satisfaction of such indebtedness. In addition, if an issuer in which the Fund has an investment becomes insolvent, any payment made on such investment may be subject to avoidance as a "preference" if made within a certain period of time (which may be as long as one year) before insolvency.

In general, if payments on an investment are avoidable, whether as fraudulent conveyances or preferences, such payments can be recaptured either from the initial recipient or from subsequent transferees of such payments. To the extent that any such payments are recaptured from the Fund, the resulting loss will be borne by investors in the Fund.

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Risk Related to Privately-Held Companies and the Lack of Available Information About These Companies. Investments in private companies may pose greater risks than investments in public companies. First, private companies have reduced access to the capital markets, resulting in diminished capital resources and the ability to withstand financial distress. Second, the depth and breadth of experience of management in private companies tends to be less than that at public companies, which makes such companies more likely to depend on the management talents and efforts of a smaller group of persons and/or persons with less depth and breadth of experience. Therefore, the decisions made by such management teams and/or the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on our investments and, in turn, on us. Third, the investments themselves tend to be less liquid. As such, we may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal repayment schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of our target portfolio companies may affect our investment returns. Fourth, little public information generally exists about private companies. Further, these companies may not have third-party debt ratings or audited financial statements. We must therefore rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Adviser would typically assess an investment in a portfolio company based on the Adviser's estimate of the portfolio company's earnings and enterprise value, among other factors, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Adviser to make different investment decisions than it may have made with more complete information. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If the Adviser is unable to determine all material information about these companies, the Adviser may not make a fully informed investment decision, and we may lose money on our investments.

Investments in Securities or Assets of Publicly-Traded Companies Risk. The Fund may invest a portion of its portfolio in publicly-traded assets. It is not expected that the Fund will be able to negotiate additional financial covenants or other contractual rights, which the Fund might otherwise be able to obtain in making privately negotiated investments. In addition, by investing in publicly-traded securities or assets, the Fund will be subject to U.S. federal and state securities laws, as well as non-U.S. securities laws, that may, among other things, restrict or prohibit its ability to make or sell an investment. Moreover, the Fund may not have the same access to information in connection with investments in public securities, either when investigating a potential investment or after making an investment, as compared to privately negotiated investments. Furthermore, the Fund may be limited in its ability to make investments and to sell existing investments in public securities because the Fund may be deemed to have material, non-public information regarding the issuers of those securities or as a result of other internal policies. The inability to sell public securities in these circumstances could materially adversely affect the Fund's investment results. In addition, an investment may be sold by the Fund to a public company where the consideration received is a combination of cash and stock of the public company, which may, depending on the securities laws of the relevant jurisdiction, be subject to lock-up periods.

Risks Related to the Failure to Make Follow-On Investments. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as "follow-on" investments to:

• increase or maintain in whole or in part our equity ownership percentage;

• exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or

• attempt to preserve or enhance the value of our investment

We may elect not to make follow-on investments, may be constrained in our ability to employ available funds, or otherwise may lack sufficient funds to make those investments. We have the discretion to make any follow-on investments, subject to the availability of capital resources. However, doing so could be placing even more capital at risk in existing portfolio companies.

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The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our concentration of risk, because we prefer other opportunities or because we are inhibited by compliance with investment company requirements or the desire to maintain our tax status.

Risks Related to Return on Invested Capital. We may not realize expected returns on our investment in a portfolio company due to changes in the portfolio company's financial position or due to an acquisition of the portfolio company. If a portfolio company repays our loans prior to their maturity, we may not receive our expected returns on our invested capital. Many of our investments are structured to provide a disincentive for the borrower to pre-pay or call the security, but this call protection may not cover the full expected value of an investment if that investment is repaid prior to maturity.

Middle-market companies operate in a highly acquisitive market with frequent mergers and buyouts. If a portfolio company is acquired or merged with another company prior to drawing on our commitment, we would not realize our expected return. Similarly, in many cases companies will seek to restructure or repay their debt investments or buy our other equity ownership positions as part of an acquisition or merger transaction, which may result in a repayment of debt or other reduction of our investment.

Debt and Equity of the Issuers. Our portfolio companies in some cases may incur debt or issue equity securities that rank equally with, or senior to, our investments in those companies. Our portfolio companies may have, or may be permitted to incur, other debt, or issue other equity securities that rank equally with, or senior to, our investments. By their terms, those instruments may provide that the holders are entitled to receive payment of dividends, interest or principal on or before the dates on which we are entitled to receive payments in respect of our investments. These debt instruments would usually prohibit portfolio companies from paying interest on or repaying our investments in the event and during the continuance of a default under the debt. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of securities ranking senior to our investment in that portfolio company typically would be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying those holders, the portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of securities ranking equally with our investments, we would have to share on an equal basis any distributions with other security holders in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

The rights we may have with respect to the collateral securing certain loans we make to our portfolio companies may also be limited pursuant to the terms of one or more intercreditor agreements or agreements among lenders. Under these agreements, we may forfeit certain rights with respect to the collateral to holders with prior claims. These rights may include the right to commence enforcement proceedings against the collateral, the right to control the conduct of those enforcement proceedings, the right to approve amendments to collateral documents, the right to release liens on the collateral and the right to waive past defaults under collateral documents. We may not have the ability to control or direct such actions, even if as a result our rights as lenders are adversely affected.

No Control of Portfolio Companies Risk. The Fund does not expect to control the portfolio companies in which it invests. The Fund does not expect to have board representation or board observation rights, and the Fund's debt agreements with such portfolio companies may contain certain restrictive covenants. As a result, the Fund is subject to the risk that a portfolio company in which it invests may make business decisions with which the Fund disagrees and the management of such company, as representatives of the holders of the company's common equity, may take risks or otherwise act in ways that do not serve the Fund's interests as debt investors. Due to the lack of liquidity for the Fund's investments in non-traded companies, the Fund may not be able to dispose of its interests in portfolio companies as readily as the Fund would like or at an appropriate valuation. As a result, a portfolio company may make decisions that could decrease the value of the Fund's portfolio holdings.

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Adjustments to Terms of Investments Risk. The terms and conditions of the loan agreements and related assignments may be amended, modified or waived only by the agreement of the lenders. Generally, any such agreement must include a majority or a supermajority (measured by outstanding loans or commitments) or, in certain circumstances, a unanimous vote of the lenders. Consequently, the terms and conditions of the payment obligation arising from loan agreements could be modified, amended or waived in a manner contrary to the preferences of the Fund, if a sufficient number of the other lenders concurred with such modification, amendment or waiver. There can be no assurance that any obligations arising from a loan agreement will maintain the terms and conditions to which the Fund originally agreed. Because the Fund may invest through participation interests and derivative securities, the Fund may not be entitled to vote on any such adjustment of terms of such agreements.

The exercise of remedies may also be subject to the vote of a specified percentage of the lenders thereunder. The Adviser will have the authority to cause the Fund to consent to certain amendments, waivers or modifications to the investments requested by obligors or the lead agents for loan syndication agreements. The Adviser may, in accordance with its investment management standards, cause the Fund to extend or defer the maturity, adjust the outstanding balance of any investment, reduce or forgive interest or fees, release material collateral or guarantees, or otherwise amend, modify or waive the terms of any related loan agreement, including the payment terms thereunder. The Adviser will make such determinations in accordance with its investment management standards. Any amendment, waiver or modification of an investment could adversely impact the Fund's investment returns.

Second Priority Liens Risk. Certain debt investments that the Fund makes may be secured on a second priority basis by the same collateral securing first priority debt of such companies. The first priority liens on the collateral will secure the portfolio company's obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the company under the agreements governing the loans. The holders of obligations secured by the first priority liens on the collateral will generally control the liquidation of and be entitled to receive proceeds from any realization of the collateral to repay their obligations in full before the Fund. In addition, the value of the 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 the sale or sales of all of the collateral would be sufficient to satisfy the debt obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds are not sufficient to repay amounts outstanding under the debt obligations secured by the second priority liens, then the Fund, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against such company's remaining assets, if any.

The Fund may also make unsecured debt investments in portfolio companies, meaning that such investments will not benefit from any interest in collateral of such companies. Liens on such portfolio companies' collateral, if any, will secure the portfolio company's obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured debt 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 is so entitled. 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 of such collateral would be sufficient to satisfy its unsecured debt obligations after payment in full of all secured debt obligations. If such proceeds were not sufficient to repay the outstanding secured debt obligations, then its unsecured claims would rank equally with the unpaid portion of such secured creditors' claims against the portfolio company's remaining assets, if any.

The rights the Fund may have with respect to the collateral securing the debt investments it makes to its portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that the Fund enters into with the holders of senior debt. Under such an 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

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obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral; the ability to control the conduct of such proceedings; the approval of amendments to collateral documents; releases of liens on the collateral; and waivers of past defaults under collateral documents. The Fund may not have the ability to control or direct such actions, even if its rights are adversely affected.

Covenant Breaches or Defaults Risk. A portfolio company's failure to satisfy financial or operating covenants imposed by the Fund or other lenders or investors could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity securities that the Fund holds. The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company.

Highly Leveraged Portfolio Companies Risk. Some of the portfolio companies in which the Fund invests may be highly leveraged, which may have adverse consequences to these companies and to the Fund as an investor. These companies may be subject to restrictive financial and operating covenants and the leverage may impair these companies' ability to finance their future operations and capital needs. As a result, these companies' flexibility to respond to changing business and economic conditions and to take advantage of business opportunities may be limited. Further, a leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money were not used.

#### Risks Related to the Adviser and Its Affiliates; Conflicts of Interest
No prior experience managing an interval fund. Although the Adviser and its investment team are experienced in managing portfolios of assets in which the Fund expects to invest, including managing a business development company that invests in private credit, they have no prior experience managing a portfolio that takes the form of an interval fund, and the investment philosophy and techniques used by the Adviser to manage an interval fund may differ from those previously employed by the Adviser, its affiliates, and their respective investment teams in identifying and managing past investments. Accordingly, we can offer no assurance that we will replicate the historical performance of other clients or other entities or companies that the Adviser's investment team or the Adviser or its affiliates advised in the past, and we caution you that our investment returns could be substantially lower than the returns achieved by other clients of our Adviser or its affiliates. Further, the Adviser may not be able to successfully operate the Fund's business or achieve the Fund's investment objective. As a result, an investment in the Fund's Common Shares may entail more risk than the shares of common stock of a comparable company with a substantial operating history.

Conflicts of Interest Related to Obligations of the Adviser's Senior Management. The members of the senior management and investment team of the Adviser serve or may serve as officers, directors or principals of entities that operate in the same or a related line of business as the Fund, including a business development company that invests in private credit, or of investment funds managed by the Adviser's affiliates. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the Fund's best interests or in the best interest of the Fund's shareholders. The Fund's investment objective may overlap with the investment objectives of such investment funds, accounts or other investment vehicles. In particular, the Fund will rely on the Adviser to manage its day-to-day activities and to implement its investment strategy. The Adviser and certain of its affiliates are presently, and plan in the future to continue to be, involved with activities that are unrelated to the Fund. As a result of these activities, the Adviser, its officers and affiliates, and employees of its affiliates will have conflicts of interest in allocating their time between the Fund and other activities in which they are or may become involved, including the management of one or more Other Accounts (defined below). The Adviser, its officers and affiliates, and employees of its affiliates will devote only as much of its or their time to the Fund's business as the Adviser and its officers, in their judgment, determine is reasonably required, which may be substantially less than their full time.

The Fund relies, in part, on the Adviser to assist with identifying investment opportunities and making investment recommendations to the Fund. The Adviser's personnel will be expected to attend lender conferences,

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management meetings and facility visits. While the Adviser may participate at times on creditor committees, which could serve to limit the Fund's ability to trade, it will at all times seek to avoid any such constraint. Despite the Adviser's best efforts, however, the Adviser may conclude that it is in the best interest of the Fund to accept a temporary restrain on its ability to trade. The Adviser and its affiliates are not restricted from forming additional investment funds, entering into other investment advisory relationships or engaging in other business activities. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser, its affiliates and their officers and employees will not be devoted exclusively to the Fund's business, but will be allocated between the Fund and such other business activities of the Adviser and its affiliates in a manner that the Adviser and, as applicable, such affiliates deem necessary and appropriate. See "Potential Conflicts of Interest."

In addition, the Fund may make investments in different parts of the capital structure of companies in which Other Accounts already hold an investment, subject to the Investment Company Act and the conditions of the Order (as defined below). Generally speaking, the Adviser expects that the Fund will make such investments only when, at the time of investment, the Adviser believes such investment is in the Fund's best interests and either the possibility of actual adversity is remote, the Fund's investment is small and non-controlling or the Adviser believes that such investment is appropriate for the Fund in light of the particular circumstances, notwithstanding the potential for conflict.

Time and Resource Risks Related to Employees of the Adviser and its Affiliates. The Adviser, Diameter, and individuals employed by Diameter are generally not prohibited from raising capital for and managing other investment entities that make the same types of investments as those the Fund targets, including a business development company that invests in private credit. As a result, the time and resources that these individuals may devote to the Fund may be diverted. In addition, the Fund may compete with any such investment entity for the same investors and investment opportunities.

One or more of the Fund's affiliates have received an exemptive order from the SEC which would apply to us and would allow us to engage in co-investment transactions with the Adviser and its affiliates, subject to certain terms and conditions. However, while the terms of the exemptive relief would require that the Adviser will be given the opportunity to cause us to participate in certain transactions originated by affiliates of the Adviser, the Adviser may determine that we not participate in those transactions and for certain other transactions (as set forth in guidelines approved by the Board) the Adviser may not have the opportunity to cause us to participate. Affiliates of the Adviser, whose primary business includes the origination of investments or investing in non-originated assets, engage in investment advisory business with accounts that compete with us. See "Potential Conflicts of Interest."

Dependence on Key Personnel. The Fund's future success depends, to a significant extent, on the continued services of the officers and employees of the Adviser or its affiliates. The loss of services of one or more members of the Adviser's or its affiliates' management team, including members of any investment committees, could adversely affect the Fund's financial condition, business and results of operations. Although the Adviser or one of its affiliates has employment agreements with some or all of these key personnel, employment is "at-will," and we cannot guarantee that all, or any particular one, will remain affiliated with the Fund and/or the Adviser or one of its affiliates. Further, the Fund does not intend to separately maintain key person life insurance on any of these individuals.

The Fund's ability to achieve its investment objective depends on the Adviser's ability to identify and analyze, and to invest in, finance and monitor companies that meet the Fund's investment criteria. The Adviser's capabilities in structuring the investment process, providing competent, attentive and efficient services to the Fund, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve the Fund's investment objective, the Adviser may need to hire, train, supervise and manage new investment professionals to participate in the Fund's investment selection and monitoring process.

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The Adviser may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund's investment process could have a material adverse effect on our business, financial condition and results of operations.

While the Adviser has entered into the Resource Sharing Agreement (defined below) with Diameter Capital Partners and Diameter Capital (UK) Limited, pursuant to which Diameter Capital Partners and Diameter Capital (UK) Limited will provide the Adviser with experienced investment professionals and access to the resources of Diameter Capital Partners and Diameter Capital (UK) Limited so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement (as defined below), there can be no assurance that Diameter Capital Partners and Diameter Capital (UK) Limited will perform their respective obligations under the Resource Sharing Agreement. In addition, the Resource Sharing Agreement may be terminated by either party on sixty (60) days' notice, and such termination may have a material adverse consequence on the Fund's operations.

Misconduct by employees or by third-party service providers could cause significant losses to the Fund. Employee misconduct could include, among other things, binding the Fund to transactions that exceed authorized limits or present unacceptable risks and other unauthorized activities or concealing unsuccessful investments (which, in either case, may result in unknown and unmanaged risks or losses), or otherwise charging (or seeking to charge) inappropriate expenses to the Fund or Diameter. In addition, employees and third-party service providers may improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting the Fund's business prospects or future activities.

Allocation Policy Conflict of Interest. The Adviser will determine whether it would be permissible, advisable or otherwise appropriate for the Fund to pursue a particular investment opportunity allocated to the Fund. However, the Adviser, its officers and affiliates, employees of its affiliates and members of any investment committees serve or may serve as investment advisers, officers, trustees or principals of entities or investment funds that operate in the same or a related line of business as us or of investment funds managed by the Adviser's affiliates. Accordingly, these individuals may have obligations to investors in those entities or funds, the fulfillment of which might not be in the Fund's best interest or the best interests of the Fund's shareholders.

In addition, any affiliated investment vehicle currently formed or formed in the future and managed by the Adviser or its affiliates, particularly in connection with any future growth of their respective businesses, may have overlapping investment objectives with those of the Fund and, accordingly, may invest in asset classes similar to those targeted by the Fund. The Adviser's allocation policies are intended to ensure that, over time, the Fund generally shares equitably with Other Accounts sponsored or managed by the Adviser or its affiliates in investment opportunities, particularly those involving a security with limited supply or involving differing classes of securities of the same issuer that are suitable for the Fund and such Other Accounts. However, there can be no assurance that the Adviser's or its affiliates' efforts to allocate any particular investment opportunity among all Advisory Clients (as defined below) for whom such opportunity is appropriate will result in an allocation of all or part of such opportunity to the Fund. Not all conflicts of interest can be expected to be resolved in the Fund's favor. It is possible that the Fund may not be given the opportunity to participate in certain investments made by those other entities that would otherwise be suitable for the Fund. Officers and employees of the Adviser and its affiliates may also face financial conflicts of interest to the extent their salary or bonus calculation or personal investments are in other entities that have a similar investment objective to the Fund.

Risks Related to Our Adviser's Ability to Resign. We cannot assure investors that the Adviser will remain our investment adviser or that we will continue to have access to Diameter or its investment professionals. The investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement") may be terminated by either party without penalty on sixty (60) days' written notice to the other party. The holders of a majority of our outstanding voting securities may also terminate the Investment Advisory Agreement without penalty on sixty (60) days' written notice.

The Adviser has the right, under the Investment Advisory Agreement, to resign at any time on sixty (60) days' written notice, regardless of whether we have found a replacement. In addition, our Board has the

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authority to remove the Adviser for any reason or for no reason, or may choose not to renew the Investment Advisory Agreement. Furthermore, the Investment Advisory Agreement automatically terminates in the event of its assignment, as defined in the Investment Company Act, by the Adviser. If the Adviser resigns or is terminated, or if we do not obtain the requisite approvals of shareholders and our Board to approve an agreement with the Adviser after an assignment, we may not be able to find a new investment adviser or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within sixty (60) days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption and costs under any new agreements that we enter into could increase. Our financial condition, business and results of operations, as well as our ability to pay dividends, are likely to be adversely affected, and the value of our Common Shares may decline.

Any new Investment Advisory Agreement would be subject to approval by our shareholders. Even if we are able to enter into comparable management or administrative arrangements, the integration of a new adviser or administrator and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition and results of operations.

In addition, if the Adviser resigns or is terminated, we would lose the benefits of our relationship with Diameter, including insights into our existing portfolio, market expertise, sector and macroeconomic views and due diligence capabilities, as well as any investment opportunities referred to us.

Limitation of the Adviser's Liability. The Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement, and it will not be responsible for any action of our Board in declining to follow the Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (the "Adviser Indemnified Parties") will not be liable to us for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which the Investment Advisory Agreement relates, provided that the Adviser will not be protected against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations and any liability that cannot be waived due to the fiduciary duty imposed upon the Advisor pursuant to Section 36(b) of the Investment Company Act.

We have agreed to provide to each Adviser Indemnified Party advances from the Fund for payment of the reasonable expenses incurred by it in connection with the matter as to which it is seeking indemnification in the matter and to the fullest extent permissible under law. Our obligation to provide indemnification and advancement of expenses is subject to the requirements of the Investment Company Act and Investment Company Act Release No. 11330, which, among other things, preclude indemnification for any liability (whether or not there is an adjudication of liability or the matter has been settled) arising by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties, and require reasonable and fair means for determining whether indemnification will be made. Despite these limitations, the rights to indemnification and advancement of expenses may lead the Adviser Indemnified Parties to act in a riskier manner than they would when acting for their own account.

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#### MANAGEMENT OF THE FUND

#### Trustees and Officers
The Board is responsible for the overall management of the Fund. There are currently five Trustees, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the Investment Company Act (the "Independent Trustees"). The name and business address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under "Management of the Fund" in the SAI.

#### Adviser
The Adviser is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary for the operation of the Fund. The Adviser, which was formed for the purpose of serving as investment adviser to the Fund, is a registered investment adviser under the Advisers Act. The Adviser does not provide investment advisory services to any other Diameter entity. The Adviser will manage the Fund's day-to-day business affairs and manage the Fund's portfolio.

The Adviser has entered into a Resource Sharing Agreement (the "Resource Sharing Agreement") with Diameter Capital Partners and Diameter Capital (UK) Limited, pursuant to which Diameter Capital Partners and Diameter Capital (UK) Limited will provide the Adviser with experienced investment professionals and access to the resources of Diameter Capital Partners and Diameter Capital (UK) Limited so as to enable the Adviser to fulfill its obligations under the Investment Advisory Agreement (which are described in further detail below). Through the Resource Sharing Agreement, the Adviser intends to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio management and monitoring experience of Diameter Capital Partner's and Diameter Capital (UK) Limited's investment professionals. There can be no assurance that Diameter Capital Partners and Diameter Capital (UK) Limited will perform their respective obligations under the Resource Sharing Agreement. The Resource Sharing Agreement may be terminated by either party on sixty (60) days' notice, and such termination may have a material adverse consequence on the Fund's operations. The Fund is not a party to the Resource Sharing Agreement and accordingly is not responsible for paying any compensation thereunder.

#### Investment Advisory Agreement
The Investment Advisory Agreement between the Adviser and the Fund became effective as of September 30, 2025 and has an initial two-year term. Thereafter, the Investment Advisory Agreement will continue in effect from year to year, provided such continuance is specifically approved at least annually by (i) the vote of the Board of Trustees, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Fund's Independent Trustees who are not parties to the Investment Advisory Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of any such party, in accordance with the requirements of the Investment Company Act. The Investment Advisory Agreement will terminate automatically if assigned (as defined in the Investment Company Act) and is terminable at any time without penalty upon sixty (60) days' written notice to the Fund by either the Board or the Adviser.

The Adviser Indemnified Parties will not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which the Investment Advisory Agreement relates, provided that the Adviser will not be protected against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("disabling conduct"). The Investment Advisory Agreement also provides that absent disabling conduct, the Fund will indemnify the Adviser Indemnified Parties against, and hold them harmless from, any

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damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under the Investment Advisory Agreement or otherwise as adviser for the Fund. The Adviser Indemnified Parties will not be liable under the Investment Advisory Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful.

A discussion regarding the basis for the approval by the Board of the Investment Advisory Agreement will be available in the Fund's first annual/semi-annual shareholder report, as applicable.

#### Management Fee
The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser under the Investment Advisory Agreement, a base management fee (the "Management Fee"). The Fund will make any payments due to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect, or the Fund may adopt, a deferred compensation plan pursuant to which the Adviser may elect to defer all or a portion of its fees under the Investment Advisory Agreement for a specified period of time. The Management Fee is an amount equal to 1.25% of the Fund's average daily Managed Assets, payable quarterly in arrears. The Management Fee will decrease the net profits or increase the net losses of the Fund that are credited to its shareholders. "Managed Assets" means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes). Management Fees for any partial quarter shall be appropriately prorated.

#### Expense Limitation and Reimbursement Agreement
The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Adviser has agreed to waive the Management Fee and/or to assume or reimburse expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding the Management Fee; any taxes; fees and interest payments on borrowed funds; shareholder servicing and distribution fees; brokerage and distribution costs and expenses; acquired fund fees and expenses (as determined in accordance with SEC Form N-2); expenses incurred in connection with any merger or reorganization; and extraordinary or non-routine expenses, such as litigation expenses (collectively, the "Specified Expenses")) do not exceed 0.75% of the average daily net assets of Class A Shares and Class I Shares (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. Unless earlier terminated by the Board, the Expense Limitation and Reimbursement Agreement has an initial two-year term. The Expense Limitation and Reimbursement Agreement may be renewed at the Adviser's discretion for consecutive one-year terms thereafter. Neither the Fund nor the Adviser may terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, the Expense Limitation and Reimbursement Agreement may be terminated, without the payment of any penalty, by the Fund at any time, with or without notice, or by the Adviser upon thirty days' written notice prior to the end of the then current term.

#### Payment of Fund Expenses
Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser.

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The Fund will bear all other costs and expenses of the Fund's operations, administration and transactions, including, but not limited to:

a) the Management Fee;

b) the Administration Fees;

c) all other expenses of the Fund's operations, administrations and transactions including, without limitation, those relating to;

(i) organizational and offering expenses associated with the offering of the Common Shares and the offering of other securities issued by the Fund, including any preferred shares offered by the Fund (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, costs incurred in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Fund's transfer agent, fees to attend retail seminars, costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing fee);

(ii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, custodians or sub-custodians, trustees, consultants (including individuals consulted through expert network consulting firms), advisors, operating partners, deal sourcers (including personnel dedicated to but not employed by the Adviser or its affiliates), and other professionals;

(iii) the cost of calculating individual asset values and the Fund's net asset value (including the cost and expenses of any independent valuation firms);

(iv) fees and expenses, including travel expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, in respect of due diligence on prospective portfolio companies and, if necessary, in respect of enforcing the Fund's rights with respect to investments in existing portfolio companies, including, among others, professional fees (including, without limitation, the fees and expenses of consultants and experts) and fees and expenses relating to, or associated with, evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

(v) due diligence and research expenses (including an allocable portion of any research or other service that may deemed to be bundled for the benefit of the Fund), as well as the information technology systems used to obtain such research and other information;

(vi) the costs of any public or private offerings of the Fund's shares or the cost of effecting any sales and repurchases of the Common Shares and other securities, including registration and listing fees and fees payable to rating agencies;

(vii) costs of registration rights granted to certain investors;

(viii) certain costs and expenses relating to distributions paid on the Fund's shares;

(ix) costs incurred in connection with the creation and maintenance of legal entities to hold the Fund's assets;

(x) debt service and other costs of borrowings or other financing or derivative transactions (including, for the avoidance of doubt, interest, fees, and related legal expenses);

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(xi) amounts payable to third parties relating to, or associated with, making or holding investments;

(xii) costs associated with individual or groups shareholders;

(xiii) transfer agent and custodial fees;

(xiv) costs of derivatives and hedging;

(xv) commissions and other compensation payable to brokers or dealers;

(xvi) fees and expenses payable under any dealer manager, selected dealer agreements, selling agent or selected intermediary agreements, if any;

(xvii) costs and expenses (including travel) in connection with the diligence and oversight of the Fund's service providers;

(xviii) taxes and governmental fees;

(xix) Independent Trustee fees and expenses;

(xx) expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser to the extent such expenses relate to attendance at meetings of the Board of Trustees or any committees thereof;

(xxi) costs of preparing financial statements and maintaining books and records and preparing and submitting periodic filings, reports or other documents with the U.S. Commodity Futures Trading Commission (the "CFTC"), SEC, AIFMD (or other regulatory bodies) and other reporting and compliance costs, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Fund or its activities;

(xxii) the costs of any reports, proxy statements or other notices to the Fund's shareholders (including printing and mailing costs), the costs of any shareholders' meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

(xxiii) the Fund's fidelity bond;

(xxiv) trustee and officers/errors and omissions liability insurance, and any other allocated insurance premiums;

(xxv) information technology and related costs, including costs related to software, hardware and other technological systems (including specialty and custom software);

(xxvi) indemnification payments;

(xxvii) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

(xxviii) costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with the business of the Fund and the amount of any judgment or settlement paid in connection therewith;

(xxix) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments, including expenses relating to unconsummated investments that may have been attributable to co-investors had such investments been consummated;

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(xxx) investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trade errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal (including any retainers), filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction);

(xxxi) costs associated with winding up and liquidating the Fund's assets;

(xxxii) direct costs and expenses of administration, including audit, accounting, compliance, consulting and legal costs; and

(xxxiii) all other expenses reasonably incurred by the Adviser in connection with making investments and administering the Fund's business.

From time to time, the Adviser or their affiliates may pay third-party providers of goods or services. The Fund will reimburse the Adviser or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by the Fund's shareholders.

#### Diameter Platform
The Adviser is a Delaware limited liability company and a wholly-owned subsidiary of Diameter Capital Partners. The Adviser was formed for the purpose of serving as investment adviser to the Fund, and it does not serve as investment adviser to any other entity. The Adviser is responsible for the management of the Fund's portfolio and provides the personnel, facilities, equipment and certain other services necessary for the operation of the Fund. In making investment decisions on behalf of the Fund, the Adviser will utilize and rely on the experience, insights, professional connections, and expertise of individuals at Diameter. Accordingly, more information on Diameter Capital Partners and Diameter is provided below.

Diameter Capital Partners is a Delaware limited partnership with its principal place of business in New York, New York. Founded in February 2017, it was registered with the SEC as an investment adviser in August 2017, and commenced investment activities on September 1, 2017. Diameter Capital Partners has expanded its presence, with an office in West Palm Beach, Florida, opened in September 2021. In June 2022, another office was opened in London, England.

Diameter Capital Partners' co-founders, Scott Goodwin and Jonathan Lewinsohn, serve as managing partners and launched the firm seeking to combine their expertise in research and credit trading to invest through the credit cycle and across capital structures. As a global credit asset manager, Diameter provides investment advisory services to its clients, which include pooled investment vehicles such as evergreen investment funds and closed-end drawdown investment funds, customized funds for co-investments or specialized investment strategies, as well as structured credit vehicles consisting of collateralized debt obligations and collateralized loan obligations.

Diameter provides investment advisory services to its clients with respect to a wide range of investments, including: investments in instruments issued by U.S. and international (primarily Western European) issuers, including, but not limited to, bank debt; high yield corporate debt, including bonds and levered loans; investment grade debt; distressed debt; convertible securities; special situation opportunities; sovereign debt; structured credit instruments and related instruments; investments in derivatives and other hedging instruments, including,

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but not limited to, credit default swaps, options, foreign exchange, commodities and swaptions and constant maturity swaps; trade and bankruptcy claims; and publicly traded and private equities.

As of September 30, 2025, Diameter has approximately $24.8 billion of assets under management across all of its investment vehicles. Diameter's primary investment vehicles include:

• Diameter Master Fund LP seeks to generate absolute returns while investing long and short across the capital structure in a size constrained format;

• Diameter Dislocation Master Fund LP, Diameter Dislocation Master Fund II LP, Diameter Dislocation Master Fund III LP and Diameter Dislocation Master Fund III (Contingent) LP are long-only funds that seek to generate absolute returns while investing in micro-cyclical, thematic and broader macro dislocations;

• Various standalone funds-of-one with specialized investment strategies;

• Diameter Credit Company is a Delaware statutory trust that has elected to be regulated as a business development company under the 1940 Act and that seeks to generate absolute returns while investing in sponsored and non-sponsored direct lending opportunities; and

• Four collateralized debt obligation vehicles and eleven collateralized loan obligation vehicles.

#### Portfolio Managers
Scott Goodwin, Jonathan Lewinsohn and Joshua Green, the Fund's primary portfolio managers, will manage the Fund's portfolio with a team of investment professionals that they will lead.

Scott Goodwin.

Mr. Goodwin is a Co-Founder and Managing Partner of Diameter Capital Partners. Before starting Diameter Capital Partners, Mr. Goodwin was with Anchorage Capital Group as a Portfolio Manager and the Global Head of Trading (2010 – 2016), and was responsible for portfolio management for performing-credit risk across the firm's flagship Anchorage Capital Partners ("ACP") hedge fund. He also had day-to-day oversight for the Anchorage Short Credit ("ASC") fund. Mr. Goodwin was the only investment professional, besides Anchorage's three partners, with meaningful investment discretion (50 bps per issuer on longs, and 100 bps per issuer on shorts) in ACP. During his tenure, he worked closely with the firm's founders to help manage the overall risk of the ACP portfolio, and to generate thematic sector and single-name investment ideas across global credit markets. This included leading quarterly short idea meetings at which the whole research team presented.

As part of his duties as Global Head of Trading, Mr. Goodwin managed a team of 10 traders globally, two desk analysts, and a quantitative risk analyst. In this role, he had oversight of trade structuring and the implementation process across all credit products, equities, and hedging of both interest rates and foreign exchange, and other macro hedges. Mr. Goodwin oversaw the expansion of Anchorage's trading capabilities; increased the breadth of product expertise; and upgraded the talent level globally with impactful hires, while revolutionizing the way the firm engaged the sell-side. He was instrumental in building the firm's global debt capital markets engagement effort.

Mr. Goodwin worked hand-in-hand with Jonathan Lewinsohn during their overlap at Anchorage (2010 – 2013). In their respective roles as Head of Trading and Head of Research, Mr. Goodwin and Mr. Lewinsohn's responsibilities included ensuring that the team focused its resources on the most relevant opportunities globally; they streamlined the research process to allow the firm to invest both proactively and reactively in periods of volatility. They also partnered to vet analyst research output and manage quarterly analyst portfolio reviews with Mr. Allen.

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In addition to his portfolio management and trading responsibilities, Mr. Goodwin served on the investment committee ("IC") at Anchorage as a voting member for all performing credit investments and shorts and was a rotating voting member for all other investments. He participated in weekly risk and monthly valuation committee meetings with Anchorage's partners, along with quarterly best-execution meetings. He led a weekly trader meeting at which liquidity and opportunities in each sub-asset class of credit were discussed. Mr. Goodwin also helped develop Anchorage's collateralized loan obligation and collateralized debt obligation management business and was a permanent member of its independent IC. He facilitated Anchorage's partnership with other large buy-side firms and sell-side counterparts to optimize the construct of the CDS market, which helped promote liquidity.

Previously, Mr. Goodwin spent eight years with Citigroup (2002 – 2010), serving most recently as Head of High Yield Bond and Credit Default Swap Trading. Consistently among the leading P&L generators across the unit's global credit business, Mr. Goodwin's eight-member team traded debt from the crossover space to stressed/distressed. He traded sectors including autos, financials, energy, metals and mining, paper and packaging and retail, with a focus on technology, media, and telecom ("TMT").

A 2002 graduate of Duke University, Mr. Goodwin earned a B.A. in Economics with a concentration in Markets and Management.

Jonathan Lewinsohn.

Mr. Lewinsohn is the Co-Founder and Managing Partner of Diameter Capital Partners. Before starting Diameter Capital Partners, Mr. Lewinsohn was a Senior Managing Director (Partner) at Centerbridge Partners, LP (2013-17), an investment manager focused on distressed and stressed credit, special situations, and private equity. At Centerbridge, Mr. Lewinsohn was active across the firm's $14 billion credit platform. He led investments and restructurings in multiple industries, including chemicals, energy, financials, healthcare, industrials, infrastructure, mining, munis, retail, and TMT. Many of his investments at Centerbridge combined deep fundamental analysis with process or liability management angles.

At Centerbridge, Mr. Lewinsohn actively participated in monitoring the broader portfolio and was instrumental in enhancing firm processes, including: portfolio review, position review memos, and hedging strategies. He also was significantly involved in recruiting, training and mentoring a team of investment analysts.

Prior to joining Centerbridge, Mr. Lewinsohn was Head of Research (NA) and a permanent member of the IC at Anchorage Capital Group (2007-13). Along with the firm's three partners, he was the only employee to serve on the IC for all investments across all Anchorage funds. He was accountable for managing most of the firm's U.S. stressed and distressed positions. As Head of Research, Mr. Lewinsohn generated and vetted ideas across all of Anchorage's teams and investment products. He also formulated the Anchorage IC process, supervised a large team of industry-specialist analysts and participated in monthly risk meetings. Mr. Lewinsohn worked closely with Mr. Goodwin to integrate the firm's research and trading strategies and to develop thematic ideas in the global credit markets. Together Messrs. Lewinsohn and Goodwin created a streamlined process to allow the firm to both proactively and reactively invest in periods of market volatility. Mr. Lewinsohn began his career at Anchorage as a Senior Analyst, leading investments in autos, building products, business services, energy, healthcare, industrials and paper and packaging.

Mr. Lewinsohn has extensive experience investing in corporate restructurings in the United States, Canada, Spain, Germany, the United Kingdom, Australia and New Zealand. He has served on the Board of Directors of Martinrea Honsel, S.A., a joint venture between Anchorage and Martinrea (CAD: MRE) and Boart Longyear Ltd (AUS: BLY).

Mr. Lewinsohn previously served as a law clerk to Judge Richard A. Posner of the U.S. Court of Appeals (2006-07). He began his career at Morgan Stanley in the Mergers & Acquisition Group.

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Mr. Lewinsohn received his JD in 2006 from Yale Law School where he was an editor of the Yale Law Journal and published a note on the post-9/11 bailout of the airline industry. He has also been published in the Yale Journal of International Law and Antitrust Law Stories (2007 Foundation Press). Mr. Lewinsohn received his B.A., summa cum laude, from Cornell University's College of Arts and Sciences in 2002, where he was Phi Beta Kappa and recognized as a Merrill Presidential Scholar for finishing in the top 1% of his class. He served a five-year Term Membership at the Council on Foreign Relations and is a member of the Economic Club of New York.

Mr. Goodwin and Mr. Lewinsohn bring a history of collaboration and a combination of their complementary trading and research skills to identify situations that can be traded as fundamentals unfold.

Joshua Green.

Mr. Green is a Partner, Global Head of Performing Credit, and a CLO Co-Portfolio Manager at Diameter Capital Partners, where he joined in 2018. He is a member of the firm's CDO/CLO and Private Credit Investment Committees. Mr. Green has deep expertise across the full spectrum of corporate credit, from performing to distressed, and is responsible for idea generation, portfolio and risk management, and capital markets relationships across the firm's performing credit products. He also plays an active role in firmwide credit underwriting, with a focus on thematic investment opportunities that impact portfolios.

As CLO Co-Portfolio Manager, Mr. Green built Diameter's award-winning CLO platform and is responsible for underwriting, portfolio construction, and risk management, as well as engagement with both debt and equity investors.

Prior to joining Diameter, Mr. Green was a Managing Director at Anchorage Capital Group from 2010 to 2017. At Anchorage, he focused on investments across markets, including performing credit, stressed and distressed bonds and loans, commodities, and equities. During his tenure, he helped lead investments across a wide variety of sectors, including industrials, healthcare, and energy, and managed a team of analysts responsible for idea generation and underwriting within these subsectors. In this capacity, he worked closely with Messrs. Goodwin and Lewinsohn.

Earlier in his career, Mr. Green worked in the Leveraged Finance Restructuring Group at Goldman Sachs, where he advised on complex debtor- and creditor-side mandates, including Chapter 11 restructurings, distressed M&A processes, and rescue financings.

Mr. Green received a B.A. in Psychology, summa cum laude, with a minor in Economics from Dartmouth College.

All investment decisions and portfolio allocation decisions will be made by the Portfolio Managers, who will draw on their expertise in credit analysis and underwriting, portfolio management, trading and transaction structuring expertise.

Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of interest, is available in the Fund's SAI.

#### Control Persons and Principal Holders of Securities
A control person is a person who beneficially owns, either directly or indirectly, more than 25% of the voting securities of a company. As of December 29, 2025, the Fund had not commenced investment operations and the only Shares of the Fund were owned by the Adviser.

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In connection with the Proposed Reorganization, certain shareholders of the Predecessor Fund (the "Anchor Investors") will receive in the aggregate Class I shares corresponding to the NAV of the Predecessor Fund as of the date of the Proposed Reorganization and will not bear any transaction fee. As of October 31, 2025, the NAV of the Predecessor fund was approximately $301 million. An Anchor Investor may continue to be deemed to control the Fund until such time as it owns 25% or less of the outstanding Common Shares. This ownership will fluctuate as other investors subscribe for Common Shares and as the Fund repurchases Common Shares in connection with any repurchase offers the Board may authorize. Depending on the size of this ownership interest at any given point in time, it is expected that one or more of the Anchor Investors will, for the foreseeable future, either control the Fund or be in a position to exercise a significant influence on the outcome of any matter put to a vote of interest holders.

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#### POTENTIAL CONFLICTS OF INTEREST

#### Generally
The Fund, the Adviser and their respective affiliates may encounter actual or potential conflicts of interest in connection with the Fund's interests, assets or activities. If any matter arises that the Adviser determines in its good faith judgment constitutes an actual or potential conflict of interest, the Adviser may take such actions as it determines may be necessary or appropriate to ameliorate the conflict. There can be no assurance that the Adviser and its affiliates will identify or resolve all such conflicts of interest in a manner that is favorable to the Fund. Additionally, the Investment Advisory Agreement contains exculpation and indemnification provisions that, subject to the specific exceptions enumerated therein (generally for willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations), provide that the Adviser and its affiliates will be held harmless and indemnified, respectively, for matters relating to the operation of the Fund, including matters that may involve one or more potential or actual conflicts of interest.

The Adviser and its affiliates have both subjective and objective policies and procedures in place that are designed to manage the potential conflicts of interest between the Adviser's fiduciary obligations to the Fund and its similar fiduciary obligations to other clients. To the extent that the Fund competes with entities sponsored or managed by the Adviser or its affiliates for a particular investment opportunity, the Adviser will allocate investment opportunities across the entities for which such opportunities are appropriate, consistent with (1) its internal allocation policies, (2) the requirements of the Advisers Act and (3) the requirements of the Investment Company Act, including certain restrictions regarding co-investments with affiliates. The Adviser's allocation policies are intended to ensure that, over time, the Fund generally shares equitably with Other Accounts sponsored or managed by the Adviser or its affiliates in investment opportunities, particularly those involving a security with limited supply or involving differing classes of securities of the same issuer that are suitable for the Fund and such Other Accounts. However, there can be no assurance that the Adviser's or its affiliates' efforts to allocate any particular investment opportunity among all Advisory Clients (as defined below) for whom such opportunity is appropriate will result in an allocation of all or part of such opportunity to the Fund. Not all conflicts of interest can be expected to be resolved in the Fund's favor.

The Board is charged with protecting the Shareholders' interests by monitoring how the Adviser addresses these and other conflicts of interest associated with the Fund's management services and compensation, including by reviewing Fund performance and fees and expenses.

The following discussion enumerates certain potential conflicts of interest (but it is not intended to be an exhaustive list of all such conflicts), which should be carefully evaluated before making an investment in the Fund. Unless the context indicates otherwise, references in this section to conflicts of interest that may apply to the Adviser should be understood to apply to the Adviser and its affiliates.

Prospective investors should understand that (i) the relationships among the Fund, the Adviser and Diameter, and other clients of the Adviser and Diameter are complex and dynamic and (ii) as the Adviser's, Diameter's and the Fund's respective businesses change over time, the Adviser and Diameter may be subject, and the Fund may be exposed, to new or additional conflicts of interest. This Prospectus does not address or anticipate every possible current or future conflict of interest that may arise or that is or may be detrimental to the Fund or its shareholders. Prospective investors should consult with their own advisers regarding the possible implications on their investment in the Fund of the conflicts of interest described in this Prospectus.

#### Other Activities
The Adviser and Diameter currently provide and/or may in the future provide investment management services to clients other than the Fund, including, without limitation, other investment funds (including funds

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with substantially similar objective programs and strategies to those of the Fund), structured credit vehicles and other client accounts (such new or existing client accounts, the "Other Accounts," and together with the Fund, the "Advisory Clients" and each, an "Advisory Client"). The Fund will not have a direct or indirect interest in any Other Accounts. Such Other Accounts may compete with the Fund for the time and attention of the Adviser and may give rise to additional conflicts of interest.

The Diameter investment professionals will devote management time and attention to these Other Accounts, some of which may compete with the Fund for investment opportunities. Under certain circumstances, the Fund may invest in companies in which the Diameter investment professionals have a pre-existing interest, whether directly or through other investment vehicles, subject to the Investment Company Act and the conditions of the exemptive order certain funds advised by affiliates of the Adviser have received from the SEC that permits the Fund to, among other things and subject to the conditions of the Order (as defined below), invest in certain privately placed securities in aggregated transactions alongside certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser's affiliates.

#### Management Fee
Even in the event the value of an investor's investment declines, the Management Fee will still be payable to the Adviser.

#### Compensation Arrangements with Other Accounts
The Adviser could be subject to a conflict of interest because varying compensation arrangements among the Fund and Other Accounts could incentivize the Adviser to manage the Fund and such Other Accounts differently. In addition, the structure and manner of compensation of the Adviser for advising the Fund is subject to the restrictions and requirements of the Investment Company Act. These and other differences could make the Fund less profitable to the Adviser than certain Other Accounts.

#### Side-by-Side Management
The Adviser and/or Diameter will provide concurrent advisory services to Advisory Clients that are charged different performance-based compensation. As a result, the potential for the Adviser or Diameter to receive different fees or allocations from performance-based Advisory Clients creates a potential conflict of interest with respect to the allocation of investment opportunities because the Adviser or Diameter may have an incentive to direct more attractive investment ideas to, or to allocate investments in favor of, the Advisory Client that pays a more favorable performance-based compensation.

#### Allocation of Expenses
Subject to the Investment Company Act, expenses may be incurred that are attributable to the Fund and one or more Other Accounts (including in connection with portfolio companies in which the Fund and such Other Accounts have overlapping investments and in connection with the general operation and administration of such entities). The allocation of such expenses among such entities raises potential conflicts of interest, in part because expenses paid by the Fund or the Other Accounts generally will affect the amount of carried interest or other compensation that the Diameter affiliate acting as general partner of such Diameter fund or managed account will receive. The Adviser and Diameter intend to allocate such common expenses among the Fund and such Other Accounts in an equitable manner as determined by the Adviser (or Diameter) in good faith.

#### Co-Investment Opportunities
The Investment Company Act generally prohibits the Fund from entering into negotiated co-investments with affiliates absent an exemptive relief order from the SEC. Affiliates of the Fund and the Adviser have

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received an exemptive relief order from the SEC which permits the Fund to enter into certain negotiated co-investment transactions alongside affiliated funds (as superseded by future exemptive relief orders, as applicable, the "Order"). Accordingly, the Fund is permitted to co-invest with its affiliates if certain requirements are met.

There are expected to be circumstances where an amount that would otherwise have been invested by the Fund is instead allocated to co-investors (who may or may not be shareholders of the Fund or investors in other accounts managed by Diameter). Each co-investment opportunity (should any exist) is likely to be different, and allocation of each such opportunity will depend on the facts and circumstances specific to that unique situation (e.g., timing, industry, size, geography, asset class, projected holding period, exit strategy and counterparty). Different situations will require that the various facts and circumstances of each opportunity be weighted differently, as the Adviser deems relevant to such opportunity.

In addition, the Adviser and/or Diameter will in certain circumstances be incentivized to offer certain potential co-investors opportunities to co-invest because the extent to which any such co-investor participates in (or is offered) co-investment opportunities may impact the amount of performance-based compensation and/or management fees or other fees paid by the co-investor.

#### Conflicts of Interest Relating to Diameter, the Adviser and their Clients
Investment professionals associated with Diameter and the Adviser, and their respective officers, directors, members, partners and employees (collectively, the "Related Parties") will devote such time as is reasonably necessary to conduct the business affairs of the Fund in an appropriate manner. They will be actively involved in other investment activities not concerning the Fund and will not devote all of their professional time to the affairs of the Fund. Diameter personnel will work on the business and operation of Diameter and other projects, including Diameter's existing corporate investments and Other Accounts, and, therefore, conflicts may arise in the allocation of resources, including due to Diameter's internal policies, including information barrier policies, and compliance with applicable law and regulation. The Fund will have no interest in such other investments, funds, vehicles, accounts or other matters and it is possible that the investments held by such funds, vehicles and accounts may be in competition with those of the Fund. In this regard, for example, the Portfolio Managers devote a substantial amount of their business time to the affairs of Diameter's other funds and operations. In addition, individuals not currently associated with the Adviser or its Related Parties may become associated with the Adviser or its Related Parties and the performance of the portfolio companies may also depend on the financial and managerial experience of such individuals.

The Adviser, its clients, its partners, its members, affiliates, funds or other investment vehicles or separate accounts managed by the Adviser or managed or sponsored by any of its affiliates, or their employees and their affiliates ("Related Entities") may engage in transactions with, provide services to, invest in, advise, sponsor and/or act as portfolio manager to Other Accounts that may have similar structures and investment objectives and policies to those of the Fund and that may compete with the Fund for investment opportunities. The Adviser and its Related Parties act as a portfolio manager to the Fund and the Related Entities. The Adviser and its Related Parties and such Related Entities may receive fees or other benefits for these services or investments that are greater than the fees for its services to the Fund. This disparity in fee income may create potential conflicts of interest between the Adviser's obligations to the Fund and the Adviser, its Related Parties or such Related Entities' obligations to other persons for such services.

The Adviser, its Related Parties and certain Related Entities may invest in assets that would also be appropriate as portfolio companies. Except as provided under the Investment Company Act, the Order, or other applicable law, neither the Adviser, its Related Parties, nor any Related Entity has any duty, in making or maintaining such investments, to act in a way that is favorable to the Fund or to offer any such opportunity to the Fund. The investment policies, fee arrangements and other circumstances applicable to such other parties may vary from those applicable to the Fund. In connection with the foregoing activities, the Adviser, its Related

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Parties and/or any Related Entity may from time to time come into possession of material nonpublic information that limits the ability of the Adviser or its Related Parties to effect a transaction for the Fund, and the Fund's investments may be constrained as a consequence of the Adviser's or its Related Parties' inability to use such information for advisory purposes or otherwise to effect transactions that otherwise may have been initiated on behalf of its clients, including the Fund.

Section 204A of the Advisers Act requires the Adviser to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information. If the Adviser or its Related Parties were to receive material non-public information about a particular obligor or asset, or have an interest in causing the Fund to transact a particular asset, the Adviser may be prevented from causing the Fund to transact such asset due to internal restrictions imposed on the Adviser or its Related Parties. Notwithstanding the maintenance of certain internal controls relating to the management of material non-public information, it is possible that such controls could fail and result in the Adviser or its Related Parties, or one of its investment professionals, making an investment while, at least constructively, in possession of material non-public information.

The Adviser and its Related Parties may discuss the composition of the portfolio investments and other matters relating to the transactions contemplated hereby with any Related Parties or any Related Entities, and may also have such discussions with certain beneficial owners of the portfolio investments. There can be no assurance that such discussions will not influence the actions or inactions of the Adviser or its Related Parties, which actions or inactions may have material effects on the performance of the portfolio investments.

#### Diameter Policies and Procedures
Policies and procedures implemented by Diameter or the Adviser from time to time (including as may be implemented in the future) to mitigate potential conflicts of interest and address certain regulatory requirements and contractual restrictions may reduce the synergies across Diameter's areas of operation or expertise that the Fund expects to draw on for purposes of pursuing attractive investment opportunities. Because Diameter has other activities beyond the Fund, it is subject to a number of actual and potential conflicts of interest, additional regulatory considerations and more legal and contractual restrictions than that to which it would otherwise be subject if it focused only on the Fund. As a consequence, information, which could be of benefit to the Fund, might become restricted to certain businesses units within Diameter and otherwise be unavailable to the Fund. Diameter may implement certain policies and procedures that may reduce the positive synergies that Diameter seeks to cultivate across its businesses. Additionally, the terms of confidentiality or other agreements with or related to companies in which Diameter or Other Accounts have or have considered making an investment or which are otherwise Advisory Clients of Diameter may restrict or otherwise limit the ability of the Fund and/or its portfolio companies and their respective affiliates to make investments in or otherwise engage in businesses or activities competitive with such companies. While Diameter has sought to, and will continue to seek to, resist, mitigate and manage contractual restrictions requested by investment counterparties, non-competition undertakings and analogous agreements are becoming increasingly prevalent in international transactions and any restrictions (whether in existence under current investment documentation or to be negotiated under future investment documents) may have consequences that are adverse to the interests of the Fund, such as, for example and without limitation, adversely affecting the ability of the Fund to participate in certain sectors and/or geographies. Further, Diameter may enter into one or more strategic relationships in certain regions or with respect to certain types of investments that, although intended to provide greater opportunities for the Fund, may require the Fund to share such opportunities or otherwise limit the amount of an opportunity the Fund can otherwise take.

#### Business Benefits
Prospective investors should note that the Adviser and its affiliates from time to time engage in transactions with prospective and actual investors in the Fund that entail business benefits to such investors, such as the provision of economic interests in the Adviser to certain seed investors in the Fund. Such transactions may be

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entered into prior to or coincident with an investor's admission to the Fund or during the term of its investment. The nature of such transactions can be diverse and may include benefits relating to the Fund, other Diameter funds and their respective portfolio investments.

#### Allocation of Investment Opportunities; Other Business Activities of Diameter and the Adviser
As a general matter, it is not expected that all investment opportunities identified by or suitable for Diameter investment funds, vehicles and managed accounts will be made available to the Fund. Each of the Adviser and any Other Accounts and their respective affiliates and operating companies, borrowers and issuers, as applicable, engage in, or may in the future engage in, a broad range of business activities and investments substantially similar to and/or competitive with the portfolio investments made by the Fund or the issuers (or their respective underlying obligors) in respect thereof. The performance of such other investments could conflict with and adversely affect the performance of portfolio investments of the Fund, and may adversely affect the availability of such opportunities. Diameter or its respective affiliates have established and will be permitted, in their sole discretion, in the future to establish Other Accounts with investment objectives, mandates and policies that are the same or substantially similar to, overlap with and/or are or related to, those of the Fund (including, without limitation, and subject to the Investment Company Act, co-invest funds), in each case, without the consent of, or notice to, any shareholder.

Diameter will allocate investment and sale opportunities between the Fund and Other Accounts in accordance with the Order, the Advisers Act and its allocation policies. Such policies generally provide that Diameter and the Adviser will determine if a potential investment opportunity is appropriate for multiple client accounts, taking into account certain factors such as the investment objectives, strategy, guidelines and investment restrictions of such client accounts and the risk-return profile of the potential investment. If such investment is appropriate for multiple client accounts, Diameter and the Adviser generally expect to allocate the potential investment in accordance with the targeted position size for each eligible client account, subject to its consideration of a number of factors. These factors include but are not limited to (i) need to re-size the portfolio, (ii) availability of cash, (iii) ramp-up or wind-down period for the individual Other Account, (iv) availability of and required degree of leverage, (v) avoiding odd lots, and (vi) any other considerations deemed relevant by Diameter or the Adviser in good faith. The Fund will not be entitled to any type of priority allocations of investment opportunities, other than in accordance with the requirements of the Order.

Subject to the requirements of the Order, Diameter will not have any obligation to present an opportunity to the Fund if Diameter determines in good faith that such opportunity should not be presented to the Fund in accordance with the above.

The Adviser will have no obligation to purchase or sell a security for, enter into a transaction on behalf of, or provide an investment opportunity to the Fund or Other Accounts solely because the Adviser purchases or sells the same security for, enters into a transaction on behalf of, or provides an opportunity to an Other Account or the Fund if, in its reasonable opinion, such security, transaction or investment opportunity does not appear to be suitable, practicable or desirable for the Fund or the Other Account.

In particular, when the Fund, or any of its Subsidiaries, is ramping up its investment or trading strategies, it may receive larger allocations of certain securities than the Other Accounts in order to obtain its desired risk and portfolio size. Conversely, when Other Accounts ramp up their investment and trading strategies, the Fund may receive reduced or no allocations of certain securities, subject to the requirements of the Order. The Adviser not allocating as much of each appropriate investment opportunity that arises to the Fund could result in lower returns for the Fund than had the Fund taken the full opportunity for itself.

Diameter and any Other Accounts and their respective affiliates and operating companies, borrowers and issuers, as applicable, engage in, or may in the future engage in, a broad range of business activities and investments substantially similar to and/or competitive with the portfolio investments made by the Fund or the

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issuers (or their respective underlying obligors) in respect thereof. The performance of such other investments could conflict with and adversely affect the performance of portfolio investments of the Fund, and may adversely affect the availability of such opportunities.

In addition, an investment by Diameter, Other Accounts or any of their respective affiliates or operating companies, borrowers or issuers may have an effect on the existing investments and/or investment opportunities of the Fund. For example, any such investment in a particular industry could limit the ability of the Fund to pursue other opportunities within the same or related industries. Additionally, operating companies of Diameter or its affiliates may be in the same industry as and compete with portfolio companies.

In addition, Other Accounts may involve different terms and fee structures, which may incentivize Diameter to make more (or less) of such investment opportunities available to the Fund and/or such Other Accounts and may result in conflicts of interest in respect of the managing and monitoring of such investments and evaluating and executing on disposition opportunities. Accordingly, Diameter cannot assure equal treatment across the Fund and such Other Accounts.

To the extent an investment opportunity is rejected by the Portfolio Managers, none of Diameter, the Adviser or any of their respective affiliates will be restricted from pursuing such opportunity outside of the Fund's investment program. In such a circumstance, Diameter may allocate such an opportunity to an Other Account or to one or more entities established for the benefit of, or otherwise controlled by, one or more senior executives of Diameter, its affiliates and/or their family members.

#### Investments in Which Another Diameter Fund Has a Different Investment
Subject to the Investment Company Act and the conditions of the Order, the Fund may make portfolio investments in companies in which Other Accounts have or are concurrently making a different investment (including, for the avoidance of doubt, an investment that is senior in a portfolio company's capital structure to the Fund's investment) at the time of the Fund's investment, and Other Accounts may invest in portfolio companies in which the Fund has made an investment. The Fund and such Other Accounts may hold or make investments in different parts of the capital structure of the same portfolio company. In such situations, the Fund and such Other Accounts may have conflicting interests (e.g., over the terms of, or actions taken with respect to, their respective investments). If an Other Account holds an interest in a portfolio company that is junior to the Fund's interest, the Fund could be required to abstain from voting or to vote with a majority of disinterested holders of its class. Furthermore, if the portfolio company in which the Fund has a debt investment and in which an Other Account has an equity investment (or a debt investment that is junior or senior to the Fund's investment) becomes distressed or defaults on its obligations under the portfolio investment held by the Fund, Diameter and its affiliates may have conflicting loyalties between its duties to the Fund and to such Other Account. In that regard, actions may be taken for the other Diameter entities that are adverse to the Fund. In addition, conflicts may arise in determining the amount of an investment, if any, to be allocated among the potential investors and the respective terms thereof. There can be no assurance that the return on the Fund's investment will be equivalent to or better than the returns obtained by the other affiliates participating in the transaction. It is possible that in a bankruptcy, insolvency or similar proceeding related to an issuer or borrower, the Fund's interest may be subordinated or otherwise adversely affected by virtue of the involvement and actions or inactions of an Other Account relating to its investment. Prospective investors should note that the Fund does not expect to target investments in companies that are controlled directly or indirectly, at the time such investment is made, by Diameter, and therefore the number of investment opportunities appropriate for the Fund's investment program is expected to be lower than if such opportunities were targeted. However, the Fund may share certain investments with Other Accounts.

#### Valuation
The Fund's assets and liabilities are valued in accordance with the valuation policies and procedures of the Fund and the Adviser, as may be amended from time to time. Such valuations will be made in accordance with Rule 2a-5 under the Investment Company Act, the U.S. SEC rule governing the valuation of the Fund's portfolio

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investments, and U.S. GAAP. In making valuation determinations, the Adviser, may be deemed subject to a conflict of interest, as the valuation of such assets and liabilities affects its compensation. There is no guarantee that the value determined with respect to a particular asset or liability by the Adviser will represent the value that will be realized by the Fund on the eventual disposition of the related investment or that would, in fact, be realized upon an immediate disposition of the investment.

Certain of the Fund's investments are expected to be in loans that do not have readily ascertainable market prices. Assets that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser and reviewed by the audit committee of the Board. The Adviser intends to retain independent providers of financial advisory and investment banking services to assist the Adviser by performing certain limited third-party valuation services. In connection with that determination, investment professionals from the Adviser will, as needed, prepare portfolio investment valuations using sources and/or proprietary models depending on the availability of information on our assets and the type of asset being valued, all in accordance with the valuation policies and procedures of the Fund and the Adviser. The participation of the Adviser in the Fund's valuation process could result in a conflict of interest, since the Management Fee is based in part on the Fund's Managed Assets. In addition, the Investment Company Act and Rule 2a-5 thereunder impose requirements on the Fund and Adviser in respect of the valuation of the Fund's assets that the Adviser believes significantly mitigate any such potential conflicts, including, for example, that the Fund's portfolio managers may not exert undue influence on valuation determinations.

#### Investments Alongside Other Accounts
Subject to the Investment Company Act and the conditions of the Order, the Fund is expected to co-invest, from time to time, with Other Accounts (including co-investment or other vehicles in which Diameter or its personnel invest and that co-invest with such Other Accounts) in portfolio investments that are suitable for both the Fund and such Other Accounts. Even if the Fund and such Other Accounts invest in the same securities, conflicts of interest may still arise. For example, it is possible that as a result of legal, tax, political, regulatory, accounting or other considerations, the terms of such investment (including with respect to price and timing) for the Fund and/or such Other Accounts may not be the same. Additionally, the Fund and/or such Other Accounts may have different expected termination dates and/or investment objectives (including target return profiles) and Diameter, as a result, may have conflicting goals with respect to the price and timing of disposition opportunities.

#### Cross and Principal Transactions
The Fund is expected to engage in transactions where assets held by Other Accounts are expected to be transferred to the Fund at fair market value. Such transactions will be conducted in accordance with the requirements of applicable laws, including the Investment Company Act and Rule 17a-7 thereunder. Cross trades can occur for a variety of reasons, including, without limitation, tax purposes, liquidity purposes, portfolio rebalancing, to reduce transaction costs or to comply with regulatory requirements.

Under Rule 17a-7 under the Investment Company Act, securities transactions may be effected between an investment company and certain affiliates, provided the transactions meet certain protective conditions. For example, transactions between an investment company and another fund managed by the same adviser must meet the conditions of the rule, unless the SEC provides a separate exemption. Among the protective conditions, Rule 17a-7 generally requires that cross trades: (a) involve a security for which market quotations are readily available; and (b) be effected at the independent current market price of the security. Rule 17a-7 contains a number of other requirements for cross trades, including that the transaction be consistent with the policy of each fund; that no commission, fee or other remuneration be paid in connection with the transaction; that the board (including a majority of independent directors) take certain actions; and that the fund maintain certain records.

#### Portfolio Company Relationships
The Fund's portfolio companies may be counterparties or participants in agreements, transactions or other arrangements with portfolio companies of other investment funds managed by Diameter or its affiliates that,

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although Diameter determines to be consistent with the requirements of such funds' governing agreements, may not have otherwise been entered into but for the affiliation with Diameter, and which may involve fees and/ or servicing payments to Diameter-affiliated entities. In addition, portfolio companies of Other Accounts may do business with, support or have other relationships with competitors of the Fund's portfolio companies, and in that regard prospective investors should not assume that a company related to or otherwise affiliated with Diameter will only take actions that are beneficial to or not opposed to the interests of the Fund and its portfolio companies. For example, it is possible that certain portfolio companies of the Other Accounts or companies in which the Other Accounts have an interest will compete with the Fund for one or more investment opportunities. In addition, it is possible that one or more portfolio companies of the Fund may look to buy or sell a business or asset to or from a portfolio company of an Other Account (or to or from the Other Account itself).

Additionally, Diameter may hold equity or other investments in companies or businesses (even if they are not "affiliates" of Diameter) that provide services to or otherwise contract with portfolio companies. In connection with such relationships, Diameter may also make referrals and/or introductions to portfolio companies (which may result in financial incentives and/or milestones benefiting Diameter that are tied or related to participation by portfolio companies). The Fund and its shareholders will not share in any fees or economics accruing to Diameter as a result of these relationships and/or participation by portfolio companies.

#### Material Non-Public Information
Certain investment professionals of the Adviser or its affiliates, may serve as directors of, or in a similar capacity with, portfolio companies (or the underlying obligors thereof) in which the Fund invests or otherwise engage in transactions or discussions with portfolio companies (or the underlying obligors thereof) in which the Adviser may have access to material non-public information. The Adviser, its affiliates or Other Accounts may also own or manage investments in portfolio companies (or the underlying obligors thereof) in which the Fund invests. In the event that material non-public information is obtained with respect to such portfolio companies (or the underlying obligors thereof), or the Fund becomes subject to trading restrictions under the internal trading policies of those portfolio companies (or the underlying obligors thereof) as a result of applicable law or regulations, the Fund could be prohibited for a period of time from purchasing or selling the securities of such portfolio companies, and this prohibition may have an adverse effect on the Fund. In the event that the Adviser has material non-public information about an underlying obligor, the Fund could be prohibited for a period of time from purchasing or selling the securities of the portfolio companies holding such obligation if the non-public information is material for both the underlying obligor and the portfolio companies. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to material non-public information in the possession of the Adviser, its affiliates or Other Accounts that might be relevant to an investment decision to be made by the Fund. In addition, Adviser or its affiliates, in an effort to avoid buying or selling restrictions on behalf of the Fund or Other Accounts, may choose to forego an opportunity to receive (or elect not to receive) information that other market participants or counterparties, including those with the same positions in the portfolio company as the Fund, are eligible to receive or have received, even if possession of such information would be advantageous to the Fund.

#### Service Providers and Counterparties
Certain third-party advisors and other service providers and vendors or their affiliates to the Fund and its portfolio companies (including accountants, administrators, paying agents, depositories, lenders, bankers, brokers, attorneys, consultants, title agents and investment or commercial banking firms) are owned by Diameter, the Fund or Other Accounts or provide goods or services to, or have other business, personal, financial or other relationships with, Diameter, the Other Accounts and/or their respective portfolio companies and affiliates and personnel. Such advisors and service providers referred to above may be investors in the Fund, affiliates of the Adviser, sources of financing and investment opportunities or co-investors or commercial counterparties or entities in which Diameter and/or Other Accounts have an investment, and payments by the Fund and/or such

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Diameter generally does not enter into any arrangements with advisors, vendors or service providers that provide lower rates or discounts to Diameter itself compared to those it enters into on behalf of the Fund and its portfolio companies for the same services. However, Diameter may receive a lower rate or discount in certain circumstances, including, but not limited to, with respect to legal fees for unconsummated transactions that are charged at a discounted rate, such that if the Fund and its portfolio companies consummate a higher percentage of transactions with a particular law firm than Diameter, Other Accounts or their respective portfolio companies, the shareholders of the Fund could indirectly pay a higher net effective rate for the services of that law firm than Diameter, the Other Accounts or their portfolio companies. Also, advisors, vendors and service providers often charge different rates or have different arrangements for different types of services. For example, advisors, vendors and service providers often charge fees based on the complexity of the matter as well as the expertise and time required to handle it. Therefore, to the extent the types of services used by the Fund and its portfolio companies are different from those used by Diameter, Other Accounts and their respective portfolio companies, and their affiliates and personnel, the Fund and its portfolio companies can be expected to pay different amounts or rates than those paid by such other persons. Similarly, Diameter, the Fund, the Other Accounts and their respective portfolio companies and affiliates can be expected to enter into agreements or other arrangements with vendors and other similar counterparties (whether such counterparties are affiliated or unaffiliated with Diameter) from time to time whereby such counterparty will, in certain circumstances, charge lower rates (or no fee) or provide discounts or rebates for such counterparty's products or services depending on certain factors, including without limitation the volume of transactions entered into with such counterparty by Diameter, the Fund and its portfolio companies in the aggregate or other factors.

Subject to applicable law, the Fund, Other Accounts and their respective portfolio companies are expected to enter into joint ventures with third parties to which the service providers and vendors described above will, in certain circumstances, provide services. In some of these cases, the third-party joint venture partner may negotiate to not pay its pro rata share of fees, costs and expenses to be allocated as described above, in which case the Fund, Other Accounts and their respective portfolio companies that also use the services of the portfolio company service provider will, directly or indirectly, pay the difference, or the portfolio company service provider will bear a loss equal to the difference.

Diameter may, from time to time, encourage service providers to funds and investments to use, generally at market rates and/or on arm's length terms (and/or on the basis of best execution, if applicable), the Diameter-affiliated service providers in connection with the business of the Fund, portfolio companies, and unaffiliated entities. This practice creates a conflict of interest because it provides an indirect benefit to Diameter in the form of added business for the Firm-affiliated service providers without any reduction to the Fund's management fee.

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For example, Diameter has made an equity investment, constituting less than 5% of the outstanding equity, in Siepe LLC, a vendor that provides IT and middle-office services related to loan trading and settlement as well as services related to tracking leverage facilities (the "Loan/IT Service Provider"). The Loan/IT Service Provider has entered into a services agreement with Diameter and its affiliates to provide IT and desktop support, and has entered into separate agreements with certain Advisory Clients, pursuant to which, for a fee payable by such Advisory Clients, the Loan/IT Service Provider will provide borrowing base and related calculations, loan middle office and settlement support to such Advisory Clients. Any arrangement between the Fund and an affiliated service provider, including Loan/IT Service Providers, will be approved by the Board in accordance with the requirements of the Investment Company Act. The Management Fees payable by the Advisory Clients will not be reduced by the amount of fees payable by the Advisory Clients to the Loan/IT Service Provider under the preceding agreements, since Diameter is not obligated under the respective investment management agreements to provide such services. Accordingly, Diameter will indirectly benefit economically through the arrangement between the Loan/IT Service Provider and the Advisory Clients, in that it will share in the profitability of the Loan/IT Service Provider as an equityholder. Diameter believes, however, that the fees charged to the Advisory Clients under their services agreements are reasonable in relation to the services provided and are comparable to what other third-party providers would charge.

Certain portfolio companies that provide services to the Fund, Other Accounts and/or portfolio companies or assets of the Fund and/or Other Accounts may be transferred between and among the Fund and/or Other Accounts (where the Fund may be a seller or a buyer in any such transfer) for minimal or no consideration (based on a third-party valuation confirming the same). Such transfers may give rise to actual or potential conflicts of interest for Diameter.

#### Investments by Senior Management and Key Employees in the Fund and Other Accounts
Certain senior management and key employees of the Adviser and its affiliates currently have investments in Other Accounts, and their investments can increase or decrease in the future in one or more such accounts. Such employees may or may not choose to make investments in the Fund. It is expected that the size and nature of these employee investments will change over time without notice to the Fund's shareholders. Investments by the senior management and key employees in the Fund and/or Other Accounts could incentivize the senior management and key employees to increase or decrease the risk profile of the Fund or the Other Accounts, or to choose to allocate certain investments to Other Accounts over the Fund and vice versa.

#### Investments in Securities by Adviser Personnel
The code of ethics of the Adviser places restrictions on personal trades by employees, including that they disclose their personal securities holdings and transactions to the Adviser on a periodic basis, and requires that employees pre-clear most types of personal securities transactions. None of the Adviser, its affiliates or its employees may invest on behalf of themselves in individual securities that would be appropriate for, held by, or may fall within the investment guidelines of the Fund without the consent of the Chief Compliance Officer or his or her designee.

The Adviser, its affiliates and its employees may give advice or take action for their own accounts that may differ from, conflict with or be adverse to advice given or action taken for the Fund. These activities may adversely affect the prices and availability of other securities held by or potentially considered for purchase by the Fund.

#### Personnel
The Adviser and its affiliates from time to time hire short-term or long-term personnel (including secondees and interns) who are employees, relatives of or are otherwise associated with an investor, portfolio company or a service provider. Although reasonable efforts are made to mitigate any potential conflicts of interest with respect to each particular situation, there is no guarantee that the Adviser can control for all such potential conflicts of interest, and there may continue to be an ongoing appearance of a conflict of interest. For example, certain

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employees and other professionals of Diameter have family members or relatives who are actively involved in the credit industry and/or have business, personal, financial or other relationships with companies in the credit industry (including the advisors and service providers described above), which gives rise to potential or actual conflicts of interest. For example, such family members or relatives might be employees, officers, directors or owners of companies or assets which are actual or potential investments of the Fund or other counterparties of the Fund and its portfolio companies and/or assets. Moreover, in certain instances, the Fund or its portfolio companies may purchase or sell companies or assets from or to, or otherwise transact with, companies that are owned by such family members or relatives or in respect of which such family members or relatives have other involvement. In most such circumstances, the Fund will not be precluded from undertaking any particular investment activity and/or transaction. To the extent the Adviser determines appropriate, conflict mitigation strategies may be put in place with respect to a particular circumstance, such as internal information barriers or recusal, disclosure or other steps determined to be appropriate by the Adviser.

The foregoing list of conflicts does not purport to be a complete enumeration or explanation of the actual and potential conflicts involved in an investment in the Fund. Although the various conflicts discussed herein are generally described separately, prospective investors should consider the potential effects of the interplay of multiple conflicts.

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#### DETERMINATION OF NET ASSET VALUE
The Fund calculates the NAV of each class of Common Shares as of the close of business on each day the NYSE is open for trading or at such times as the Board may determine. The NAV per share for each class of Common Shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made.

The Fund conducts the valuation of its investments, upon which its NAV is based, and accounts for all other assets and liabilities at all times consistent with U.S. Generally Accepted Accounting Principles ("GAAP") and the Investment Company Act. The Fund values its investments in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("ASC 820") and Rule 2a-5 under Investment Company Act, which defines fair value as the value of a portfolio investment for which market quotations are not readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable. ASC 820 prioritizes the use of observable market prices derived from such prices over entity-specific inputs. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a readily available market quotation for these investments existed, and these differences could be material.

Investments for which market quotations are readily available will typically be valued at those market quotations. To validate market quotations, we will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. To assess the continuing appropriateness of pricing sources and methodologies, the Adviser regularly performs price verification procedures and issues challenges as necessary to independent pricing services or brokers, and any differences are reviewed in accordance with the valuation procedures. The Adviser does not adjust the prices unless it has a reason to believe market quotations are not reflective of the fair value of an investment.

The prices provided by a nationally recognized pricing service are typically based on the mean of bid and ask prices for each investment for which market quotations are available. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrices, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Broker quotes may also be used to value investments. Equity securities for which market quotations are available are generally valued at the last sale price or official closing price on the primary market or exchange on which they trade. Futures contracts are ordinarily valued at the last sales price on the securities or commodities exchange on which they are traded. Written and purchased options are ordinarily valued at the closing price on the securities or commodities exchange on which they are traded.

In accordance with Rule 2a-5 under the Investment Company Act, the Board has designated the Adviser as the valuation designee to perform fair value determinations related to the Fund's investments, subject to the Board's oversight and periodic reporting requirements. Any investments and other assets for which such current market quotations are not readily available are valued at fair value ("Fair Valued Assets") as determined in good faith by a committee of the Adviser under the Fund's valuation procedures approved by, and under the general supervision and responsibility of, the Board. The pricing of all Fair Valued Assets and determinations thereof shall be reported by the Adviser as valuation designee to the Board at each regularly scheduled quarterly meeting. These valuation approaches involve some level of estimation and judgment, the degree of which is dependent on the price transparency for the investments or market and the investments' complexity. The valuation procedures may be modified from time to time.

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For investments without reliable market quotations, the Adviser will generally value such assets on a monthly (or in certain cases, where monthly valuations are not practicable, quarterly) basis with assistance from one or more independent valuation firms. Daily valuations made between these monthly (or quarterly) determinations will generally be at the most recent monthly (or in certain cases, quarterly) valuation, and the Adviser will monitor such assets on a daily basis for market related (generally credit spread driven) or investment specific events which would warrant a material change in valuation. If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will, pursuant to authority delegated by the Board, determine whether to update the daily value for each relevant investment, with assistance from one or more independent valuation firms, where applicable and as needed, in accordance with the Fund's valuation procedures, and if the Adviser determines such an update is necessary, will update such valuation as soon as reasonably practicable with the assistance of one or more independent valuation firms. Because such valuations are inherently uncertain, they often reflect only periodic information received by the Adviser about the underlying investments' operations, which may be on a lagged basis and therefore fluctuate over time and can be based on estimates.

As part of the valuation process, the Adviser will generally take into account relevant factors in determining the fair value of the Fund's investments for which reliable market quotations are not readily available, including and in combination, as relevant: (i) the nature and realizable value of any collateral; (ii) the underlying investment's ability to make payments based on its earnings and cash flow; (iii) the markets in which the underlying investment does business; and (iv) overall changes in the interest rate environment and the credit markets that may affect the price at which similar investments may be made in the future. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Adviser, with the assistance of independent valuation firms, considers whether the pricing indicated by the external event corroborates its valuation.

The most recently determined NAV per share for each class of Common Shares will be available daily on the Fund's website: www.diameterdynamiccredit.com.

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#### DISTRIBUTIONS
The Fund intends to distribute all or substantially all of its net earnings and realized gains, if any, in the form of dividends from net investment income ("dividends") and distributions of net realized capital gains ("capital gain distributions," and together with dividends, "distributions"). The Fund intends to declare dividends daily and distribute dividends to shareholders of record on a quarterly basis. Net realized capital gain distributions, if any, are usually declared and paid in December for the prior twelve-month period ending October 31. The Fund does not have a fixed distribution rate nor does it guarantee that it will pay any distributions in any particular period.

The Investment Company Act generally limits the Fund to one capital gain distribution per year, except for certain permitted distributions related to the Fund's qualification as a RIC. In addition, the Fund may pay a special distribution at the end of the calendar year to comply with applicable law.

The portion of distributions that exceeds the Fund's current and accumulated earnings and profits, which are calculated under tax principles, will constitute a non-taxable return of capital. If distributions in any tax year are less than the Fund's current earnings and profits but are in excess of net investment income and net realized capital gains, such excess is not treated as a non-taxable return of capital but rather may be taxable to shareholders at ordinary income rates even though it may economically represent a return of capital.

Various factors will affect the level of the Fund's income, including the asset mix, the average maturity of the Fund's portfolio and its use of hedging. To permit the Fund to maintain more stable quarterly distributions, the Fund may from time to time distribute more or less than the entire amount of income earned in a particular period. Any undistributed income would be available to supplement future distributions. As a result, the distributions paid by the Fund for any particular quarterly period may be more or less than the amount of income actually earned by the Fund during that period. Undistributed income will add to the Fund's NAV and, correspondingly, distributions from undistributed income will deduct from the Fund's NAV.

Under normal market conditions, the Adviser will seek to manage the Fund in a manner such that the Fund's distributions are reflective of the Fund's current and projected earnings levels. The distribution level of the Fund is subject to change based upon a number of factors, including the current and projected level of the Fund's earnings, and may fluctuate over time.

If a shareholder's Common Shares are accepted for repurchase in a quarterly repurchase offer, upon payment for such repurchased Common Shares, such repurchased Common Shares will no longer be considered outstanding and therefore will no longer be entitled to receive distributions from the Fund.

The Fund reserves the right to change its distribution policy and the basis for establishing the rate of its quarterly distribution declarations at any time and may do so without prior notice to common shareholders.

Shareholders will automatically have all dividends and distributions reinvested in Common Shares of the Fund issued by the Fund in accordance with the Fund's distribution reinvestment plan unless an election is made to receive cash. See "Distribution Reinvestment Plan".

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#### DISTRIBUTION REINVESTMENT PLAN
The Board adopted a DRIP, pursuant to which the Fund will reinvest all cash dividends or distributions declared by the Board on behalf of investors who do not elect to receive their cash dividends or distributions in cash as provided below. As a result, if the Board authorizes, and the Fund declares, a cash dividend or distribution, then Common Shareholders who have not elected to "opt out" of the DRIP will have their cash dividends or distributions automatically reinvested on behalf of such shareholder in additional Common Shares as described below.

Under the DRIP, no action is required on the part of a registered shareholder to have its cash dividend or other distribution reinvested in Common Shares. A registered shareholder will be able to elect to receive an entire cash dividend or distribution in cash by notifying the plan administrator, in writing, at Diameter Capital Partners, PO Box 219070, Kansas City, MO 64121-9070, so that notice is received by the plan administrator no later than 10 days prior to the record date for the cash dividend or distributions to the Common shareholders. The plan administrator will set up an account for Common Shares acquired through the plan for each shareholder who has not elected to receive cash dividends or distributions in cash and hold the Common Shares in non-certificated form.

The Fund expects to use primarily newly issued Common Shares to implement the DRIP.

The purchase price for Common Shares purchased under the DRIP will be equal to the most recent available NAV per share for such Common Shares on the date the distribution is paid.

The plan is terminable by the Fund upon notice in writing mailed to each shareholder of record at least 30 days prior to any record date for the payment of any cash dividend or distribution by the Fund.

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#### DESCRIPTION OF SHARES

#### Shares of Beneficial Interest
The Fund is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated as of May 2, 2025, and the Declaration of Trust. The Fund is authorized to issue an unlimited number of Shares. The Declaration of Trust provides that the Trustees may authorize one or more classes of Shares, with Shares of each such class or series having such preferences, voting powers, terms of repurchase, if any, and special or relative rights or privileges (including conversion rights, if any) as the Board may determine. The Board may from time to time, without a vote of the common shareholders, divide, combine or, prior to the issuance of Shares, reclassify the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares.

On November 18, 2025, the Fund was granted an exemptive order from the SEC to, among other things, issue multiple classes of Common Shares and to impose asset-based distribution fees and early-withdrawal fees as applicable. An investment in any Common Share class of the Fund represents an investment in the same assets of the Fund. However, the minimum investment amounts, sales loads, if applicable, and ongoing fees and expenses for each Common Share class may be different. The fees and expenses for the Fund are set forth in "Summary of Fund Fees and Expenses." The details of each class of Common Shares are set forth in "Plan of Distribution."

There is currently no market for the Common Shares, and the Fund does not expect that a market for the Common Shares will develop in the foreseeable future.

Any additional offerings of classes of Shares will require approval by the Board. Any additional offering of classes of Shares will also be subject to the requirements of the Investment Company Act, which provides that such Shares may not be issued at a price below the then current NAV, exclusive of the sales load, except in connection with an offering to existing holders of Shares or with the consent of a majority of the Fund's common shareholders.

The following table shows the amounts of Shares that have been authorized and outstanding as of December 29, 2025:

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| | | | |
|:---|:---|:---|:---|
| Title of Class | Amount Authorized | Amount Held by the<br>Fund or for its<br>Account | Amount Outstanding<br>Exclusive of Amount<br>Held by the Fund or<br>for its Account |
|  Common Shares, par value $0.001 per share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares | Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares | Unlimited |  | 10000 |

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#### Common Shares
Each Common Share has one vote and, when issued and paid for in accordance with the terms of this offering, will be fully paid and the purchasers of the Common Shares will have no obligation to make further payments for the purchase of the Common Shares or contributions to the Fund solely by reason of their ownership of the Common Shares in accordance with the Declaration of Trust, except that the Trustees shall have the power to cause shareholders to pay certain expenses of the Fund by setting off charges due from shareholders from declared but unpaid dividends or distributions owed the shareholders and/or by reducing the number of Common Shares owned by each respective shareholder, and except for the obligation to repay any funds wrongfully distributed. Distributions may be made to the holders of the Fund's Class A Shares and Class I Shares at the same time and in different per Common Share amounts on such Class A Shares and Class I Shares if, as

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and when authorized and declared by the Board. Although an investment in any class of Common Shares represents an investment in the same assets of the Fund, the purchase restrictions and ongoing fees and expenses for each share class are different, resulting in different NAVs and distributions for each class of Shares. See "Plan of Distribution."

If and whenever preferred shares ("Preferred Shares," and together with Common Shares, "Shares") are outstanding, the holders of Common Shares will not be entitled to receive any distributions from the Fund unless all accrued dividends on Preferred Shares have been paid, unless asset coverage (as defined in the Investment Company Act) with respect to Preferred Shares would be at least 200% after giving effect to the distributions and unless certain other requirements imposed by any rating agencies rating the Preferred Shares have been met. See "-Preferred Shares" below.

#### Preferred Shares
The Declaration of Trust provides that the Board may authorize the issuance of Preferred Shares, with rights as determined by the Board, by action of the Board without the approval of the holders of Common Shares. Holders of Common Shares have no preemptive right to purchase any Preferred Shares that might be issued.

Under the Investment Company Act, the Fund is not permitted to issue Preferred Shares unless immediately after such issuance the value of the Fund's total assets (minus any liabilities not representing senior securities) is at least 200% of the aggregate amount of senior securities representing indebtedness plus the liquidation value of the outstanding Preferred Shares (i.e., the liquidation value plus the amount of senior securities representing indebtedness may not exceed 50% of the Fund's total assets, after subtracting any liabilities not representing senior securities). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Shares unless, at the time of such declaration, the value of the Fund's total assets is at least 200% of such liquidation value. If the Fund issues Preferred Shares, it may be subject to restrictions imposed by guidelines of one or more rating agencies that may issue ratings for Preferred Shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act. It is not anticipated that these covenants or guidelines would impede the Adviser from managing the Fund's portfolio in accordance with the Fund's investment objective and policies.

Although the terms of any Preferred Shares that the Fund might issue in the future, including dividend rate, liquidation preference and repurchase provisions, will be determined by the Board, subject to applicable law and the Declaration of Trust, it is likely that any such Preferred Shares issued would be structured to carry a relatively short-term dividend rate reflecting interest rates on short-term debt securities, by providing for the periodic redetermination of the dividend rate at relatively short intervals through a fixed spread or remarketing procedure, subject to a maximum rate which would increase over time in the event of an extended period of unsuccessful remarketing. The Fund also believes that it is likely that the liquidation preference, voting rights and repurchase provisions of any such Preferred Shares would be similar to those stated below.

Liquidation Preference. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the holders of Preferred Shares will be entitled to receive a preferential liquidating distribution, which would be expected to equal the original purchase price per preferred share plus accrued and unpaid dividends, whether or not declared, before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the holders of preferred shares would not be entitled to any further participation in any distribution of assets by the Fund.

Voting Rights. The Investment Company Act requires that the holders of any Preferred Shares, voting separately as a single class, have the right to elect at least two Fund Trustees at all times. The remaining Fund Trustees will be elected by holders of Common Shares and Preferred Shares, voting together as a single class. In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding, the holders of any Preferred Shares have the right to elect a majority of the Fund Trustees at any time two years'

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dividends on any Preferred Shares are unpaid. The Investment Company Act also requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class, would be required to (1) adopt any plan of reorganization that would adversely affect the Preferred Shares, and (2) take any action requiring a vote of security holders under Section 13(a) of the Investment Company Act, including, among other things, changes in the Fund's sub-classification as a closed-end investment company or changes in its fundamental investment restrictions. See "Delaware Law and Certain Provisions in the Declaration of Trust". As a result of these voting rights, the Fund's ability to take any such actions may be impeded to the extent that there are any Preferred Shares outstanding. The Board presently intends that, except as otherwise indicated in this Prospectus and except as otherwise required by applicable law, holders of any Preferred Shares will have equal voting rights with holders of Common Shares (one vote per share, unless otherwise required by the Investment Company Act) and will vote together with holders of Common Shares as a single class.

The affirmative vote of the holders of a majority of any outstanding Preferred Shares, voting as a separate class, would be required to amend, alter or repeal any of the preferences, rights or powers of holders of Preferred Shares so as to affect materially and adversely such preferences, rights or powers, or to increase or decrease the authorized number of Preferred Shares. The class vote of holders of Preferred Shares described above would in each case be in addition to any other vote required to authorize the action in question.

Repurchase, Purchase and Sale of Preferred Shares by the Fund. The terms of any Preferred Shares are expected to provide that (1) they are repurchasable by the Fund in whole or in part at the original purchase price per share plus accrued dividends per share, (2) the Fund may tender for or purchase Preferred Shares and (3) the Fund may subsequently resell any shares so tendered for or purchased.

Liquidity Feature. Preferred shares may include a liquidity feature that allows holders of Preferred Shares to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. The Fund will pay a fee to the provider of this liquidity feature, which would be borne by common shareholders of the Fund. The terms of such liquidity feature may require the Fund to repurchase Preferred Shares still owned by the liquidity provider following a certain period of continuous, unsuccessful remarketing, which may adversely impact the Fund.

The discussion above describes the possible offering of Preferred Shares by the Fund. If the Board determines to proceed with such an offering, the terms of the Preferred Shares may be the same as, or different from, the terms described above, subject to applicable law and the Fund's Declaration of Trust. The Board, without the approval of the holders of Common Shares, may authorize an offering of Preferred Shares or may determine not to authorize such an offering, and may fix the terms of the Preferred Shares to be offered.

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#### DELAWARE LAW AND CERTAIN PROVISIONS IN THE DECLARATION OF TRUST
An investor in the Fund will be a shareholder of the Fund and such investor's rights in the Fund will be established and governed by the Declaration of Trust. Any prospective investors and their advisers should carefully review the Declaration of Trust as each shareholder will agree to be bound by its terms and conditions. The following is a summary description of additional items and of select provisions of the Declaration of Trust that may not be described elsewhere in this Prospectus. The description of such items and provisions is not definitive and reference should be made to the complete text of the Declaration of Trust.

#### Organization and Duration
The Fund was formed in Delaware on May 2, 2025, and will remain in existence until terminated in accordance with the Fund's Declaration of Trust or pursuant to Delaware law.

#### Purpose
Under the Declaration of Trust, the purpose of the Fund is to conduct, operate and carry on the business of an investment company within the meaning of the 1940 Act. The Fund is permitted to engage in any business activity that lawfully may be conducted by a statutory trust organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon the Fund pursuant to the agreements relating to such business activity.

#### Shareholders; Additional Classes of Common Shares
Persons who purchase Shares will be shareholders of the Fund. The Adviser may invest in the Fund as a shareholder.

In addition, to the extent permitted by the Investment Company Act and by the Fund's exemptive relief from the SEC, the Fund reserves the right to issue additional classes of Common Shares in the future subject to fees, charges, repurchase rights, and other characteristics different from those of the Common Shares offered in this Prospectus.

Each Common Share has one vote and, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. All classes of Common Shares are equal as to distributions, assets and voting privileges and have no conversion, preemptive or other subscription rights.

Any Common Shares held by a shareholder may be transferred only (1) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the shareholder or (2) with the written consent of the Adviser or its designated agents, which consent may be withheld in its or their sole discretion. In connection with any request to transfer Common Shares, the Fund may require the shareholder requesting the transfer to obtain, at the shareholder's expense, an opinion of counsel selected by the Trustees as to such matters as the Trustees may reasonably request.

Transferees will not be allowed to become substituted shareholders without the consent of the Adviser or its designated agents, which consent may be withheld in their sole discretion. A shareholder who transfers Common Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

#### Anti-Takeover Provisions in the Declaration of Trust
The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund, to change the composition of the Board or convert the Fund

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to open-end status. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office only by action taken by two-thirds of the remaining Trustees or by the holders of at least two-thirds of the outstanding Shares then entitled to vote in an election of such Trustee. The Trustees may also fill vacancies caused by enlargement of their number or by the death, resignation or removal of a Trustee. The Declaration of Trust, including the anti-takeover provisions contained therein, was considered and ratified by the Board.

#### Derivative Actions, Direct Actions and Exclusive Jurisdiction
The Declaration of Trust provides that a shareholder may bring a derivative action on behalf of the Fund, in addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, only if the following conditions are met: (i) the shareholder or shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees will only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Trustees will be entitled to retain counsel and other advisors in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Trustees determine not to bring such action. In addition, no shareholder may maintain a derivative action on behalf of the Fund unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action. Notwithstanding the foregoing, however, such provisions do not apply to any claims arising under U.S. federal securities law.

Further, in addition to all suits, claims or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, any claim that affects all shareholders of the Fund or any series or class equally, that is, proportionately based on their number of Shares in the Fund or in such series of class, must be brought as a derivative claim irrespective of whether such claim involves a violation of the shareholder's rights under the Declaration of Trust or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim. Notwithstanding the foregoing, however, such provision does not apply to any claims arising under U.S. federal securities law.

Under the Declaration of Trust, actions by shareholders against the Fund asserting a claim governed by Delaware law or the Fund's organizational documents must be brought in the Court of Chancery of the State of Delaware or any other court in the State of Delaware with subject matter jurisdiction. Shareholders also waive the right to jury trial to the fullest extent permitted by law. This exclusive jurisdiction provision may make it more expensive for a shareholder to bring a suit. Notwithstanding the foregoing, however, such provisions do not apply to any claims arising under U.S. federal securities law.

#### Number of Trustees; Vacancies; Removal
The Fund's Declaration of Trust provides that the number of Trustees shall be determined by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than two or more than fifteen. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of such Trustee's term.

Except as otherwise required by applicable requirements of the Investment Company Act and as may be provided by the Board in setting the terms of any class or series of Preferred Shares, pursuant to an election under the Fund's Declaration of Trust, any and all vacancies on the Board may be filled only by the affirmative

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vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trustee for whom the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the Investment Company Act. Independent Trustees will nominate replacements for any vacancies among the Independent Trustees' positions.

The Fund's Declaration of Trust provides that with respect to any Trustee of the Fund who is also an employee of the Adviser of the Fund or an affiliate of the Adviser, any such Trustee shall automatically be deemed removed as a Trustee of the Fund simultaneously with the cessation of such Trustee's employment with the Adviser or its affiliate (for any reason, including termination with or without cause). Except for the foregoing, any of the Trustees may be removed (i) at any meeting of Shareholders by a vote of not less than two-thirds of the outstanding voting Shares or (ii) with or without cause at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal will become effective.

The Fund has a total of five members of the Board, three of whom are Independent Trustees. The Fund's Declaration of Trust provides that a majority of its Board must be Independent Trustees. Each Trustee shall serve during the continued lifetime of the Fund until such Trustee dies, resigns or is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of such Trustee's successor.

#### Amendment of the Declaration of Trust
The Trustees may, without shareholder vote, amend or otherwise supplement the Declaration of Trust. Shareholders will only have the right to vote (i) on any amendment to the amendment provision in the Declaration of Trust, (ii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith, (iii) on any amendment submitted to them by the Trustees and (iv) on any matters where shareholder authorization is required by the Investment Company Act, in each case, subject to the terms of the Declaration of Trust.

#### Term, Dissolution, and Liquidation
Unless dissolved and terminated pursuant to the Declaration of Trust, the Fund shall continue indefinitely. The Board may, without approval of the shareholders, determine to liquidate the Fund as contemplated by Section 3808(e) of the Delaware Statutory Trust Act. After paying or adequately providing for the payment of all claims and obligations as required by Section 3808(e) of the Delaware Act, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining Fund property, in cash or in kind or partly each, among the Shareholders according to their respective rights. After the winding up and liquidation of the Fund, including the distribution to the shareholders of any assets of the Fund, a majority of the Trustees will execute and lodge among the records of the Fund an instrument in writing setting forth the fact of such termination and will execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Fund, the Trustees will thereupon be discharged from all further liabilities and duties under the Declaration of Trust, and the rights and interests of all shareholders will thereupon cease.

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#### CLOSED-END INTERVAL FUND STRUCTURE
The Fund is a non-diversified, closed-end management investment company (commonly referred to as a closed-end fund) that is operated as an interval fund. Closed-end funds differ from open-end funds (which are generally referred to as mutual funds) in that closed-end funds do not redeem their shares at the request of the shareholder. This means that if shareholders wish to sell their shares of a closed-end fund they must trade them on the stock exchange (if the closed-end fund's shares are listed on an exchange) like any other stock at the prevailing market price at that time. In a mutual fund, if the shareholder wishes to sell shares of the fund, the mutual fund will redeem or buy back the shares at NAV.

Also, mutual funds generally offer new shares on a continuous basis to new investors and closed-end funds generally do not. The continuous inflows and outflows of assets in a mutual fund can make it difficult to manage the Fund's investments. By comparison, closed-end funds are generally able to stay more fully invested in securities that are consistent with their investment objectives and also have greater flexibility to make certain types of investments and to use certain investment strategies, such as financial leverage and investments in illiquid securities.

Unlike traditional listed closed-end funds which list their common shares for trading on a securities exchange, the Common Shares of the Fund are not listed on any securities exchange. Notwithstanding that the Fund is structured as an "interval fund" and conducts periodic repurchase offers, investors should not expect to be able to sell their Common Shares when and/or in the amount desired, regardless of how the Fund performs. The Fund is designed for long-term investors and an investment in the Common Shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. Investors should consider that they may not have access to the money they invest. An investment in the Common Shares is not suitable for investors who need access to the money they invest.

Although the Fund's shareholders will have no right to redeem their Common Shares, the Fund conducts periodic repurchase offers as described below under "Periodic Repurchase Offers and Transfers of Shares." The Fund may also, from time to time, consider taking other corporate actions that the Board determines to be in the best interest of the Fund and its shareholders. Depending on the circumstances, economic and market conditions, and the availability of suitable options and alternatives, these actions could include, for example, a sale of all or substantially all of the Fund's assets either on a complete portfolio basis or individually followed by a liquidation, a merger of the Fund with another investment company, or converting the Fund into an open-end fund. The Fund would consider a variety of factors in determining whether to pursue a corporate action such as any of the foregoing, including shareholder feedback, the composition of its portfolio, portfolio performance, its financial condition, internal management considerations, existing economic and market conditions, the nature of available options and sales and repurchase trends with respect to the Common Shares. There can be no assurance that any such corporate action, even if considered, will be pursued or determined to be in the best interests of the Fund and its shareholders. In addition, certain of these corporate actions would require the approval of the Fund's shareholders.

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#### PERIODIC REPURCHASE OFFERS AND TRANSFERS OF SHARES

#### No Right of Redemption
No shareholder will have the right to require the Fund to redeem its Common Shares. No public market exists for the Common Shares, and none is expected to develop. Consequently, investors will not be able to liquidate their investment other than as a result of repurchases of Common Shares by the Fund, as described below.

#### Repurchase Offers
The Fund is an "interval fund," a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Common Shares at NAV, pursuant to Rule 23c-3 under the Investment Company Act, reduced by any applicable repurchase fee. Such policy may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the Investment Company Act).

Once each quarter, the Fund will offer to repurchase at NAV, less any repurchase fee (not to exceed 2% of the proceeds), no less than 5% and no more than 25% of the outstanding Common Shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). Shareholders will be notified in writing of each quarterly repurchase offer and the date the repurchase offer ends (the "Repurchase Request Deadline"). The NAV per share of repurchased Common Shares will be determined as of the close of regular trading on the NYSE on a day to be determined but no later than the 14<sup>th</sup> day after the Repurchase Request Deadline, or the next business day if the 14<sup>th</sup> day is not a business day (each a "Repurchase Pricing Date").

#### Determination of Repurchase Offer Amount
The Board, in its sole discretion, will determine the number of Common Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will not be less than 5% and no more than 25% of the total number of Common Shares outstanding on the Repurchase Request Deadline. For each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of each class of the Fund's outstanding Common Shares at the NAV applicable to each such class, which is the minimum amount permitted.

#### Notice to Shareholders
No less than 21 calendar days and no more than 42 calendar days before each Repurchase Request Deadline, the Fund will send to each shareholder of record and to each beneficial owner of the shares that are the subject of the repurchase offer a notification ("Shareholder Notification"). The Shareholder Notification will contain information shareholders should consider in deciding whether to tender their Common Shares for repurchase. The Shareholder Notification also will include the procedures on how to tender Common Shares for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the date by which the Fund will pay to shareholders the repurchase proceeds (the "Repurchase Payment Deadline"). The Shareholder Notification also 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 Repurchase Request Deadline will be strictly observed. If a shareholder fails to submit a repurchase request in good order by the Repurchase Request Deadline, the shareholder will be unable to liquidate Common Shares until a subsequent repurchase offer, and will have to resubmit a repurchase request in the next repurchase offer. Shareholders may withdraw or change a Repurchase Request with a proper instruction submitted in good form at any point before the Repurchase Request Deadline.

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#### Repurchase Price
The repurchase price of the Common Shares will be the Fund's NAV of the applicable class as of the close of regular trading on the NYSE on the Repurchase Pricing Date. During the period the offer to repurchase is open, shareholders may obtain the current NAV by calling 833-697-4987. The Fund's NAV can fluctuate daily, and the current NAV may differ from the NAV on the Repurchasing Price Date. The notice of the repurchase offer also will provide information concerning the NAV, such as the NAV as of a recent date or a sampling of recent NAVs, and a toll-free number for information regarding the repurchase offer.

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

There is no minimum number of Common Shares that must be tendered before the Fund will honor repurchase requests. If shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional number of Common Shares not to exceed 2% of the outstanding Common Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Common Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Common Shares on the Repurchase Request Deadline, the Fund will repurchase the Common Shares on a pro rata basis, provided, that the Fund may accept all Common Shares tendered by persons who own, in the aggregate, fewer than 100 Common Shares and who tender all of their Common Shares, before prorating Common Shares tendered by others. Affiliates of the Fund may own Common Shares and determine to participate in the Fund's repurchase offers, which may contribute to a repurchase offer being oversubscribed and the Fund effecting repurchases on a pro rata basis.

If any Common Shares tendered are not repurchased because of proration, shareholders will have to wait until the next repurchase offer and resubmit a new repurchase request, and such repurchase request will not be given any priority over other shareholders' requests. Thus, there is a risk that the Fund may not purchase all of the Common Shares a shareholder wishes to have repurchased in a given repurchase offer or in any subsequent repurchase offer. In anticipation of the possibility of proration, some shareholders may tender more Common Shares than they wish to have repurchased in a particular quarter, increasing the likelihood of proration.

If a shareholder's Common Shares are accepted for repurchase, upon payment for such repurchased Common Shares, such Common Shares will no longer be considered outstanding and such shares will cease to have any voting rights. Common Shares tendered pursuant to a repurchase offer will earn dividends declared to shareholders of record only through the date on which payment for repurchased Common Shares is made.

#### Suspension or Postponement of a 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 regulated investment company under the Code; (ii) for any period during which the NYSE or any market in 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 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 Fund shareholders.

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#### Liquidity Requirements
From the time that the notification 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 the Repurchase Offer Amount consists of assets: (i) 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 Deadline; or (ii) that mature by the next Repurchase Payment Deadline.

The Fund intends to finance repurchase offers with cash on hand, cash raised through borrowings, or the liquidation of portfolio securities. If the Fund is required to sell its more liquid, higher quality portfolio securities to purchase Common Shares that are tendered, remaining common shareholders will be subject to increased risk and increased Fund expenses as a percentage of net assets. See "Risks – Repurchase Offers Risk"

#### Early Repurchase Deduction
The Fund may impose a 2% Early Repurchase Deduction on Common Shares repurchased within one year. The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the Repurchase Pricing Date used in the repurchase of such Common Shares. Shareholders who are exchanging a class of the Fund's Common Shares for an equivalent aggregate NAV of another class of the Fund's Common Shares will not be subject to, and will not be treated as repurchases for the calculation of, the 5% quarterly calculation on repurchases and will not be subject to the Early Repurchase Deduction. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

The Fund may, from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described below):

• repurchases resulting from death, qualifying disability or divorce;

• in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance;

• due to trade or operational error; or

• repurchases of Common Shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Fund.

As set forth above, the Fund may waive the Early Repurchase Deduction in respect of repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person, including Common Shares held by such shareholder through a trust or an IRA or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the shareholder, the recipient of the Common Shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust, (ii) in the case of qualified disability, receiving written notice from such shareholder, provided that the condition causing the qualifying disability was not pre-existing on the date that the shareholder became a shareholder or (iii) in the case of divorce, receiving written notice from the shareholder of the divorce and the shareholder's instructions to effect a transfer of the Common Shares (through the repurchase of the Common Shares by the Fund and the subsequent purchase by the shareholder) to a different account held by the shareholder (including trust or an individual retirement account or other retirement or profit-sharing plan). The Fund must receive the written repurchase request within 12 months after the death of the shareholder, the initial determination of the shareholder's disability or divorce in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death, disability or divorce of a shareholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the shareholder. If spouses are joint registered holders of Common Shares, the request to have

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the Common Shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the shareholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death, disability or divorce does not apply.

#### Transfers of Shares
Any Common Shares held by a shareholder may be transferred only (1) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the shareholder or (2) with the written consent of the Adviser or its designated agents, which consent may be withheld in its or their sole discretion. In connection with any request to transfer Common Shares, the Fund may require the shareholder requesting the transfer to obtain, at the shareholder's expense, an opinion of counsel selected by the Fund or its agents as to such matters as may reasonably be requested.

Transferees will not be allowed to become substituted shareholders without the consent of the Adviser or its designated agents, which consent may be withheld in their sole discretion. A shareholder who transfers Common Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund or any administrator in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy or incompetence of any shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Fund, but until such record is made, the shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Fund shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

**No shareholder of the Fund will be subject in such capacity to any personal liability whatsoever to any person in connection with Fund's property or the acts, obligations or affairs of the Fund. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Fund will be subject in such capacity to any personal liability whatsoever to any person, save only liability to the Fund or its shareholders arising from bad faith, willful misconduct, gross negligence or reckless disregard for his duty to such person; and, subject to the foregoing exception, all such persons shall look solely to the Fund's property for satisfaction of claims of any nature arising in connection with the affairs of the Fund. If any shareholder, Trustee or officer, as such, of the Fund, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he will not, on account thereof, be held to any personal liability.** 

#### Redemption of Senior Securities; Tax Considerations; Fund Expenses
The Fund may not purchase Shares to the extent such purchases would result in the asset coverage with respect to any indebtedness or preferred equity being reduced below the asset coverage requirement set forth in the Investment Company Act. Accordingly, in order to purchase all Shares tendered, the Fund may have to repay or redeem all or part of any then outstanding indebtedness or preferred equity to maintain the required asset coverage.

The repurchase of tendered Shares by the Fund is generally a taxable event to common shareholders. See "Certain U.S. Federal Income Tax Matters".

The Fund pays all costs and expenses associated with the making of any periodic repurchase offer. Selected securities dealers or other financial intermediaries may charge a processing fee to confirm a repurchase of Shares pursuant to a periodic repurchase offer.

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#### CERTAIN U.S. FEDERAL INCOME TAX MATTERS
The following discussion is a general summary of certain U.S. federal income tax considerations applicable to the Fund and the purchase, ownership and disposition of the Shares. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to common shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold the Shares as capital assets. A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation (or other U.S. entity treated as a corporation for U.S. federal income tax purposes), an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, partnerships or other pass-through entities (or investors therein), U.S. shareholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold the Shares as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. In addition, this discussion does not address U.S. federal estate or gift taxes, the application of the Medicare tax on net investment income or the U.S. federal alternative minimum tax, or any tax consequences attributable to persons being required to accelerate the recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial statement. Prospective investors should consult their tax advisors with regard to the U.S. federal tax consequences of the purchase, ownership, or disposition of the Shares, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

#### Taxation as a Regulated Investment Company
The Fund intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code.

To qualify for the favorable tax treatment accorded to RICs under Subchapter M of the Code, the Fund must, among other things: (1) have filed with its return for the taxable year an election to be a RIC or have made such election for a previous taxable year; (2) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or 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 (b) net income derived from an interest in certain publicly-traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly-Traded Partnership") (collectively, the "90% Gross Income Test"); and (3) diversify its holdings so that, at the end of each quarter of each taxable year of the Fund (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities for purposes of this calculation limited, in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly-Traded Partnerships (described in 2(b) above) (collectively, the "Diversification Tests").

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As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least 90% of the sum of its investment company taxable income (which is generally its net ordinary income plus the excess, if any, of its net short term capital gains in excess of its net long-term capital losses), determined without regard to any deduction for dividends paid, and its net tax-exempt income for such taxable year. Generally, the Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gains, if any.

The Fund may have investments, either directly or indirectly, that require income to be included in investment company taxable income in a year prior to the year in which the Fund actually receives a corresponding amount of cash in respect of such income. For example, if the Fund holds, directly or indirectly, corporate stock with respect to which Section 305 of the Code requires inclusion in income of amounts of deemed dividends even if no cash distribution is made, the Fund must include in its taxable income in each year the full amount of its applicable share of these deemed dividends. Additionally, if the Fund holds, directly or indirectly, debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount ("OID") (such as debt instruments with "payment in kind" interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Fund must include in its taxable income in each year a portion of the OID that accrues over the life of the obligation, regardless of whether the Fund receives cash representing such income in the same taxable year. The Fund may also have to include in its taxable income other amounts that it has not yet received in cash but has been allocated and in certain situations where the Fund owns, directly or indirectly, an interest in a partnership that does not have a Section 754 election in effect.

As a RIC, the Fund is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's expenses in a given taxable year exceed its investment company taxable income, it will have a net operating loss for that year. However, the Fund is not permitted to carry forward net operating losses to subsequent taxable years, and such net operating losses generally will not pass through to the Fund's shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, and may not be used to offset net capital gain. As a RIC, the Fund may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset investment company taxable income, but may carry forward those losses, and use them to offset future capital gains, indefinitely.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years (together, the "<u>Excise Tax Distribution Requirements</u>"). In order to meet the Excise Tax Distribution Requirement for a particular year, the Fund will need to receive certain information, which it may not timely receive, in which case the Fund will need to estimate the amount of distributions it needs to make to meet the Excise Tax Distribution Requirement. If the Fund underestimates that amount, it will be subject to the excise tax. For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

In addition to the Excise Tax Distribution Requirements, the other requirements for qualification of the Fund as a RIC requires that the Fund obtain information from or about the underlying investments in which the Fund is invested. Certain issuers may not provide information sufficient to ensure that the Fund qualifies as a RIC under the Code. If the Fund does not receive sufficient information from such issuers, the Fund risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income.

The Fund may make investments through entities 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

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partnership taxable as a corporation, is not itself subject to U.S. 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. For the purpose of determining whether the Fund satisfies the 90% Gross Income Test and the Diversification Tests, the character of the Fund's distributive share of items of income, gain, losses, deductions and credits derived through any investments in companies that are treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships) or are otherwise treated as disregarded from the Fund for U.S. federal income tax purposes, generally will be determined as if the Fund realized these tax items directly. In order to meet the 90% Gross Income Test, the Fund may structure certain of its investments in a way that could increase the taxes imposed thereon or in respect thereof. For example, the Fund may hold such investments through one or more Subsidiary U.S. or non-U.S. corporation(s) (or other entity treated as such for U.S. tax purposes). In such a case, any income from such investments should not adversely affect the Fund's ability to meet the 90% Gross Income Test, although such income may be subject to U.S. or non-U.S. tax depending on the circumstances, which the Fund would indirectly bear through its ownership of such Subsidiary corporation(s). The Fund's need to hold such investments through such U.S. or non-U.S. corporation(s) in order to satisfy the 90% Gross Income Test may, however, jeopardize its ability to satisfy the Diversification Tests, which may make it difficult for the Fund to qualify as a RIC for U.S. federal income tax purposes.

Further, for purposes of calculating the value of the Fund's investments in the securities of an issuer for purposes of determining the 25% requirement of the Diversification Tests, the Fund's proper proportion of any investment in the securities of that issuer that are held by a member of the Fund's controlled group must be aggregated with the Fund's investment in that issuer. A controlled group is one or more chains of corporations connected through stock ownership with the Fund if (a) at least 20% of the total combined voting power of all classes of voting stock of each of the corporations is owned directly by one more of the other corporations, and (b) the Fund directly owns at least 20% or more of the combined voting stock of at least one of the other corporations.

Additionally, while the Fund generally intends to qualify as a RIC for each taxable year, it is possible that it may not satisfy the diversification requirements described above, and thus may not qualify as a RIC, for its first short taxable year. In such case, however, the Fund anticipates that the associated tax liability would not be material, and that such non-compliance would not have a material adverse effect on the Fund's business, financial condition and results of operations, although there can be no assurance in this regard.

The Fund may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillback dividend" provisions of Subchapter M of the Code. If the Fund makes a spillback dividend, the amounts will be included in a shareholder's gross income for the year in which the spillback dividend is paid. However, a distribution 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.

#### Failure to Qualify as a Regulated Investment Company
If the Fund, otherwise qualifying as a RIC, fails to satisfy the 90% Gross Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, the Fund may continue to be taxed as a RIC for the relevant taxable year if certain relief provisions of the Code apply (which might, among other things, require the Fund to pay certain corporate-level U.S. federal taxes or to dispose of certain assets). If the Fund fails to qualify as a RIC for more than two consecutive taxable years and then seeks to re-qualify as a RIC, the Fund would generally be required to recognize gain to the extent of any unrealized appreciation in its assets unless the Fund elects to pay U.S. corporate income tax on any such unrealized appreciation during the succeeding 5-year period.

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If the Fund fails to qualify for treatment as a RIC in any taxable year and is not eligible for relief provisions, the Fund would be subject to U.S. federal income tax on all of its taxable income at the regular corporate U.S. federal income tax rate and would be subject to any applicable state and local taxes, regardless of whether the Fund makes any distributions to shareholders. Additionally, the Fund would not be able to deduct distributions to its shareholders, nor would distributions to shareholders be required to be made for U.S. federal income tax purposes. Any distributions the Fund makes generally would be taxable to shareholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the current maximum rate applicable to qualifying dividend income of individuals and other non-corporate U.S. shareholders, to the extent of the Fund's current or accumulated earnings and profits. Subject to certain limitations under the Code, U.S. shareholders that are corporations for U.S. federal income tax purposes would be eligible for the dividends-received deduction. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the holder's adjusted tax basis in the Fund's Shares, and any remaining distributions would be treated as capital gain.

The remainder of this discussion assumes that the Fund will qualify as a RIC and have satisfied the distribution requirement set forth above.

#### Distributions
Distributions to shareholders by the Fund of ordinary income (including "market discount" realized by the Fund on the sale of debt securities), and of net short-term capital gains, if any, realized by the Fund will generally be taxable to shareholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as "capital gain dividends" will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Shares. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder's basis in his or her Shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Shares. Distributions paid by the Fund generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the DRIP. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares (or cash that would have been received if the shareholder elected to reach such distribution as cash). The additional shares received by a shareholder pursuant to the DRIP will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder's account.

The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of his pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long- term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain and (iii) increase the tax basis for its Common Shares by an amount equal to the deemed distribution less the tax credit.

The Internal Revenue Service currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, if the Fund issues Preferred Shares, the Fund intends to allocate capital gain dividends, if any, between its Common Shares and Preferred Shares in proportion to the total dividends paid to each class with respect to such tax year. Shareholders will be notified annually as to the U.S. federal tax status of distributions.

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The Fund expects to be treated as a "publicly offered regulated investment company." As a "publicly offered regulated investment company," in addition to the Fund's DRIP, the Fund may choose to pay a majority of a required dividend in Shares rather than cash. In order for the distribution to qualify for the Annual Distribution Requirement, the dividend must be payable at the election of each Shareholder in cash or Shares (or a combination of the two), but may have a "cash cap" that limits the total amount of cash paid to not less than 20% of the entire distribution. If Shareholders in the aggregate elect to receive an amount of cash greater than the Fund's cash cap, then each Shareholder who elected to receive cash will receive a pro rata share of the cash and the rest of their distribution in Shares of the Fund.

The Internal Revenue Service has also issued private letter rulings on cash/share dividends paid by RICs and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Shareholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in shares) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of our current or accumulated earnings and profits for federal income tax purposes. As a result, shareholders could be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear to what extent the Fund will be able to pay taxable dividends in cash and shares (whether pursuant to IRS Revenue Procedures, a private letter ruling or otherwise).

If an investor purchases shares in the Fund shortly before the record date of a distribution, the price of the shares will generally include the value of the distribution and the investor will be subject to tax on the distribution even though it represents a return of its investment.

U.S. shareholders who have not "opted-out" of the Fund's DRIP will have their cash dividends and distributions net of any applicable U.S. withholding tax, including any amounts withheld for which a refund is available by filing a U.S. federal income tax return, automatically reinvested in additional Shares, rather than receiving cash dividends and distributions. Any dividends or distributions reinvested under the plan will nevertheless remain taxable to U.S. shareholders. A U.S. shareholder will have an adjusted basis in the additional Shares purchased through the DRIP equal to the dollar amount that would have been received if the U.S. shareholder had received the dividend or distribution in cash, unless the Fund were to issue new Shares that are trading at or above net asset value, in which case, the U.S. shareholder's basis in the new Shares would generally be equal to their fair market value. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to the U.S. shareholder's account.

#### Sale or Exchange of Shares
Upon the sale or other disposition of the Shares (except pursuant to a repurchase by the Fund, as described below), a shareholder will generally realize a capital gain or loss in an amount equal to the difference between the amount realized and the shareholder's adjusted tax basis in the Shares sold. Such gain or loss will be long-term or short-term, depending upon the shareholder's holding period for the Shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if the Shares have been held for more than one year. For non-corporate taxpayers, long-term capital gains are currently eligible for reduced rates of taxation.

No loss will be allowed on the sale or other disposition of Shares if the owner acquires (including pursuant to the DRIP) or enters into a contract or option to acquire securities that are substantially identical to such shares within 30 days before or after the disposition. In such a case, the basis of the securities acquired will be adjusted to reflect the disallowed loss. Losses realized by a shareholder on the sale or exchange of Shares held for six months or less are treated as long-term capital losses to the extent of any distribution of long-term capital gain received (or amounts designated as undistributed capital gains) with respect to such shares.

The Fund is an interval fund, a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value. Shareholders who tender all Shares of the Fund held, or considered to be held, by them

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will be treated as having sold their Shares and generally will realize a capital gain or loss (i.e., "Sale or Exchange Treatment" as discussed below). If a shareholder tenders fewer than all of its Shares or fewer than all Shares tendered are repurchased, such shareholder may be treated as having received a taxable dividend upon the tender of its Shares (i.e., "Distribution Treatment" as discussed below). In such a case, there is a risk that non-tendering shareholders, and shareholders who tender some but not all of their Shares or fewer than all of whose Shares are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Fund.

Sale or Exchange Treatment. In general, the tender and repurchase of the Shares should be treated as a sale or exchange of the Shares by a U.S. shareholder if the receipt of cash:

• results in a "complete termination" of such U.S. shareholder's ownership of Shares in the Fund;

• results in a "substantially disproportionate" redemption with respect to such U.S. shareholder; or

• is "not essentially equivalent to a dividend" with respect to the U.S. shareholder.

In applying each of the tests described above, a U.S. shareholder must take account of Shares that such U.S. shareholder constructively owns under detailed attribution rules set forth in the Code, which generally treat the U.S. shareholder as owning Shares owned by certain related individuals and entities, and Shares that the U.S. shareholder has the right to acquire by exercise of an option, warrant or right of conversion. U.S. shareholders should consult their tax advisers regarding the application of the constructive ownership rules to their particular circumstances.

A sale of Shares pursuant to a repurchase of Shares by the Fund generally will result in a "complete termination" if either (i) the U.S. shareholder owns none of the Fund's Shares, either actually or constructively, after the Shares are sold pursuant to a repurchase, or (ii) the U.S. shareholder does not actually own any of the Shares immediately after the sale of Shares pursuant to a repurchase and, with respect to Shares constructively owned, is eligible to waive, and effectively waives, constructive ownership of all such Shares. U.S. shareholders wishing to satisfy the "complete termination" test through waiver of attribution should consult their tax advisers.

A sale of Shares pursuant to a repurchase of Shares by the Fund will result in a "substantially disproportionate" redemption with respect to a U.S. shareholder if the percentage of the then outstanding Shares actually and constructively owned by such U.S. shareholder immediately after the sale is less than 80% of the percentage of the Shares actually and constructively owned by such U.S. shareholder immediately before the sale. If a sale of Shares pursuant to a repurchase fails to satisfy the "substantially disproportionate" test, the U.S. shareholder may nonetheless satisfy the "not essentially equivalent to a dividend" test.

A sale of Shares pursuant to a repurchase of Shares by the Fund will satisfy the "not essentially equivalent to a dividend" test if it results in a "meaningful reduction" of the U.S. shareholder's proportionate interest in the Fund. A sale of Shares that actually reduces the percentage of the Fund's outstanding Shares owned, including constructively, by such Shareholder would likely be treated as a "meaningful reduction" even if the percentage reduction is relatively minor, provided that the U.S. shareholder's relative interest in Shares of the Fund is minimal (e.g., less than 1%) and the U.S. shareholder does not exercise any control over or participate in the management of the Fund's corporate affairs. Any person that has an ownership position that allows some exercise of control over or participation in the management of corporate affairs will not satisfy the meaningful reduction test unless that person's ability to exercise control over or participate in management of corporate affairs is materially reduced or eliminated.

Substantially contemporaneous dispositions or acquisitions of Shares by a U.S. shareholder or a related person that are part of a plan viewed as an integrated transaction with a repurchase of Shares may be taken into account in determining whether any of the tests described above are satisfied.

If a U.S. shareholder satisfies any of the tests described above, the U.S. shareholder will recognize gain or loss in an amount equal to the difference, if any, between the amount of cash received and such U.S.

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shareholder's tax basis in the repurchased Shares. Any such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the holding period of the Shares exceeds one year as of the date of the repurchase. Specified limitations apply to the deductibility of capital losses by U.S. shareholders. However, if a U.S. shareholder's tendered and repurchased Shares have previously paid a long-term capital gain distribution (including, for this purpose, amounts credited as an undistributed capital gain) and such Shares were held for six months or less, any loss realized will be treated as a long-term capital loss to the extent that it offsets the long-term capital gain distribution.

Any loss realized on a sale or exchange will be disallowed to the extent the Shares disposed of are replaced within a 61-day period beginning 30 days before and ending 30 days after the disposition of the Shares. In such a case, the basis of the Shares acquired will be increased to reflect the disallowed loss.

Distribution Treatment. If a U.S. shareholder does not satisfy any of the tests described above, and therefore does not qualify for sale or exchange treatment, the U.S. shareholder may be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the U.S. shareholder's tax basis in the relevant Shares. The amount of any distribution in excess of the Fund's current and accumulated earnings and profits, if any, would be treated as a non-taxable return of investment to the extent, generally, of the U.S. shareholder's basis in the Shares remaining. If the portion not treated as a dividend exceeds the U.S. shareholder's basis in the Shares remaining, any such excess will be treated as capital gain from the sale or exchange of the remaining Shares. Any such gain will be capital gain and will be long-term capital gain if the holding period of the Shares exceeds one year as of the date of the exchange. If the tendering U.S. shareholder's tax basis in the Shares tendered and repurchased exceeds the total of any dividend and return of capital distribution with respect to those Shares, the excess amount of basis from the tendered and repurchased Shares will be reallocated pro rata among the bases of such U.S. shareholder's remaining Shares.

Provided certain holding period and other requirements are satisfied, certain non-corporate U.S. shareholders generally will be subject to U.S. federal income tax at a maximum rate of 20% on amounts treated as a dividend. This reduced rate will apply to: (i) 100% of the dividend if 95% or more of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) in that taxable year is attributable to qualified dividend income; or (ii) the portion of the dividends paid by the Fund to an individual in a particular taxable year that is attributable to qualified dividend income received by the Fund this year if such qualified dividend income accounts for less than 95% of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gains from such sales exceeds net long-term capital loss from such sales) for that taxable year. Such a dividend will be taxed in its entirety, without reduction for the U.S. shareholder's tax basis of the repurchased Shares. To the extent that a tender and repurchase of a U.S. shareholder's Shares is treated as the receipt by the U.S. shareholder of a dividend, the U.S. shareholder's remaining adjusted basis (reduced by the amount, if any, treated as a return of capital) in the tendered and repurchased Shares will be added to any Shares retained by the U.S. shareholder.

To the extent that cash received in exchange for Shares is treated as a dividend to a corporate U.S. shareholder, (i) it may be eligible for a dividends-received deduction to the extent attributable to dividends received by the Fund from domestic corporations, and (ii) it may be subject to the "extraordinary dividend" provisions of the Code. Corporate U.S. shareholders should consult their tax advisors concerning the availability of the dividends-received deduction and the application of the "extraordinary dividend" provisions of the Code in their particular circumstances.

If the sale of Shares pursuant to a repurchase of Shares by the Fund is treated as a dividend to a U.S. shareholder rather than as an exchange, the other shareholders, including any non-tendering shareholders, could be deemed to have received a taxable stock distribution if such shareholder's interest in the Fund increases as a result of the repurchase. This deemed dividend would be treated as a dividend to the extent of current or

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accumulated earnings and profits allocable to it. A proportionate increase in a U.S. shareholder's interest in the Fund will not be treated as a taxable distribution of Shares if the distribution qualifies as an isolated redemption of Shares as described in U.S. Treasury regulations. All shareholders are urged to consult their tax advisors about the possibility of deemed distributions resulting from a repurchase of Shares by the Fund.

Publicly Offered Regulated Investment Company Status. A "publicly offered regulated investment company" or "publicly offered RIC" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. The Fund expects to qualify as a publicly offered RIC. There can be no assurances that the Fund will be treated as a publicly offered RIC in its first or second taxable year. If the Fund is a RIC that is not a publicly offered RIC for any period, a non-corporate shareholder's allocable portion of its affected expenses, including its management fees, will be treated as an additional distribution to the shareholder and will be treated as miscellaneous itemized deductions that are deductible only to the extent permitted by applicable law. Under current law, such expenses will not be deductible by any such shareholder for tax years that begin prior to January 1, 2026 and are deductible subject to limitation thereafter.

#### Nature of the Fund's Investments
Certain hedging and derivatives transactions are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gain into higher- taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the intended characterization of certain complex financial transactions and (vii) produce income that will not be treated as qualifying income for purposes of the 90% gross income test described above.

These rules could therefore affect the character, amount and timing of distributions to shareholders and the Fund's status as a RIC. The Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these provisions.

#### Below Investment Grade Instruments
The Fund expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, to preserve its status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

#### Original Issue Discount
For federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which the Fund does not receive a corresponding payment in cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest (i.e., interest paid with additional securities or equity instead of cash) or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), the Fund must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Fund in the same taxable year.

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Because any original issue discount will be included in the Fund's investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to its shareholders in order to satisfy the annual distribution requirement, even though the Fund will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. The Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may not qualify for or maintain RIC tax treatment and thus the Fund may become subject to corporate-level income tax.

#### Market Discount
In general, the Fund will be treated as having acquired a security with market discount if its stated redemption price at maturity (or, in the case of a security issued with original issue discount, its revised issue price) exceeds the Fund's initial tax basis in the security by more than a statutory de minimis amount. The Fund will be required to treat any principal payments on, or any gain derived from the disposition of, any securities acquired with market discount as ordinary income to the extent of the accrued market discount, unless the Fund makes an election to accrue market discount on a current basis. If this election is not made, all or a portion of any deduction for interest expense incurred to purchase or carry a market discount security may be deferred until the Fund sells or otherwise disposes of such security.

#### Currency Fluctuations
Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency, foreign currency forward contracts, certain foreign currency options or futures contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

#### Non-U.S. Investments
The Fund's investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, the Fund's yield on those securities would be decreased. Shareholders generally will not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Fund.

If the Fund purchases shares in a "passive foreign investment company" under the Code ("PFIC"), the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or any gain from the disposition of, such shares even if the Fund distributes such income as a taxable dividend to Shareholders. Additional charges in the nature of interest generally will be imposed on the Fund in respect of deferred taxes arising from any such excess distribution or gain. If the Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Fund will be required to include in gross income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Any inclusions in the Fund's gross income resulting from the QEF election will be considered qualifying income for the purposes of the 90% Gross Income Test. Alternatively, the Fund may elect to mark-to-market at the end of each taxable year its shares in such PFIC, in which case, the Fund will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in its income. The Fund's ability to make either election will depend on factors beyond the Fund's control, and is subject to restrictions which may limit the availability of the benefit of these elections. Under either election, the Fund may be required to recognize in any year income in excess of its distributions from PFICs and its proceeds from dispositions of

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PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether the Fund satisfies the Excise Tax Distribution Requirements.

If the Fund holds more than 10% of the shares in a foreign corporation that is treated as a "controlled foreign corporation" under the Code ("CFC"), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income or, if eligible, the preferential rates that apply to "qualified dividend income") each year from such foreign corporation in an amount equal to its pro rata share of the foreign corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the foreign corporation makes an actual distribution during such year. This deemed distribution is required to be included in the income of a U.S. shareholder of a CFC. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. shareholders. A "U.S. shareholder," for this purpose, is any U.S. person that owns (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such distribution in its investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income to satisfy the Annual Distribution Requirement and the Excise Tax Distribution Requirement. Income inclusions from a foreign corporation that is a CFC are "good income" for purposes of the 90% Gross Income Test regardless of whether the Fund receives timely distributions of such income from the foreign corporation.

Non-U.S. Currency

The Fund's functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income, expenses or other liabilities denominated in a currency other than the U.S. dollar and the time it actually collects such income or pay such expenses or liabilities are generally treated as ordinary income or loss by the Fund. Similarly, gains or losses on foreign currency forward contracts, the disposition of debt denominated in a foreign currency and other financial transactions denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also generally treated as ordinary income or loss.

#### Preferred Shares or Borrowings
If the Fund utilizes leverage through the issuance of preferred shares or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, dividends on shares in certain circumstances. Limits on the Fund's payments of dividends on shares may prevent the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.

#### Backup Withholding
The Fund or other applicable withholding agent may be required to withhold U.S. federal income tax from all distributions and redemption proceeds payable to U.S. shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Certain shareholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service.

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#### U.S. Tax Exempt Shareholders
Under current law, the Fund generally serves to prevent the attribution of unrelated business taxable income ("UBTI") from being realized by its U.S. tax-exempt shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a U.S. tax-exempt shareholder could realize UBTI by virtue of its investment in Shares if such U.S. tax-exempt shareholder borrows to acquire its Shares. U.S. tax-exempt shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

#### Foreign Shareholders
U.S. taxation of a shareholder who is not a U.S. shareholder (such as a nonresident alien individual, a non-U.S. trust or estate or a non-U.S. corporation, as defined for U.S. federal income tax purposes) (a "non-U.S. shareholder"), depends on whether the income from the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the non-U.S. shareholder, distributions of investment company taxable income will be subject to a U.S. tax of 30% (or lower treaty rate, if applicable), which tax is generally withheld from such distributions. However, dividends paid by the Fund that are "interest-related dividends" or "short-term capital gain dividends" will generally be exempt from such withholding, in each case to the extent the Fund properly reports such dividends to shareholders. For these purposes, interest-related dividends and short- term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly by a non-U.S. shareholder, and that satisfy certain other requirements. Nevertheless, in the case of the Shares are held through an intermediary, the intermediary could withhold U.S. federal income tax even if the Fund reported the payment as having been derived from "interest-related dividends" or "short-term capital gain dividends." Moreover, depending on the circumstances, the Fund could report all, some or none of its potentially eligible dividends as derived from "interest-related dividends" or "short-term capital gain dividends," or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. A non-U.S. shareholder whose income from the Fund is not "effectively connected" with a U.S. trade or business would generally be exempt from U.S. federal income tax on capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of shares. However, a non-U.S. shareholder who is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements will nevertheless be subject to a U.S. tax of 30% on such capital gain dividends, undistributed capital gains and gains realized upon the sale, exchange or other disposition of shares.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. shareholder, then distributions of investment company taxable income, any capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale, exchange or other disposition of shares will be subject to U.S. federal income tax at the graduated rates applicable to U.S. citizens, residents or domestic corporations. Non-U.S. corporate shareholders may also be subject to the branch profits tax imposed by the Code.

The Fund may be required to withhold from distributions that are otherwise exempt from U.S. federal withholding tax (or taxable at a reduced treaty rate, if applicable) unless the non-U.S. shareholder certifies his or her non-U.S. status under penalties of perjury or otherwise establishes an exemption.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein.

Non-U.S. shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

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#### Additional Withholding Requirements
Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends that the Fund pays to (i) a "foreign financial institution" (as specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless such foreign financial institution agrees to verify, report and disclose its U.S. "account" holders (as specifically defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such nonfinancial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each such substantial U.S. owner and certain other specified requirements are met. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Shareholders should consult their own tax advisor regarding FATCA and whether it may be relevant to their ownership and disposition of the Shares.

#### Loss Reportable Transaction
Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the Internal Revenue Service a disclosure statement on Internal Revenue Service 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 Taxation
Shareholders may be subject to state, local and non-U.S. taxes on their distributions from the Fund. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

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#### CERTAIN ERISA CONSIDERATIONS
The following is a summary of certain considerations associated with an investment in Common Shares by (i) "employee benefit plans" within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("ERISA") that are subject to Title I of ERISA, (ii) plans, individual retirement accounts ("IRAs") and other arrangements that are subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") or provisions under any federal, state, local, non-U.S. or other laws or regulations that are similar to the fiduciary responsibility and/or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code (collectively, "Other Plan Laws"), and (iii) entities whose underlying assets are considered to include the assets of any of the foregoing described in clauses (i) or (ii) pursuant to ERISA or other applicable law (each of the foregoing described in clauses (i), (ii) and (iii) referred to herein as a "Plan").

#### General Fiduciary Matters
ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan which is a "benefit plan investor" within the meaning of Section 3(42) of ERISA (a "Benefit Plan Investor") and prohibit certain transactions involving the assets of Benefit Plan Investor and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of a Benefit Plan Investor or the management or disposition of the assets of a Benefit Plan Investor, or who renders investment advice for a fee or other compensation to a Benefit Plan Investor, is generally considered to be a fiduciary of the Benefit Plan Investor. The term Benefit Plan Investor is generally defined to include (a) "employee benefit plans" within the meaning of Section 3(3) of ERISA that are subject to Title I of ERISA, (b) "plans" within the meaning of, and subject to, Section 4975 of the Code (including "Keogh" plans and IRAs), and (c) entities whose underlying assets are considered to constitute the assets of any of the foregoing described in clauses (a) and/or (b) above (e.g., an entity of which 25% or more of the total value of any class of equity interests is held by Benefit Plan Investors and which does not satisfy another exception under ERISA).

In considering an investment in Commons Shares with the assets of any Plan, a fiduciary should determine whether the investment is in accordance with the documents and instruments governing the Plan and the applicable provisions of ERISA, the Code or any Other Plan Law relating to a fiduciary's duties to the Plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any applicable Other Plan Laws.

#### Prohibited Transaction Issues
Section 406 of ERISA and Section 4975 of the Code prohibit Benefit Plan Investors from engaging in specified transactions involving plan assets with persons or entities who are "parties in interest," within the meaning of ERISA, or "disqualified persons," within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the Benefit Plan Investor that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and/or the Code.

Whether or not the underlying assets of the Fund were deemed to constitute "plan assets," as described below, the acquisition and/or holding of Common Shares by a Benefit Plan Investor with respect to which the Adviser or Diameter is considered a party in interest or a disqualified person may constitute or result in a direct or indirect prohibited transaction under Section 406 of ERISA and/or Section 4975 of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited transaction exemption. In this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions, or "PTCEs," that may apply to the acquisition and holding of Common Shares. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38

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respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined by in-house asset managers. In addition, Section 408(17) of ERISA and Section 4975(d)(20) of the Code provide relief from the prohibited transaction provisions of ERISA and Section 4975 of the Code for certain transactions, provided that neither the issuer of the securities nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any Benefit Plan Investor involved in the transaction and provided further that the Benefit Plan Investor pays no more than adequate consideration in connection with the transaction. Each of the above-noted exemptions contains conditions and limitations on its application. Fiduciaries of Benefit Plan Investors considering acquiring Common Shares in reliance on these or any other exemption should carefully review the exemption in consultation with their legal advisors to assure it is applicable. There can be no assurance that all of the conditions of any such exemptions will be satisfied.

#### Plan Assets
Under ERISA and the regulations promulgated thereunder, as modified by Section 3(42) of ERISA (the "Plan Assets Regulation"), when a Benefit Plan Investor acquires an equity interest in an entity that is neither a "publicly-offered security" (within the meaning of the Plan Assets Regulation) nor a security issued by an investment company registered under the Investment Company Act, the Benefit Plan Investor's assets include both the equity interest and an undivided interest in each of the underlying assets of the entity unless it is established either that less than 25% of the total value of each class of equity interest in the entity is held by Benefit Plan Investors or that the entity is an "operating company," each as defined in the Plan Assets Regulation. Because the Fund is registered as an investment company under the Investment Company Act, the underlying assets of the Fund will not be considered to be "plan assets" of any Benefit Plan Investor investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, neither the Fund or the Adviser will be a fiduciary within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any Benefit Plan Investor that becomes a shareholder.

#### Other Plans
Certain Plans, such as governmental plans and non-U.S. plans, may not be subject to ERISA or Section 4975 of the Code, but may be subject to provisions of Other Plan Laws which may restrict the type of investments such a Plan may make or otherwise have an impact on such a Plan's ability to invest the Fund. Accordingly, each Plan, including governmental and foreign plans, considering an investment in Common Shares should consult with their legal advisors regarding their proposed investment in the Commons Shares.

#### Representation
By acceptance of any Common Shares, each shareholder will be deemed to have represented and warranted that either (i) it is not, and it is not investing on behalf of a Plan or (ii) its purchase and holding of the Commons Shares will not constitute a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code or similar violation under any applicable Other Plan Laws.

#### Reporting of Indirect Compensation
Under ERISA's general reporting and disclosure rules, certain Benefit Plan Investors subject to Title I of ERISA are required to file annual reports (Form 5500) with the U.S. Department of Labor regarding their assets, liabilities and expenses. To facilitate a plan administrator's compliance with these requirements it is noted that the descriptions of fees and compensation in this Prospectus and the other documents governing the Fund, including the Management Fee, are intended to satisfy the disclosure requirements for "eligible indirect compensation" for which the alternative reporting option on Schedule C of Form 5500 may be available.

The foregoing discussion of ERISA, the Code and Other Plan Law issues should not be construed as legal advice. Fiduciaries of Plans should consult their own legal advisors with respect to issues arising under ERISA,

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the Code and applicable Other Plan Laws make their own independent decision regarding an investment in the Fund. The foregoing discussion is general in nature and is not intended to be all-inclusive. Each Plan fiduciary should consult with its legal advisors concerning the considerations discussed above before making an investment in the Fund. As indicated above, Other Plan Laws governing the investment and management of the assets of Plans that are not subject to Title I of ERISA or Section 4975 of the Code, such as governmental plans and non-U.S. plans, may contain fiduciary responsibility and prohibited transaction requirements similar to those under ERISA and Section 4975 of the Code. Accordingly, Plans, in consultation with their legal advisors, should consider the impact of their respective laws and regulations on an investment in the Fund and the considerations discussed above, if applicable.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained in this Prospectus is general, does not purport to be a thorough analysis of ERISA or the Code, may be affected by future publication of regulations and rulings and should not be considered legal advice. Potential investors that are Benefit Plan Investors and their fiduciaries should consult their legal advisors regarding the consequences under ERISA and the Code of the acquisition and ownership of Common Shares. Plans that are not subject to the requirements of ERISA or Section 4975 of the Code (such as governmental plans, non-U.S. plans and certain church plans) may be subject to similar rules under other applicable laws or documents, and also should consult their own advisors as to the propriety of an investment in the Fund.

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#### PLAN OF DISTRIBUTION

#### Common Shares
The Fund is authorized to offer two separate classes of Common Shares designated as Class A Shares and Class I Shares. Class A Shares will be offered to investors pursuant to the SEC's exemptive order permitting the multi-class structure ("Multi-Class Exemptive Relief") that the Fund received on November 18, 2025. The Fund may in the future register and include other classes of Shares in the offering.

Common Shares of each class of the Fund represent an equal pro rata interest in the Fund and, generally, have identical voting, distribution, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class has a different designation; (b) each class of Common Shares bears any class-specific expenses; and (c) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class, and shall have exclusive voting rights on any matter submitted to shareholders that relates solely to that class.

Class I Shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I Shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating brokers that have alternative fee arrangements with their clients to provide access to Class I Shares, (4) through certain registered investment advisers, (5) by the Fund's executive officers and trustees and their immediate family members, as well as officers and employees of the Adviser, Diameter Capital Partners or other affiliates and their immediate family members, and joint venture partners, consultants and other service providers, or (6) by other categories of investors that the Fund names in an amendment or supplement to this prospectus. Generally, Class A Shares are available only through brokerage, transactional-based accounts. Not all Dealers offer all classes of Common Shares. See "Share Class Considerations" below.

#### Distributor
ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203, acts as the distributor of the Fund's Common Shares, pursuant to a distribution services agreement with the Fund (the "Distribution Agreement"), on a reasonable best efforts basis, subject to various conditions. See "Plan of Distribution."

Under the Distribution Agreement, the Distributor's responsibilities include, but are not limited to, selling Common Shares of the Fund upon the terms set forth in this Prospectus. The Distributor also may enter into agreements with Dealers for the sale and servicing of the Common Shares. Dealers or other financial intermediaries may impose terms and conditions on investor accounts and investments in the Fund that are in addition to the terms and conditions set forth in this prospectus. Any terms and conditions imposed by a Dealer or other financial intermediary, or operational limitations applicable to such parties, may affect or limit a shareholder's ability to purchase the Common Shares or tender the Common Shares for repurchase, or otherwise transact business with the Fund. Class A Shares and Class I Shares are not subject to an upfront sales load; however, investors may be required to pay brokerage commissions on purchases or sales of the Common Shares to their Dealers. Investors should consult with their Dealers or other financial intermediaries about any transaction or other fees or charges their Dealers or other financial intermediaries might impose on each class of Common Shares in addition to any fees imposed by the Fund. See "-Class A Shares-Sales Load" below.

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#### Minimum Investments
The following investment minimums apply for purchases of the Common Shares:

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| | | |
|:---|:---|:---|
|  | Class A Shares | Class I Shares |
| Minimum Initial Investment | $25000 | $1000000 |
| Minimum Subsequent Investment | $1000 | $500000 |

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The $1,000,000 minimum initial investment for Class I Shares set forth in the above table applies to individuals and "Institutional Investors," which include, but are not limited to, endowments, foundations, family offices, local, city, and state governmental institutions, corporations and insurance company separate accounts who may purchase shares of the Fund through a Dealer or other financial intermediary that has entered into an agreement with the Distributor to purchase Class I Shares.

For Class I Shares, there is no minimum initial investment for:

• Employer-sponsored retirement plans (not including Simplified Employee Pension Individual Retirement Arrangements, Savings Incentive Match Plan for Employees Individual Retirement Accounts or Salary Reduction Simplified Employee Pension Plans) and state sponsored 529 college savings plans, collective trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies.

• Employees, officers and directors/trustees of Diameter or its affiliates and immediate family members of such persons, if they open an account directly with Diameter.

• Clients of Dealers or other financial intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an agreement with the Distributor to offer Class I Shares through a no-load program or investment platform.

The minimum for initial and subsequent investments may be waived by the Adviser for certain investors based on consideration of various factors, including the investor's overall relationship with the Adviser, the investor's holdings in other funds affiliated with the Adviser, and such other matters as the Adviser may consider relevant at the time, though shares will only be sold to investors that satisfy the Fund's eligibility requirements. The minimum initial and subsequent investments may also be reduced by the Adviser for clients of certain registered investment advisers and other financial intermediaries based on consideration of various factors, including the registered investment adviser or other financial intermediary's overall relationship with the Adviser, the type of distribution channels offered by the intermediary and such other factors as the Adviser may consider relevant at the time.

#### Share Class Considerations
The Fund offers two classes of Common Shares: Class A Shares and Class I Shares. When selecting a share class, investors should consider the following:

• which share classes are available to an investor;

• the amount an investor intends to invest;

• how long an investor expects to own the Common Shares; and

• total costs and expenses associated with a particular share class.

Each investor's financial considerations are different. Investors should speak with their financial adviser to help them decide which share class is best for them. Not all Dealers offer all classes of Common Shares. In

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addition, Dealers may vary the actual sales load charged, if applicable, as well as impose additional fees and charges on each class of Common Shares. If an investor's Dealer offers more than one class of Common Shares, they should carefully consider which class of Common Shares to purchase.

#### Intra-Fund Share Class Conversions
Subject to the conditions set forth in this paragraph, Common Shares of one class of the Fund may be converted into (i.e., reclassified as) Common Shares of a different class of the Fund at the request of a shareholder's financial intermediary, if approved by the Adviser in its sole discretion. To qualify for a conversion, the shareholder must satisfy the conditions for investing in the class into which the conversion is sought (as described in this Prospectus and the SAI). No sales charge will be imposed on the conversion of shares. The financial intermediary making the conversion request must submit the request in writing. In addition, the financial intermediary or other responsible party must process and report the transaction as a conversion. The value of the Common Shares received during a conversion will be based on the relative NAV of the Common Shares being converted and the shares received as a result of the conversion. It generally is expected that conversions will not result in taxable gain or loss.

#### Class I Shares
Class I Shares will be sold at the then-current NAV of the applicable class and are not subject to any sales load imposed by the Fund or the Distributor or distribution fees. Because the Class I Shares are sold at the prevailing NAV without an upfront sales load, the entire amount of an investor's purchase is invested immediately (subject to any transaction fee charged by a selling agent or other financial intermediary).

#### Class A Shares
Sales Load

No upfront sales load will be paid with respect to Class A Shares, however, if an investor buys Class A Shares through certain financial intermediaries, they may directly charge the investor transaction fees or other fees, including upfront placement fees or brokerage commissions, in such amounts as they may determine, provided that selling agents limit such charges to a 2.00% cap on NAV for Class A Shares.

Shareholder Servicing and Distribution Fee

Class A Shares pay to the Distributor a shareholder servicing and distribution fee equal to 0.75% per annum of the average daily value of the Fund's net assets for the Class A Shares. See "-Distribution and Service Plan-Class A Shares."

#### Distribution and Service Plan – Class A Shares
The Fund has adopted the Distribution and Service Plan to pay to the Distributor a shareholder servicing and/or distribution fee for certain activities relating to the distribution of Class A Shares to investors and maintenance of shareholder accounts. These activities include marketing and other activities to support the distribution of the Class A Shares. The Distribution and Service Plan operates in a manner consistent with Rule 12b-1 under the Investment Company Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. Although the Fund is not an open-end investment company, it has undertaken to comply with the terms of Rule 12b-1 in accordance with the terms of the Multi-Class Exemptive Relief. Under the Distribution and Service Plan, the Fund pays the Distributor a shareholder servicing and/or distribution fee that together accrue at an annual rate equal to 0.75%, which reduces the NAV of Class A Shares. Because these fees are paid out of the Fund's assets attributable to Class A Shares on an ongoing basis, over time, they will increase the cost of an investment in Class A Shares, including causing the Class A Shares to have a higher expense ratio, pay lower dividends and have a lower total return than Class I Shares.

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The Fund may also pay fees to financial intermediaries for sub-administration, sub-transfer agency, sub-accounting and other administrative services outside of its Distribution and Servicing Plan.

Class I Shares are not subject to any shareholder servicing or distribution fees.

#### How to Purchase Shares
The following section provides basic information about how to purchase Common Shares of the Fund.

The Distributor acts as the distributor of the Common Shares of the Fund on a reasonable best efforts basis, subject to various conditions, pursuant to the terms of the Distribution Agreement. The Distributor is not obligated to sell any specific amount of Common Shares of the Fund. The Common Shares will be continuously offered through the Distributor. As discussed below, the Fund may authorize one or more intermediaries (e.g., broker-dealers and other financial firms) to receive orders on its behalf. Common Shares will be sold at a public offering price equal to the then-current NAV of the applicable class.

The Fund will have the sole right to accept orders to purchase Common Shares and reserves the right to reject any order in whole or in part. The offering may be terminated by the Fund or the Distributor at any time.

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

#### Acceptance and Timing of Purchase Orders
A purchase order received in good order by the Fund or a financial intermediary prior to the close of the NYSE, on a day the Fund is open for business, together with payment will be effected at that day's NAV. An order received after the close of the NYSE will be priced based on the Fund's NAV next computed after it is received by the relevant financial intermediary. The definition of "good order" may vary among financial intermediaries. The Fund is "open for business" on each day the NYSE is open for trading, which excludes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. If the NYSE is closed due to weather or other extenuating circumstances on a day it would typically be open for business, the Fund reserves the right to treat such day as a business day and accept purchase orders in accordance with applicable law. The Fund reserves the right to close if the primary trading markets of its portfolio instruments are closed and the Fund's management believes that there is not an adequate market to meet purchase requests. On any business day when the Securities Industry and Financial Markets Association recommends that the securities markets close trading early, the Fund may close trading early. Purchase orders

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will be accepted only on days which the Fund is open for business. For shares purchased through the Fund's transfer agent, order instructions must be received in good order prior to the close of regular trading on the NYSE in order to receive the current day's NAV. Instructions must include the name and signature of an appropriate person designated on the account application, account name, account number, name of the Fund and dollar amount. Payments received without order instructions could result in a processing delay or a return of wire. Failure to send the accompanying payment on the same day may result in the cancellation of the order. For more information on purchasing Common Shares through the Fund's transfer agent, please call 833-697-4987.

Investors may buy shares of the Fund through brokers, dealers and other financial intermediaries ("Selling Agents") that have made arrangements with the Fund and are authorized to buy and sell shares of the Fund. Orders will be priced at the appropriate price next computed after it is received by a Selling Agent or the Selling Agent's authorized designee. The Fund will be deemed to have received a purchase order when a Selling Agent or, if applicable, a Selling Agent's authorized designee, receives the request in good order. A purchase order from the client of a Selling Agent is not received in "good order" by such Selling Agent unless and until a confirmation of such order is passed back from the Distributor, the Fund, or their delegate to the broker who submitted the order, which may not occur until the business day immediately following the business day on which the purchase order was submitted by the client to such Selling Agent or at another time determined by the Fund or the Selling Agent. A Selling Agent may hold shares in an omnibus account in the Selling Agent's name or the Selling Agent may maintain individual ownership records. Selling Agents may charge fees for the services they provide in connection with processing a shareholder's transaction order or maintaining an investor's account with them. Investors should check with their Selling Agent to determine if it is subject to these arrangements. Selling Agents are responsible for placing orders correctly and promptly with the Fund, forwarding payment promptly.

Selling Agents and other financial intermediaries also may impose terms and conditions on investor accounts and investments in the Fund that are in addition to the terms and conditions set forth in this Prospectus (including requirements as to the timing of a subscription and required documentation). Such terms and conditions are not imposed by the Fund, the Distributor or any other service provider of the Fund. Any terms and conditions imposed by a Selling Agent or other financial intermediary, or operational limitations applicable to such parties, may affect or limit a stockholder's ability to purchase Common Shares, or otherwise transact business with the Fund. Investors should direct any questions regarding terms and conditions applicable to their accounts or relevant operational limitations to their Selling Agent or other financial intermediary. The Fund and the Distributor each reserves the right, in its sole discretion, to accept or reject any order for purchase of Fund Common Shares. The sale of Common Shares may be suspended during any period in which the NYSE is closed other than weekends or holidays, or if permitted by the rules of the SEC, when trading on the NYSE is restricted or during an emergency which makes it impracticable for the Fund to dispose of its securities or to determine fairly the value of its net assets, or during any other period as permitted by the SEC for the protection of investors. Common Shares purchased by a fiduciary or custodial account will be registered in the name of the fiduciary account and not in the name of the beneficiary. If a shareholder places an order to buy Common Shares and their payment is not received and collected, their purchase may be canceled and they could be liable for any losses or fees the Fund has incurred.

#### Payments to Financial Intermediaries
The Adviser or its affiliates, in the Adviser's discretion and from its own resources, may pay additional compensation to Dealers in connection with the sale of the Common Shares (the "Additional Compensation"). In return for the Additional Compensation, the Fund may receive certain marketing advantages including but not limited to access to a broker's or dealer's registered representatives, placement on a list of investment options offered by a broker or dealer, or the ability to assist in training and educating the broker's or dealer's registered representatives, as described in more detail below. The Additional Compensation may differ among brokers or dealers in amount. Payments of Additional Compensation may be fixed dollar amounts based on the aggregate value of outstanding Common Shares held by common shareholders introduced by the broker or dealer, or

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determined in some other manner. The receipt of Additional Compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

Servicing Arrangements

The Fund's Common Shares may be available through Dealers that have entered into shareholder servicing arrangements with respect to the Fund.

These Dealers provide varying investment products, programs, platforms and accounts, through which investors may purchase Common Shares. Shareholder servicing arrangements typically include processing orders for shares, generating account and confirmation statements, sub-accounting, account maintenance, tax reporting, collecting and posting distributions to investor accounts and disbursing cash dividends as well as other investment or administrative services required for the particular Dealer's products, programs, platform and accounts.

The Adviser and/or its affiliates may make payments to Dealers for the shareholder services provided. These payments are made out of the Adviser's own resources and not Fund assets. The actual services provided by these Dealers, and the payments made for such services, vary from firm to firm. The payments may be based on a fixed dollar amount for each account and position maintained by the Dealer and/or a percentage of the value of shares held by investors through the firm. Please see the Fund's SAI for more information.

These payments may be material to Dealers relative to other compensation paid by the Fund, the Adviser and/or its affiliates and may be in addition to other fees and payments, such as distribution and/or service fees, Sub-Transfer Agency Expenses, revenue sharing or "shelf space" fees and event support, other non-cash compensation. Also, the payments may vary from amounts paid to the Fund's transfer agent for providing similar services to other accounts. The Adviser and/or its affiliates do not control these Dealers' provision of the services for which they are receiving payments.

These Dealers may impose additional or different conditions than the Fund on purchases of Common Shares. They may also independently establish and charge their customers or program participants transaction fees, account fees and other amounts in connection with purchases of Common Shares in addition to any fees imposed by the Fund. These additional fees may vary and over time could increase the cost of an investment in the Fund and lower investment returns. Each Dealer 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. Shareholders who are customers of these Dealers or participants in programs serviced by them should contact their Dealer for information regarding these fees and conditions.

#### Request for Multiple Copies of Shareholder Documents
To reduce expenses, it is intended that only one copy of the Fund's Prospectus and each annual and semi-annual report, when available, will be mailed to those addresses shared by two or more accounts. If shareholders wish to receive individual copies of these documents and their shares are held in the Fund's account, call the Fund at 833-891-0802. Shareholders will receive the additional copy within 30 days after receipt of their request by the Fund. Alternatively, if a shareholder's shares are held through a financial institution, please contact the financial institution.

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#### CUSTODIAN AND TRANSFER AGENT
The custodian of the assets of the Fund is The Bank of New York Mellon, whose principal business address is 225 Liberty Street, New York, New York 10286. The custodian is responsible for, among other things, receipt of and disbursement of funds from the Fund's accounts, establishment of segregated accounts as necessary, and transfer, exchange and delivery of the Fund's portfolio securities.

SS&C GIDS, Inc., whose principal business address is 1290 Broadway, Suite 1000, Denver, CO 80203, serves as the Fund's transfer agent with respect to the Common Shares.

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#### ADMINISTRATION AND ACCOUNTING SERVICES
ALPS Fund Services, Inc. provides certain administration and accounting services to the Fund pursuant to a Services Agreement (the "Services Agreement"). Pursuant to the Services Agreement, the Administrator provides the Fund with, among other things, customary fund accounting services, including computing the Fund's NAV and maintaining books, records and other documents relating to the Fund's financial and portfolio transactions, and customary fund administration services, including assisting the Fund with regulatory filings, tax filings and other administrative activities. For these and other services it provides to the Fund, the Fund pays the Administrator an annual fee calculated based upon the average NAV of the Fund, subject to a minimum annual fee (the "Administration Fees"). The Administration Fees are paid to the Administrator out of the assets of the Fund, and therefore they decrease the net profits or increase the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses.

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#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP, whose principal business address is One Manhattan West, New York, NY 10001, is the independent registered public accounting firm of the Fund and is expected to render an opinion annually on the financial statements of the Fund.

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#### LEGAL MATTERS
Simpson Thacher & Bartlett LLP, 900 G Street, N.W., Washington, D.C. 20001 and 425 Lexington Avenue Floor 9, New York, NY 10017, serves as counsel to the Fund. Richards, Layton & Finger, P.A., One Rodney Square, 920 North King Street, Wilmington, DE 19801, serves as special Delaware counsel to the Fund.

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#### PRIVACY NOTICE

#### Introduction
Your privacy is very important to us. This notice (this "Privacy Notice") is provided by Diameter Capital Partners LP ("we" or "us"), and sets forth our policies for the collection, use, storage, sharing, disclosure (collectively, "processing") and protection of personal information relating to current, prospective and former investors in the Funds, as applicable.

References to "you" or an "investor" in this Privacy Notice mean any investor who is an individual, or any individual connected with an investor who is a legal person, as applicable.

#### Who to Contact About This Privacy Notice
This Privacy Notice is being provided in accordance with the applicable requirements under the privacy and data protection laws that apply in the jurisdictions where we operate (collectively, the "Data Protection Laws"). The Fund and the Adviser are considered to be data controllers in respect of any personal information we hold about you for the purposes of certain Data Protection Laws. This means that the Fund and the Adviser (alone or jointly, as applicable) determines the purposes and the means of the processing of your personal information.

Please contact our Head of Investor Relations at DCP_IR@diametercap.com or call l 833-891-0802 with any questions about this Privacy Notice or requests with regards to the personal information we hold.

Please note that the Administrator, the Distributor, the Custodian and other service providers work under a range of professional and legal obligations that require them to process personal information (e.g., anti-money laundering legislation). In order to meet the requirements of such obligations, they, from time to time, would not be acting on our instructions but instead in accordance with their own respective professional or legal obligations and therefore as data controllers in their own right with respect to such processing. For more specific information or requests in relation to the processing of personal information by the Administrator, the Distributor, the Custodian or any other service provider of the Fund, you may also contact the relevant service provider directly at the address specified in this registration statement or by visiting their websites.

#### The Types of Personal Information We May Collect
"Personal information" means any information relating to an identifiable individual who can be identified from such information, either alone or in combination with other information, including the terms "nonpublic personal information" as defined under the Gramm-Leach-Bliley Act ("GLBA") or "personal information," "personal data," or similar terms as defined by applicable Data Protection Laws. The categories of personal information we may collect include names, residential or business addresses, or other contact details, signature, nationality, tax identification or passport number, social security number, date of birth, place of birth, photographs, copies of identification documents, bank account details, information about assets or net worth, credit history, information on investment activities, or other personal information, such as certain special categories of personal information (including, where relevant, information on political affiliations, ethnic origin, and personal information relating to criminal convictions and offences), as specified under the applicable Data Protection Laws, that may be contained in your relevant materials or documents obtained through background searches.

#### How We Collect Personal Information
We may collect personal information about you through: (i) information provided directly to us by you, or another person on your behalf; (ii) information that we obtain in relation to any transactions between you and us; and (iii) the monitoring of telephone conversations with you.

We also may receive your personal information from third parties or other sources, such as our affiliates, the Administrator, publicly accessible databases or registers, tax authorities, governmental agencies and supervisory

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authorities, credit agencies and other background check providers, transaction counterparties, service providers, law enforcement, other investors, fraud prevention and detection agencies, or other publicly accessible sources, such as the Internet.

#### How We May Use Personal Information
We will use one of the lawful bases under the applicable Data Protection Laws to process your personal information. Such grounds include, for example, circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) processing is necessary to perform our obligations under the Declaration of Trust, Bylaws, Investment Advisory Agreement and Services Agreement or any other contract we have with you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) we are required to comply with a legal or regulatory obligation applicable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) or processing is necessary for the purpose of our or a third party's legitimate interests.

Specific purposes for which we may use your personal information as described above, and the lawful bases we rely on to do so, are set out in the table below.

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| | |
|:---|:---|
| Lawful basis | Purposes of use |
| Where it is necessary to perform our contract with you or to take steps at your request to enter into the contract | • To consider and make decisions about your subscription to the Fund.<br>• To admit you to the Fund (including undertaking client and investor due diligence).<br>• To administer and manage your investment, including to report on the performance and governance of the Funds; to make payments or distributions; to provide requested investment services and related support services; and to perform any other obligations in or relating to your subscription.<br>• To enter into, administer or perform any other contract or agreement we have with you.<br>|
| Where it is necessary for compliance with a legal or regulatory obligation to which we are subject | • To perform appropriate client and investor due diligence in accordance with our legal obligations.<br>• To ensure the protection of personal information and other information, property and assets in our possession.<br>• To cooperate with competent regulators and other public authorities, including by responding to their requests for information, undertaking internal investigations, and complying with our reporting, filing and other regulatory obligations.<br>• To comply with our legal and regulatory record-keeping requirements.<br>• For the prevention and detection of fraud and other unlawful acts.<br>• For compliance with our anti-money laundering, tax reporting and sanctions obligations.<br>|

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| | |
|:---|:---|
| Lawful basis | Purposes of use |
|  | <br>• To comply with any other obligations to which we are subject under applicable rules and laws.<br>|
| Where is it necessary for the purposes of our or another party's legitimate business interests, except where these are overridden by your interests, rights or freedoms | • To provide and improve our services and business offerings.<br>• To manage and administer the Fund and related accounts, and to open, maintain or close accounts in connection with an investment.<br>• To manage financing arrangements.<br>• To market our products and services.<br>• To ensure compliance with our internal policies and procedures.<br>• For IT system problem diagnosis, security and business continuity purposes.<br>• To manage operational, commercial, financial and investment risks.<br>• To prepare and maintain books, reports and records and ensure appropriate governance of the Adviser.<br>• To manage insurances, complaints, potential and actual claims.<br>• To verify information you have provided and perform appropriate client and investor due diligence.<br>• To carry out surveys.<br>• For the prevention and detection of fraud and other unlawful acts.<br>• To provide support and communicate with you.<br>• To assist transaction counterparties in complying with their regulatory and legal obligations.<br>• To exercise, establish, protect or defend legal rights, property, and safety, including to enforce our agreements and policies and to respond to suspected illegal activity and threats to our systems and services.<br>• To provide information to a potential purchaser of all or a part of our business.<br>• For any other legitimate purpose communicated to you.<br>|

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#### Consent
Subject to local laws, we typically do not rely on consent in order to process your personal information as described above. If we do ask you for consent, we will provide you with details of the activities we are requesting consent for.

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#### Automated Decision-Making
You will not be subject to decisions that have a significant impact on you based solely on automated decision-making, unless we have a lawful basis for doing so and have separately notified you.

#### What Are The Consequences Of Failing To Provide Personal Information
Where personal information is required to satisfy a statutory obligation (including compliance with applicable anti-money laundering or sanctions requirements) or a contractual requirement, failure to provide such information may result in your subscription in the Fund being rejected or your Interest becoming subject to compulsory redemption or withdrawal, as applicable. Where there is suspicion of unlawful activity, failure to provide personal information may result in the submission of a report to the relevant law enforcement agency or supervisory authority.

#### Cross Border Transfers
We may transfer the personal information we collect about you to countries other than the one in which you reside for the purposes described in this Privacy Notice, some of which may have different standards of protection for personal information compared to the country in which you reside. For example, your personal information may be transferred to and processed in the United States. Where your personal information is transferred to other countries, we will put appropriate safeguards in place, for example contractual protections, to ensure the lawfulness and security of the transfer. Please contact us if you would like further information about this.

#### How We May Disclose Personal Information
We may disclose information about you to our affiliates, service providers (including the Administrator), or other third parties to accept your subscription, administer and maintain your account(s), perform our contractual obligations, or for other purposes described in this Privacy Notice. We may also need to disclose your personal information with regulatory, tax or law enforcement authorities to comply with applicable legal or regulatory requirements, respond to court orders, or in the context of regulatory requests for information, administrative proceedings, or investigations, or to exercise, establish, protect or defend legal rights, property and safety, and to respond to suspected illegal activity and threats to our systems and servers. We will also release information about you if you direct us to do so.

We may also disclose information about you or your transactions and experiences with us, to our affiliates or service providers, background check companies, anti-fraud service providers, credit agencies, debt-collection agencies, tracing agencies, banks, payments processors, IT and other software providers, survey providers, auditors, agents, consultants and legal and other professionals, for our everyday business purposes, such as administration of our business, record-keeping, maintaining security of our information technology systems, reporting and monitoring of our activities, investor relations activities, and compliance with applicable legal and regulatory requirements.

We may additionally disclose personal information about you to partners and counterparties in corporate transactions and to their professional advisors, in connection with a possible sale or restructuring of all or part of our business.

#### Retention Periods and Security Measures
We will not retain personal information for longer than is reasonably necessary in relation to the purpose for which it is collected, subject to the applicable Data Protection Laws. Personal information will be retained for the duration of your investment in the Fund and for a minimum of five years after a withdrawal, as applicable, of

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your investment, or liquidation of the Fund. We may retain personal information for a longer period for the purpose of marketing our products and services or compliance with applicable law. From time to time, we will review the purpose for which personal information has been collected and decide whether to retain it or to delete if retention no longer serves any business or legal purpose.

To protect your personal information from unauthorized access and use, we use commercially reasonable security measures designed to protect your personal information from unauthorized access or use in accordance with applicable Data Protection Laws. These measures include computer safeguards and secured files and buildings.

We will notify you of personal information breaches affecting you as required by and in accordance with the requirements of applicable Data Protection Laws.

#### Additional Information under the U.S. Gramm-Leach-Bliley Act 1999 (Reg S-P) and Fair Credit Reporting Act (Reg S-AM)
For purposes of U.S. federal law, this Privacy Notice applies to current and former investors who are individuals or Individual Retirement Accounts. We are providing this additional information under U.S. federal law. The Privacy Notice must generally be provided to shareholders before or at the time the customer relationship is established (i.e., the time the shares are purchased) and annually thereafter for as long as the shares are held, unless it can meet the requirements of the annual delivery exemption. Moreover, for consumers who are not customers (each as defined under Regulation S-P §248.3), the Privacy Notice must be provided prior to any disclosure of non-public personal information to a non-affiliated third party, except as otherwise authorized by law.

We may disclose information about our investors, prospective investors or former investors to affiliates (i.e., financial and non-financial companies related by common ownership or control) or non-affiliates (i.e., financial or non-financial companies not related by common ownership or control) for our everyday business purposes, such as to process your transactions, maintain your account(s) or respond to court orders and legal investigations. Thus, it may be necessary or appropriate, under anti-money laundering and similar laws, to disclose information about the Fund's investors in order to accept subscriptions from them. Where disclosure of your non-public personal information to a non-affiliated third-party is necessary, we undertake for engagement letters with non-affiliated third parties to include provisions limiting the use of any such information solely to the purposes for which your non-public personal information is being disclosed. We will also release information about you if you direct us to do so.

We may disclose your information to our affiliates for direct marketing purposes, such as offers of products and services to you by us or our affiliates. You may prevent this type of sharing by contacting us at DCP_IR@diametercap.com or calling 833-891-0802 and expressing your desire to opt-out of such disclosure of your non-public personal information. When you are no longer our investor, we may continue to disclose your information to our affiliates for such purposes.

You may contact us at any time to limit our sharing of your personal information, where available. If you limit sharing for an account you hold jointly with someone else, your choices will apply to everyone on your account. U.S. state laws may give you additional rights to limit sharing.

#### Additional Information under the Cayman Islands Data Protection Act 2017 ("DPA")
The Fund may disclose your personal information to its services providers, including the Adviser, the Administrator, the Custodian, the Distributor, or others who are located outside the Cayman Islands. It may also be necessary to disclose your information to the Cayman Islands Monetary Authority or the Tax Information Authority, which may, in turn, exchange this information with foreign tax authorities, regulatory or law

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enforcement agencies. Any transfer of your personal information by us, our affiliates or service providers outside the Cayman Islands will be carried out in accordance with the DPA.

You may have certain rights under the DPA, including: (i) the right to be informed; (ii) the right of access; (iii) the right to rectification; (iv) the right to stop or restrict processing; (v) the right to stop direct marketing; (vi) rights in relation to automated decision making; (vii) the right to seek compensation; and (viii) the right to complain to the supervisory authority. Please use the contact details under Who to Contact About This Privacy Notice if you wish to exercise these rights.

#### Additional Information under the General Data Protection Regulation
You may have certain rights under EU General Data Protection Regulation and equivalent legislation in effect in the United Kingdom ("GDPR") in relation to our processing of your personal information and any processing carried out on your behalf. These rights include: (i) the right to request access to your personal information; (ii) the right to request rectification of your personal information; (iii) the right to request erasure of your personal information (the "right to be forgotten"); (iv) the right to restrict our processing or use of your personal information; (v) the right to object to our processing or use where we have considered this to be necessary for our legitimate interests (such as in the case of our marketing activities); (vi) where relevant, the right to request the portability of the data; (vii) if your consent to processing has been obtained, the right to withdraw your consent at any time; and (viii) the right to lodge a complaint with a supervisory authority.

A complaint in respect of the Adviser may be made to: (i) the Information Commissioner's Office in the United Kingdom at the following link: https://ico.org.uk/make-a-complaint/data-protection-complaints/; or (ii) to the relevant EU data protection authority, a list of which is available at the following link: https://digital-strategy.ec.europa.eu/en/library/list-personal-data-protection-competent-authorities.

#### Additional Information Under the California Consumer Privacy Act, as amended by the California Privacy Rights Act, and all implementing regulations thereto (collectively, "CCPA")
This supplement is only relevant to you if you are a resident of California as determined in accordance with the CCPA and applies only to personal information that is subject to CCPA. Information required to be disclosed to California residents under the CCPA regarding the collection and processing of their personal information that is not set forth in this CCPA supplement is otherwise set forth in the Privacy Notice.

The types of personal information we collect about you depends on the nature of your interaction with us. The categories of personal information we may have collected, used and/or disclosed over the last twelve (12) months include the following: (i) identifiers; (ii) other customer records; (iii) protected classification characteristics under California or federal law; (iv) commercial information; (v) professional or employment-related information; (vi) education information; (vii) sensitive personal information; and (viii) Internet or other electronic network activity information.

We do not "sell" or "share" (as such terms are defined by the CCPA) any of the personal information we collect about you to third parties. We do not have actual knowledge that we "sell" or "share" (as such terms are defined by the CCPA) the personal information of consumers under sixteen (16) years of age. We do not use or disclose sensitive personal information for purposes other than those specified in Section 7027(m) of the CCPA Regulations.

#### Your Rights Under the CCPA
Deletion Rights: You have the right to request that we delete any of your personal information that we retain, subject to certain statutory exceptions, including, but not limited to, our compliance with U.S., state, local and non-U.S. laws, rules and regulations. We will notify you in writing if we cannot comply with a specific request and provide an explanation of the reasons.

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Correction Rights: You have the right to request that we correct inaccurate personal information about you.

Disclosure and Access Rights: You have the right to request that we disclose to you certain information regarding our collection and use of personal information specific to you over the last twelve (12) months. Such information includes: (i) the categories of personal information we collected about you; (ii) the categories of sources from which the personal information is collected; (iii) our business or commercial purpose for collecting such personal information; (iv) the categories of third parties to whom we disclose the personal information; (v) the specific pieces of personal information we have collected about you; and (vi) whether we disclosed your personal information to a third party, and, if so, the categories of personal information that each recipient obtained.

Non-Discrimination: We will not discriminate against you for exercising your rights under the CCPA, including by denying service, suggesting that you will receive (or charging) different rates for services or suggesting that you will receive (or providing to you) a different level or quality of service.

How to Exercise Your Rights: To exercise any of your rights under the CCPA, or to access this Privacy Notice in an alternative format, please submit (or have your authorized representative submit on your behalf) your request using any of the methods set forth in the "Who to Contact About This Privacy Notice" section above.

Our goal is to respond to any verifiable consumer request within forty-five (45) days of our receipt of such request. We will inform you in writing if we cannot meet that timeline and require an extension of up to an additional forty-five (45) days to respond to such request. We verify requests by matching information provided in connection with your request to information contained in our records. Depending on the sensitivity of the request and the varying levels of risk in responding to such requests (e.g., the risk of responding to fraudulent or malicious requests), we may request further information to verify your request. You may designate an authorized agent to make a request under the CCPA on your behalf.

Last updated December 2025

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#### APPENDIX A – LIST OF INVESTMENTS OF THE PREDECESSOR FUND
The following table sets forth certain unaudited information as of September 30, 2025 for each investment of the Predecessor Fund.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments(1)** | **Investment Type** | **Interest<br>Rate<sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/Principal<br>Amount** | **Amortized Cost** | **Fair Value** | **% of Net<br>Assets<br>Applicable<br>to Common<br>Stock** |
|  **Investments—Non–Controlled/Non–Affiliated—Assets** |  |  |  |  |  |  |  |  |  |  |
|  **First Lien Debt Communication Services** |  |  |  |  |  |  |  |  |  |  |
|  CenturyLink, Inc. | Term Loan | 6.63% | SOFR | 2.35% | 4/14/2025 | 4/15/2029 | 4427375 | 4236695 | 4405858 |  |
|  Connect Holding II LLC<sup>(5)</sup> | Delayed Draw Term Loan | 8.42% | SOFR | 4.25% | 4/25/2025 | 4/3/2031 | 5875000 | 5362187 | 5397656 |  |
|  CSC Holdings, LLC<sup>(6)</sup> | Revolving Line of Credit | 6.50% | SOFR | 2.25% | 4/16/2025 | 7/13/2027 | 3734848 | 3385598 | 3430348 |  |
|  CSC Holdings, LLC | Term Loan | 9.00% | Prime | 1.50% | 4/22/2025 | 4/15/2027 | 1863777 | 1785439 | 1807864 |  |
|  Digicel International Finance Ltd. | Term Loan | 9.49% | SOFR | 5.25% | 4/08/2025 | 5/25/2027 | 250000 | 247500 | 250365 |  |
|  DIRECTV Financing LLC | Term Loan | 9.81% | SOFR | 5.50% | 8/26/2025 | 1/28/2035 | 338830 | 327576 | 330359 |  |
|  Zayo Group Holdings, Inc. | Term Loan | 7.77% | SOFR | 3.50% | 9/26/2025 | 3/11/2030 | 2396508 | 2206214 | 2332605 |  |
|  Ziggo Finance Partnership B.V. | Term Loan | 6.76% | SOFR | 2.50% | 9/03/2025 | 4/17/2028 | 229510 | 222969 | 229183 |  |
|  |  |  |  |  |  |  | 19115848 | 17774178 | 18184238 | 6.09% |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |  |
|  1261229 B.C. Ltd. | Term Loan | 10.41% | SOFR | 6.25% | 4/10/2025 | 9/25/2030 | 2892750 | 2699908 | 2857487 |  |
|  AMC Entertainment Holdings, Inc. | Term Loan | 11.13% | SOFR | 7.00% | 4/04/2025 | 1/4/2029 | 2039763 | 2004067 | 2049227 |  |
|  Bausch + Lomb Corporation | Term Loan | 8.41% | SOFR | 4.25% | 6/18/2025 | 6/10/2030 | 1346625 | 1339892 | 1349150 |  |
|  Beach Acquisition Bidco, LLC | Term Loan | 3.50% | EURIBOR | 3.50% | 6/26/2025 | 6/25/2032 | 985000 | 1148962 | 1161788 |  |
|  Boost Newco Borrower LLC | Term Loan | 6.00% | SOFR | 2.00% | 5/08/2025 | 1/31/2031 | 298500 | 298500 | 299278 |  |
|  Boots Group Finco LP | Term Loan | 8.72% | SONIA | 4.75% | 7/18/2025 | 7/19/2032 | 2600000 | 3470202 | 3534120 |  |
|  City Football Group Limited | Term Loan | 7.78% | SOFR | 3.50% | 5/05/2025 | 7/22/2030 | 1343199 | 1331446 | 1346000 |  |
|  CP Atlas Buyer, Inc. | Term Loan | 9.41% | SOFR | 5.25% | 7/01/2025 | 7/1/2030 | 3300000 | 3173250 | 3242250 |  |
|  Crown Fin US, Inc. | Term Loan | 8.78% | SOFR | 4.50% | 7/01/2025 | 12/2/2031 | 1741250 | 1715131 | 1739839 |  |
|  Delivery Hero SE | Term Loan | 9.23% | SOFR | 5.00% | 9/05/2025 | 12/12/2029 | 1296709 | 1314539 | 1312717 |  |
|  Finastra USA, Inc. | Term Loan | 8.04% | SOFR | 4.00% | 7/31/2025 | 7/31/2032 | 650000 | 643500 | 648027 |  |
|  Global Medical Response, Inc. | Term Loan | 7.63% | SOFR | 3.50% | 9/10/2025 | 9/13/2032 | 946260 | 943894 | 947613 |  |
|  Grant Thornton Advisors LLC | Term Loan | 6.91% | SOFR | 2.75% | 5/08/2025 | 6/2/2031 | 450000 | 444375 | 449865 |  |
|  Grifols, S.A. | Term Loan | 6.26% | SOFR | 2.00% | 7/29/2025 | 11/15/2027 | 456756 | 456756 | 455913 |  |
|  Houghton Mifflin Harcourt | Term Loan | 9.51% | SOFR | 5.25% | 9/12/2025 | 4/9/2029 | 149614 | 134653 | 134456 |  |
|  IFCO Management GmbH | Term Loan | 3.50% | SOFR | 3.50% | 7/30/2025 | 7/30/2032 | 1300000 | 1481342 | 1539307 |  |
|  Innovative Xcessories & Services LLC | Term Loan | 9.50% | SOFR | 5.50% | 8/15/2025 | 9/5/2029 | 498750 | 488775 | 498336 |  |
|  Intrum AB<sup>(6)</sup> | Revolving Line of Credit | 5.83% | EURIBOR | 3.75% | 8/15/2025 | 3/30/2026 | 4550000 | 5093548 | 5121573 |  |
|  KnowBe4, Inc. | Term Loan | 8.07% | SOFR | 3.75% | 7/22/2025 | 7/21/2032 | 800000 | 798000 | 802000 |  |
|  LSF12 Crown US Coml Bidco LLC | Term Loan | 7.66% | SOFR | 3.50% | 7/14/2025 | 12/2/2031 | 798000 | 776055 | 800246 |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments(1) | Investment Type | Interest<br>Rate<sup>(2)</sup> | Reference<br>Rate | Spread | Acquisition<br>Date | Maturity<br>Date | Shares/Principal<br>Amount | Amortized Cost | Fair Value | % of Net<br>Assets<br>Applicable<br>to Common<br>Stock |
| LTI Holdings, Inc. | Term Loan | 7.91% | SOFR | 3.75% | 4/23/2025 | 7/19/2029 | 696231 | 660549 | 703318 |  |
| Magenta Sec Holdings LLC | Term Loan | 10.56% | SOFR | 6.25% | 4/04/2025 | 7/27/2028 | 2200000 | 2216500 | 2237950 |  |
| Marelli Holdings Co., Ltd.<sup>(5)</sup> | Delayed Draw Term Loan | 12.17% | SOFR | 8.00% | 6/23/2025 | 3/13/2026 | 2900000 | 2979750 | 3008750 |  |
| NEP Group, Inc. | Term Loan | 7.71% | SOFR | 3.25% | 9/30/2025 | 8/19/2026 | 500000 | 499375 | 498542 |  |
| Oscar AcquisitionCo, LLC | Term Loan | 8.25% | SOFR | 4.25% | 5/14/2025 | 4/14/2029 | 644876 | 601347 | 603839 |  |
| Renaissance Learning, Inc. | Term Loan | 8.16% | SOFR | 4.00% | 5/08/2025 | 4/5/2030 | 1891011 | 1753666 | 1643800 |  |
| Restoration Hardware, Inc. | Term Loan | 6.78% | SOFR | 2.50% | 4/23/2025 | 10/15/2028 | 2487047 | 2312953 | 2426599 |  |
| Rithum Holdings Inc. | Term Loan | 8.75% | SOFR | 4.75% | 7/24/2025 | 7/3/2031 | 900000 | 882000 | 900846 |  |
| Shift4 Payments, Inc. | Term Loan | 6.50% | SOFR | 2.50% | 5/08/2025 | 5/7/2032 | 550000 | 548625 | 554813 |  |
| Sizzling Platter, LLC | Term Loan | 9.16% | SOFR | 5.00% | 6/25/2025 | 6/9/2031 | 925743 | 828540 | 914287 |  |
| Sizzling Platter, LLC<sup>(6)</sup> | Delayed Draw Term Loan |  | Unfunded | 0.00% | 6/25/2025 | 6/9/2031 |  |  | (2156) |  |
| StepStone Group Inc. | Term Loan | 4.50% | SOFR | 4.50% | 8/19/2025 | 12/19/2031 | 947625 | 916827 | 901428 |  |
| SWF Holdings I Corp. | Term Loan | 8.66% | SOFR | 4.50% | 4/08/2025 | 9/8/2028 | 835574 | 837663 | 840796 |  |
| SWF Holdings I Corp.<sup>(6)</sup> | Delayed Draw Term Loan |  | Unfunded | 2.25% | 4/08/2025 | 9/8/2028 |  | 2661 | 6653 |  |
| Team Health Holdings, Inc. | Term Loan | 8.80% | SOFR | 4.50% | 7/23/2025 | 6/30/2028 | 1396500 | 1396500 | 1395627 |  |
| Tenneco Inc. | Term Loan |  | SOFR | 5.00% | 4/22/2025 | 11/17/2028 | 3100000 | 2867500 | 3043084 |  |
| WideOpenWest Finance, LLC | Term Loan | 11.58% | SOFR | 7.00% | 4/04/2025 | 12/11/2028 | 1216401 | 1235130 | 1245861 |  |
| xAI Corp. | Term Loan | 11.12% | SOFR | 7.25% | 6/20/2025 | 6/28/2030 | 3241875 | 3112200 | 3144619 |  |
|  |  |  |  |  |  |  | 52876059 | 53408581 | 54357848 | 18.21% |
| Consumer Staples |  |  |  |  |  |  |  |  |  |  |
| Atlas Luxco 4 S.à r.l. | Term Loan | 5.66% | EURIBOR | 3.75% | 8/06/2025 | 8/6/2032 | 2600000 | 3030690 | 3067793 |  |
| B&G Foods, Inc. | Term Loan | 7.66% | SOFR | 3.50% | 7/16/2025 | 10/10/2029 | 461648 | 428991 | 444568 |  |
| Michael Kors (USA), Inc. | Term Loan | 4.16% | SOFR | 1.75% | 8/07/2025 | 7/1/2027 | 1050000 | 1031625 | 1042125 |  |
| Michael Kors (USA), Inc. | Term Loan | 1.93% | EURIBOR | 1.75% | 8/12/2025 | 7/1/2027 | 650000 | 745595 | 755501 |  |
| Naked Juice LLC | Term Loan | 9.50% | SOFR | 5.50% | 5/19/2025 | 1/24/2029 | 1050000 | 1029325 | 1060064 |  |
| Quirch Foods Holdings, LLC | Term Loan | 9.05% | SOFR | 4.75% | 7/30/2025 | 10/27/2027 | 183933 | 176966 | 180907 |  |
|  |  |  |  |  |  |  | 5995581 | 6443192 | 6550958 | 2.19% |
| Energy |  |  |  |  |  |  |  |  |  |  |
| Calpine Corporation | Term Loan | 6.07% | SOFR | 1.75% | 9/05/2025 | 1/31/2031 | 1000000 | 1000000 | 1000110 |  |
| Discovery Energy Corporation | Term Loan | 7.75% | SOFR | 3.75% | 5/06/2025 | 1/30/2031 | 1000000 | 982500 | 1002815 |  |
|  |  |  |  |  |  |  | 2000000 | 1982500 | 2002925 | 0.67% |
| Financials |  |  |  |  |  |  |  |  |  |  |
| Asurion, LLC | Term Loan | 7.53% | SOFR | 3.25% | 6/04/2025 | 7/31/2027 | 1517057 | 1513265 | 1517718 |  |
| Dermatology Intermediate Holdings III | Term Loan | 8.56% | SOFR | 4.25% | 9/02/2025 | 3/23/2029 | 99742 | 87274 | 94274 |  |
| Grinding Med / MC Grinding | Term Loan | 7.70% | SOFR | 3.50% | 5/08/2025 | 10/12/2028 | 994975 | 965126 | 997463 |  |
| Gryphon Debt Merger Sub, Inc. | Term Loan | 6.88% | SOFR | 3.00% | 6/18/2025 | 6/6/2030 | 1300000 | 1293500 | 1305083 |  |
| McKissock Investment Holdings LLC | Term Loan | 9.33% | SOFR | 5.15% | 6/16/2025 | 3/12/2029 | 1030785 | 1032073 | 1026280 |  |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments(1) | Investment Type | Interest<br>Rate<sup>(2)</sup> | Reference<br>Rate | Spread | Acquisition<br>Date | Maturity<br>Date | Shares/Principal<br>Amount | Amortized Cost | Fair Value | % of Net<br>Assets<br>Applicable<br>to Common<br>Stock |
| McKissock Investment Holdings LLC | Term Loan | 9.47% | SOFR | 5.15% | 6/16/2025 | 3/12/2029 | 576895 | 578199 | 574374 |  |
| Osttra Group Limited | Term Loan | 4.00% | SOFR | 4.00% | 5/20/2025 | 5/20/2032 | 1000000 | 995000 | 1006250 |  |
| Red Planet Borrower LLC | Term Loan | 8.16% | SOFR | 4.00% | 8/12/2025 | 8/7/2032 | 2350000 | 2291250 | 2291250 |  |
| STATS | Term Loan | 9.72% | SOFR | 5.25% | 4/22/2025 | 5/22/2026 | 1543423 | 1497120 | 1537635 |  |
| Team Services Group LLC | Term Loan | 9.57% | SOFR | 5.00% | 7/09/2025 | 12/20/2027 | 1146997 | 1146997 | 1145976 |  |
|  |  |  |  |  |  |  | 11559874 | 11399804 | 11496303 | 3.85% |
| Health Care |  |  |  |  |  |  |  |  |  |  |
| EyeCare Partners LLC | Term Loan | 9.88% | SOFR | 5.75% | 4/04/2025 | 8/31/2028 | 2200000 | 2216500 | 2227368 |  |
|  |  |  |  |  |  |  | 2200000 | 2216500 | 2227368 | 0.75% |
| Industrials |  |  |  |  |  |  |  |  |  |  |
| Speed Midco 3 S.à r.l. | Term Loan | 2.75% | SOFR | 2.75% | 9/23/2025 | 9/23/2032 | 3000000 | 3545250 | 3530216 |  |
| Valcour Packaging LLC | Term Loan | 9.40% | SOFR | 5.25% | 4/04/2025 | 10/10/2028 | 2200000 | 2222000 | 2238049 |  |
|  |  |  |  |  |  |  | 5200000 | 5767250 | 5768265 | 1.93% |
| Information Technology |  |  |  |  |  |  |  |  |  |  |
| OID–OL Intermediate I LLC | Term Loan | 10.31% | SOFR | 6.00% | 6/11/2025 | 2/1/2029 | 2800000 | 2891000 | 2900926 |  |
| Twitter, Inc. | Term Loan | 10.96% | SOFR | 6.50% | 4/08/2025 | 10/27/2029 | 2536191 | 2447486 | 2491453 |  |
| Twitter, Inc. | Term Loan | 9.50% | SOFR | 0.00% | 4/17/2025 | 10/27/2029 | 225000 | 220500 | 226016 |  |
|  |  |  |  |  |  |  | 5561191 | 5558986 | 5618395 | 1.88% |
| Total First Lien Debt |  |  |  |  |  |  | 104508553 | 104550991 | 106206300 | 35.58% |
| Second Lien Debt |  |  |  |  |  |  |  |  |  |  |
| Financials |  |  |  |  |  |  |  |  |  |  |
| Nexus Buyer LLC | Term Loan | 9.91% | SOFR | 5.75% | 8/07/2025 | 8/4/2032 | 350000 | 346500 | 350044 |  |
| Osttra Group Ltd. | Term Loan | 4.00% | SOFR | 4.00% | 5/20/2025 | 5/20/2033 | 100000 | 99000 | 100833 |  |
|  |  |  |  |  |  |  | 450000 | 445500 | 450877 | 0.15% |
| Total Second Lien Debt |  |  |  |  |  |  | 450000 | 445500 | 450877 | 0.15% |
| Collateralized Debt Obligation |  |  |  |  |  |  |  |  |  |  |
| Financials |  |  |  |  |  |  |  |  |  |  |
| Romark Credit Funding Ltd., Series 2025–4A, Class D | Collateralized Debt Obligation | 6.92% |  |  | 7/01/2025 | 7/29/2043 | 950000 | 950000 | 953157 |  |
|  |  |  |  |  |  |  | 950000 | 950000 | 953157 | 0.32% |
| Total Collateralized Debt Obligation |  |  |  |  |  |  | 950000 | 950000 | 953157 | 0.32% |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments(1) | Investment Type | Interest<br>Rate<sup>(2)</sup> | Reference<br>Rate | Spread | Acquisition<br>Date | Maturity<br>Date | Shares/Principal<br>Amount | Amortized Cost | Fair Value | % of Net<br>Assets<br>Applicable<br>to Common<br>Stock |
| Collateralized Loan Obligation |  |  |  |  |  |  |  |  |  |  |
| Financials |  |  |  |  |  |  |  |  |  |  |
| ABPCI Direct Lending Fund CLO, Series 2025–21A, Class E | Collateralized Loan Obligation | 11.11% |  |  | 7/07/2025 | 7/20/2037 | 2000000 | 2000000 | 2014440 |  |
| Anchorage Credit Funding Ltd., Series 2015–1A, Class BR2 | Collateralized Loan Obligation | 3.01% |  |  | 6/04/2025 | 7/28/2037 | 2000000 | 1845000 | 1875772 |  |
| Anchorage Credit Funding Ltd., Series 2019–9A, Class BR | Collateralized Loan Obligation | 3.05% |  |  | 5/15/2025 | 10/25/2037 | 1450000 | 1339438 | 1362906 |  |
| Anchorage Credit Funding Ltd., Series 2025–18A, Class E | Collateralized Loan Obligation | 8.85% |  |  | 7/24/2025 | 10/22/2040 | 2600000 | 2600000 | 2608583 |  |
| Bayard Park CLO, Ltd., Series 2025–1A, Class E | Collateralized Loan Obligation | 10.68% |  |  | 6/06/2025 | 7/24/2038 | 1600000 | 1657600 | 1648104 |  |
| Birch Grove CLO Ltd., Series 2024–8A, Class E | Collateralized Loan Obligation | 11.43% |  |  | 6/16/2025 | 4/20/2037 | 1300000 | 1326000 | 1320751 |  |
| BlackRock Baker CLO Ltd., Series 2023–1A, Class E | Collateralized Loan Obligation | 14.37% |  |  | 4/15/2025 | 4/20/2035 | 1277940 | 1277310 | 1284069 |  |
| Churchill Middle Market CLO Ltd., Series 2019–1I, Class ER | Collateralized Loan Obligation | 12.46% |  |  | 4/10/2025 | 4/23/2036 | 950000 | 927675 | 954930 |  |
| Deerpath Capital CLO Ltd., Series 2020–1A, Class DR | Collateralized Loan Obligation | 10.71% |  |  | 7/30/2025 | 4/17/2034 | 1950000 | 1955850 | 1961723 |  |
| HPS Private Credit CLO, Series 2023–1A, Class ER | Collateralized Loan Obligation | 11.29% |  |  | 8/08/2025 | 10/15/2037 | 2500000 | 2500000 | 2517493 |  |
| Maranon Loan Funding Ltd., Series 2021–3A, Class DR | Collateralized Loan Obligation | 9.13% |  |  | 6/03/2025 | 10/15/2036 | 2000000 | 2020000 | 2024586 |  |
| Monroe Capital MML CLO Ltd., Series 2023–1A, Class E | Collateralized Loan Obligation | 13.37% |  |  | 4/16/2025 | 9/23/2035 | 1250000 | 1249375 | 1263864 |  |
| Sycamore Tree CLO Ltd., Series 2024–5A, Class E | Collateralized Loan Obligation | 11.82% |  |  | 6/04/2025 | 4/20/2036 | 1350000 | 1356750 | 1356179 |  |
|  |  |  |  |  |  |  | 22227940 | 22054998 | 22193400 | 7.43% |
| Total Collateralized Loan Obligation |  |  |  |  |  |  | 22227940 | 22054998 | 22193400 | 7.43% |
| Convertible Bond |  |  |  |  |  |  |  |  |  |  |
| Consumer Discretionary |  |  |  |  |  |  |  |  |  |  |
| Delivery Hero SE | Convertible Bond | 2.13% |  |  | 9/30/2025 | 3/10/2029 | 3250000 | 3456990 | 3452583 |  |
|  |  |  |  |  |  |  | 3250000 | 3456990 | 3452583 | 1.16% |
| Information Technology |  |  |  |  |  |  |  |  |  |  |
| AP Grange Holdings, LLC | Convertible Bond | 5.00% |  |  | 4/14/2025 | 3/20/2045 | 250000 | 247500 | 265000 |  |
| AP Grange Holdings, LLC | Convertible Bond | 6.50% |  |  | 4/14/2025 | 3/20/2045 | 2250000 | 2278125 | 2385000 |  |
|  |  |  |  |  |  |  | 2500000 | 2525625 | 2650000 | 0.89% |
| Total Convertible Bond |  |  |  |  |  |  | 5750000 | 5982615 | 6102583 | 2.04% |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments(1) | Investment Type | Interest<br>Rate<sup>(2)</sup> | Reference<br>Rate | Spread | Acquisition<br>Date | Maturity<br>Date | Shares/Principal<br>Amount | Amortized Cost | Fair Value | % of Net<br>Assets<br>Applicable<br>to Common<br>Stock |
| Corporate Bond |  |  |  |  |  |  |  |  |  |  |
| Communication Services |  |  |  |  |  |  |  |  |  |  |
| Altice France S.A. | Corporate Bond | 8.13% |  |  | 5/22/2025 | 2/1/2027 | 2900000 | 2660750 | 2721360 |  |
| Clear Channel Outdoor Holdings, Inc. | Corporate Bond | 7.88% |  |  | 4/07/2025 | 4/1/2030 | 1850000 | 1757500 | 1944137 |  |
| Connect Holding II LLC<sup>(5)</sup> | Corporate Bond | 10.50% |  |  | 8/15/2025 | 4/3/2031 | 2981000 | 2891570 | 2980985 |  |
| Discovery Communications, LLC | Corporate Bond | 3.95% |  |  | 7/08/2025 | 3/20/2028 | 750000 | 683125 | 713929 |  |
| EchoStar Corporation | Corporate Bond | 10.75% |  |  | 4/04/2025 | 11/30/2029 | 650000 | 675750 | 715777 |  |
| Electronic Arts Inc. | Corporate Bond | 1.85% |  |  | 9/29/2025 | 2/15/2031 | 150000 | 141000 | 142432 |  |
| Frontier Communications, Inc. | Corporate Bond | 8.63% |  |  | 4/04/2025 | 3/15/2031 | 5250000 | 5578125 | 5549539 |  |
| Level 3 Financing, Inc. | Corporate Bond | 3.88% |  |  | 8/04/2025 | 11/15/2029 | 6450000 | 5156750 | 5481568 |  |
| Sinclair Television Group, Inc. | Corporate Bond | 8.13% |  |  | 4/08/2025 | 2/15/2033 | 2500000 | 2431250 | 2575525 |  |
| SoftBank Group Corp. | Corporate Bond | 5.75% |  |  | 7/08/2025 | 7/8/2032 | 150000 | 175388 | 184304 |  |
| SoftBank Group Corp. | Corporate Bond | 6.88% |  |  | 7/08/2025 | 1/10/2031 | 900000 | 905313 | 919612 |  |
| SoftBank Group Corp. | Corporate Bond | 7.25% |  |  | 7/08/2025 | 7/10/2032 | 1250000 | 1261000 | 1289988 |  |
| SoftBank Group Corp. | Corporate Bond | 7.50% |  |  | 8/13/2025 | 7/10/2035 | 350000 | 363688 | 364951 |  |
| VEON Midco B.V. | Corporate Bond | 9.00% |  |  | 7/02/2025 | 7/15/2029 | 1840000 | 1840000 | 1916608 |  |
| Windstream Services, LLC | Corporate Bond | 7.50% |  |  | 9/26/2025 | 10/15/2033 | 2000000 | 2005000 | 2000320 |  |
|  |  |  |  |  |  |  | 29971000 | 28526209 | 29501035 | 9.88% |
| Consumer Discretionary |  |  |  |  |  |  |  |  |  |  |
| Crocs, Inc. | Corporate Bond | 4.13% |  |  | 9/08/2025 | 8/15/2031 | 1150000 | 1040781 | 1054366 |  |
| DICK'S Sporting Goods, Inc. | Corporate Bond | 4.00% |  |  | 9/11/2025 | 10/1/2029 | 650000 | 607750 | 637514 |  |
| LGI Homes, Inc. | Corporate Bond | 7.00% |  |  | 4/04/2025 | 11/15/2032 | 1850000 | 1692750 | 1808190 |  |
| Lions Gate Capital Holdings LLC | Corporate Bond | 5.50% |  |  | 6/06/2025 | 8/15/2029 | 4550000 | 4049500 | 4321522 |  |
| Motion Bondco Designated Activity Company | Corporate Bond | 6.63% |  |  | 6/02/2025 | 11/15/2027 | 500000 | 472500 | 489463 |  |
| Muvico LLC | Corporate Bond | 9.00% |  |  | 8/18/2025 | 2/19/2029 | 2200000 | 2356750 | 2373789 |  |
| Papa John's International, Inc. | Corporate Bond | 3.88% |  |  | 6/11/2025 | 9/15/2029 | 450000 | 434250 | 432398 |  |
| Rakuten Group, Inc. | Corporate Bond | 9.75% |  |  | 4/04/2025 | 4/15/2029 | 2921000 | 3081655 | 3286432 |  |
| Sabre GLBL Inc. | Corporate Bond | 11.13% |  |  | 6/02/2025 | 7/15/2030 | 3150000 | 3244500 | 3062225 |  |
| Stonegate Pub Company Financing plc | Corporate Bond | 10.75% |  |  | 4/08/2025 | 7/31/2029 | 1550000 | 2035946 | 2092882 |  |
| WarnerMedia Holdings, Inc. | Corporate Bond | 4.05% |  |  | 6/30/2025 | 3/15/2029 | 4150000 | 3683660 | 3986378 |  |
|  |  |  |  |  |  |  | 23121000 | 22700042 | 23545159 | 7.89% |
| Consumer Staples |  |  |  |  |  |  |  |  |  |  |
| ION Platform Finance S.à r.l. | Corporate Bond | 6.50% |  |  | 9/30/2025 | 9/30/2030 | 250000 | 293513 | 293513 |  |
| ION Platform Finance S.à r.l. | Corporate Bond | 6.88% |  |  | 9/30/2025 | 9/30/2030 | 250000 | 293513 | 293513 |  |
| Prime Healthcare Services, Inc. | Corporate Bond | 9.38% |  |  | 5/07/2025 | 9/1/2029 | 1750000 | 1761938 | 1821497 |  |
| Sotheby's | Corporate Bond | 7.38% |  |  | 5/13/2025 | 10/15/2027 | 3700000 | 3638625 | 3702683 |  |
| US Acute Care Solutions, LLC | Corporate Bond | 9.75% |  |  | 4/22/2025 | 5/15/2029 | 2000000 | 1975000 | 2049460 |  |
|  |  |  |  |  |  |  | 7950000 | 7962589 | 8160666 | 2.73% |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments(1) | Investment Type | Interest<br>Rate<sup>(2)</sup> | Reference<br>Rate | Spread | Acquisition<br>Date | Maturity<br>Date | Shares/Principal<br>Amount | Amortized Cost | Fair Value | % of Net<br>Assets<br>Applicable<br>to Common<br>Stock |
| Energy |  |  |  |  |  |  |  |  |  |  |
| Moss Creek Resources Holdings Inc. | Corporate Bond | 8.25% |  |  | 5/01/2025 | 9/1/2031 | 2000000 | 1850000 | 1961070 |  |
| Nabors Industries, Inc. | Corporate Bond | 9.13% |  |  | 4/14/2025 | 1/31/2030 | 2750000 | 2588125 | 2863011 |  |
| Rockies Express Pipeline LLC | Corporate Bond | 6.88% |  |  | 4/25/2025 | 4/15/2040 | 1450000 | 1433626 | 1524594 |  |
| Venture Global Calcasieu Pass, LLC | Corporate Bond | 4.13% |  |  | 5/22/2025 | 8/15/2031 | 2400000 | 2154000 | 2267880 |  |
| Vital Energy Inc. | Corporate Bond | 9.75% |  |  | 8/25/2025 | 10/15/2030 | 3400000 | 3517125 | 3556927 |  |
| WildFire Intermediate Holdings, LLC | Corporate Bond | 7.50% |  |  | 4/24/2025 | 10/15/2029 | 1850000 | 1706250 | 1879230 |  |
| YPF Sociedad Anónima | Corporate Bond | 9.50% |  |  | 4/22/2025 | 1/17/2031 | 3100000 | 3208500 | 3178337 |  |
|  |  |  |  |  |  |  | 16950000 | 16457626 | 17231049 | 5.77% |
| Financials |  |  |  |  |  |  |  |  |  |  |
| Aquarian Holdings LLC | Corporate Bond | 7.88% |  |  | 4/14/2025 | 11/1/2029 | 2300000 | 2236750 | 2401499 |  |
| Boston Properties Limited Partnership | Corporate Bond | 2.55% |  |  | 5/09/2025 | 4/1/2032 | 250000 | 205490 | 216411 |  |
| Cherry Securitization Trust | Corporate Bond | 9.34% |  |  | 5/13/2025 | 11/15/2032 | 1250000 | 1249751 | 1278340 |  |
| Essential Properties Realty Trust, Inc. | Corporate Bond | 2.95% |  |  | 4/29/2025 | 7/15/2031 | 1000000 | 859310 | 902935 |  |
| Freedom Mortgage Holding Corporation | Corporate Bond | 7.88% |  |  | 8/05/2025 | 4/1/2033 | 2000000 | 2000000 | 2062600 |  |
| Kilroy Realty, L.P. | Corporate Bond | 2.65% |  |  | 7/29/2025 | 11/15/2033 | 1400000 | 1344160 | 1370368 |  |
| Sherwood Financing plc | Corporate Bond | 9.63% |  |  | 5/06/2025 | 12/15/2029 | 650000 | 871809 | 855871 |  |
| VRTX Trust | Corporate Bond | 6.60% |  |  | 8/05/2025 | 9/1/2030 | 1000000 | 1000000 | 1021040 |  |
| X3G MergeCo S.p.A. | Corporate Bond | 7.00% |  |  | 5/22/2025 | 5/15/2030 | 3000000 | 3112866 | 3375470 |  |
|  |  |  |  |  |  |  | 12850000 | 12880136 | 13484534 | 4.52% |
| Health Care |  |  |  |  |  |  |  |  |  |  |
| Grifols, S.A. | Corporate Bond | 7.50% |  |  | 7/21/2025 | 5/1/2030 | 1950000 | 2393528 | 2416906 |  |
| Harrow, Inc. | Corporate Bond | 8.63% |  |  | 9/08/2025 | 9/15/2030 | 4500000 | 4520000 | 4685985 |  |
|  |  |  |  |  |  |  | 6450000 | 6913528 | 7102891 | 2.38% |
| Industrials |  |  |  |  |  |  |  |  |  |  |
| AECOM | Corporate Bond | 6.00% |  |  | 7/16/2025 | 8/1/2033 | 2450000 | 2457000 | 2506926 |  |
| Calderys Financing LLC | Corporate Bond | 11.25% |  |  | 4/22/2025 | 6/1/2028 | 3100000 | 3255000 | 3291379 |  |
| CMA CGM S.A. | Corporate Bond | 4.88% |  |  | 9/30/2025 | 1/15/2032 | 250000 | 293513 | 292853 |  |
| JH North America Holdings, LLC | Corporate Bond | 5.88% |  |  | 8/28/2025 | 1/31/2031 | 1150000 | 1169813 | 1178838 |  |
| Luna 1.5 S.à r.l. | Corporate Bond | 10.50% |  |  | 8/08/2025 | 7/1/2032 | 1650000 | 1921178 | 2010457 |  |
| Luna 1.5 S.à r.l. | Corporate Bond | 12.00% |  |  | 9/17/2025 | 7/1/2032 | 400000 | 406563 | 414651 |  |
| Maxam Prill S.à r.l. | Corporate Bond | 7.75% |  |  | 7/24/2025 | 7/15/2030 | 1150000 | 1118375 | 1159148 |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments(1) | Investment Type | Interest<br>Rate<sup>(2)</sup> | Reference<br>Rate | Spread | Acquisition<br>Date | Maturity<br>Date | Shares/Principal<br>Amount | Amortized Cost | Fair Value | % of Net<br>Assets<br>Applicable<br>to Common<br>Stock |
| R.R. Donnelley & Sons Company | Corporate Bond | 9.50% |  |  | 4/10/2025 | 8/1/2029 | 3912000 | 3731900 | 4012558 |  |
| Trivium Packaging Finance | Corporate Bond | 12.25% |  |  | 5/21/2025 | 1/15/2031 | 900000 | 906750 | 975209 |  |
|  |  |  |  |  |  |  | 14962000 | 15260092 | 15842019 | 5.31% |
| Information Technology |  |  |  |  |  |  |  |  |  |  |
| CoreWeave, Inc. | Corporate Bond | 9.00% |  |  | 9/10/2025 | 2/1/2031 | 2950000 | 3006938 | 3041703 |  |
| Crane NXT, Co. | Corporate Bond | 4.20% |  |  | 4/15/2025 | 3/15/2048 | 1396000 | 793026 | 934643 |  |
| xAI LLC | Corporate Bond | 12.50% |  |  | 6/20/2025 | 6/30/2030 | 2800000 | 2800750 | 2944410 |  |
| Xerox Corporation | Corporate Bond | 10.25% |  |  | 5/20/2025 | 10/15/2030 | 1300000 | 1332812 | 1322229 |  |
|  |  |  |  |  |  |  | 8446000 | 7933526 | 8242985 | 2.76% |
| Materials |  |  |  |  |  |  |  |  |  |  |
| JW Aluminum Continuous Cast Co. | Corporate Bond | 10.25% |  |  | 4/07/2025 | 4/1/2030 | 4268000 | 4246590 | 4485220 |  |
| Olympus Water U.S. Holding Corporation | Corporate Bond | 7.25% |  |  | 9/25/2025 | 2/15/2033 | 2350000 | 2350000 | 2352421 |  |
| Olympus Water U.S. Holding Corporation | Corporate Bond | 9.63% |  |  | 4/8/2025 | 11/15/2028 | 1550000 | 1752264 | 1912368 |  |
| Olympus Water U.S. Holding Corporation | Corporate Bond | 9.75% |  |  | 4/4/2025 | 11/15/2028 | 1500000 | 1534125 | 1574468 |  |
|  |  |  |  |  |  |  | 9668000 | 9882979 | 10324477 | 3.46% |
| Utilities |  |  |  |  |  |  |  |  |  |  |
| The AES Corporation | Corporate Bond | 2.45% |  |  | 7/15/2025 | 1/15/2031 | 2850000 | 2555525 | 2553600 |  |
| Calpine Corporation | Corporate Bond | 5.00% |  |  | 4/11/2025 | 2/1/2031 | 850000 | 803250 | 848287 |  |
| Ferrellgas, L.P. | Corporate Bond | 5.38% |  |  | 6/04/2025 | 4/1/2026 | 2650000 | 2623500 | 2625501 |  |
| SW I plc | Corporate Bond | 6.88% |  |  | 8/07/2025 | 8/7/2032 | 800000 | 1090846 | 1089127 |  |
|  |  |  |  |  |  |  | 7150000 | 7073121 | 7116515 | 2.38% |
| Total Corporate Bond |  |  |  |  |  |  | 137518000 | 135589848 | 140551330 | 47.09% |
| Floating Rate Note |  |  |  |  |  |  |  |  |  |  |
| Financials |  |  |  |  |  |  |  |  |  |  |
| Genworth Holdings, Inc. | Floating Rate Note | 6.48% | SOFR | 2.00% | 4/22/2025 | 11/15/2036 | 3455000 | 2742406 | 2965703 |  |
| Sherwood Financing PLC | Floating Rate Note | 7.51% | EURIBOR | 5.50% | 5/06/2025 | 12/15/2029 | 650000 | 728220 | 737048 |  |
|  |  |  |  |  |  |  | 4105000 | 3470626 | 3702751 | 1.24% |
| Total Floating Rate Note |  |  |  |  |  |  | 4105000 | 3470626 | 3702751 | 1.24% |
| Preferred Equity |  |  |  |  |  |  |  |  |  |  |
| Financials |  |  |  |  |  |  |  |  |  |  |
| Brighthouse Financial, Inc., Series C | Preferred Equity | 5.38% |  |  | 7/17/2025 |  | 14068 | 189648 | 190340 |  |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Investments(1) | Investment Type | Interest<br>Rate<sup>(2)</sup> | Reference<br>Rate | Spread | Acquisition<br>Date | Maturity<br>Date | Shares/Principal<br>Amount | Amortized Cost | Fair Value | % of Net<br>Assets<br>Applicable<br>to Common<br>Stock |
| Brighthouse Financial, Inc., Series A | Preferred Equity | 6.60% |  |  | 7/24/2025 |  | 12241 | 199459 | 202099 |  |
| Brighthouse Financial, Inc., Series B | Preferred Equity | 6.75% |  |  | 7/16/2025 |  | 4110 | 68714 | 68103 |  |
|  |  |  |  |  |  |  | 30419 | 457821 | 460542 | 0.15% |
| Utilities |  |  |  |  |  |  |  |  |  |  |
| SCE Trust VI | Preferred Equity | 5.00% |  |  | 5/19/2025 |  | 179300 | 3011353 | 3055272 |  |
| SCE Trust II | Preferred Equity | 5.10% |  |  | 5/19/2025 |  | 17186 | 292461 | 294740 |  |
|  |  |  |  |  |  |  | 196486 | 3303814 | 3350012 | 1.12% |
| Total Preferred Equity |  |  |  |  |  |  | 226905 | 3761635 | 3810554 |  |
| Total Investments – Non–Controlled/Non–Affilaited <br>Before Cash |  |  |  |  |  |  | 275736398 | 276806213 | 283970952 | 95.13% |
| Other Cash and Cash equivalents |  |  |  |  |  |  |  |  |  |  |
| MSILF Treasury Securities Portfolio | Cash equivalents | 4.06% |  |  |  |  | 51823369 | 51823369 | 51823369 | 17.36% |
| Cash | Cash |  |  |  |  |  | 1320129 | 1320129 | 1320129 | 0.44% |
| Total Cash and Cash Equivalents |  |  |  |  |  |  | 53143498 | 53143498 | 53143498 | 17.80% |
| Total Portfolio Investments, Cash and Cash Equivalents |  |  |  |  |  |  | 328879896 | 329949711 | 337114450 | 112.94% |
| Securities Sold Short<sup>(1)</sup> —Non-Controlled/Non-Affiliated—Liabilities |  |  |  |  |  |  |  |  |  |  |
| Common Equity |  |  |  |  |  |  |  |  |  |  |
| Communication Services |  |  |  |  |  |  |  |  |  |  |
| Altice France Holding S.A.<sup>(3)(4)(5)</sup> | Common Equity |  |  |  | 6/11/2025 |  | 72887 | (6067) | (6738) |  |
| Altice France Holding S.A.<sup>(3)(4)(5)</sup> | Common Equity |  |  |  | 6/25/2025 |  | 291550 | (21092) | (22960) |  |
|  |  |  |  |  |  |  |  | (27159) | (29698) | -0.01% |
| Total Common Equity Bond |  |  |  |  |  |  | 364437 | (27159) | (29698) | -0.01% |
| Government Bond Government |  |  |  |  |  |  |  |  |  |  |
| United States | Government Bond | 3.88% |  |  | 7/09/2025 | 6/30/2030 | 6408000 | (6582917) | (6614715) |  |
|  |  |  |  |  |  |  | 6408000 | (6582917) | (6614715) | -2.22% |
| Total Government Bond |  |  |  |  |  |  | 6408000 | (6582917) | (6614715) | -2.22% |
| Total Investments—Non-Controlled/Non-Affiliated |  |  |  |  |  |  |  | (6610076) | (6644413) | -2.23% |

---

------

<sup>(1)</sup> All investments are non–controlled/non–affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments based on the level of control that the Fund maintains in a particular portfolio Fund. As defined in the 1940 Act, a company is generally presumed to be "non–controlled" when the Fund owns 25% or less of the portfolio company's voting securities and "controlled" when the Fund owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non–affiliated" when the Fund owns less than 5% of a portfolio company's voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's voting securities. 

<sup>(2)</sup> The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight Finacning Rate ("SOFR"), as well as Euro Interbank Offered Rate ("EURIBOR") and Sterling Overnight Index Average ("SONIA"), which reset monthly or quarterly.

<sup>(3)</sup> Equity investments are non–income producing securities unless otherwise noted.

<sup>(4)</sup> When–issued security.

<sup>(5)</sup> Security is restricted per Rule 12–12.8 of Regulation S–X

<sup>(6)</sup> Security has an unfunded commitment. As of 9/30/2025, the unfunded commitments for Connect Holding II LLC, Intrum AB, Sizzling Platter, LLC and SWF Holdings I Corp. are $615,151, €46,178, $174,257, and $1,064,426 

------

### Diameter Dynamic Credit Fund

### Class A Shares

### Class I Shares

### PROSPECTUS

### [ ]
All dealers that buy, sell or trade Common Shares, whether or not participating in this offer, may be required to deliver a Prospectus when acting on behalf of the Distributor.

------

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

SUBJECT TO COMPLETION, DATED DECEMBER 29, 2025

## Diameter Dynamic Credit Fund

### STATEMENT OF ADDITIONAL INFORMATION
Diameter Dynamic Credit Fund (the "Fund") is a non-diversified, closed-end management investment company that operates as an "interval fund." This Statement of Additional Information ("SAI") relating to the Fund's common shares of beneficial interest (the "Common Shares") does not constitute a prospectus, but should be read in conjunction with the Prospectus relating thereto dated December [ ]. This SAI does not include all information that a prospective investor should consider before purchasing Shares, and investors should obtain and read the prospectus prior to purchasing such shares. A copy of the Prospectus may be obtained without charge by calling 833-891-0802. Investors may also obtain a copy of the prospectus on the Securities and Exchange Commission's (the "SEC") website (http://www.sec.gov). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the Prospectus.

References to the Investment Company Act of 1940 or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.

#### This Statement of Additional Information is dated [ ]

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  [Investment Policies](#tocb902005_1) | 1 |
|  [Additional Risk Factors](#tocb902005_2) | 4 |
|  [Management of the Fund](#tocb902005_3) | 13 |
|  [Distribution of Fund Shares](#tocb902005_4) | 22 |
|  [Portfolio Transactions and Brokerage](#tocb902005_5) | 24 |
|  [Description of Shares](#tocb902005_6) | 25 |
|  [Certain U.S. Federal Income Tax Matters](#tocb902005_7) | 26 |
|  [Custodian and Transfer Agent](#tocb902005_8) | 38 |
|  [Independent Registered Public Accounting Firm](#tocb902005_9) | 39 |
|  [Control Persons and Principal Holders of Securities](#tocb902005_10) | 40 |
|  [Appendix A – Financial Statements](#tocb902005_11) | A-1 |

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#### INVESTMENT POLICIES
The Fund's fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund, are listed below. For the purposes of this registration statement, "majority of the outstanding voting securities of the Fund" means the lesser of: (i) of 67% of the shares represented at a meeting at which more than 50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares. The other policies and investment restrictions are not fundamental polices of the Fund and may be changed by the Board without shareholder approval and on prior notice to shareholders of the Fund. If a percentage restriction set forth below is adhered to at the time a transaction is effected, later changes in percentage resulting from any cause other than actions by the Fund will not be considered a violation.

#### Fundamental Policies:
The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Borrow money, except to the extent permitted by (i) the Investment Company Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Issue senior securities, except to the extent permitted by (i) the Investment Company Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Underwrite securities of other issuers, except to the extent permitted by (i) the Investment Company Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Invest more than 25% of the value of its total assets in the securities of companies or entities engaged in any one industry, or group of industries. This limitation does not apply to investment in the securities of the U.S. government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Purchase or sell real estate except as permitted by (i) the Investment Company Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase or sell commodities or contracts related to commodities except to the extent permitted by (i) the Investment Company Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Make loans except (a) through the purchase of debt securities or other debt instruments, the purchase of syndicated loans or an interest in syndicated loans or the origination of loans in accordance with its investment objective and policies or (b) to the extent permitted by (i) the Investment Company Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

With respect to the fundamental policy relating to borrowing money set forth above, the Investment Company Act requires the Fund to maintain at all times an asset coverage of at least 300% of the amount of its borrowings that are indebtedness. For the purpose of borrowing money, "asset coverage" means the ratio that the value of the Fund's total assets, minus liabilities other than borrowings and preferred shares, bears to the aggregate amount of all borrowings and preferred shares. Certain trading practices and investments may be considered to be borrowings and thus subject to the Investment Company Act restrictions. On the other hand, certain practices and investments may involve leverage but are not considered to be borrowings under the Investment Company Act, such as the purchasing of securities on a when-issued or delayed delivery basis, entering into reverse repurchase agreements, credit default swaps or futures contracts, engaging in short sales and writing options on portfolio securities, so long as the Fund complies with an applicable exemption in Rule 18f-4 under the Investment Company Act. Borrowing money to increase portfolio holdings is known as "leveraging."

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With respect to the fundamental policy relating to issuing senior securities set forth above, "senior securities" are defined as any bond, debenture, note, or similar obligation or instrument constituting a security and evidencing indebtedness, and any stock of a class having priority over any other class as to distribution of assets or payment of dividends. Under the Investment Company Act, a "senior security" does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days and is not extended or renewed.

With respect to the fundamental policy relating to underwriting set forth above, the Investment Company Act does not prohibit a fund from engaging in the underwriting business or from underwriting the securities of other issuers. A fund engaging in transactions involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the Securities Act. Under the Securities Act, an underwriter may be liable for material omissions or misstatements in an issuer's registration statement or prospectus. Securities purchased from an issuer and not registered for sale under the Securities Act are considered restricted securities. There may be a limited market for these securities. If these securities are registered under the Securities Act, they may then be eligible for sale but participating in the sale may subject the seller to underwriter liability.

With respect to the fundamental policy relating to concentration set forth above, the Investment Company Act does not define what constitutes "concentration" in an industry or groups of industries. The SEC staff has taken the position that investment of more than 25% of a fund's total assets in one or more issuers conducting their principal activities in the same industry or group of industries constitutes concentration. The Fund does not consider pooled investment vehicles to be an industry or group of industries, and will consider them to be issuers in a particular industry or group of industries to the extent a pooled vehicle's investment strategy is explicitly focused on a specific industry or group of industries. It is possible that interpretations of concentration could change in the future. A fund that invests a significant percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be more risky than a fund that does not concentrate in an industry. The underlying funds in which the Fund invests are not subject to the Fund's investment restrictions or other policies. The Fund will, however, consider the investments held by underlying funds, to the extent known, in determining whether its investments are concentrated in any particular industry or groups of industries.

With respect to the fundamental policy relating to commodities set forth above, the Investment Company Act does not prohibit a fund from owning commodities, whether physical commodities and contracts related to physical commodities (such as oil or grains and related futures contracts), or financial commodities and contracts related to financial commodities (such as currencies and, possibly, currency futures). If the Fund were to invest in a physical commodity or a physical commodity-related instrument, the Fund would be subject to the additional risks of the particular physical commodity and its related market.

With respect to the fundamental policy relating to lending set forth above, the Investment Company Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from engaging in securities lending of more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements (a repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans). The Fund also will be permitted by this policy to make loans of money, including to other funds. The policy above will be interpreted not to prevent the Fund from purchasing or investing in debt obligations and loans. In addition, collateral arrangements with respect to options, forward currency and futures transactions and other derivative instruments, as well as delays in the settlement of securities transactions, will not be considered loans.

The Fund's fundamental policies are written and will be interpreted broadly. For example, the policies will be interpreted to refer to the Investment Company Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the Investment Company Act by the SEC and others as they are given from time to time. When a policy provides that an investment practice may be conducted

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as permitted by the Investment Company Act, the policy will be interpreted to mean either that the Investment Company Act expressly permits the practice or that the Investment Company Act does not prohibit the practice.

In addition, the Fund has adopted the following fundamental policies with respect to repurchase offers, which may not be changed without the approval of the holders of a majority of the outstanding voting securities of the Fund:

(a) On a quarterly basis, the Fund will make an offer to repurchase a designated percentage of the outstanding Common Shares from shareholders (a "Repurchase Offer"), pursuant to Rule 23c-3 under the Investment Company Act, unless suspended or postponed in accordance with regulatory requirements;

(b) The Fund will repurchase shares that are tendered by a specific date (the "Repurchase Request Deadline"). Each Repurchase Request Deadline will be determined in accordance with Rule 23c-3, as may be amended from time to time. Currently, Rule 23c-3 requires the repurchase request deadline to be no less than 21 and no more than 42 days after the Fund sends a notification to shareholders of the Repurchase Offer.

(c) Each Repurchase Pricing Date (as defined in Rule 23c-3) will be determined in accordance with Rule 23c-3, as may be amended from time to time. Currently, Rule 23c-3 requires the Repurchase Pricing Date to be no later than the 14th day after a Repurchase Request Deadline, or the next business day if the 14th day is not a business day.

#### Non-Fundamental Restrictions
The Fund's investment objective and investment strategies are not fundamental and may be changed by the Board without shareholder approval.

The Fund will provide shareholders with at least sixty (60) days' notice prior to changing the following 80% investment policy: Under normal circumstances, the Fund will invest directly or indirectly at least 80% of its total assets (net assets plus borrowings for investment purposes) in credit instruments (including, but not limited to, loans, bonds, structured credit investments and other credit instruments, such as first-lien debt, second-lien debt, mezzanine and unsecured debt) of varying maturities. The Fund may also invest in additional strategies in the future.

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#### ADDITIONAL RISK FACTORS
The following information supplements the discussion of the Fund's investment objective, investments and related risks that are described in the Prospectus. The Fund may invest in the following instruments and use the following investment techniques, subject to any limitations set forth in the Prospectus. There is no guarantee the Fund will buy all of the types of securities or use any or all of the investment techniques described herein.

**Interest Rate, Mortgage and Credit Swaps Risk.** Forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates exceed a specified rate or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent interest rates fall below a specified level or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. Mortgage swaps are similar to interest rate swaps in that they represent commitments to pay and receive interest. The notional principal amount, however, is tied to a reference pool or pools of mortgages. Credit swaps involve the receipt of floating or fixed note payments in exchange for assuming potential credit losses on an underlying security. Credit swaps give one party to a transaction the right to dispose of or acquire an asset (or group of assets), or the right to receive a payment from the other party, upon the occurrence of specified credit events.

**Equity Index Swaps Risk.** Equity index swaps involve the exchange by the Fund with another party of cash flows based upon the performance of an index or a portion of an index of securities that usually includes dividends. The Fund may purchase cash-settled options on equity index swaps. A cash-settled option on a swap gives the purchaser the right, but not the obligation, in return for the premium paid, to receive an amount of cash equal to the value of the underlying swap as of the exercise date. These options typically are purchased in privately negotiated transactions from financial institutions, including securities brokerage firms.

**Currency Swaps Risk.** Currency swaps may be entered for both hedging and non-hedging purposes. Currency swaps involve the exchange of rights to make or receive payments in specified foreign currencies. Currency swaps usually involve the delivery of the entire principal value of one designated currency in exchange for another designated currency. Therefore, the entire principal value of a currency swap is subject to the risk that the other party to the swap will default on its contractual delivery obligations. The use of currency swaps is a highly specialized activity that involves special investment techniques and risks. Incorrect forecasts of market values and currency exchange rates can materially adversely affect the Fund's performance. If there is a default by the other party to such a transaction, the Fund will have contractual remedies pursuant to the agreements related to the transaction.

**Swaptions Risk.** Purchasing and writing (sell) options contracts on swaps, is commonly referred to as "swaptions." A swaption is an option to enter into a swap agreement. Like other types of options, the buyer of a swaption pays a non-refundable premium for the option and obtains the right, but not the obligation, to enter into an underlying swap on agreed-upon terms. The seller of a swaption, in exchange for the premium, becomes obligated (if the option is exercised) to enter into an underlying swap on agreed-upon terms.

**General Limitations on Certain Futures, Options and Swap Transactions Risk.** The Adviser with respect to the Fund intends to file a notice of eligibility for an exclusion from the definition of the term "commodity pool operator" with the U.S. Commodity Futures Trading Commission (the "CFTC") and the National Futures Association (the "NFA"), which regulate trading in the futures markets. Pursuant to CFTC Regulation 4.5, the Adviser and the Fund expect not to be subject to regulation as a commodity pool operator or commodity pool, respectively, under the CEA. If the Adviser or the Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.

**Restricted Securities and Rule 144A Securities Risk. "**Restricted securities" generally are securities that may be resold to the public only pursuant to an effective registration statement under the Securities Act or an

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exemption from registration. Regulation S under the Securities Act is an exemption from registration that permits, under certain circumstances, the resale of restricted securities in offshore transactions, subject to certain conditions, and Rule 144A under the Securities Act is an exemption that permits the resale of certain restricted securities to qualified institutional buyers. Since its adoption by the SEC in 1990, Rule 144A has facilitated trading of restricted securities among qualified institutional investors. To the extent restricted securities held by the Fund qualify under Rule 144A and an institutional market develops for those securities, the Fund expects that it will be able to dispose of the securities without registering the resale of such securities under the Securities Act. However, to the extent that a robust market for such 144A securities does not develop, or a market develops but experiences periods of illiquidity, investments in Rule 144A securities could increase the level of the Fund's illiquidity.

Where an exemption from registration under the Securities Act is unavailable, or where an institutional market is limited, the Fund may, in certain circumstances, be permitted to require the issuer of restricted securities held by the Fund to file a registration statement to register the resale of such securities under the Securities Act. In such case, the Fund will typically 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 resell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, or the value of the security were to decline, the Fund might obtain a less favorable price than prevailed when it decided to sell. Restricted securities for which no market exists are priced by a method that the investment fund managers believe reflects fair value.

**Mid- and Small-Capitalization Company Risk.** Middle and small capitalization companies may be less financially secure than larger, more established companies and depend on a small number of key personnel.

In addition, it is more difficult to get information on middle and small capitalization companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities analysts. A s a result, the securities of middle and small capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization securities or the market as a whole. The purchase or sale of more than a limited number of shares of a middle and small company may affect its market price. The Fund may need a considerable amount of time to purchase or sell its positions in these securities. Investing in middle and small capitalization securities requires a longer term view.

**Securities of Smaller and Emerging Growth Companies Risk.** Investment in smaller or emerging growth companies involves greater risk than is customarily associated with investments in more established companies. The securities of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger, more established companies or the market average in general. These companies may have limited product lines, markets or financial resources, or they may be dependent on a limited management group.

While smaller or emerging growth company issuers may offer greater opportunities for capital appreciation than large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be considered speculative. The Adviser believes that properly selected companies of this type have the potential to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy. Full development of these companies and trends frequently takes time.

Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a result, the disposition by the Fund of portfolio securities may require the Fund to make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or during periods when, in the Adviser's judgment, such disposition is not desirable.

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The process of selection and continuous supervision by the Adviser does not, of course, guarantee successful investment results; however, it does provide access to an asset class not available to the average individual due to the time and cost involved. Careful initial selection is particularly important in this area as many new enterprises have promise but lack certain of the fundamental factors necessary to prosper. Investing in small cap and emerging growth companies requires specialized research and analysis.

Small companies are generally little known to most individual investors although some may be dominant in their respective industries. The Adviser believes that relatively small companies will continue to have the opportunity to develop into significant business enterprises. The Fund may invest in securities of small issuers in the relatively early stages of business development that have a new technology, a unique or proprietary product or service, or a favorable market position. Such companies may not be counted upon to develop into major industrial companies, but the Adviser believes that eventual recognition of their special value characteristics by the investment community can provide above-average long-term growth to the portfolio.

Equity securities of specific small cap issuers may present different opportunities for long-term capital appreciation during varying portions of economic or securities market cycles, as well as during varying stages of their business development. The market valuation of small cap issuers tends to fluctuate during economic or market cycles, presenting attractive investment opportunities at various points during these cycles.

**Merger or Other Event Driven Arbitrage Strategies Risk.** Companies may be involved in (or which are the target of) acquisition attempts or takeover or tender offers or mergers or companies involved in work-outs, liquidations, demergers, spin-offs, reorganizations, bankruptcies, share buy-backs and other capital market transactions or "special situations." The level of analytical sophistication, both financial and legal, necessary for a successful investment in companies experiencing significant business and financial distress is unusually high. There is no assurance that the Adviser will correctly evaluate the nature and magnitude of the various factors that could, for example, affect the prospects for a successful reorganization or similar action. There exists the risk that the transaction in which such business enterprise is involved either will be unsuccessful, take considerable time or will result in a distribution of cash or a new security the value of which will be less than the purchase price of the security or other financial instrument in respect of which such distribution is received. Acquisitions sometimes fail because the U.S. government, European Union or some other governmental entity does not approve of aspects of a transaction due to anti-trust concerns, tax reasons, subsequent disagreements between the acquirer and target as to management transition or corporate governance matters or changing market conditions. Similarly, if an anticipated transaction does not in fact occur, or takes more time than anticipated, the Fund may be required to sell its investment at a loss. As there may be uncertainty concerning the outcome of transactions involving financially troubled companies in which the Fund may invest, there is potential risk of loss by the Fund of its entire investment in such companies. In some circumstances, investments may be relatively illiquid making it difficult to acquire or dispose of them at the prices quoted on the various exchanges. Accordingly, the Fund's ability to respond to market movements may be impaired and consequently the Fund may experience adverse price movements upon liquidation of its investments. Settlement of transactions may be subject to delay and administrative uncertainties. An investment in securities of a company involved in bankruptcy or other reorganization and liquidation proceedings ordinarily remains unpaid unless and until such company successfully reorganizes and/or emerges from bankruptcy, and the Fund may suffer a significant or total loss on any such investment during the relevant proceedings.

Investing in securities of companies in a special situation or otherwise in distress requires active monitoring of such companies and may, at times, require active participation by the Fund (including by way of board membership or corporate governance oversight) in the management or in the bankruptcy or reorganization proceedings of such companies. Such involvement may restrict the Fund's ability to trade in the securities of such companies. It may also prevent the Fund from focusing on matters relating to other existing investments or potential future investments of the Fund. In addition, as a result of its activities, the Fund may incur additional legal or other expenses, including, but not limited to, costs associated with conducting proxy contests, public filings, litigation expenses and indemnification payments to the investment manager or persons serving at the

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investment manager's request on the boards of directors of companies in which the Fund has an interest. It should also be noted that any such board representatives have a fiduciary duty to act in the best interests of all shareholders, and not simply the Fund, and thus may be obligated at times to act in a manner that is adverse to the Fund's interests. The occurrence of any of the above events may have a material adverse effect on the performance of the Fund.

**Bankruptcy and Other Proceedings Risk.** When a company seeks relief under the U.S. Bankruptcy Code (or has a petition filed against it), an automatic stay prevents all entities, including creditors, from foreclosing or taking other actions to enforce claims, perfect liens or reach collateral securing such claims. Creditors who have claims against the company prior to the date of the bankruptcy filing must petition the court to permit them to take any action to protect or enforce their claims or their rights in any collateral. Such creditors may be prohibited from doing so if the court concludes that the value of the property in which the creditor has an interest will be "adequately protected" during the proceedings. If the bankruptcy court's assessment of adequate protection is inaccurate, a creditor's collateral may be wasted without the creditor being afforded the opportunity to preserve it. Thus, even if the Fund holds a secured claim, it may be prevented from collecting the liquidation value of the collateral securing its debt, unless relief from the automatic stay is granted by the court. If relief from stay is not granted, the Fund may not realize a distribution on account of its secured claim until a plan of reorganization or liquidation for the debtor is confirmed. Bankruptcy proceedings can involve substantial legal, professional and administrative costs to the portfolio company and the Fund, and during the process the portfolio company's competitive position may erode, key management personnel may depart and the company may not be able to invest adequately. Although the Adviser intends to invest the Fund's assets primarily in debt, the debt of companies in financial reorganization will, in most cases, not pay current interest, may not accrue interest during reorganization and may be adversely affected by an erosion of the issuer's fundamental value. Such investments can result in a total loss of principal. Bankruptcy proceedings are inherently litigious, time consuming, highly complex and driven extensively by facts and circumstances, which can result in challenges in predicting outcomes. The equitable power of bankruptcy judges (as more fully described below) also can result in uncertainty as to the ultimate resolution of claims.

Security interests held by creditors are closely scrutinized and frequently challenged in bankruptcy proceedings and may be invalidated for a variety of reasons. For example, security interests may be set aside because, as a technical matter, they have not been perfected properly under the Uniform Commercial Code or other applicable law. If a security interest is invalidated, the secured creditor loses the value of the collateral and, because loss of the secured status causes the claim to be treated as an unsecured claim, the holder of such claim will be more likely to experience a significant loss of its investment. There can be no assurance that the security interests securing the Fund's claims will not be challenged vigorously and found defective in some respect, or that the Fund will be able to prevail against any such challenge.

Moreover, debt may be disallowed or subordinated to the claims of other creditors if the creditor is found to have engaged in certain inequitable conduct resulting in harm to other parties with respect to the affairs of a company filing for protection from creditors under the U.S. Bankruptcy Code. In addition, creditors' claims may be treated as equity if they are deemed to be contributions to capital, or if a creditor attempts to control the outcome of the business affairs of a company prior to its filing under the Bankruptcy Code. If a creditor is found to have interfered with the company's affairs to the detriment of other creditors or shareholders, the creditor may be held liable for damages to injured parties. While the Adviser will attempt to avoid taking the types of action that would lead to equitable subordination or creditor liability, there can be no assurance that such claims will not be asserted. In addition, if representation on an unsecured creditors' committee of a company causes the Fund, the Adviser or Diameter or its affiliates to be deemed a fiduciary for all general unsecured creditors, the securities of such company held in an account may become restricted securities, which are not freely tradable.

While the challenges to liens and debt described above normally occur in a bankruptcy proceeding, the conditions or conduct that would lead to an attack in a bankruptcy proceeding could in certain circumstances result in actions brought by other creditors of the debtor, shareholders of the debtor or even the debtor itself in

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other state or U.S. federal proceedings, including pursuant to state fraudulent transfer laws. As is the case in a bankruptcy proceeding, there can be no assurance that such claims will not be asserted or that the Adviser or the Fund will be able successfully to defend against them. To the extent that the Adviser or the Fund assumes an active role in any legal proceeding involving the debtor, the Fund may be prevented from disposing of securities issued by such debtor due to such person's possession of material, non-public information concerning such debtor.

In certain protective situations, companies in which the Fund has invested or to which the Fund has extended loans may file for protection under Chapter 11 of the U.S. Bankruptcy Code. These debtor-in-possession or "DIP" loans are most often revolving working-capital or term loan facilities put into place at the outset of a Chapter 11 case to provide the debtor with both immediate cash and the ongoing working capital that will be required during the reorganization process. While such loans are generally less risky than many other types of loans as a result of their seniority in the debtor's capital structure and because their terms have been approved by a U.S. federal bankruptcy court order, it is possible that the debtor's reorganization efforts may fail and the proceeds of the ensuing liquidation of the DIP lender's collateral might be insufficient to repay in full the DIP loan.

In addition, companies located in non-U.S. jurisdictions may be involved in restructurings, bankruptcy proceedings and/or reorganizations that are not subject to laws and regulations that are similar to the U.S. Bankruptcy Code and the rights of creditors afforded in U.S. jurisdictions. To the extent such non-U.S. laws and regulations do not provide the Fund with equivalent rights and privileges necessary to promote and protect its interest in any such proceeding, the Fund's investments in any such companies may be adversely affected. For example, bankruptcy law and process in a non-U.S. jurisdiction may differ substantially from that in the United States, resulting in greater uncertainty as to the rights of creditors, the enforceability of such rights, reorganization timing and the classification, seniority and treatment of claims. In certain developing countries, although bankruptcy laws have been enacted, the process for reorganization remains highly uncertain.

**Derivatives Risk.** A derivative is generally a financial contract the value of which depends on, or is derived from, changes in the value of one or more "reference instruments," such as underlying assets (including securities), reference rates, indices or events. Derivatives may relate to stocks, bonds, credit, interest rates, commodities, currencies or currency exchange rates, or related indices. A derivative may also contain leverage to magnify the exposure to the reference instrument. Derivatives may be traded on organized exchanges and/or through clearing organizations, or in private transactions with other parties in the over-the-counter ("OTC") market with a single dealer or a prime broker acting as an intermediary with respect to an executing dealer. Derivatives may be used for hedging purposes and non-hedging (or speculative) purposes. Some derivatives require one or more parties to post "margin," which means that a party must deposit assets with, or for the benefit of, a third party, such as a futures commission merchant, in order to initiate and maintain the derivatives position.

Use of derivatives is a highly specialized activity that can involve investment techniques and risks different from, and in some respects greater than, those associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and highly volatile and may perform in unanticipated ways. Derivatives can create leverage, which can magnify the impact of a decline in the value of the reference instrument underlying the derivative, and the Fund could lose more than the amount it invests. Derivatives can have the potential for unlimited losses, for example, where the Fund may be called upon to deliver a security it does not own. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have been beneficial. Derivatives may involve fees, commissions, or other costs that may reduce the Fund's gains or exacerbate losses from the derivatives. Certain aspects of the regulatory treatment of derivative instruments, including federal income tax, are currently unclear and may be affected by changes in legislation, regulations, or other legally binding authority.

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Derivatives involve risks different from the risks associated with investing directly in securities and other traditional investments. There are risks that apply generally to derivatives transactions, including:

• Correlation risk, which is the risk that changes in the value of a derivative will not match the changes in the value of the portfolio holdings that are being hedged or of the particular market or security to which the Fund seeks exposure. There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.

• Counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the derivative. Counterparty risk may arise because of market activities and developments, the counterparty's financial condition (including financial difficulties, bankruptcy, or insolvency), or other reasons. Not all derivative transactions require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. Counterparty risk is generally thought to be greater with OTC derivatives than with derivatives that are exchange traded or centrally cleared. However, derivatives that are traded on organized exchanges and/or through clearing organizations involve the possibility that the futures commission merchant or clearing organization will default in the performance of its obligations.

• Credit risk, which is the risk that the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations.

• Currency risk, which is the risk that changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment.

• Illiquidity risk, which is the risk that certain securities or instruments may be difficult or impossible to sell at the time or at the price desired by the counterparty in connection with payments of margin, collateral, or settlement payments. There can be no assurance that the Fund will be able to unwind or offset a derivative at its desired price, in a secondary market or otherwise. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be adversely affected by "daily price fluctuation limits" established by the exchanges which limit the amount of fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell portfolio securities to meet daily variation margin requirements at a time when it may be disadvantageous to do so.

• Index risk, which is if the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a reduction in the value of the derivative to below the price that the Fund paid for such derivative.

• Legal risk, which is the risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

• Leverage risk, which is the risk that the Fund's derivatives transactions can magnify the Fund's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

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• Market risk, which is the risk that changes in the value of one or more markets or changes with respect to the value of the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, the Fund may be required to pay substantial additional margin to maintain its position or the Fund's returns may be adversely affected.

• Operational risk, which is the risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

• Valuation risk, which is the risk that valuation sources for a derivative will not be readily available in the market. This is possible especially in times of market distress, since many market participants may be reluctant to purchase complex instruments or quote prices for them.

• Volatility risk, which is the risk that the value of derivatives will fluctuate significantly within a short time period.

Ongoing changes to regulation of the derivatives markets and potential changes in the regulation of funds using derivative instruments could limit the Fund's ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or performance.

The Fund intends to operate as a "limited derivatives user" for purposes of the derivatives transactions exemption in Rule 18f-4. To qualify as a limited derivatives user, the Fund's "derivatives exposure" is limited to 10% of its net assets subject to exclusions for certain currency or interest rate hedging transactions (as calculated in accordance with Rule 18f-4). If the Fund fails to qualify as a "limited derivatives user" as defined in Rule 18f-4 and seeks to enter into derivatives transactions, the Fund will be required to establish a comprehensive derivatives risk management program, to comply with certain value-at-risk based leverage limits, to appoint a derivatives risk manager and to provide additional disclosure both publicly and to the SEC regarding its derivatives positions.

<u>Options</u>. A put option gives the purchaser the right to compel the writer of the option to purchase from the option holder an underlying currency or security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying currency or security covered by the option or its equivalent from the writer of the option at the stated exercise price. As a holder of a put option, the Fund will have the right to sell the currencies or securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the currencies or securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may terminate its option positions prior to their expiration by entering into closing transactions. The ability of the Fund to enter into a closing sale transaction depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities on which the option is based. Imperfect correlation between the options and securities markets may detract from the effectiveness of attempted hedging. Options transactions may result in significantly higher transaction costs and portfolio turnover for the Fund.

Some, but not all, of the Fund's options may be traded and listed on an exchange. There is no assurance that a liquid secondary market on an options exchange will exist for any particular option at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

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<u>Futures Contracts</u>. The Fund may enter into futures contracts that are traded on exchanges and are standardized as to maturity date and underlying financial instrument. A security futures contract is a legally binding agreement between two parties to purchase or sell in the future a specific quantity of a security or of the component securities of a narrow-based security index, at a certain price. A person who buys a security futures contract enters into a contract to purchase an underlying security and is said to be "long" the contract. A person who sells a security futures contract enters into a contract to sell the underlying security and is said to be "short" the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange.

An open position, either a long or short position, is typically closed or liquidated by entering into an offsetting transaction (i.e., an equal and opposite transaction to the one that opened the position) prior to the contract expiration. Traditionally, most futures contracts are liquidated prior to expiration through an offsetting transaction and, thus, holders do not incur a settlement obligation. If the offsetting purchase price is less than the original sale price, a gain will be realized; if it is more, a loss will be realized. Conversely, if the offsetting sale price is more than the original purchase price, a gain will be realized; if it is less, a loss will be realized. The transaction costs must also be included in these calculations. However, there can be no assurance that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract and the Fund may not be able to realize a gain in the value of its future position or prevent losses from mounting. This inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the security futures contract or the underlying security; if trading is halted due to recent news events involving the issuer of the underlying security; if systems failures occur on an exchange or at the firm carrying the position; or, if the position is on an illiquid market. Even if the Fund can liquidate its position, it may be forced to do so at a price that involves a large loss. Because of the low margin deposits required, futures contracts trading involves an extremely high degree of leverage. As a result, a relatively small price movement in a futures contract may result in an immediate and substantial loss or gain to the investor.

There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures contract position. The Fund would continue to be required to meet margin requirements until the position is closed, possibly resulting in a decline in the Fund's NAV. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

Security futures contracts that are not liquidated prior to expiration must be settled in accordance with the terms of the contract. Depending on the terms of the contract, some security futures contracts are settled by physical delivery of the underlying security. Settlement with physical delivery may involve additional costs. Depending on the terms of the contract, other security futures contracts are settled through cash settlement. In this case, the underlying security is not delivered. Instead, any positions in such security futures contracts that are open at the end of the last trading day are settled through a final cash payment based on a final settlement price determined by the exchange or clearing organization. Once this payment is made, neither party has any further obligations on the contract.

In addition, the value of a position in security futures contracts could be affected if trading is halted in either the security futures contract or the underlying security. In certain circumstances, regulated exchanges are required by law to halt trading in security futures contracts. The regulated exchanges may also have discretion under their rules to halt trading in other circumstances, such as when the exchange determines that the halt would be advisable in maintaining a fair and orderly market. A trading halt, either by a regulated exchange that trades security futures or an exchange trading the underlying security or instrument, could prevent the Fund from liquidating a position in security futures contracts in a timely manner, which could expose the Fund to a loss.

Each regulated exchange trading a security futures contract may also open and close for trading at different times than other regulated exchanges trading security futures contracts or markets trading the underlying security

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or securities. Trading in security futures contracts prior to the opening or after the close of the primary market for the underlying security may be less liquid than trading during regular market hours.

<u>Swap Agreements</u>. In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Some swaps are structured to include exposure to a variety of different types of investments or market factors, such as interest rates, commodity prices, non-U.S. currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates. Swap agreements may be negotiated bilaterally and traded OTC between two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Certain risks are reduced (but not eliminated) if a fund invests in cleared swaps. Certain standardized swaps, including certain credit default swaps, are subject to mandatory clearing, and more are expected to be in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives, but cleared contracts are not risk-free.

Swap agreements may increase or decrease the overall volatility of the Fund's investments and the price of its Common Shares. The performance of swap agreements may be affected by a change in the specific interest rate, currency or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses.

Generally, swap agreements have fixed maturity dates that are agreed upon by the parties to the swap. The agreement can be terminated before the maturity date only under limited circumstances, such as default by or insolvency of one of the parties and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, it is possible that the Fund may not be able to recover the money it expected to receive under the contract.

A swap agreement can be a form of leverage, which can magnify the Fund's gains or losses. The use of swaps can cause the Fund to be subject to additional regulatory requirements, which may generate additional the Fund expenses. The Fund monitors any swaps with a view towards ensuring that the Fund remains in compliance with all applicable regulatory, investment and tax requirements.

**Limited Partnership Interests Risk.** Private credit funds, often organized as limited partnerships, are the most common vehicles for making private credit investments. When making investments through secondary transactions in such investment funds, the Fund will typically agree to purchase an investor's existing limited partnership interest in an investment fund, typically at a discount to NAV, and take on existing obligations to fund future capital calls. Due to the illiquidity of the market for limited partnership interests and/or other types of interests or positions in investment funds, an investor can sometimes purchase a secondary investment at a discount to an investment fund's NAV. Securities issued by private partnerships tend to be more illiquid, and highly speculative. Limited partnership and/or other interests or positions in investment funds have not been and will not be registered under the 1933 Act or any other securities laws in any jurisdiction.

**Prepayment Risk**. The frequency at which prepayments (including voluntary prepayments by the obligors and liquidations due to defaults and foreclosures) occur on loans underlying assets will be affected by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, legal and other factors. Generally, borrowers tend to prepay their loans when prevailing interest rates fall below the interest rates on their outstanding loans. The Adviser accounts for anticipated prepayment levels in investing in loan assets. However, increased prepayment levels may negatively impact the total cash realized over the life of the assets and may consequently affect the rate of return on such investments.

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#### MANAGEMENT OF THE FUND

#### Investment Advisory Agreement
Diameter DCF Advisor LLC (the "Adviser") serves as the investment adviser to the Fund. The Adviser is located at 50 Hudson Yards, Suite 6600A, New York, NY 10001 and is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended. The Adviser is a wholly-owned subsidiary of Diameter Capital Partners LP, a credit-focused investment adviser that focuses on the full spectrum of credit investing, from performing to distressed. Subject to the general supervision of the Board, and in accordance with the investment objective, policies, and restrictions of the Fund, the Adviser is responsible for the management and operation of the Fund and the investment of the Fund's assets. The Adviser provides such services to the Fund pursuant to the investment advisory agreement between the Fund and the Adviser (the "Investment Advisory Agreement").

The Investment Advisory Agreement became effective as of September 30, 2025 and has an initial two-year term. Thereafter, the Investment Advisory Agreement continues in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval.

Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser a management fee (the "Management Fee") in an amount equal to 1.25% of the Fund's average daily Managed Assets (defined below), payable quarterly in arrears. The Management Fee will be paid to the Adviser before giving effect to any repurchase of Common Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund that are credited to its shareholders. "Managed Assets" means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes). Management Fees for any partial quarter shall be appropriately prorated.

The Adviser has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Adviser has agreed to waive the Management Fee and/or to assume or reimburse expenses of the Fund (a "Waiver"), if required to ensure the total annual expenses (excluding the Management Fee; any taxes; fees and interest payments on borrowed funds; shareholder servicing and distribution fees; brokerage and distribution costs and expenses; acquired fund fees and expenses (as determined in accordance with SEC Form N-2); expenses incurred in connection with any merger or reorganization; and extraordinary or non-routine expenses, such as litigation expenses) ("Total Annual Expenses") do not exceed 0.75% of the average daily net assets of Class A Shares and Class I Shares (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. Unless earlier terminated by the Board, the Expense Limitation and Reimbursement Agreement has an initial two-year term from the date of commencement of the Fund's operations. The Expense Limitation and Reimbursement Agreement may be renewed at the Adviser's discretion for consecutive twelve-month terms thereafter. Neither the Fund nor the Adviser may terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, the Expense Limitation and Reimbursement Agreement may be terminated, without the payment of any penalty, by the Fund at any time, with or without notice, or by the Adviser upon thirty days' written notice prior to the end of the then current term.

#### Information on Trustees and Officers
The Fund's business and affairs are managed under the direction of the Board. The Board currently consists of five members, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the Investment Company Act (the "Independent Trustees"). The Fund's officers serve at the discretion of the Board. The Board maintains an audit committee and a nominating and governance committee and may establish additional committees from time to time as necessary.

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The Investment Company Act requires that at least 40% of the Trustees of the Fund be Independent Trustees. Certain exemptive rules promulgated under the Investment Company Act require that at least 50% of the Trustees of the Fund be Independent Trustees. Currently, three of the five Trustees (60%) are Independent Trustees. The Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman of the Board, regardless of whether the trustee happens to be independent or a member of management. The Board has determined that its leadership structure, in which the Chairman of the Board is an interested person of the Fund, is appropriate because the Independent Trustees believe that an interested Chairman has a personal and professional stake in the quality and continuity of services provided by management to the Fund. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustees serve as Chairman and that a key factor for assuring that they are in a position to do so is for the directors who are independent of management to constitute a majority of the Board.

The Board expects to perform its risk oversight function primarily through (a) its two standing committees, which report to the entire Board and are comprised solely of Independent Trustees and (b) monitoring by the Fund's Chief Compliance Officer in accordance with the Fund's compliance policies and procedures and monitoring by the Adviser's Chief Compliance Officer.

The Board has established an audit committee and a nominating and governance committee. The Fund does not have a compensation committee because its executive officers do not receive any direct compensation from the Fund.

*Audit Committee*. The members of the audit committee of the Fund are Steven Bossi, Amanda R. Wurtz, and Daniel Kasell, each of whom is an Independent Trustee. Steven Bossi serves as chairperson of the audit committee. The Board has adopted a charter for the audit committee. The audit committee is responsible for approving the Fund's independent accountants, reviewing with the Fund's independent accountants the plans and results of the audit engagement, approving professional services provided by the Fund's independent accountants, reviewing the independence of the Fund's independent accountants and reviewing the adequacy of the Fund's internal accounting controls.

*Nominating and Governance Committee*. The members of the nominating and governance committee of the Fund are Steven Bossi, Amanda R. Wurtz, and Daniel Kasell, each of whom is an Independent Trustee. Amanda R. Wurtz serves as chairperson of the nominating and governance committee. The Board has adopted a charter for the nominating and governance committee. The nominating and governance committee is responsible for selecting, researching and nominating Trustees for election by the Fund's shareholders, selecting nominees to fill vacancies on the Board or a committee of the Board, developing and recommending to the Board a set of corporate governance principles and overseeing the evaluation of the Board and its committees.

The below discusses some of the experiences, qualifications and skills of each Trustee that support the conclusion that he or she should serve on the Board.

Our Trustees have been divided into two groups – interested trustees and Independent Trustees. An interested trustee is an "interested person" as defined in Section 2(a)(19) of the 1940 Act. An Independent Trustee is a trustee who is not an "interested person."

*Interested Trustees* 

**Scott Goodwin** is a Co-Founder and Managing Partner of Diameter Capital Partners. Before starting Diameter Capital Partners, Mr. Goodwin was with Anchorage Capital Group as a Portfolio Manager and the Global Head of Trading (2010 – 2016), and was responsible for portfolio management for performing-credit risk across the firm's flagship Anchorage Capital Partners ("ACP") hedge fund. He also had day-to-day oversight for the Anchorage Short Credit ("ASC") fund. Mr. Goodwin was the only investment professional, besides

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Anchorage's three partners, with meaningful investment discretion (50 bps per issuer on longs, and 100 bps per issuer on shorts) in ACP. During his tenure, he worked closely with the firm's founders to help manage the overall risk of the ACP portfolio, and to generate thematic sector and single-name investment ideas across global credit markets. This included leading quarterly short idea meetings at which the whole research team presented.

As part of his duties as Global Head of Trading, Mr. Goodwin managed a team of 10 traders globally, two desk analysts, and a quantitative risk analyst. In this role, he had oversight of trade structuring and the implementation process across all credit products, equities, and hedging of both interest rates and foreign exchange, and other macro hedges. Mr. Goodwin oversaw the expansion of Anchorage's trading capabilities; increased the breadth of product expertise; and upgraded the talent level globally with impactful hires, while revolutionizing the way the firm engaged the sell-side. He was instrumental in building the firm's global debt capital markets engagement effort.

Mr. Goodwin worked hand-in-hand with Jonathan Lewinsohn during their overlap at Anchorage (2010 – 2013). In their respective roles as Head of Trading and Head of Research, Mr. Goodwin and Mr. Lewinsohn's responsibilities included ensuring that the team focused its resources on the most relevant opportunities globally; they streamlined the research process to allow the firm to invest both proactively and reactively in periods of volatility. They also partnered to vet analyst research output and manage quarterly analyst portfolio reviews with Mr. Allen.

In addition to his portfolio management and trading responsibilities, Mr. Goodwin served on the investment committee ("IC") at Anchorage as a voting member for all performing credit investments and shorts and was a rotating voting member for all other investments. He participated in weekly risk and monthly valuation committee meetings with Anchorage's partners, along with quarterly best-execution meetings. He led a weekly trader meeting at which liquidity and opportunities in each sub-asset class of credit were discussed. Mr. Goodwin also helped develop Anchorage's collateralized loan obligation and collateralized debt obligation management business and was a permanent member of its independent IC. He facilitated Anchorage's partnership with other large buy-side firms and sell-side counterparts to optimize the construct of the CDS market, which helped promote liquidity.

Previously, Mr. Goodwin spent eight years with Citigroup (2002 – 2010), serving most recently as Head of High Yield Bond and Credit Default Swap Trading. Consistently among the leading P&L generators across the unit's global credit business, Mr. Goodwin's eight-member team traded debt from the crossover space to stressed/distressed. He traded sectors including autos, financials, energy, metals and mining, paper and packaging and retail, with a focus on technology, media, and telecom ("TMT").

A 2002 graduate of Duke University, Mr. Goodwin earned a B.A. in Economics with a concentration in Markets and Management.

**Joshua Green** is a Partner, Global Head of Performing Credit, and a CLO Co-Portfolio Manager at Diameter Capital Partners, where he joined in 2018. He is a member of the firm's CDO/CLO and Private Credit Investment Committees. Mr. Green has deep expertise across the full spectrum of corporate credit, from performing to distressed, and is responsible for idea generation, portfolio and risk management, and capital markets relationships across the firm's performing credit products. He also plays an active role in firmwide credit underwriting, with a focus on thematic investment opportunities that impact portfolios.

As CLO Co-Portfolio Manager, Mr. Green built Diameter's award-winning CLO platform and is responsible for underwriting, portfolio construction, and risk management, as well as engagement with both debt and equity investors.

Prior to joining Diameter, Mr. Green was a Managing Director at Anchorage Capital Group from 2010 to 2017. At Anchorage, he focused on investments across markets, including performing credit, stressed and distressed bonds and loans, commodities, and equities. During his tenure, he helped lead investments across a

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wide variety of sectors, including industrials, healthcare, and energy, and managed a team of analysts responsible for idea generation and underwriting within these subsectors. In this capacity, he worked closely with Messrs. Goodwin and Lewinsohn.

Earlier in his career, Mr. Green worked in the Leveraged Finance Restructuring Group at Goldman Sachs, where he advised on complex debtor- and creditor-side mandates, including Chapter 11 restructurings, distressed M&A processes, and rescue financings.

Mr. Green received a B.A. in Psychology, summa cum laude, with a minor in Economics from Dartmouth College.

*Independent Trustees* 

**Steven Bossi** was most recently a Managing Director at Goldman Sachs where he was the Head of Private Credit, External Investment Group (XIG) from 2009 to 2023. Mr. Bossi worked at Goldman Sachs for nearly 15 years after joining in 2009. Prior to his tenure at Goldman Sachs, Mr. Bossi was a Managing Director and chief investment officer of the Deutsche Bank Asset Management hedge fund business and President of DB Investment Managers from 2001 to 2009. Prior to joining Deutsche, Mr. Bossi worked with the Private Finance Group at Aetna Life & Casualty from 1982 to 1992 before joining a family office as chief investment officer. Mr. Bossi earned his M.B.A. from the University of Chicago in 1989 and B.S. from the University of Connecticut in 1982.

**Daniel Kasell** was most recently the Managing Director and Chief Legal Officer at Square Mile Capital Management, where he worked from June 2010 to October 2022. Prior to his tenure at Square Mile, Mr. Kasell was an Associate at Sullivan & Cromwell LLP in the Commercial Real Estate and Private Equity Groups from September 2005 to June 2010. Mr. Kasell earned his J.D. from the University of Pennsylvania Carey Law School in 2005 and B.A. in Near Eastern Studies from Cornell University in 2002.

**Amanda R. Wurtz** most recently provided consulting services for family offices and asset management firms from 2018 to 2021. Prior to that, Ms. Wurtz was the President and CEO at RSL Investments from 2016 to 2018. Prior to joining RSL Investments, Ms. Wurtz was the Head of Family Offices at Providence Equity Partners from 2014 to 2016, and she was the Head of Family Offices, Global Head of Consultant Strategy at Highbridge Capital Management from 2011 to 2013. Earlier in her career, Ms. Wurtz was a Director of Business Development at Argonaut Capital from 2007 to 2011. Ms. Wurtz earned her J.D., with honors, from Cardozo School of Law in 2007 and B.A. in English Literature, with honors, from Brown University in 1999.

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#### Biographical Information
Certain biographical and other information relating to the Trustees is set forth below, including their address and year of birth, principal occupations for at least the last five years, length of time served, total number of registered investment companies and investment portfolios overseen in the Diameter-advised Funds and any currently held public company and other investment company directorships.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address(1) and**<br> **Year of Birth** | **Position(s) with the<br>Fund** | **Term of Office and<br>Length of Time Served** | **Principal<br>Occupation(s) During<br>the Past Five Years** | **Number of Investment<br>Companies and<br>Investment Portfolios<br>in Fund Complex<br>Overseen by Trustee** | **Other Directorships<br>Held by Trustee<br>During the Past<br>Five Years** |
| **INTERESTED TRUSTEES**\*: |  |  |  |  |  |
| Scott Goodwin, Born 1979 | Trustee, Chair of the Board of Trustees, Co-President | Since Inception | Co-Founder and Managing Partner of Diameter Capital Partners LP (since 2017) | 1 | Leadership Advisory Board Member, The United States Soccer Federation (since 2025) |
| Joshua Green, Born 1985 | Trustee | Since Inception | Partner, Global Head of Performing Credit, and a CLO Co-Portfolio Manager at Diameter Capital Partners LP (since 2018) | 1 |  |
| **INDEPENDENT TRUSTEES**: |  |  |  |  |  |
| Steven Bossi, Born 1960 | Trustee, Chair of the Audit Committee and Member of the Nominating and Governance Committee | Since Inception | Managing Partner, Onslow Consulting LLC (since 2024); Advisor, Emory Oak (2023-2024); Managing Director, Goldman Sachs (2009-2023) | 2 | Director, Collaborative Capital Advisors LLC (since 2025); Director, Atalaya (2024); Trustee, Diameter Credit Company (since 2024) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address(1) and**<br> **Year of Birth** | **Position(s) with the<br>Fund** | **Term of Office and<br>Length of Time Served** | **Principal<br>Occupation(s) During<br>the Past Five Years** | **Number of Investment<br>Companies and<br>Investment Portfolios<br>in Fund Complex<br>Overseen by Trustee** | **Other Directorships<br>Held by Trustee<br>During the Past<br>Five Years** |
| Daniel Kasell, Born 1980 | Trustee, Member of the Nominating and Governance Committee and the Audit Committee | Since Inception | Senior Advisor, TPG Real Estate Credit (since 2025); Vice President, Sydav Realty Co. (since 2022); Managing Member, Dunam East LLC (2023-2024); Chief Legal Officer, Square Mile Capital Management LLC (2018-2022) | 2 | Trustee, Diameter Credit Company (since 2023) |
| Amanda R. Wurtz, Born 1977 | Trustee, Chair of the Nominating and Governance Committee and Member of the Audit Committee | Since Inception | Independent Consultant (hedge fund and family office) (2018-2022) | 2 | Trustee, Diameter Credit Company (since 2023) |

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\* Mr. Goodwin and Mr. Green are each an "interested person" as defined in the 1940 Act because each is an officer of Diameter Capital Partners and certain of its affiliates.

(1) Unless otherwise indicated, the business address of the persons listed above is c/o Diameter Dynamic Credit Fund, 50 Hudson Yards, Suite 6600A, New York, NY 10001.

Certain biographical and other information relating to the officers of the Fund who are not Trustees is set forth below, including their address and year of birth, principal occupations for at least the last five years and length of time served. With the exception of the CCO, executive officers receive no compensation from the Fund. The Fund compensates the CCO for his services as its CCO.

Each executive officer is an "interested person" of the Fund (as defined in the Investment Company Act) by virtue of that individual's position with the Adviser or its affiliates described in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Name, Address(1) and**<br> **Year of Birth** | **Position(s) with the Fund** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During<br>the Past Five Years** |
| Scott Goodwin<br> Born 1979 | Trustee, Co-President, Chair of the Board of Trustees | Since Inception | Co-Founder and Managing Partner of Diameter Capital Partners LP (since 2017) |
| Jonathan Lewinsohn<br> Born 1979 | Co-President | Since Inception | Co-Founder and Managing Partner of Diameter Capital Partners LP (since 2017) |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address(1) and**<br> **Year of Birth** | **Position(s) with the Fund** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During<br>the Past Five Years** |
| Michael Cohn<br> Born 1973 | General Counsel | Since Inception | Partner, General Counsel and Chief Compliance Officer of Diameter Capital Partners LP (since 2024); Chief Compliance Officer and Deputy General Counsel at Fortress Investment Group (2004-2024) |
| Matthew Gilmartin<br> Born 1977 | Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | Since Inception | Partner, Chief Operating Officer, Chief Financial Officer and Head of Operations at Diameter Capital Partners LP (since 2019) |
| Alex Morgan, 1290 Broadway, Suite 1000, Denver, CO 80203<br> Born 1989 | Chief Compliance Officer | Since Inception | Director, Fund Chief Compliance Officer at SS&C (since 2024); Vice President, Compliance at Northern Trust Asset Management (2023-2024); 2nd Vice President, Compliance at Northern Trust Asset Management (2020-2023) |
| Alisan Oliver-Li<br> Born 1988 | Secretary | Since Inception | Counsel at Diameter Capital Partners LP (since 2024); Associate at Davis Polk & Wardwell LLP (2019-2024) |

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(1) Unless otherwise indicated, the business address of the persons listed above is c/o Diameter Dynamic Credit Fund, 50 Hudson Yards, Suite 6600A, New York, NY 10001.

#### Trustee Beneficial Ownership of Shares
As the Fund is newly-offered, as of December 29, 2025, none of the Trustees or officers of the Fund, as a group, owned any Common Shares of the Fund.

As to each Independent Trustee and his or her immediate family members, no person owned beneficially or of record securities of an investment adviser or principal underwriter of the Fund, or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with an investment adviser or principal underwriter of the Fund.

#### Compensation of Trustees
No compensation is paid to our trustees who are "interested persons," as such term is defined in Section 2(a)(19) of the Investment Company Act. We pay each Independent Trustee as follows:

• a $50,000 annual retainer so long as the Fund's NAV is up to $1 billion;

• $75,000 so long as the Fund's NAV is between $1 billion—$2 billion;

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• $100,000 if the Fund's NAV exceeds $2 billion;

• $2,000 for each meeting of the Board attended, whether in person or via video conference;

• $1,000 for each committee meeting attended; and

• an additional fee of $10,000 per year for the chair of the Audit Committee and $5,000 per year for the chair of the Nominating and Corporate Governance Committee.

We are also authorized to pay the reasonable out-of-pocket expenses of each Independent Trustee incurred by such trustee in connection with the fulfillment of his or her duties as an Independent Trustee.

#### Indemnification of Trustees and Officers
The governing documents of the Fund generally provide that, to the extent permitted by applicable law, the Fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Fund unless, as to liability to the Fund or its investors, it is finally adjudicated that they engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in their offices. In addition, the Fund will not indemnify Trustees with respect to any matter as to which Trustees did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund or, in the case of any criminal proceeding, as to which Trustees had reasonable cause to believe that the conduct was unlawful. Indemnification provisions contained in the Fund's governing documents are subject to any limitations imposed by applicable law.

#### Portfolio Management
*Portfolio Manager Assets Under Management* 

The following table lists the number and types of accounts, other than the Fund, managed by the Fund's primary portfolio managers and assets under management in those accounts as of September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Accounts<br>Managed** | **Total Assets<br>Managed** | **Number of<br>Accounts<br>Managed for<br>which Advisory<br>Fee is<br>Performance-<br>Based** | **Assets Managed for which<br>Advisory Fee is<br>Performance-Based** |
|  **Jonathan Lewinsohn** |  |  |  |  |
|  Registered Investment Companies | 0 | 0 | 0 | 0 |
|  Other Pooled Investment Vehicles | 40 | 24619175596 | 35 | 16881054428 |
|  Other Accounts | 6 | 3715958078 | 1 | 1142408000 |
|  **Scott Goodwin** |  |  |  |  |
|  Registered Investment Companies | 0 | 0 | 0 | 0 |
|  Other Pooled Investment Vehicles | 40 | 24619175596 | 35 | 16881054428 |
|  Other Accounts | 6 | 3715958078 | 1 | 1142408000 |
|  **Joshua Green** |  |  |  |  |
|  Registered Investment Companies | 0 | 0 | 0 | 0 |
|  Other Pooled Investment Vehicles | 15 | 6824275000 | 15 | 6824275000 |
|  Other Accounts | 2 | 291937856 | 0 | 0 |

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*Portfolio Manager Compensation Overview* 

Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation for Scott Goodwin and Jonathan Lewinsohn are their respective indirect ownership interests in Diameter Capital Partners. The principal components of compensation for Joshua Green include a base salary, a discretionary bonus, and interests in the revenue streams of various vehicles managed by Diameter Capital Partners and its affiliates.

*Base Compensation.* Generally, portfolio managers receive base compensation and employee benefits based on their individual seniority and/or their position with the Adviser.

*Discretionary Compensation.* In addition to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation is based on individual seniority, contributions to the Adviser and, in the case of a portfolio manager, performance of the client assets that the portfolio manager has primary responsibility for. The discretionary compensation is not based on a precise formula, benchmark or other metric. These compensation guidelines are structured to closely align the interests of Diameter employees with those of the Adviser and its clients.

*Securities Ownership of Portfolio Managers* 

None.

#### Proxy Voting Policies
The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Proxy Voting Policies and Procedures of our Adviser are summarized below. The guidelines are reviewed periodically by the Adviser and our Independent Trustees, and, accordingly are subject to change.

The Adviser will generally vote equity proxies consistent with management's direction, unless it believes doing so is not in the best interests of the Fund. Diameter's analysts responsible for the relevant investment position are typically responsible for the determination of the best course of action. In the event that the voting direction is not in accordance with management's recommendations, the Adviser's compliance department will oversee an enhanced review of the voting decision to determine whether the proxy was voted in the best interests of the Fund.

The Adviser has the flexibility to abstain from a particular proxy vote if it believes that doing so would be in the best interests of the Fund, taking into account the associated costs and expected benefits to the Fund. While it is the Adviser's policy not to ignore or neglect its proxy voting responsibilities, there may be times when refraining from voting is in the Fund's best interests, such as when the Adviser's analysis of a particular proxy reveals that the cost of voting the proxy may exceed the expected benefit to the Fund.

The Fund will be required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing will be available: (i) without charge, upon request, by calling the Fund at 833-891-0802 or (ii) by visiting the SEC's website at www.sec.gov.

#### Codes of Ethics
The Fund and the Adviser have adopted a code of ethics (the "Code of Ethics") in compliance with Section 17(j) of the Investment Company Act and Rule 17j-1 thereunder. Each Code of Ethics establishes procedures for personal investing and restricts certain transactions. Employees subject to a Code of Ethics may invest in securities for their personal investment accounts, including making investments in securities that may be purchased or held by the Fund. The Codes of Ethics are available on the EDGAR Database on the SEC's website at www.sec.gov. Copies of the Codes of Ethics may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

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#### DISTRIBUTION OF FUND SHARES
ALPS Distributors, Inc., located at 1290 Broadway, Suite 1000, Denver, CO 80203, acts as the distributor of the Fund's Common Shares, pursuant to the Distribution Agreement, on a reasonable best efforts basis, subject to various conditions.

The initial term of the Distribution Agreement is two years. Thereafter, the Distribution Agreement will continue in effect with respect to the Fund for successive one-year periods, provided that each such continuance is specifically approved: (i) by the vote of the Board; or (ii) by a vote of a majority of the outstanding voting securities of the Fund; provided that in either event the continuance is also approved by the majority of the Board members who are not "interested persons" (as defined in the Investment Company Act) of any party to the Distribution Agreement by vote cast in person at a meeting called for the purpose of voting on such approval.

The Fund has received an exemptive order from the Securities and Exchange Commission ("SEC") permitting the Fund to, among other things, issue multiple classes of Shares and to impose asset-based distribution fees and early-withdrawal fees as applicable (the "Multi-Class Exemptive Relief"). The Multi-Class Exemptive Relief was granted on November 18, 2025, and the Fund is subject to Rule 18f-3 under the Investment Company Act. The Fund has adopted a Multi-Class Plan pursuant to Rule 18f-3 under the Investment Company Act. Under the Multi-Class Plan, Common Shares of each class of the Fund represent an equal pro rata interest in the Fund and, generally, have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class has a different designation; (b) each class of shares bears any class-specific expenses; and (c) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class, and shall have exclusive voting rights on any matter submitted to shareholders that relates solely to that class.

*Distribution and Service Plan* 

Under the terms of the Multi-Class Exemptive Relief, the Fund is subject to Rule 12b-1 under the Investment Company Act. The Fund has adopted the Distribution and Service Plan and intends to pay the shareholder servicing and distribution fee under such plan. The Distribution and Service Plan operates in a manner consistent with Rule 12b-1 under the Investment Company Act, which regulates the manner in which an open-end investment company may directly or indirectly bear the expenses of distributing its shares. The Distribution and Service Plan permits the Fund to compensate the Distributor for providing or procuring through financial firms, distribution, administrative, recordkeeping, shareholder and/or related services with respect to the Class A Shares. Most or all of the shareholder servicing and/or distribution fees are paid to financial firms through which shareholders may purchase or hold Class A Shares. Because these fees are paid out of the Fund's assets attributable to Class A Shares on an ongoing basis, over time they will increase the cost of an investment in Class A Shares, including causing the Class A Shares to have a higher expense ratio, pay lower dividends and have a lower total return than Class I Shares.

The maximum annual rates at which the shareholder servicing and/or distribution fees may be paid under the Distribution and Service Plan (calculated as a percentage of the Fund's average daily net assets attributable to the Class A Shares) is 0.75%.

The fee payable pursuant to the Distribution and Service Plan may be used by the Distributor to provide or procure distribution services and shareholder services in respect of Class A Shares (either directly or by procuring through other entities, including various financial services firms such as broker-dealers and registered investment advisers).

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The Fund may also pay fees to financial intermediaries for sub-administration, sub-transfer agency, sub-accounting and other administrative services outside of its Distribution and Servicing Plan.

In accordance with Rule 12b-1 under the Investment Company Act, the Distribution and Service Plan may not be amended to increase materially the costs which holders of Class A Shares may bear under the Distribution and Service Plan without approval of a majority of each of the outstanding Class A Shares, as applicable, and by vote of a majority of both: (i) the Trustees of the Fund; and (ii) those Independent Trustees who have no direct or indirect financial interest in the operation of the Distribution and Service Plan or any agreements related to it (the "Plan Trustees"), cast in person at a meeting called for the purpose of voting on the Distribution and Service Plan and any related amendments. The Distribution and Service Plan may not take effect until approved by a vote of a majority of both: (i) the Trustees of the Fund; and (ii) the Plan Trustees. Such persons approved the Distribution and Service Plan on September 30, 2025. The Distribution and Service Plan shall continue in effect so long as such continuance is specifically approved at least annually by the Trustees and the Plan Trustees. The Distribution and Service Plan may be terminated at any time, without penalty, by vote of a majority of the Plan Trustees or by a vote of a majority of the outstanding Class A Shares. Pursuant to the Distribution and Service Plan, the Distributor will provide the Board with quarterly reports of amounts expended under the Distribution and Service Plan and the purpose for which such expenditures were made.

FINRA rules limit the amount of distribution fees that may be paid by registered investment companies out of their assets as a percentage of total new gross sales. "Service fees," defined to mean fees paid for providing shareholder services or the maintenance of accounts (but not transfer agency or sub-account services), are not subject to these limits on distribution fees. Some portion of the fees paid pursuant to the Distribution and Service Plan may qualify as "service fees" (or fees for ministerial, recordkeeping or administrative activities) and therefore will not be limited by FINRA rules which limit distribution fees as a percentage of total new gross sales. However, FINRA rules limit service fees to 0.25% of a fund's average annual net assets.

The Fund is newly established and thus did not pay any distribution and/or service fees in a prior fiscal year.

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#### PORTFOLIO TRANSACTIONS AND BROKERAGE
In following the Fund's investment strategy, the Adviser expects few of the Fund's transactions to involve brokerage. To the extent the Fund's transactions involve brokerage, the Fund does not expect to use one particular broker or dealer. It is the Fund's policy to obtain the best results in connection with effecting its portfolio transactions, taking into account factors such as price, size of order, difficulty of execution and operational facilities of a brokerage firm and the firm's risk in positioning a block of securities. Generally, equity securities are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers serving as market makers will include a dealer's mark-up or reflect a dealer's mark-down. Money market securities and other debt securities are usually bought and sold directly from the issuer or an underwriter or market maker for the securities. Generally, the Fund will not pay brokerage commissions for such purchases. When a debt security is bought from an underwriter, the purchase price will usually include an underwriting commission or concession. The purchase price for securities bought from dealers serving as market makers will similarly include the dealer's mark up or reflect a dealer's mark down. When the Fund executes transactions in the over-the-counter market, it will generally deal with primary market makers unless prices that are more favorable are otherwise obtainable.

In addition, Diameter may place a combined order for two or more accounts it manages, including the Fund, that are engaged in the purchase or sale of the same security if, in its judgment, joint execution is in the best interest of each participant and will result in best price and execution. Transactions involving commingled orders are allocated in a manner deemed appropriate by Diameter to each account or fund. Although it is recognized that, in some cases, the joint execution of orders could adversely affect the price or volume of the security that a particular account or the Fund may obtain, it is the opinion of Diameter that the advantages of combined orders outweigh the possible disadvantages of separate transactions. The Adviser believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund.

The Adviser may pay a higher commission than otherwise obtainable from other brokers in return for brokerage or research services only if a good faith determination is made that the commission is reasonable in relation to the services provided.

While it is the Fund's general policy to seek to obtain the most favorable price and execution available in selecting a broker-dealer to execute portfolio transactions for the Fund, weight is also given to the ability of a broker-dealer to furnish brokerage and research services as defined in Section 28(e) of the Securities Exchange Act of 1934, as amended, to the Fund or to Diameter, even if the specific services are not directly useful to the Fund and may be useful to Diameter in advising other clients. When one or more brokers is believed capable of providing the best combination of price and execution, the Adviser may select a broker based upon brokerage or research services provided to Diameter. In negotiating commissions with a broker or evaluating the spread to be paid to a dealer, the Fund may therefore pay a higher commission or spread than would be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission or spread has been determined in good faith by Diameter to be reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer. The standard of reasonableness is to be measured in light of Diameter's overall responsibilities to the Fund.

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#### DESCRIPTION OF SHARES
The Board (subject to applicable law and the Fund's Declaration of Trust) may authorize an offering, without the approval of the holders of Common Shares and, depending on their terms, any Preferred Shares outstanding at that time, of other classes of shares, or other classes or series of shares, as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Board sees fit. The Fund currently does not expect to issue any other classes of shares, or series of shares, except for the Common Shares.

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#### CERTAIN U.S. FEDERAL INCOME TAX MATTERS
The following discussion is a general summary of certain U.S. federal income tax considerations applicable to the Fund and the purchase, ownership and disposition of the Shares. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to common shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold the Shares as capital assets. A U.S. shareholder is an individual who is a citizen or resident of the United States, a U.S. corporation (or other U.S. entity treated as a corporation for U.S. federal income tax purposes), an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or any estate the income of which is subject to U.S. federal income tax regardless of its source. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, partnerships or other pass-through entities (or investors therein), U.S. shareholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities or commodities that elect mark to market treatment, or persons that will hold the Shares as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. In addition, this discussion does not address U.S. federal estate or gift taxes, the application of the Medicare tax on net investment income or the U.S. federal alternative minimum tax, or any tax consequences attributable to persons being required to accelerate the recognition of any item of gross income with respect to the Shares as a result of such income being recognized on an applicable financial statement. Prospective investors should consult their tax advisors with regard to the U.S. federal tax consequences of the purchase, ownership, or disposition of the Shares, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

#### Taxation as a Regulated Investment Company
The Fund intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code.

To qualify for the favorable tax treatment accorded to RICs under Subchapter M of the Code, the Fund must, among other things: (1) have filed with its return for the taxable year an election to be a RIC or have made such election for a previous taxable year; (2) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or 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 (b) net income derived from an interest in certain publicly-traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly-Traded Partnership") (collectively, the "90% Gross Income Test"); and (3) diversify its holdings so that, at the end of each quarter of each taxable year of the Fund (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities for purposes of this calculation limited, in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly-Traded Partnerships (described in 2(b) above) (collectively, the "Diversification Tests").

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As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, but determined without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least 90% of the sum of its investment company taxable income (which is generally its net ordinary income plus the excess, if any, of its net short term capital gains in excess of its net long-term capital losses), determined without regard to any deduction for dividends paid, and its net tax-exempt income for such taxable year. Generally, the Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gains, if any.

The Fund may have investments, either directly, that require income to be included in investment company taxable income in a year prior to the year in which the Fund actually receives a corresponding amount of cash in respect of such income. For example, if the Fund holds, directly or indirectly, corporate stock with respect to which Section 305 of the Code requires inclusion in income of amounts of deemed dividends even if no cash distribution is made, the Fund must include in its taxable income in each year the full amount of its applicable share of these deemed dividends. Additionally, if the Fund holds, directly or indirectly, debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount ("OID") (such as debt instruments with "payment in kind" interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Fund must include in its taxable income in each year a portion of the OID that accrues over the life of the obligation, regardless of whether the Fund receives cash representing such income in the same taxable year. The Fund may also have to include in its taxable income other amounts that it has not yet received in cash but has been allocated and in certain situations where the Fund owns, directly or indirectly, an interest in a partnership that does not have a Section 754 election in effect.

As a RIC, the Fund is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's expenses in a given taxable year exceed its investment company taxable income, it will have a net operating loss for that year. However, the Fund is not permitted to carry forward net operating losses to subsequent taxable years, and such net operating losses generally will not pass through to the Fund's shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, and may not be used to offset net capital gain. As a RIC, the Fund may not use any net capital losses (that is, realized capital losses in excess of realized capital gains) to offset investment company taxable income, but may carry forward those losses, and use them to offset future capital gains, indefinitely.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years (together, the "<u>Excise Tax Distribution Requirements</u>"). In order to meet the Excise Tax Distribution Requirement for a particular year, the Fund will need to receive certain information, which it may not timely receive, in which case the Fund will need to estimate the amount of distributions it needs to make to meet the Excise Tax Distribution Requirement. If the Fund underestimates that amount, it will be subject to the excise tax. For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

In addition to the Excise Tax Distribution Requirements, the other requirements for qualification of the Fund as a RIC requires that the Fund obtain information from or about the underlying investments in which the Fund is invested. Certain issuers may not provide information sufficient to ensure that the Fund qualifies as a RIC under the Code. If the Fund does not receive sufficient information from such issuers, the Fund risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income.

The Fund may make investments through entities 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

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partnership taxable as a corporation, is not itself subject to U.S. 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. For the purpose of determining whether the Fund satisfies the 90% Gross Income Test and the Diversification Tests, the character of the Fund's distributive share of items of income, gain, losses, deductions and credits derived through any investments in companies that are treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships) or are otherwise treated as disregarded from the Fund for U.S. federal income tax purposes, generally will be determined as if the Fund realized these tax items directly. In order to meet the 90% Gross Income Test, the Fund may structure certain of its investments in a way that could increase the taxes imposed thereon or in respect thereof. For example, the Fund may hold such investments through one or more Subsidiary U.S. or non-U.S. corporation(s) (or other entity treated as such for U.S. tax purposes). In such a case, any income from such investments should not adversely affect the Fund's ability to meet the 90% Gross Income Test, although such income may be subject to U.S. or non-U.S. tax depending on the circumstances, which the Fund would indirectly bear through its ownership of such Subsidiary corporation(s). The Fund's need to hold such investments through such U.S. or non-U.S. corporation(s) in order to satisfy the 90% Gross Income Test may, however, jeopardize its ability to satisfy the Diversification Tests, which may make it difficult for the Fund to qualify as a RIC for U.S. federal income tax purposes.

Further, for purposes of calculating the value of the Fund's investments in the securities of an issuer for purposes of determining the 25% requirement of the Diversification Tests, the Fund's proper proportion of any investment in the securities of that issuer that are held by a member of the Fund's controlled group must be aggregated with the Fund's investment in that issuer. A controlled group is one or more chains of corporations connected through stock ownership with the Fund if (a) at least 20% of the total combined voting power of all classes of voting stock of each of the corporations is owned directly by one more of the other corporations, and (b) the Fund directly owns at least 20% or more of the combined voting stock of at least one of the other corporations.

Additionally, while the Fund generally intends to qualify as a RIC for each taxable year, it is possible that it may not satisfy the diversification requirements described above, and thus may not qualify as a RIC, for its first short taxable year. In such case, however, the Fund anticipates that the associated tax liability would not be material, and that such non-compliance would not have a material adverse effect on the Fund's business, financial condition and results of operations, although there can be no assurance in this regard.

The Fund may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillback dividend" provisions of Subchapter M of the Code. If the Fund makes a spillback dividend, the amounts will be included in a shareholder's gross income for the year in which the spillback dividend is paid. However, a distribution 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.

#### Failure to Qualify as a Regulated Investment Company
If the Fund, otherwise qualifying as a RIC, fails to satisfy the 90% Gross Income Test for any taxable year or the Diversification Tests for any quarter of a taxable year, the Fund may continue to be taxed as a RIC for the relevant taxable year if certain relief provisions of the Code apply (which might, among other things, require the Fund to pay certain corporate-level U.S. federal taxes or to dispose of certain assets). If the Fund fails to qualify as a RIC for more than two consecutive taxable years and then seeks to re-qualify as a RIC, the Fund would generally be required to recognize gain to the extent of any unrealized appreciation in its assets unless the Fund elects to pay U.S. corporate income tax on any such unrealized appreciation during the succeeding 5-year period.

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If the Fund fails to qualify for treatment as a RIC in any taxable year and is not eligible for relief provisions, the Fund would be subject to U.S. federal income tax on all of its taxable income at the regular corporate U.S. federal income tax rate and would be subject to any applicable state and local taxes, regardless of whether the Fund makes any distributions to shareholders. Additionally, the Fund would not be able to deduct distributions to its shareholders, nor would distributions to shareholders be required to be made for U.S. federal income tax purposes. Any distributions the Fund makes generally would be taxable to shareholders as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the current maximum rate applicable to qualifying dividend income of individuals and other non-corporate U.S. shareholders, to the extent of the Fund's current or accumulated earnings and profits. Subject to certain limitations under the Code, U.S. shareholders that are corporations for U.S. federal income tax purposes would be eligible for the dividends-received deduction. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the holder's adjusted tax basis in the Fund's Shares, and any remaining distributions would be treated as capital gain.

The remainder of this discussion assumes that the Fund will qualify as a RIC and have satisfied the distribution requirement set forth above.

#### Distributions
Distributions to shareholders by the Fund of ordinary income (including "market discount" realized by the Fund on the sale of debt securities), and of net short-term capital gains, if any, realized by the Fund will generally be taxable to shareholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as "capital gain dividends" will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned the Shares. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder's basis in his or her Shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Shares. Distributions paid by the Fund generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the DRIP. Shareholders receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares (or cash that would have been received if the shareholder elected to reach such distribution as cash). The additional shares received by a shareholder pursuant to the DRIP will have a new holding period commencing on the day following the day on which the shares were credited to the shareholder's account.

The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at corporate rates on the amount retained. In such case, it may designate the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of his pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long- term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain and (iii) increase the tax basis for its Common Shares by an amount equal to the deemed distribution less the tax credit.

The Internal Revenue Service currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, if the Fund issues Preferred Shares, the Fund intends to allocate capital gain dividends, if any, between its Common Shares and

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Preferred Shares in proportion to the total dividends paid to each class with respect to such tax year. Shareholders will be notified annually as to the U.S. federal tax status of distributions.

The Fund expects to be treated as a "publicly offered regulated investment company." As a "publicly offered regulated investment company," in addition to the Fund's DRIP, the Fund may choose to pay a majority of a required dividend in Shares rather than cash. In order for the distribution to qualify for the Annual Distribution Requirement, the dividend must be payable at the election of each Shareholder in cash or Shares (or a combination of the two), but may have a "cash cap" that limits the total amount of cash paid to not less than 20% of the entire distribution. If Shareholders in the aggregate elect to receive an amount of cash greater than the Fund's cash cap, then each Shareholder who elected to receive cash will receive a pro rata share of the cash and the rest of their distribution in Shares of the Fund.

The Internal Revenue Service has also issued private letter rulings on cash/share dividends paid by RICs and real estate investment trusts where the cash component is limited to 20% of the total distribution if certain requirements are satisfied. Shareholders receiving such dividends will be required to include the full amount of the dividend (including the portion payable in shares) as ordinary income (or, in certain circumstances, long-term capital gain) to the extent of our current or accumulated earnings and profits for federal income tax purposes. As a result, shareholders could be required to pay income taxes with respect to such dividends in excess of the cash dividends received. It is unclear to what extent the Fund will be able to pay taxable dividends in cash and shares (whether pursuant to IRS Revenue Procedures, a private letter ruling or otherwise).

If an investor purchases shares in the Fund shortly before the record date of a distribution, the price of the shares will generally include the value of the distribution and the investor will be subject to tax on the distribution even though it represents a return of its investment.

U.S. shareholders who have not "opted-out" of the Fund's DRIP will have their cash dividends and distributions net of any applicable U.S. withholding tax, including any amounts withheld for which a refund is available by filing a U.S. federal income tax return, automatically reinvested in additional Shares, rather than receiving cash dividends and distributions. Any dividends or distributions reinvested under the plan will nevertheless remain taxable to U.S. shareholders. A U.S. shareholder will have an adjusted basis in the additional Shares purchased through the DRIP equal to the dollar amount that would have been received if the U.S. shareholder had received the dividend or distribution in cash, unless the Fund were to issue new Shares that are trading at or above net asset value, in which case, the U.S. shareholder's basis in the new Shares would generally be equal to their fair market value. The additional Shares will have a new holding period commencing on the day following the day on which the Shares are credited to the U.S. shareholder's account.

#### Sale or Exchange of Shares
Upon the sale or other disposition of the Shares (except pursuant to a repurchase by the Fund, as described below), a shareholder will generally realize a capital gain or loss in an amount equal to the difference between the amount realized and the shareholder's adjusted tax basis in the Shares sold. Such gain or loss will be long-term or short-term, depending upon the shareholder's holding period for the Shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if the Shares have been held for more than one year. For non-corporate taxpayers, long-term capital gains are currently eligible for reduced rates of taxation.

No loss will be allowed on the sale or other disposition of Shares if the owner acquires (including pursuant to the DRIP) or enters into a contract or option to acquire securities that are substantially identical to such shares within 30 days before or after the disposition. In such a case, the basis of the securities acquired will be adjusted to reflect the disallowed loss. Losses realized by a shareholder on the sale or exchange of Shares held for six months or less are treated as long-term capital losses to the extent of any distribution of long-term capital gain received (or amounts designated as undistributed capital gains) with respect to such shares.

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The Fund is an interval fund, a type of fund which, in order to provide liquidity to shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value. Shareholders who tender all Shares of the Fund held, or considered to be held, by them will be treated as having sold their Shares and generally will realize a capital gain or loss (*i*.*e*., "Sale or Exchange Treatment" as discussed below). If a shareholder tenders fewer than all of its Shares or fewer than all Shares tendered are repurchased, such shareholder may be treated as having received a taxable dividend upon the tender of its Shares (*i.e.*, "Distribution Treatment" as discussed below). In such a case, there is a risk that non-tendering shareholders, and shareholders who tender some but not all of their Shares or fewer than all of whose Shares are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Fund.

*Sale or Exchange Treatment*. In general, the tender and repurchase of the Shares should be treated as a sale or exchange of the Shares by a U.S. shareholder if the receipt of cash:

• results in a "complete termination" of such U.S. shareholder's ownership of Shares in the Fund;

• results in a "substantially disproportionate" redemption with respect to such U.S. shareholder; or

• is "not essentially equivalent to a dividend" with respect to the U.S. shareholder.

In applying each of the tests described above, a U.S. shareholder must take account of Shares that such U.S. shareholder constructively owns under detailed attribution rules set forth in the Code, which generally treat the U.S. shareholder as owning Shares owned by certain related individuals and entities, and Shares that the U.S. shareholder has the right to acquire by exercise of an option, warrant or right of conversion. U.S. shareholders should consult their tax advisers regarding the application of the constructive ownership rules to their particular circumstances.

A sale of Shares pursuant to a repurchase of Shares by the Fund generally will result in a "complete termination" if either (i) the U.S. shareholder owns none of the Fund's Shares, either actually or constructively, after the Shares are sold pursuant to a repurchase, or (ii) the U.S. shareholder does not actually own any of the Shares immediately after the sale of Shares pursuant to a repurchase and, with respect to Shares constructively owned, is eligible to waive, and effectively waives, constructive ownership of all such Shares. U.S. shareholders wishing to satisfy the "complete termination" test through waiver of attribution should consult their tax advisers.

A sale of Shares pursuant to a repurchase of Shares by the Fund will result in a "substantially disproportionate" redemption with respect to a U.S. shareholder if the percentage of the then outstanding Shares actually and constructively owned by such U.S. shareholder immediately after the sale is less than 80% of the percentage of the Shares actually and constructively owned by such U.S. shareholder immediately before the sale. If a sale of Shares pursuant to a repurchase fails to satisfy the "substantially disproportionate" test, the U.S. shareholder may nonetheless satisfy the "not essentially equivalent to a dividend" test.

A sale of Shares pursuant to a repurchase of Shares by the Fund will satisfy the "not essentially equivalent to a dividend" test if it results in a "meaningful reduction" of the U.S. shareholder's proportionate interest in the Fund. A sale of Shares that actually reduces the percentage of the Fund's outstanding Shares owned, including constructively, by such Shareholder would likely be treated as a "meaningful reduction" even if the percentage reduction is relatively minor, provided that the U.S. shareholder's relative interest in Shares of the Fund is minimal (*e*.*g*., less than 1%) and the U.S. shareholder does not exercise any control over or participate in the management of the Fund's corporate affairs. Any person that has an ownership position that allows some exercise of control over or participation in the management of corporate affairs will not satisfy the meaningful reduction test unless that person's ability to exercise control over or participate in management of corporate affairs is materially reduced or eliminated.

Substantially contemporaneous dispositions or acquisitions of Shares by a U.S. shareholder or a related person that are part of a plan viewed as an integrated transaction with a repurchase of Shares may be taken into account in determining whether any of the tests described above are satisfied.

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If a U.S. shareholder satisfies any of the tests described above, the U.S. shareholder will recognize gain or loss in an amount equal to the difference, if any, between the amount of cash received and such U.S. shareholder's tax basis in the repurchased Shares. Any such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the holding period of the Shares exceeds one year as of the date of the repurchase. Specified limitations apply to the deductibility of capital losses by U.S. shareholders. However, if a U.S. shareholder's tendered and repurchased Shares have previously paid a long-term capital gain distribution (including, for this purpose, amounts credited as an undistributed capital gain) and such Shares were held for six months or less, any loss realized will be treated as a long-term capital loss to the extent that it offsets the long-term capital gain distribution.

Any loss realized on a sale or exchange will be disallowed to the extent the Shares disposed of are replaced within a 61-day period beginning 30 days before and ending 30 days after the disposition of the Shares. In such a case, the basis of the Shares acquired will be increased to reflect the disallowed loss.

*Distribution Treatment*. If a U.S. shareholder does not satisfy any of the tests described above, and therefore does not qualify for sale or exchange treatment, the U.S. shareholder may be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the U.S. shareholder's tax basis in the relevant Shares. The amount of any distribution in excess of the Fund's current and accumulated earnings and profits, if any, would be treated as a non-taxable return of investment to the extent, generally, of the U.S. shareholder's basis in the Shares remaining. If the portion not treated as a dividend exceeds the U.S. shareholder's basis in the Shares remaining, any such excess will be treated as capital gain from the sale or exchange of the remaining Shares. Any such gain will be capital gain and will be long-term capital gain if the holding period of the Shares exceeds one year as of the date of the exchange. If the tendering U.S. shareholder's tax basis in the Shares tendered and repurchased exceeds the total of any dividend and return of capital distribution with respect to those Shares, the excess amount of basis from the tendered and repurchased Shares will be reallocated pro rata among the bases of such U.S. shareholder's remaining Shares.

Provided certain holding period and other requirements are satisfied, certain non-corporate U.S. shareholders generally will be subject to U.S. federal income tax at a maximum rate of 20% on amounts treated as a dividend. This reduced rate will apply to: (i) 100% of the dividend if 95% or more of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) in that taxable year is attributable to qualified dividend income; or (ii) the portion of the dividends paid by the Fund to an individual in a particular taxable year that is attributable to qualified dividend income received by the Fund this year if such qualified dividend income accounts for less than 95% of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gains from such sales exceeds net long-term capital loss from such sales) for that taxable year. Such a dividend will be taxed in its entirety, without reduction for the U.S. shareholder's tax basis of the repurchased Shares. To the extent that a tender and repurchase of a U.S. shareholder's Shares is treated as the receipt by the U.S. shareholder of a dividend, the U.S. shareholder's remaining adjusted basis (reduced by the amount, if any, treated as a return of capital) in the tendered and repurchased Shares will be added to any Shares retained by the U.S. shareholder.

To the extent that cash received in exchange for Shares is treated as a dividend to a corporate U.S. shareholder, (i) it may be eligible for a dividends-received deduction to the extent attributable to dividends received by the Fund from domestic corporations, and (ii) it may be subject to the "extraordinary dividend" provisions of the Code. Corporate U.S. shareholders should consult their tax advisors concerning the availability of the dividends- received deduction and the application of the "extraordinary dividend" provisions of the Code in their particular circumstances.

If the sale of Shares pursuant to a repurchase of Shares by the Fund is treated as a dividend to a U.S. shareholder rather than as an exchange, the other shareholders, including any non-tendering shareholders, could

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be deemed to have received a taxable stock distribution if such shareholder's interest in the Fund increases as a result of the repurchase. This deemed dividend would be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. A proportionate increase in a U.S. shareholder's interest in the Fund will not be treated as a taxable distribution of Shares if the distribution qualifies as an isolated redemption of Shares as described in U.S. Treasury regulations. All shareholders are urged to consult their tax advisors about the possibility of deemed distributions resulting from a repurchase of Shares by the Fund.

*Publicly Offered Regulated Investment Company Status*. A "publicly offered regulated investment company" or "publicly offered RIC" is a RIC whose shares are either (i) continuously offered pursuant to a public offering within the meaning of Section 4 of the Securities Act, (ii) regularly traded on an established securities market or (iii) held by at least 500 persons at all times during the taxable year. The Fund expects to qualify as a publicly offered RIC. There can be no assurances that the Fund will be treated as a publicly offered RIC in its first or second taxable year. If the Fund is a RIC that is not a publicly offered RIC for any period, a non-corporate shareholder's allocable portion of its affected expenses, including its management fees, will be treated as an additional distribution to the shareholder and will be treated as miscellaneous itemized deductions that are deductible only to the extent permitted by applicable law. Under current law, such expenses will not be deductible by any such shareholder for tax years that begin prior to January 1, 2026 and are deductible subject to limitation thereafter.

#### Nature of the Fund's Investments
Certain hedging and derivatives transactions are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the intended characterization of certain complex financial transactions and (vii) produce income that will not be treated as qualifying income for purposes of the 90% gross income test described above.

These rules could therefore affect the character, amount and timing of distributions to shareholders and the Fund's status as a RIC. The Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these provisions.

#### Below Investment Grade Instruments
The Fund expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, to preserve its status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

#### Original Issue Discount
For federal income tax purposes, the Fund may be required to recognize taxable income in circumstances in which the Fund does not receive a corresponding payment in cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest (i.e., interest paid with additional securities or equity instead of

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cash) or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), the Fund must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by the Fund in the same taxable year. Because any original issue discount will be included in the Fund's investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to its shareholders in order to satisfy the annual distribution requirement, even though the Fund will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. The Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may not qualify for or maintain RIC tax treatment and thus the Fund may become subject to corporate-level income tax.

#### Market Discount
In general, the Fund will be treated as having acquired a security with market discount if its stated redemption price at maturity (or, in the case of a security issued with original issue discount, its revised issue price) exceeds the Fund's initial tax basis in the security by more than a statutory de minimis amount. The Fund will be required to treat any principal payments on, or any gain derived from the disposition of, any securities acquired with market discount as ordinary income to the extent of the accrued market discount, unless the Fund makes an election to accrue market discount on a current basis. If this election is not made, all or a portion of any deduction for interest expense incurred to purchase or carry a market discount security may be deferred until the Fund sells or otherwise disposes of such security.

#### Currency Fluctuations
Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency, foreign currency forward contracts, certain foreign currency options or futures contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

#### Non-U.S. Investments
The Fund's investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. In that case, the Fund's yield on those securities would be decreased. Shareholders generally will not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Fund.

If the Fund purchases shares in a "passive foreign investment company" under the Code ("PFIC"), the Fund may be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or any gain from the disposition of, such shares even if the Fund distributes such income as a taxable dividend to Shareholders. Additional charges in the nature of interest generally will be imposed on the Fund in respect of deferred taxes arising from any such excess distribution or gain. If the Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, the Fund will be required to include in gross income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed by the QEF. Any inclusions in the Fund's gross income resulting from the QEF election will be considered qualifying income for the purposes of the 90% Gross Income Test. Alternatively, the Fund may elect to mark-to-market at the end of each taxable year its shares in such PFIC, in which case, the Fund will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in its income. The Fund's

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ability to make either election will depend on factors beyond the Fund's control, and is subject to restrictions which may limit the availability of the benefit of these elections. Under either election, the Fund may be required to recognize in any year income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of determining whether the Fund satisfies the Excise Tax Distribution Requirements.

If the Fund holds more than 10% of the shares in a foreign corporation that is treated as a "controlled foreign corporation" under the Code ("CFC"), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income or, if eligible, the preferential rates that apply to "qualified dividend income") each year from such foreign corporation in an amount equal to its pro rata share of the foreign corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the foreign corporation makes an actual distribution during such year. This deemed distribution is required to be included in the income of a U.S. shareholder of a CFC. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. shareholders. A "U.S. shareholder," for this purpose, is any U.S. person that owns (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such distribution in its investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income to satisfy the Annual Distribution Requirement and the Excise Tax Distribution Requirement. Income inclusions from a foreign corporation that is a CFC are "good income" for purposes of the 90% Gross Income Test regardless of whether the Fund receives timely distributions of such income from the foreign corporation.

*Non-U.S. Currency* 

The Fund's functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income, expenses or other liabilities denominated in a currency other than the U.S. dollar and the time it actually collects such income or pay such expenses or liabilities are generally treated as ordinary income or loss by the Fund. Similarly, gains or losses on foreign currency forward contracts, the disposition of debt denominated in a foreign currency and other financial transactions denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also generally treated as ordinary income or loss.

#### Preferred Shares or Borrowings
If the Fund utilizes leverage through the issuance of preferred shares or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, dividends on shares in certain circumstances. Limits on the Fund's payments of dividends on shares may prevent the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.

#### Backup Withholding
The Fund or other applicable withholding agent may be required to withhold U.S. federal income tax from all distributions and redemption proceeds payable to U.S. shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the Internal Revenue Service that they are subject to backup withholding. Certain shareholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the Internal Revenue Service.

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#### U.S. Tax Exempt Shareholders
Under current law, the Fund generally serves to prevent the attribution of unrelated business taxable income ("UBTI") from being realized by its U.S. tax-exempt shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a U.S. tax-exempt shareholder could realize UBTI by virtue of its investment in Shares if such U.S. tax-exempt shareholder borrows to acquire its Shares. U.S. tax-exempt shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

#### Foreign Shareholders
U.S. taxation of a shareholder who is not a U.S. shareholder (such as a nonresident alien individual, a non-U.S. trust or estate or a non-U.S. corporation, as defined for U.S. federal income tax purposes) (a "non-U.S. shareholder"), depends on whether the income from the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the non-U.S. shareholder, distributions of investment company taxable income will be subject to a U.S. tax of 30% (or lower treaty rate, if applicable), which tax is generally withheld from such distributions. However, dividends paid by the Fund that are "interest-related dividends" or "short-term capital gain dividends" will generally be exempt from such withholding, in each case to the extent the Fund properly reports such dividends to shareholders. For these purposes, interest-related dividends and short- term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly by a non-U.S. shareholder, and that satisfy certain other requirements. Nevertheless, in the case of the Shares are held through an intermediary, the intermediary could withhold U.S. federal income tax even if the Fund reported the payment as having been derived from "interest-related dividends" or "short-term capital gain dividends." Moreover, depending on the circumstances, the Fund could report all, some or none of its potentially eligible dividends as derived from "interest-related dividends" or "short-term capital gain dividends," or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. A non-U.S. shareholder whose income from the Fund is not "effectively connected" with a U.S. trade or business would generally be exempt from U.S. federal income tax on capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale or exchange of shares. However, a non-U.S. shareholder who is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements will nevertheless be subject to a U.S. tax of 30% on such capital gain dividends, undistributed capital gains and gains realized upon the sale, exchange or other disposition of shares.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. shareholder, then distributions of investment company taxable income, any capital gain dividends, any amounts retained by the Fund that are designated as undistributed capital gains and any gains realized upon the sale, exchange or other disposition of shares will be subject to U.S. federal income tax at the graduated rates applicable to U.S. citizens, residents or domestic corporations. Non-U.S. corporate shareholders may also be subject to the branch profits tax imposed by the Code.

The Fund may be required to withhold from distributions that are otherwise exempt from U.S. federal withholding tax (or taxable at a reduced treaty rate, if applicable) unless the non-U.S. shareholder certifies his or her non-U.S. status under penalties of perjury or otherwise establishes an exemption.

The tax consequences to a non-U.S. shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein.

Non-U.S. shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

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#### Additional Withholding Requirements
Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends that the Fund pays to (i) a "foreign financial institution" (as specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless such foreign financial institution agrees to verify, report and disclose its U.S. "account" holders (as specifically defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such nonfinancial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each such substantial U.S. owner and certain other specified requirements are met. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. Shareholders should consult their own tax advisor regarding FATCA and whether it may be relevant to their ownership and disposition of the Shares.

#### Loss Reportable Transaction
Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the Internal Revenue Service a disclosure statement on Internal Revenue Service 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 Taxation
Shareholders may be subject to state, local and non-U.S. taxes on their distributions from the Fund. Shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

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#### CUSTODIAN AND TRANSFER AGENT
The custodian of the assets of the Fund is The Bank of New York Mellon, whose principal business address is 225 Liberty Street, New York, New York 10286. The custodian is responsible for, among other things, receipt of and disbursement of funds from the Fund's accounts, establishment of segregated accounts as necessary, and transfer, exchange and delivery of the Fund's portfolio securities.

SS&C GIDS, Inc., whose principal business address is 1290 Broadway, Suite 1000, Denver, CO 80203, serves as the Fund's transfer agent with respect to the Common Shares.

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#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP serves as the independent registered public accounting firm of the Fund. Its principal business address is One Manhattan West, New York, NY 10001.

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#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
A control person is a person who beneficially owns, either directly or indirectly, more than 25% of the voting securities of a company. As of December 29, 2025, the Fund had not commenced investment operations and the only Shares of the Fund were owned by the Adviser.

Simultaneously with the Fund beginning to accept offers to purchase Shares, it is intended that DIF LP (the "Predecessor Fund") will reorganize with and transfer substantially all of its assets and liabilities to the Fund (the "Proposed Reorganization"). In connection with the Proposed Reorganization, certain shareholders of the Predecessor Fund (the "Anchor Investors") will receive in the aggregate Class I shares corresponding to the NAV of the Predecessor Fund as of the date of the Proposed Reorganization and will not bear any transaction fee. As of October 31, 2025, the NAV of the Predecessor fund was approximately $301 million. An Anchor Investor may continue to be deemed to control the Fund until such time as it owns 25% or less of the outstanding Common Shares. This ownership will fluctuate as other investors subscribe for Common Shares and as the Fund repurchases Common Shares in connection with any repurchase offers the Board may authorize. Depending on the size of this ownership interest at any given point in time, it is expected that one or more of the Anchor Investors will, for the foreseeable future, either control the Fund or be in a position to exercise a significant influence on the outcome of any matter put to a vote of interest holders.

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#### APPENDIX A – FINANCIAL STATEMENTS

#### Report of Independent Registered Public Accounting Firm
To the Shareholder and Board of Trustees of

Diameter Dynamic Credit Fund

**Opinion on the Financial Statement**

We have audited the accompanying statement of assets and liabilities of Diameter Dynamic Credit Fund (the "Fund"), as of September 30, 2025, and the related notes (collectively referred to as the financial statement). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund at September 30, 2025, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting 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.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more Diameter DCF Advisor LLC investment companies since 2025.

New York, New York

October 14, 2025

------

#### DIAMETER DYNAMIC CREDIT FUND

#### Statement of Assets and Liabilities

#### September 30, 2025

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | $100000 |
|  **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities |  |
|  Commitments and contingencies (Note 4) |  |
|  **Net Assets** | $100000 |
|  **Composition of Net Assets Attributable to Common Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value | $10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital | 99990 |
|  **Total Net Assets Attributable to Common Shares** | $100000 |
|  **Class I Common Shares** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share | $10.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding (unlimited shares authorized, par value $0.001 per share) | 10000 |

---

The accompanying notes are an integral part of this financial statement

------

#### NOTES TO FINANCIAL STATEMENT
**1.** **Organization** 

Diameter Dynamic Credit Fund (the "Fund") is registered under the Securities Act of 1933 and the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund expects to engage in a continuous offering of its Common Shares (defined below) and expects to operate as an interval fund that will offer to make quarterly repurchases of shares at the relevant net asset value (the "NAV") per Common Share.

The Fund currently offers one class of shares of beneficial interest: Class I Common Shares ("Common Shares"). The Fund is authorized to issue an unlimited number of Common Shares.

The Fund has adopted (as defined below), pursuant to Rule 23c-3 under the 1940 Act, a fundamental policy, which cannot be changed without shareholder approval, requiring the Fund to offer to repurchase at least 5% and up to 25% of its Common Shares at NAV on a quarterly basis. Although the policy permits repurchases of between 5% and 25% of the Fund's outstanding Common Shares, for each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Common Shares at NAV (either by number of shares or aggregate NAV) subject to the approval of the board of trustees (the "Board"). Written notification of each quarterly repurchase offer will be sent to shareholders at least 21 calendar days before the repurchase request deadline (i.e., the date by which shareholders can tender their Common Shares in response to a repurchase offer) (the "Repurchase Request Deadline"). If a repurchase offer is oversubscribed, the Fund may, but is not required to, determine to increase the amount repurchased by up to 2% of the Fund's Common Shares as of the date of the Repurchase Request Deadline. In the event that the Fund determines not to repurchase more than the repurchase offer amount, or if shareholders tender more than the repurchase offer amount plus 2% of the Fund's Common Shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Common Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request.

Effective September 30, 2025, Diameter DCF Advisor LLC (the "Adviser"), a Delaware limited liability company and a wholly-owned subsidiary of Diameter Capital Partners LP (collectively with its subsidiaries and affiliated entities, "Diameter"), acts as the Fund's investment adviser pursuant to an Investment Advisory Agreement (Note 3). The Adviser is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Adviser is responsible for the day-to-day management of the Fund. The Fund operates under the direction of the board of trustees (the "Board"). The Board is responsible for the overall management of the Fund. There are currently five trustees, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees"). The Independent Trustees are responsible for, among other things, reviewing the performance of the Adviser and approving the compensation paid to the Adviser and its affiliates.

It is anticipated that the Fund will employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will the leverage employed by the Fund exceed the limitations set forth in the 1940 Act. The 1940 Act requires that a registered investment company must comply with an asset coverage requirement of 300% of its borrowings, including amounts borrowed, measured at the time such investment company incurs the indebtedness. This requirement means that the value of such investment company's total indebtedness may not exceed one-third the value of its total assets (including the indebtedness).

The Fund's investment objectives are to seek to generate current income and provide attractive risk-adjusted returns. The Fund will seek to achieve its investment objectives by dynamically adjusting its portfolio exposures depending on the market environment and will invest in a wide range of credit-related products in both the public and private credit sectors.

The Fund was organized as a Delaware statutory trust on May 2, 2025, pursuant to a Declaration of Trust, governed by the laws of the State of Delaware. The Fund has no operations from that date to

------

September 30, 2025, other than those related to organizational matters and the registration of its Common Shares under applicable securities laws. The Adviser purchased 10,000 Class I Shares at a net asset value of $10.00 per share on July 28, 2025.

**2.** **Summary of Significant Accounting Policies** 

*(a)* *Basis of Presentation* 

The Fund's financial statement is prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and are stated in U.S. dollars. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification Topic 946. Management believes it has made all necessary adjustments so that the financial statement is presented fairly and that estimates made in preparing its financial statement are reasonable and prudent.

*(b)* *Use of Estimates* 

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results may ultimately differ from these estimates.

*(c)* *Net Asset Value* 

The NAV for each class of Common Shares will be calculated by the Fund daily, as of the close of regular trading on the New York Stock Exchange (the "NYSE"). The NAV per share for the class of Common Shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made. The valuation of the Fund's investments, upon which the NAV is based, and all other assets and liabilities are recorded in accordance with U.S. GAAP and the 1940 Act. The Fund's investments are valued in accordance with ASC 820 and Rule 2a-5 under the 1940 Act. The Fund held no investments as of September 30, 2025.

*(d)* *Cash* 

The cash amount consists of cash at a bank.

*(e)* *Income Taxes* 

The Fund intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. Generally, the Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gains, if any. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund's shareholders and would not be reflected in the Fund's financial statements.

**3.** **Related-Party Transactions** 

*(a)* *Investment Advisory Agreement* 

On September 30, 2025, the Fund entered into an Investment Advisory Agreement with the Adviser, which became effective on September 30, 2025. Upon becoming effective, the Fund will pay the Adviser a fee for investment advisory and management services.

------

The Fund pays the Adviser a management fee (the "Management Fee") in an amount equal to 1.25% of the Fund's average daily total assets of the Fund ("Managed Assets"), payable quarterly in arrears. Managed Assets means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes). The Management Fee is paid as of the date the Fund commences investment operations following the time its registration statement is declared effective.

At September 30, 2025, the only shareholder of the Fund is the Adviser.

*(b)* *Expense Limitation and Reimbursement Agreement* 

On September 30, 2025, the Fund entered into an Expense Limitation and Reimbursement Agreement with the Adviser, which became effective on September 30, 2025. Upon becoming effective, the Adviser agrees with the Fund to waive the Management Fee and/or to assume or reimburse expenses of the Fund ("Waiver") if required to ensure that the total annual expenses of the Fund (the "Specified Expenses" (as defined below)) do not exceed 0.75% of the average daily net assets of Class I Common Shares ("Expense Limit").

"Specified Expenses" of the Fund means all expenses incurred in the business of the Fund, including organization and certain offering expenses, with the exception of: the Management Fee, any taxes, fees and interest payments on borrowed funds, shareholder servicing and distribution fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses.

For a period not to exceed three years from the date on which a Waiver is made, if the estimated annualized Specified Expenses as of a given month are less than the Expense Limit, the Adviser may recoup amounts waived or assumed during the previous thirty-six months, provided the Adviser is able to effect such recoupment and the Fund will remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit, if any, at the time of the recoupment.

**4.** **Commitments and Contingencies** 

*(a)* *Commitments* 

As of September 30, 2025, the Adviser and its affiliates have incurred organizational and offering expenses as well as some non-organizational matters on the Fund's behalf in the estimated amount of $1.8 million. The amount will only be borne by the Fund after the Fund completes its first sale of shares in its public offering. Thereafter, organizational expenses will be paid out of Fund assets which will be expensed as they are incurred and offering expenses will be amortized over a 12-month period from when they are incurred, in each case, subject to the Waiver.

**5.** **Indemnifications** 

Under the Fund's organizational documents, its officers and trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. Under such agreements, underwriters and agents may be entitled to indemnification by the Fund against certain civil liabilities, including liabilities under the Securities Act of 1933, or to contribute to payments the underwriters or agents may be required to make. The Fund's maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**6.** **Subsequent Events** 

In preparing these financial statements, the Fund's management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no subsequent events identified that require recognition or disclosure.

------

#### PART C

#### OTHER INFORMATION

#### Item 25. Financial Statements And Exhibits
The agreements included or incorporated by reference as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

The Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.

(1) Financial Statements:

Part A: None.

Part B: Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Notes to Financial Statement

(2) Exhibits:

(a) (1) [Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525124053/d902005dex99a1.htm)

(2) [Declaration of Trust<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/0002067955/000119312525179957/d902005dex99a2.htm)

(3) [Amended and Restated Declaration of Trust<sup>(3)</sup>](d902005dex99a3.htm)

(b) [Bylaws<sup>(3)</sup>](d902005dex99b.htm)

(c) Not applicable.

(d) [Form of Multiple Class Plan<sup>(3)</sup>](d902005dex99d.htm)

(e) [Form of Distribution Reinvestment Plan<sup>(3)</sup>](d902005dex99e.htm)

(f) Not applicable.

(g) [(1) Form of Investment Advisory Agreement<sup>(3)</sup>](d902005dex99g1.htm)

(h) [(1) Form of Distribution Agreement<sup>(3)</sup>](d902005dex99h1.htm)

(2) [Form of Selected Intermediary Agreement<sup>(3)</sup>](d902005dex99h2.htm)

(3) [Form of Distribution and Shareholder Services Plan<sup>(3)</sup>](d902005dex99h3.htm)

(i) Not applicable.

------

(j) [Custody Agreement<sup>(3)</sup>](d902005dex99j.htm)

(k) [(1) Form of Services Agreement<sup>(3)</sup>](d902005dex99k1.htm)

(2) [Form of Master Agreement SS&C Digital Solutions Services<sup>(3)</sup>](d902005dex99k2.htm)

(3) [Form of Expense Limitation and Reimbursement Agreement<sup>(3)</sup>](d902005dex99k3.htm)

(l) [Opinion and Consent of Delaware Counsel<sup>(3)</sup>](d902005dex99l.htm)

(m) Not applicable.

(n) [Consent of Independent Registered Public Accounting Firm<sup>(3)</sup>](d902005dex99n.htm)

(o) Not applicable.

(p) [Form of Initial Subscription Agreement<sup>(3)</sup>](d902005dex99p.htm)

(q) Not applicable.

(r) [(1) Code of Ethics of Registrant<sup>(3)</sup>](d902005dex99r1.htm)

(2) [Code of Ethics of Adviser<sup>(3)</sup>](d902005dex99r2.htm)

(3) [Code of Ethics of Distributor<sup>(3)</sup>](d902005dex99r3.htm)

(s) Not applicable.

(t) [Power of Attorney<sup>(3)</sup>](d902005dex99t.htm)

[(1)](http://www.sec.gov/Archives/edgar/data/2067955/000119312525124053/d902005dn2.htm) [Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287486), filed on May 21, 2025.](http://www.sec.gov/Archives/edgar/data/2067955/000119312525124053/d902005dn2.htm) 

[(2)](http://www.sec.gov/Archives/edgar/data/2067955/000119312525179957/d902005dn2a.htm) [Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287486), filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2067955/000119312525179957/d902005dn2a.htm) 

(3) Filed herewith.

#### Item 26. Marketing Arrangements
See the Distribution Agreement and Selected Intermediary Agreement, form of which are filed as Exhibit (h)(1) and (h)(2), respectively, to this Registration Statement.

#### Item 27. Other Expenses Of Issuance And Distribution
Not applicable.

#### Item 28. Persons Controlled By Or Under Common Control With The Registrant
Immediately prior to this offering, Diameter DCF Advisor LLC, a Delaware limited liability company, will own 100% of the outstanding common shares of the Registrant due to the contribution of seed capital. See "Control Persons and Principal Holders of Securities" in the Prospectus contained herein.

#### Item 29. Number Of Holders Of Shares
The following table sets forth the number of record holders of Shares as of December 29, 2025:

---

| | | |
|:---|:---|:---|
| **Title Of Class** | **Number of<br>Record Holders** | **Number of<br>Record Holders** |
|  Class A Shares |  |  |
|  Class I Shares |  | 1 |

---

------

#### Item 30. Indemnification
Reference is made to Article V of Registrant's Amended and Restated Declaration and Agreement of Trust filed as Exhibit (2)(a)(3) to this Registration Statement.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to the trustees, officers and controlling persons of Registrant pursuant to the foregoing provisions or otherwise, Registrant has been advised that, in the opinion of the SEC, 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 Registrant of expenses incurred or paid by the trustees, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by the trustees, officer or controlling person, 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. Business And Other Connections Of Adviser
Diameter DCF Advisor LLC ("Diameter DCF") serves as the investment adviser to the Registrant. Diameter DCF is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which Diameter DCF and its executive officers and directors is or has been, during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee, reference is made to the information set forth in the Diameter DCF's Form ADV (File No. 801-134087), as filed with the SEC and incorporated herein by reference.

#### Item 32. Location Of Accounts And Records
All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder, are maintained at the offices of the Fund's custodian, The Bank of New York Mellon, and the Fund's administrator, ALPS Fund Services, Inc., except for certain transfer agency records which are maintained by SS&C GIDS, Inc.

#### Item 33. Management Services
Not Applicable

#### Item 34. Undertakings
1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. 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 SEC pursuant to Rule 424(b) 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; and

(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

Provided, however, that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

(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;

(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;

(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

(1) if the Registrant is relying on Rule 430B:

(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

(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) 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

(2) if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) 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, 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.

(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:

(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;

(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;

(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

(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. The Registrant undertakes:

(a) for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

(b) for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

5. Not applicable.

6. Insofar as indemnification for liabilities arising under 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 SEC 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, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, 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.

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 Fund has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 29<sup>th</sup> day of December, 2025.

---

| | |
|:---|:---|
| Diameter Dynamic Credit Fund | Diameter Dynamic Credit Fund |
| By: | /s/ Jonathan Lewinsohn |
|  | Name: Jonathan Lewinsohn |
|  | Title: Co-President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on the 29<sup>th</sup> day of December, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
|  /s/ Scott Goodwin<br> Scott Goodwin | Trustee, Co-President |
|  /s/ Matthew Gilmartin<br> Matthew Gilmartin | Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |
|  /s/ Joshua Green\*<br> Joshua Green | Trustee |
|  /s/ Amanda R. Wurtz\*<br> Amanda R. Wurtz | Trustee |
|  /s/ Daniel Kasell\*<br> Daniel Kassell | Trustee |
|  /s/ Steven Bossi\*<br> Steven Bossi | Trustee |
|  \*By: |  |
|  /s/ Michael Cohn<br> Michael Cohn |  |
|  As Attorney-in-Fact |  |

---

The original powers of attorney authorizing certain individuals to execute the Registration Statement, and any amendments thereto, for the trustees and officers of the Fund on whose behalf this Registration Statement is filed, have been executed and filed as an exhibit hereto.

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| (a)(3) | [Amended and Restated Declaration of Trust](d902005dex99a3.htm) |
| (b) | [Bylaws](d902005dex99b.htm) |
| (d) | [Form of Multiple Class Plan](d902005dex99d.htm) |
| (e) | [Form of Distribution Reinvestment Plan](d902005dex99e.htm) |
| (g)(1) | [Form of Investment Advisory Agreement](d902005dex99g1.htm) |
| (h)(1) | [Form of Distribution Agreement](d902005dex99h1.htm) |
| (h)(2) | [Form of Selected Intermediary Agreement](d902005dex99h2.htm) |
| (h)(3) | [Form of Distribution and Shareholder Services Plan](d902005dex99h3.htm) |
| (j) | [Form of Custody Agreement](d902005dex99j.htm) |
| (k)(1) | [Form of Services Agreement](d902005dex99k1.htm) |
| (k)(2) | [Form of Master Agreement SS&C Digital Solutions Services](d902005dex99k2.htm) |
| (k)(3) | [Form of Expense Limitation and Reimbursement Agreement](d902005dex99k3.htm) |
| (l) | [Opinion and Consent of Delaware Counsel](d902005dex99l.htm) |
| (n) | [Consent of Independent Registered Public Accounting Firm](d902005dex99n.htm) |
| (p) | [Form of Initial Subscription Agreement](d902005dex99p.htm) |
| (r)(1) | [Code of Ethics of Registrant](d902005dex99r1.htm) |
| (r)(2) | [Code of Ethics of Adviser](d902005dex99r2.htm) |
| (r)(3) | [Code of Ethics of Distributor](d902005dex99r3.htm) |
| (t) | [Power of Attorney](d902005dex99t.htm) |

---

## Ex-99.(A)(3)

**Exhibit (a)(3)** 

**DIAMETER DYNAMIC CREDIT FUND** 

**AMENDED AND RESTATED** 

**AGREEMENT AND DECLARATION OF TRUST** 

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | Page |
| **ARTICLE I The Trust** | **ARTICLE I The Trust** | 1 |
| Section 1.1 | Name | 1 |
| Section 1.2 | Trust Purpose | 1 |
| Section 1.3 | Definitions | 2 |
| **ARTICLE II Board of Trustees** | **ARTICLE II Board of Trustees** | 3 |
| Section 2.1 | Number and Qualification | 3 |
| Section 2.2 | Term and Election | 3 |
| Section 2.3 | Resignation and Removal | 3 |
| Section 2.4 | Vacancies | 4 |
| Section 2.5 | Meetings | 4 |
| Section 2.6 | Trustee Action by Written Consent | 4 |
| Section 2.7 | Officers | 4 |
| Section 2.8 | Principal Transactions | 5 |
| **ARTICLE III Powers and Duties of Trustees** | **ARTICLE III Powers and Duties of Trustees** | 5 |
| Section 3.1 | General | 5 |
| Section 3.2 | Investments | 5 |
| Section 3.3 | Legal Title | 5 |
| Section 3.4 | Issuance and Repurchase of Shares | 5 |
| Section 3.5 | Borrow Money or Utilize Leverage | 6 |
| Section 3.6 | Delegation by Trustees | 6 |
| Section 3.7 | Collection and Payment | 6 |
| Section 3.8 | By-Laws | 6 |
| Section 3.9 | Miscellaneous Powers | 6 |
| Section 3.10 | Further Powers | 7 |
| Section 3.11 | Sole Discretion; Good Faith; Corporate Opportunities of Adviser | 7 |
| **ARTICLE IV Fees and Expenses; Advisory, Management and Distribution Arrangements** | **ARTICLE IV Fees and Expenses; Advisory, Management and Distribution Arrangements** | 7 |
| Section 4.1 | Expenses | 7 |
| Section 4.2 | Advisory and Management Arrangements | 8 |
| Section 4.3 | Distribution Arrangements | 8 |
| Section 4.4 | Parties to Contract | 8 |
| **ARTICLE V Limitations of Liability and Indemnification** | **ARTICLE V Limitations of Liability and Indemnification** | 8 |
| Section 5.1 | No Personal Liability of Shareholders, Trustees, etc. | 8 |
| Section 5.2 | Mandatory Indemnification | 9 |
| Section 5.3 | No Bond Required of Trustees | 10 |
| Section 5.4 | No Duty of Investigation; No Notice in Trust Instruments, etc. | 10 |
| Section 5.5 | Reliance on Experts, etc. | 10 |
| **ARTICLE VI Shares of Beneficial Interest** | **ARTICLE VI Shares of Beneficial Interest** | 10 |
| Section 6.1 | Beneficial Interest | 10 |
| Section 6.2 | Other Securities | 11 |
| Section 6.3 | Rights of Shareholders | 11 |
| Section 6.4 | Trust Only | 11 |
| Section 6.5 | Issuance of Shares | 11 |
| Section 6.6 | On Merger or Consolidation of Assets | 11 |
| Section 6.7 | Register of Shares | 11 |
| Section 6.8 | Transfer Agent and Registrar | 12 |
| Section 6.9 | Transfer of Shares | 12 |
| Section 6.10 | Notices | 13 |
| Section 6.11 | Derivative Actions | 13 |
| **ARTICLE VII Custodians** | **ARTICLE VII Custodians** | 13 |
| Section 7.1 | Appointment and Duties | 13 |
| Section 7.2 | Central Certificate System | 14 |

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i

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| | | |
|:---|:---|:---|
| **ARTICLE VIII Repurchase and Redemption of Common Shares** | **ARTICLE VIII Repurchase and Redemption of Common Shares** | 14 |
| Section 8.1 | Repurchase of Shares | 14 |
| Section 8.2 | Price | 14 |
| Section 8.3 | Repurchase by Agreement | 14 |
| Section 8.4 | Involuntary Repurchase; Disclosure of Ownership | 15 |
| **ARTICLE IX Determination of Net Asset Value and Distributions** | **ARTICLE IX Determination of Net Asset Value and Distributions** | 15 |
| Section 9.1 | By Whom Determined | 15 |
| Section 9.2 | Power to Modify Foregoing Procedures | 16 |
| **ARTICLE X Shareholders** | **ARTICLE X Shareholders** | 16 |
| Section 10.1 | Meetings of Shareholders | 16 |
| Section 10.2 | Voting | 16 |
| Section 10.3 | Record Date; Notice of Meeting | 17 |
| Section 10.4 | Quorum and Required Vote | 17 |
| Section 10.5 | Proxies, etc. | 18 |
| Section 10.6 | Reports | 18 |
| Section 10.7 | Inspection of Records | 18 |
| Section 10.8 | Delivery by Electronic Transmission or Otherwise | 18 |
| Section 10.9 | Shareholder Action by Written Consent | 18 |
| Section 10.10 | Meetings by Remote Communication | 18 |
| **ARTICLE XI Duration; Dissolution and Termination of Trust; Amendment; Mergers, Etc.** | **ARTICLE XI Duration; Dissolution and Termination of Trust; Amendment; Mergers, Etc.** | 18 |
| Section 11.1 | Duration and Termination | 18 |
| Section 11.2 | Amendment Procedure | 19 |
| Section 11.3 | [Intentionally omitted] | 19 |
| Section 11.4 | Subsidiaries | 19 |
| Section 11.5 | Merger, Consolidation, Incorporation | 20 |
| **ARTICLE XII Miscellaneous** | **ARTICLE XII Miscellaneous** | 20 |
| Section 12.1 | Power of Attorney | 20 |
| Section 12.2 | Filing | 21 |
| Section 12.3 | Governing Law | 21 |
| Section 12.4 | Exclusive Delaware Jurisdiction | 21 |
| Section 12.5 | Other Agreements | 22 |
| Section 12.6 | Counterparts | 22 |
| Section 12.7 | Reliance by Third Parties | 22 |
| Section 12.8 | Provisions in Conflict with Law or Regulation | 22 |
| Section 12.9 | Registered Agent; Registered Office | 23 |
| Section 12.10 | General Direct Actions | 23 |
| Section 12.11 | Waiver of Jury Trial | 23 |
| Section 12.12 | Conversion | 23 |
| Section 12.13 | Section Headings; Interpretation | 24 |

---

ii

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<u>AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST</u> 

<u>OF</u> 

<u>DIAMETER DYNAMIC CREDIT FUND</u> 

This AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of this 30th day of September, 2025, by and among the individuals executing this Declaration (as defined below) as Trustees and the holders from time to time of the shares of beneficial interest issued hereunder.

WHEREAS, this Trust has been formed to carry on the business as set forth more particularly hereinafter;

WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;

WHEREAS, this Declaration amends and restates in its entirety that certain Declaration of Trust dated as of May 2, 2025 (the "Initial Declaration") by the trustee of the Trust therein;

WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Statute (as defined below) and that this Declaration and the By-laws shall constitute the governing instrument of such statutory trust.

NOW, THEREFORE, the Trustees hereby (i) declare that they will hold all cash, securities, and other assets that the Trust now possesses or may hereafter acquire from time to time in any manner and manage and dispose of the same upon the following terms and conditions and (ii) amend and restate the Initial Declaration in its entirety.

**ARTICLE I** 

**The Trust** 

Section 1.1 <u>Name</u>. This Trust shall be known as the "Diameter Dynamic Credit Fund", and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon approval by the Trustees of such change and the filing and effectiveness of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Statute. Any such action shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

Section 1.2 <u>Trust Purpose</u>. The purpose of the Trust is to conduct, operate and carry on the business of an investment company within the meaning of the 1940 Act (as defined below). In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of an investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Statute, and in connection therewith the Trust shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

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Section 1.3 <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

The "<u>1940</u> <u>Act</u>" shall mean the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

The terms "<u>Affiliated Person</u>", "<u>Assignment</u>", "<u>Commission</u>", "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given to them in the 1940 Act.

"<u>Administrator</u>" shall mean ALPS Fund Services, Inc., a corporation incorporated in the State of Colorado.

"<u>Adviser</u>" shall mean Diameter DCF Advisor LLC, a Delaware limited liability company, or an affiliated successor in interest thereto. If the Adviser no longer serves as the investment adviser to the Trust, the rights of the Adviser in this Declaration will become the rights of the Trustees.

"<u>Board of Trustees</u>" shall mean the Trustees collectively.

"<u>By-Laws</u>" shall mean the By-Laws of the Trust as amended from time to time by the Trustees.

<u>"Class</u>" or "<u>Class</u> <u>of Shares</u>" shall refer to the division of Shares into two or more classes as provided in Article VI hereof.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Commission</u>" shall mean the U.S. Securities and Exchange Commission.

"<u>Common Shares</u>" shall mean Shares that do not have preference over any other class of Shares with respect to the payment of dividends or distributions upon liquidation, termination or winding up of the affairs of the Trust.

"<u>Declaration</u>" shall mean this Amended and Restated Declaration of Trust, as amended, supplemented or amended and restated from time to time.

"<u>Delaware General Corporation Law</u>" shall mean the Delaware General Corporation Law, 8 <u>Del. C.</u> § 100, <u>et</u> <u>seq.</u>, as amended from time to time.

"<u>Delaware Statutory Trust Statute</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 3801, <u>et</u> <u>seq.</u>, as amended from time to time.

"<u>Majority Shareholder Vote</u>" shall mean a vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust with each class and series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or series of Shares voting as a separate class or series, as the case may be, also will be required.

"<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares of the Trust, at such time.

"<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares. In addition, Shares shall also mean any preferred shares or preferred units of beneficial interest that may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require. All provisions herein relating to the Trust shall apply equally to each series or class of Shares except as the context otherwise requires.

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"<u>Trust</u>" shall mean the trust governed by this Declaration and the By-laws, as amended from time to time, inclusive of each such amendment.

"<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

"<u>Trustees</u>" shall mean the individuals who have signed this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other individuals who may from time to time be duly elected or appointed, qualified and serving as Trustees in accordance with the provisions of Article II hereof, and reference herein to a Trustee or the Trustees shall refer to such person or persons in his or her capacity or their capacities as trustees hereunder. Unless otherwise required by the context or specifically provided, any reference herein to the Trustees shall refer to the sole Trustee at any time that there is only one Trustee of the Trust.

**ARTICLE II** 

**Board of Trustees** 

Section 2.1 <u>Number and Qualification</u>. As of the date hereof, the Trustees shall be the signatories hereto and the number of Trustees shall be the number of person so signing until changed by the Trustees. Thereafter, the number of Trustees shall be determined by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than two or more than fifteen. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term. An individual nominated as a Trustee shall be at least 21 years of age and not older than 80 years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office.

Section 2.2 <u>Term and Election</u>. Each Trustee shall serve until he or she dies, resigns or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor.

Section 2.3 <u>Resignation and Removal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairman, if any, the President or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. An instrument of resignation may provide that it is irrevocable. Except as provided in Section 2.3(b), any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) (i) at any meeting of Shareholders by a vote of not less than two-thirds of the outstanding voting Shares or (ii) with or without cause at any time by written instrument signed by at least two-thirds of the number of Trustees prior to such removal, specifying the date when such removal shall become effective. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed, including under Section 2.3(b), shall have any right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on account of a removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any Trustee of the Trust who is also an employee of the Adviser of the Trust or an affiliate of the Adviser, any such Trustee shall automatically be deemed removed as a Trustee of the Trust simultaneously with the cessation of such Trustee's employment with the Adviser or its affiliate (for any reason, including termination with or without cause).

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Section 2.5 <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any, or the President or any two Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-Laws, the Chairman or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of the Trustees as provided in Section 2.6.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of the members as provided in Section 2.6.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.

Section 2.6 <u>Trustee Action by Written Consent</u>. Any action that may be taken by Trustees by vote may be taken without a meeting if the number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee at which all of the Trustees are present and voted consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 2.7 <u>Officers</u>. The Trustees shall elect a President, a General Counsel, a Chief Financial Officer, a Treasurer, and a Secretary, and may elect a Chairman who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairman, if any, or President to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairman shall, and the President, General Counsel, Chief Financial Officer, Treasurer, and Secretary may, but need not, be a Trustee. All officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law.

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Section 2.8 <u>Principal Transactions</u>. Except to the extent prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliated Person of the Trust, investment adviser, investment sub-adviser, distributor or transfer agent for the Trust or with any Interested Person of such Affiliated Person or other person; and the Trust may employ any such Affiliated Person or other person, or firm or company in which such Affiliated Person or other person is an Interested Person, as broker, legal counsel, registrar, investment advisor, investment sub-advisor, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

**ARTICLE III** 

**Powers and Duties of Trustees** 

Section 3.1 <u>General</u>. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. Unless another standard is specified herein, in conducting the business of the Trust and in exercising their rights and powers hereunder, the Trustees may take any actions and make any determinations in their subjective belief that such actions or determinations are in, or not opposed to, the best interest of the Trust. The Trustees have the power to construe and interpret this Declaration and to act upon any such construction or interpretation. Any construction or interpretation of this Declaration by the Trustees and any action taken pursuant thereto and any determination as to what is in the interests of the Trust and the Shareholders made by the Trustees in good faith shall, in each case, be conclusive and binding on all Shareholders and all other Persons for all purposes. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court. Except as required by federal law including the 1940 Act, neither the Trustees nor any officer of the Trust shall owe any fiduciary duty to the Trust or any series or class or any Shareholder.

Section 3.2 <u>Investments</u>. Unless otherwise determined by the Board of Trustees, the investment objective of the Trust will be to seek to generate current income and provide attractive risk-adjusted returns. The Trustees shall have power with respect to the Trust to manage, conduct, operate and carry on the business of an investment company.

Section 3.3 <u>Legal Title</u>. Legal title to all of the Trust Property shall be vested in the Trust as a separate legal entity except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

To the extent any Trust Property is titled in the name of one or more Trustees, the right, title and interest of such Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 3.4 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Article VIII, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust.

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Section 3.5 <u>Borrow Money or Utilize Leverage</u>. The Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration, the Trust is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Trust, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on any assets, rights or remedies of the Trust or of the Trustees hereunder. Notwithstanding any provision in this Declaration, (i) the Trust may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board of Trustees, in its sole discretion, determines is fair and reasonable to the Trust, and (ii) in connection with any borrowing, indebtedness or guarantee by the Trust, the Trust Property or any part thereof may be pledged to any lender or other credit party of the Trust. All rights granted to a lender pursuant to this Section 3.5 shall apply to its agents and its successors and permitted assigns.

Section 3.6 <u>Delegation by Trustees</u>. Subject only to any limitations required by federal law including the 1940 Act, the Trustees may delegate any and all powers and authority hereunder as they consider desirable to any officer of the Trust, to any committee of the Trustees, any committee composed of Trustees and other persons and any committee composed only of persons other than Trustees and to any agent, independent contractor or employee of the Trust or to any custodian, administrator, transfer or shareholder servicing agent, manager, investment advisor or sub-advisor, Principal Underwriter or other service provider, provided that such delegation of power or authority by the Trustees shall not cause any Trustee to cease to be a Trustee of the Trust or cause such person, officer, agent, employee, custodian, transfer or shareholder servicing agent, manager, Principal Underwriter or other service provider to whom any power or authority has been delegated to be a Trustee of the Trust. The reference in this Declaration to the right of the Trustees to, or circumstances under which they may, delegate any power or authority, or the reference in this Declaration to the authorized agents of the Trustees or any other Person to whom any power or authority has or may be delegated pursuant to any specific provision of this Declaration, shall not limit the authority of the Trustees to delegate any other power or authority under this Declaration to any Person, subject only to any limitations under federal law including the 1940 Act.

Section 3.7 <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

Section 3.8 <u>By-Laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.

Section 3.9 <u>Miscellaneous Powers</u>. Without limiting the general or further powers of the Trustees, the Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; and (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept.

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Section 3.10 <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees.

Section 3.11 <u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; 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;(ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless expressly provided otherwise herein or in the Trust's prospectus or other offering document (as may be amended from time to time), the Adviser and any Affiliated Person of the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall not have any duty to communicate or offer such opportunity to the Trust, subject to the requirements of the 1940 Act, the Investment Advisers Act of 1940, as amended, and any applicable co-investment order issued by the Commission, and the Adviser shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Declaration or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper.

**ARTICLE IV** 

**Fees and Expenses; Advisory, Management and Distribution Arrangements** 

Section 4.1 <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses that in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable, and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall bear and be responsible for all costs and expenses of the Trust's operations, administration and transactions, including, but not limited to, fees and expenses paid for investment advisory, administrative or other services and all other expenses of its operations and transactions.

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Section 4.2 <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

Section 4.3 <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party as its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the securities of the Trust.

Section 4.4 <u>Parties to Contract</u>. Any contract of the character described in Section 4.2 and Section 4.3 of this Article IV or in Article VII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Section 4.2 and Section 4.3 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.4.

**ARTICLE V** 

**Limitations of Liability and Indemnification** 

Section 5.1 <u>No Personal Liability of Shareholders, Trustees, etc.</u> No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misconduct, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

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Section 5.2 <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby agrees to indemnify each person who at any time serves as a Trustee, officer or employee of the Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity; provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misconduct, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "<u>disabling conduct</u>"). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that the indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("<u>Disinterested</u> <u>Non-Party</u> <u>Trustees</u>") that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right that any person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

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Section 5.3 <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

Section 5.4 <u>No Duty of Investigation; No Notice in Trust Instruments, etc.</u> No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 5.5 <u>Reliance on Experts, etc.</u> The Trustees may rely in good faith upon advice of counsel or other experts with respect to the meaning and operation of this Declaration and their duties as Trustees hereunder and shall be under no liability for any act or omission in accordance with such advice; provided the Trustees shall be under no liability for failing to follow such advice. A Trustee shall be fully protected in relying in good faith upon the records of the Trust and upon information, opinions, reports or statements presented by another Trustee or any officer, employee or other agent of the Trust, or by any other Person as to matters the Trustee believes in good faith are within such other Person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Trust or any series or class, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and obligations of the Trust or any series or class or to make reasonable provision to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Shareholders or creditors of the Trust might properly be paid. The appointment, designation or identification of a Trustee as a Chairman of the Board of Trustees, a member or chair of a committee of the Trustees, an expert on any topic or in any area (including an audit committee financial expert), or the lead independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof.

**ARTICLE VI** 

**Shares of Beneficial Interest** 

Section 6.1 <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of shares of beneficial interest, par value $0.001 per share. Such Shares may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust. The Trustees may hold treasury Shares, reissue for such consideration and on such terms as they may determine, or cancel any Shares of any series or class repurchased or redeemed at their discretion from time to time. The Trustees shall be authorized, in their sole discretion, and without obtaining any prior authorization or vote of the Shareholders, to establish and designate and to change in any manner any initial or additional series or classes of Shares and to fix such preferences, voting powers (or lack thereof), rights and privileges of such series or classes as the Trustees may from time to time determine, to divide or combine the Shares or any series or classes into a greater or lesser number, to classify or reclassify any issued Shares or any series or classes into one or more series or classes of Shares, and to take such other action with respect to the Shares as the Trustees may deem desirable. Unless another time is specified by the Trustees, the establishment and designation of any series or class shall be effective as of the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Shares of such series or class, whether directly in such resolution or by reference to, or approval of, another document that sets forth such relative rights and preferences of such series or class including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust may issue an unlimited number of Shares of each series or class and are not required to issue certificates for any Shares.

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Section 6.2 <u>Other Securities</u>. The Trustees may, subject to the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

Section 6.3 <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights specifically set forth in this Declaration. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust, nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified by the Trustees when creating the Shares, as in preferred shares). Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Trust or any class or series.

Section 6.4 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a general partnership, limited partnership, joint stock association or any form of legal relationship other than a Delaware statutory trust.

Section 6.5 <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

Section 6.6 <u>On Merger or Consolidation of Assets</u>. In connection with the acquisition of assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities), businesses or stock of another Person, the Trustees may issue or cause to be issued Shares and accept in payment therefor, in lieu of cash, such assets or businesses at their market value (as determined by the Trustees in their sole discretion) or such stock at the market value (as determined by the Trustees in their sole discretion) of the assets held by such other Person, either with or without adjustment for contingent costs or liabilities, provided that the funds of the Trust are permitted by law to be invested in such assets, businesses or stock.

Section 6.7 <u>Register of Shares</u>. A register shall be kept at the offices of the Trust, or any transfer agent duly appointed by the Trustees under the direction of the Trustees, which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be

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conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

Section 6.8 <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

Section 6.9 <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only in accordance with this Section 6.9 and by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and any contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any Shares held by a Shareholder may be transferred only (1) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder or (2) with the consent of the Adviser or its designated agents (which may be withheld in the Adviser's or its designed agent's sole and absolute discretion). If a Shareholder transfers Shares with the approval of the Adviser or its designated agents, the Adviser or its designated agents will as promptly as practicable take all necessary actions so that each transferee or successor to whom or to which the Shares are transferred is admitted to the Trust as a Shareholder. The admission of any transferee as a substituted Shareholder will be effective upon the execution and delivery by, or on behalf of, the substituted Shareholder of an investor application form. Each Shareholder and transferee agrees to pay all expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with any transfer. In connection with any request to transfer Shares, the Trust may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Trustees as to such matters as the Trustees may reasonably request. If a Shareholder transfers all of its Shares, it will not cease to be a Shareholder unless and until the transferee is admitted to the Trust as a substituted Shareholder in accordance with this Section 6.9. Each Shareholder will indemnify and hold harmless the Trust, the Trustees, each other Shareholder and any Affiliate of the Trust, the Trustees, the investment adviser, any sub-adviser and each of the other Shareholders against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer. A Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with the transfer, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

Any person becoming entitled to any Shares in consequence of operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder, or other operation of law.

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Section 6.10 <u>Notices</u>. Subject to the 1940 Act, notices and all other communications to Shareholders shall be in writing and delivered personally, or sent by electronic transmission to an electronic mail address provided by the Shareholder or mailed to the Shareholders at their addresses appearing on the books of the Trust or given by a document publicly filed with the Commission or given as otherwise provided herein. Notices to Trustees shall be oral or by telephone or in writing delivered personally or mailed to the Trustees at their addresses appearing on the books of the Trust or by electronic transmission to an electronic mail address provided by the Trustee. Notice by mail shall be deemed to be given at the time when the same shall be mailed, notice by electronic transmission shall be deemed given at the time when sent, and notice by a document publicly filed by with the Commission shall be deemed given at the time the Trust files such document. Subject to the provisions of the 1940 Act, notice to Trustees need not state the purpose of a regular or special meeting.

Section 6.11 <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel and other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to all suits, claims or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each Shareholder agrees that any claim that affects all Shareholders of the Trust or any series or class equally, that is, proportionately based on their number of Shares in the Trust or in such series of class, must be brought as a derivative claim subject to this Section 6.11 irrespective of whether such claim involves a violation of the Shareholder's rights under this Declaration or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim. This Section 6.11 shall not apply to any claims asserted under U.S. federal securities laws, including, without limitation, the 1940 Act.

**ARTICLE VII** 

**Custodians** 

Section 7.1 <u>Appointment and Duties</u>. The Trustees may employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&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 receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if authorized by the Trustees, to compute the net income or net asset value of the Trust;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

Section 7.2 <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, as amended, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

**ARTICLE VIII** 

**Repurchase and Redemption of Common Shares** 

Section 8.1 <u>Repurchase of Shares</u>. From time to time, the Trust may repurchase its Common Shares, all upon such terms and conditions as may be determined by the Trustees and subject to any applicable provisions of the Securities Exchange Act of 1934, as amended, the 1940 Act or any exemption therefrom. The Trust may require Common Shareholders to pay a withdrawal charge, a sales charge, or any other form of charge to the Trust, to the underwriter or to any other person designated by the Trustees upon repurchase of Common Shares in such amount as shall be determined from time to time by the Trustees. The Trust may also charge a repurchase fee, payable to the Trust, in such amount as may be determined from time to time by the Trustees. The Trustees may from time to time specify conditions, not inconsistent with the 1940 Act or any exemption therefrom, regarding the repurchase of Common Shares of the Trust. Subject to applicable federal law, including the 1940 Act, and except as otherwise determined by the Trustees, upon repurchase, Common Shares shall no longer be deemed outstanding or carry any voting rights irrespective of whether a record date for any matter on which such Shares were entitled to vote had been set on a date prior to the date on which such Shares were repurchased. Shareholders shall have no right to cause the Trust to repurchase their Common Shares.

Section 8.2 <u>Price</u>. To the extent permitted by Section 8.1 above, Common Shares may be repurchased at their net asset value or at such other price as is in compliance with the 1940 Act or any exemption therefrom, which may be reduced by any sales charge, withdrawal charge, or any other form of charge authorized by the Trustees. With respect to Common Shares, net asset value shall be determined as set forth in Article IX hereof as of such time as the Trustees shall have theretofore prescribed by resolution. Payment for Common Shares repurchased shall be made in cash or in property out of the assets of the Trust to the Shareholder of record at such time and in the manner, not inconsistent with the 1940 Act or other applicable laws.

Section 8.3 <u>Repurchase by Agreement</u>. The Trust may repurchase Common Shares directly, or through a distributor pursuant to a distribution contract or another agent designated for the purpose, by agreement with the owner thereof, or an agent designated by such owner, at a price not exceeding the net asset value per share determined as set forth in Article IX hereof as of the time specified in the prospectus of the Trust at the time in effect.

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Section 8.4 <u>Involuntary Repurchase; Disclosure of Ownership</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Common Shares or other securities of the Trust or any series or class thereof has or may become concentrated in any Person to an extent which would disqualify the Trust as a regulated investment company under the Code or would cause the Trust to be treated as a personal holding company under the Code, then the Trustees shall have the power by lot or other means deemed equitable by them

&nbsp;&nbsp;&nbsp;&nbsp;&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 call for repurchase a number of Common Shares sufficient in the sole discretion of the Trustees to (A) maintain or bring the direct or indirect ownership of Common Shares into conformity with the requirements for such qualification or (B) avoid or to continue to avoid the treatment of the Trust as a personal holding company under the Code, 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;(ii) to refuse to transfer or issue Common Shares to any Person whose acquisition of the Shares in question would in the sole discretion of the Trustees result in such disqualification or treatment.

Any repurchase pursuant to this Section 8.4 shall be effected at net asset value determined in accordance with Section 9.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The holders of Common Shares of the Trust shall, upon request, disclose to the Trustees in writing such information with respect to direct and indirect ownership of Common Shares of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees shall have the power to repurchase Common Shares in any Shareholder's account at a repurchase price determined in accordance with Section 9.1 below if (i) at any time the total number of Common Shares held in such account is fewer than an established minimum selected by the Trustees, in which event the Shareholder shall be notified that the number of Common Shares in the account is fewer than the minimum and shall be allowed a period, fixed by the Trustees, in which to avoid such repurchase by increasing the account to at least the established minimum, (ii) ownership of such Common Shares by a Shareholder or other person is likely to cause the Trust to be in violation of, or require registration of any Shares under, or subject the Trust 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 Common Shares by a Shareholder may be harmful or injurious to the business or reputation of the Trust, the Board of Trustees, the Adviser or any of their affiliates, or may subject the Trust or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences, (iv) any of the representations and warranties made by a Shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true, or (v) it would be in the best interests of the Trust to repurchase such Common Shares.

**ARTICLE IX** 

**Determination of Net Asset Value and Distributions** 

Section 9.1 <u>By Whom Determined</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to applicable federal law, including the 1940 Act, and Article VI hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the price per Share or net asset value of the Common Shares of the Trust or any series or classes thereof or net income attributable to the Common Shares of the Trust or any series or classes thereof, or the declaration and payment of dividends and distributions on the Shares of the Trust or any series or classes thereof and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. The Trustees may suspend the determination of net asset value to the extent permitted by the 1940 Act or the regulations and orders from time to time in effect thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the powers of the Trustees under Section 3.1 of Article III hereof, the Trustees may at any time and from time to time, as they may determine in their sole discretion, allocate or distribute to Shareholders such income and capital gains, accrued or realized, or returns of capital as the Trustees may determine in their sole discretion, after providing for actual, accrued or estimated expenses and liabilities (including reserves) determined in accordance with generally accepted accounting practices. Without limiting the generality of the foregoing, but subject to applicable federal law, including the 1940 Act, any dividend or distribution may be paid in cash and or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same series or class. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Inasmuch as the computation of net income and gains for Federal income and excise tax purposes may vary from the computation thereof on the books of the Trust, the above provisions shall be interpreted to give the Trustees the power in their discretion to allocate or distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes after amended or modified.

Section 9.2 <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article IX, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the 1940 Act, or any securities exchange or association registered under the Securities Exchange Act of 1934, as amended, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

**ARTICLE X** 

**Shareholders** 

Section 10.1 <u>Meetings of Shareholders</u>. A special meeting of the Shareholders may be called at any time by a majority of the Trustees or the President and shall be called by any Trustee for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate not less than thirty-three and one-third percent (33<u><sup>1</sup></u>/<u><sub>3</sub></u>%) of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called, provided that in the case of a meeting called by any Trustee at the request of Shareholders for the purpose of electing Trustees or removing the Adviser, written request of Shareholders of the Trust holding in the aggregate not less than fifty-one percent (51%) of the outstanding Shares of the Trust or class or series of Shares having voting rights on the matter shall be required to elect a Trustee or to remove the Adviser. For a special Shareholder meeting to be called for a proper purpose (as used in the preceding sentence), it is not a requirement that such purpose relate to a matter on which Shareholders are entitled to vote, provided that if such meeting is called for a purpose for which Shareholders are not entitled to vote, no vote will be taken at such meeting. Any shareholder meeting, including a special meeting, may be held within or without the State of Delaware on such day and at such time as the Trustees shall designate.

Section 10.2 <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Statute in the absence of a contrary provision in the Declaration shall require any vote. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all of the affected classes and series of Shares voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all of the affected classes and series voting together as a single class. When the matter involves any action that the Trustees have determined will affect only the interests of one or more series or Classes, then only Shareholders of such series or Class shall be entitled to vote. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate

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fractional vote. There shall be no cumulative voting in the election or removal of Trustees. Except as provided in Section 10.1, a plurality of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee, provided that, in the case where the number of nominees for the trusteeships (or, if applicable, the trusteeships of a particular class of trustees) exceeds the number of such trustees to be elected (a "Contested Election"), a majority of all votes cast shall be required to elect such nominee, provided that if a sufficient number of votes to elect a trustee are not cast in such Contested Election, the incumbent Trustee, if any, shall retain their position.

Section 10.3 <u>Record Date; Notice of Meeting</u><u>; Postponement and Adjournment</u>. The Trustees may fix in advance a date up to one hundred and twenty (120) days (or such other number of days as the Board of Trustees shall determine) before the date of any Shareholders' meeting as a record date for the determination of the Shareholders entitled to notice of, and to vote at, any such meeting. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the Trustees to each Shareholder of record entitled to vote thereat at least 10 days and not more than 90 days (or such longer period as the Trustees may determine) before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting. Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may postpone such meeting one or more times for any reason and for such period of time as the Board of Trustees shall determine by giving notice to each Shareholder entitled to vote at the meeting so postponed of the place, date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with Section 6.10 and Section 10.8 and this Section 10.3. Any Shareholders' meeting may be adjourned by the chairman of the meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chairman of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting unless the adjourned meeting is not held within 120 days (or such longer period as the Trustees may determine) after the record date. Any adjourned meeting may be held at such time and place as determined by the chairman of the meeting if such time and place are announced at the meeting at which the adjournment is taken or otherwise by the Board of Trustees. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. The Shareholders of record entitled to vote at a Shareholders' meeting shall be deemed the Shareholders of record at any meeting that has been postponed or reconvened after one or more adjournments, unless the Trustees have fixed a new record date. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chairman of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals. In the absence of fraud, any irregularities in the notice of any meeting or the nonreceipt of any such notice by any of the Shareholders shall not invalidate any action otherwise properly taken at any such meeting.

Section 10.4 <u>Quorum and Required Vote</u>. (a) Unless otherwise required by the 1940 Act, the holders of one third of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of the Shareholders of such class or series with respect to such matter.

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Section 10.5 <u>Proxies, etc.</u> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

Section 10.6 <u>Reports</u>. The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act, and in any event within a reasonable period preceding the meeting of Shareholders. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

Section 10.7 <u>Inspection of Records</u>. No Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as conferred by the Trustees. The books and records of the Trust may be kept at such place or places as the Board of Trustees or the officers of the Trust may from time to time determine, except as otherwise required by law.

Section 10.8 <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, to the fullest extent permitted by law, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the By-laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Statute), including via the internet, by a document publicly filed with the Commission or in any other manner permitted by applicable law.

Section 10.9 <u>Shareholder Action by Written Consent</u>. Any action required or permitted to be taken at any meeting of the Shareholders may be taken without a meeting, without a prior notice and without a vote if the consent setting forth the action to be taken is given in writing or by electronic transmission by the Shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Shareholders entitled to vote thereon were present and voted.

Section 10.10 <u>Meetings by Remote Communication</u>. The Trustees may provide for meetings by remote communication as provided in the Bylaws or as otherwise determined by the Trustees.

**ARTICLE XI** 

**Duration; Dissolution and Termination of Trust; Amendment; Mergers, Etc.** 

Section 11.1 <u>Duration and Termination</u>(a) . (a) Unless dissolved and terminated as provided herein, the Trust shall continue indefinitely. The Board of Trustees may, without approval of the Shareholders, determine to dissolve and wind up the Trust as contemplated by Section 3808(e) of the Delaware Statutory Trust Act. Upon the termination of the Trust,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business, <u>provided</u> that any sale, conveyance, assignment, exchange, transfer or other disposition of all or substantially all the Trust Property that requires Shareholder approval under Section 11.5 hereof shall receive the approval so required.

&nbsp;&nbsp;&nbsp;&nbsp;&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) After paying or adequately providing for the payment of all claims and obligations as required by Section 3808(e) of the Delaware Act, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and liquidation of the Trust, including the distribution to the Shareholders of any assets of the Trust, a majority of the Trustees shall provide for the making of all filings and applications required by law, and shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Thereupon, the Trustees shall be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

Section 11.2 <u>Amendment Procedure</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration. Shareholders shall only have the right to vote: (i) on any amendment to this Section 11.2(a), (ii) on any amendment that would adversely affect the powers, preferences or special rights of the Shares as determined by the Trustees in good faith, (iii) on any amendment submitted to them by the Trustees and (iv) or if Shareholder authorization is required by the 1940 Act, with the series and classes of Shares entitled to vote on such an amendment determined pursuant to Section 10.2 hereof; provided, for the avoidance of doubt, that the issuance of additional voting Shares would not, on its own, be considered to limit the right of a Shareholder to vote under Section 10.2 for purposes of this sentence. Notwithstanding anything else herein, no amendment to this Declaration shall (i) limit the rights of indemnification provided in Article V hereof with respect to actions or omissions of Persons covered thereby prior to such amendment, (ii) impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or (iii) permit assessments upon Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment duly adopted by the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be.

Section 11.3 <u>[Intentionally omitted]</u>.

Section 11.4 <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

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Section 11.5 <u>Merger, Consolidation, Incorporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to and in accordance with the provisions of Section 3815(f) of the Act, and notwithstanding anything to the contrary contained in this Declaration, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 11.5 may affect any amendment to the Declaration or effect the adoption of a new declaration of the Trust or change the name of the Trust if the Trust is the surviving or resulting entity in the merger or consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything else herein, the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, create one or more statutory or business trusts, limited liability companies, limited partnerships or other entities or associations to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and may provide for the conversion of Shares in the Trust into beneficial or ownership interests in any such newly created trust or trusts, limited liability companies, limited partnerships or other entities or associations, or any series or classes thereof.

**ARTICLE XII** 

**Miscellaneous** 

Section 12.1 <u>Power of Attorney</u>. By execution of a counterpart to this Declaration or execution of a subscription agreement with the Trust, each Shareholder agrees to be bound by the terms of this Declaration and hereby appoints the Trustees and each officer of the Trust (and any substitute or successor Trustees or any substitute or successor officer of the Trust) (and, if appointed, any liquidator of the Trust), each acting individually, as the true and lawful representative and attorney-in-fact of such Shareholder, in such Shareholder's name, place and stead:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to complete or correct, on behalf of such Shareholder, all documents to be executed by such Shareholder in connection with such Shareholder's subscription for Shares or other securities in, and admission to, the Trust, including, without limitation, filling in or amending amounts, dates, and other pertinent information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to make, execute, sign, acknowledge, swear to and file: (i) any and all instruments, certificates, and other documents that may be deemed necessary or desirable to effect the termination and winding up of the Trust; (ii) any instrument, agreement or document of any kind necessary or desirable to accomplish the business, purpose and objectives of the Trust, or required by any applicable federal, state or local law; (iii) any counterparts of this Declaration to be entered into pursuant to any agreements to which such Shareholder is a signatory; (iv) any duly adopted amendment to and/or restatement of this Declaration; and (v) all other filings with agencies of the Federal government, or any state or local government, or of any other jurisdiction, which any Trustee considers necessary or desirable to carry out the purposes of this Declaration, and the business of the Trust created hereunder.

The power of attorney granted by each Shareholder pursuant to this Section 12.1 is coupled with an interest, is irrevocable, shall survive the transfer of the whole or any part of a Shareholder's interest in the Trust (and shall be binding on the transferee thereof) and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetence, termination, bankruptcy, insolvency or dissolution of such Shareholder.

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Section 12.2 <u>Filing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee or duly authorized officer stating that such action was duly taken in a manner provided herein, and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a duly authorized officer and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees hereby ratify the previous filing of the Certificate of Trust with the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Statutory Trust Statute.

Section 12.3 <u>Governing Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Statute and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Statute) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a "statutory trust", and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Statute, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions. Notwithstanding anything to the contrary in this Declaration, nothing in the Declaration modifying, restricting or eliminating the duties or liabilities of the Trustees shall apply to, or in any way limit, the duties (including duties under the State of Delaware) or liabilities of such persons with respect to matters arising under the federal securities laws.

Section 12.4 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and, except as otherwise agreed in writing by the Trust, the Adviser and/or affiliates of the Adviser, each Person legally or beneficially owning a Share or an interest in a Share of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Statute, this Declaration or the Bylaws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Statute, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute, the Declaration or the

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Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. This Section 12.4 shall not apply to any claims asserted under U.S. federal securities laws, including, without limitation, the 1940 Act.

Section 12.5 <u>Other Agreements</u>. Consistent with applicable law (including the 1940 Act), the Trust, the Adviser and/or affiliates of the Adviser may negotiate agreements ("Side Letters") with certain Shareholders that will result in different investment terms than the terms applicable to other Shareholders and that may have the effect of establishing rights under, or altering or supplementing the terms of, this Declaration or disclosure contained in any offering document of the Shares. As a result of such Side Letters, certain Shareholders may receive additional benefits which other Shareholders will not receive. Unless agreed otherwise in the Side Letter, in general, the Trust, the Adviser and affiliates of the Adviser will not be required to notify any or all of the other Shareholders of any such Side Letters or any of the rights and/or terms or provisions thereof, nor will the Trust, the Adviser or affiliates of the Adviser be required to offer such additional and/or different rights and/or terms to any or all of the other Shareholders. The Trust, the Adviser and/or affiliates of the Adviser may enter into such Side Letters with any Shareholder as each may determine in its sole discretion at any time. The other Shareholders will have no recourse against the Trust, the Trustees, the Adviser and/or any of their affiliates in the event certain investors receive additional and/or different rights and/or terms as a result of Side Letters. Any such exceptions or departures contained in any Side Letter with a Shareholder shall govern with respect to such Shareholder notwithstanding the provisions of this Declaration (including with respect to amendments to this Declaration) or any applicable subscription agreements. For the avoidance of doubt, no contractual arrangement established between a Shareholder and the Adviser or one of its affiliates pursuant to a broader strategic relationship between such Shareholder and the Adviser or one of its affiliates shall be considered a "Side Letter".

Section 12.6 <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section 12.7 <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

Section 12.8 <u>Provisions in Conflict with Law or Regulation</u>. (a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

Section 12.9 <u>Registered Agent; Registered Office</u>. The Registered Agent of the Trust within the State of Delaware for service of process, and the Registered Office of the Trust within the State of Delaware, shall be Cogency Global Inc., 850 New Burton Road, Suite 201, Dover, Delaware 19904, or such other agent or place, respectively, as the Trustees may designate from time to time by any supplement to this Declaration, provided however, that such appointment shall not become effective until written notice thereof is delivered to the office of the Secretary of the State of Delaware.

Section 12.10 <u>General Direct Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10.1 <u>General</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring a General Direct Action against the Trust and/or its Trustees is eliminated, except for a General Direct Action to enforce an individual Shareholder right to vote or a General Direct Action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Delaware Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then Section 12.10.2 shall apply. Notwithstanding the foregoing, however, no provision of this Section 12.10 shall apply to any claims asserted under the U.S. federal securities laws, including, without limitation, the 1940 Act, to the extent such provision violates the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10.2 <u>Required Conditions</u>. No Shareholder may maintain a General Direct Action unless holders of at least ten percent (10%) of the outstanding Shares or, if less than all outstanding series or classes are alleged to have been harmed in connection with the General Direct Action, ten percent (10%) of the Shares in the respective series, class or classes alleged to have been harmed, join in the bringing of such action. In addition, a Shareholder may bring a General Direct Action only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Shareholder or Shareholders has obtained authorization from the Trustees to bring such General Direct Action unless an effort to cause the Trustees to authorize such an action is not likely to succeed. For purposes of this Section 12.10.2(a), a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, has a personal financial interest in the transaction at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a shareholder demand by virtue of the fact that such Trustee receives remuneration for their service on the Board of Trustees of the Trust or on the boards of one or more Trusts that are under common management with or otherwise affiliated with the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless a demand is not required under clause (a) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to authorize such action.

Section 12.11 <u>Waiver of Jury Trial</u>. IN CONNECTION WITH ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW.

Section 12.12 <u>Conversion</u>. Notwithstanding any other provisions of this Declaration or the By-Laws, a favorable vote of not less than seventy-five percent (75%) of the Shares of the Trust entitled to vote on the matter, each affected series or class outstanding, voting as separate series or classes, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Common Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by Majority Shareholder Vote of the Shares entitled to vote on the matter shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.

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Section 12.13 <u>Section Headings; Interpretation</u>. Section headings in this Declaration are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. References in this Declaration to "this Declaration" shall be deemed to refer to this Declaration as from time to time amended, and all expressions such as "hereof", "herein" and "hereunder" shall be deemed to refer to this Declaration as from time to time amended and not exclusively to the article or section in which such words appear.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

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| |
|:---|
| /s/ Joshua Green |
| Joshua Green, as Trustee |
| /s/ Scott Goodwin |
| Scott Goodwin, as Trustee |
| /s/ Steven Bossi |
| Steven Bossi, as Trustee |
| /s/ Daniel Kasell |
| Daniel Kasell, as Trustee |
| /s/ Amanda R. Wurtz |
| Amanda R. Wurtz, as Trustee |

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*[Amended and Restated Declaration and Agreement of Trust – Diameter Dynamic Credit Fund]*

## Ex-99.(B)

**Exhibit (b)** 

**DIAMETER DYNAMIC CREDIT FUND** 

**BY-LAWS** 

**DATED AS OF SEPTEMBER 30, 2025** 

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

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I Shareholder Meetings | ARTICLE I Shareholder Meetings | 1 |
| 1.1 | Chair | 1 |
| 1.2 | Inspectors of Election | 1 |
| 1.3 | Records at Shareholder Meetings | 1 |
| 1.4 | Nomination of Trustees | 2 |
| 1.5 | Meetings by Remote Communications | 2 |
| ARTICLE II Trustees | ARTICLE II Trustees | 2 |
| 2.1 | Regular Meetings | 2 |
| 2.2 | Chair | 2 |
| ARTICLE III Officers | ARTICLE III Officers | 3 |
| 3.1 | Officers of the Trust | 3 |
| 3.2 | Election and Tenure | 3 |
| 3.3 | Removal of Officers | 3 |
| 3.4 | Bonds and Surety | 3 |
| 3.5 | President | 3 |
| 3.6 | Secretary | 4 |
| 3.7 | Chief Financial Officer and Treasurer | 4 |
| 3.8 | Other Officers and Duties | 4 |
| ARTICLE IV Committees | ARTICLE IV Committees | 4 |
| 4.1 | Appointment | 4 |
| 4.2 | Powers | 4 |
| ARTICLE V Miscellaneous | ARTICLE V Miscellaneous | 5 |
| 5.1 | Depositories | 5 |
| 5.2 | Signatures | 5 |
| 5.3 | Seal | 5 |
| ARTICLE VI Stock Transfers | ARTICLE VI Stock Transfers | 5 |
| 6.1 | Transfer Agents, Registrars and the Like | 5 |
| 6.2 | Transfer of Shares | 5 |
| 6.3 | Registered Shareholders | 5 |
| ARTICLE VII Amendment of By-Laws | ARTICLE VII Amendment of By-Laws | 6 |
| 7.1 | Amendment and Repeal of By-Laws | 6 |

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i

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<u>DIAMETER DYNAMIC CREDIT FUND</u> 

<u>BY-LAWS</u> 

These By-Laws are made and adopted pursuant to Section 3.8 of the Amended and Restated Agreement and Declaration of Trust governing Diameter Dynamic Credit Fund dated as of September 30, 2025, as from time to time amended (hereinafter called the "Declaration"). All words and terms capitalized in these By-Laws shall have the meaning or meanings set forth for such words or terms in the Declaration.

ARTICLE I

<u>Shareholder Meetings</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Chair</u>. The Chair, if any, shall act as chair at all meetings of the Shareholders; in the Chair's absence, the Trustee or Trustees present at each meeting may elect a temporary chair for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the Chair, if any, of any meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of Shares present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as Chair. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the Chair, if any, of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to shareholders of a Delaware business corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Nomination of Trustees</u>. Nominations of persons for election to the Board of Trustees at a special meeting may be made only (1) pursuant to notice of the meeting, (2) by the Board of Trustees or (3) provided that the Board of Trustees has determined that trustees will be elected at the meeting, by a Shareholder who is entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Meetings by Remote Communications</u>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held partly or solely by means of remote communications and to the extent so authorized, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communications: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communications. In connection with any such meeting, the Trust may implement such measures as the Trustees deem to be reasonable to verify that each person deemed present and permitted to vote at the meeting by means of remote communications is a Shareholder or proxyholder and to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders. If any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communications, a record of such vote or other action shall be maintained by the Trust.

ARTICLE II

<u>Trustees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chair, if any, the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Chair</u>. The Trustees shall have the power to appoint from among the members of the Board of Trustees a Chair. Such appointment shall be by majority vote of the Trustees. Such Chair shall serve until his or her successor is appointed or until his or her earlier death, resignation or removal. When present he or she shall preside at the meetings of the Shareholders and of the Trustees. The Chair shall, subject to the control of the Trustees, perform such other powers and duties as may be from time to time assigned to him or her by the Trustees or prescribed by the Declaration or these By-Laws, consistent with his or her position. The Chair need not be a Shareholder.

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ARTICLE III

<u>Officers</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Officers of the Trust</u>. The officers of the Trust shall consist of a President, General Counsel, a Chief Financial Officer and Treasurer, and a Secretary, and such other officers or assistant officers as may be elected or authorized by the Trustees. Subject to any applicable provisions of the Declaration, the compensation of the officers and Trustees shall be fixed from time to time by the Trustees or, in the case of officers, by any Committee or officer upon whom such power may be conferred by the Trustees. No officer shall be prevented from receiving such compensation as such officer by reason of the fact that he or she is also a Trustee. Any two or more of the offices may be held by the same Person. No officer of the Trust need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Chair, if any, President, General Counsel, Chief Financial Officer and Treasurer, and Secretary, and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Removal of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, President, or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, President, or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>President</u>. The President, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of President of a corporation. Unless otherwise directed by the Trustees, the President shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The President shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the President, the Board of Trustees may by resolution delegate the powers and duties of the President to any other officer or to any Trustee, or to any other person whom it may select. Such delegatee shall perform all of the duties of the President, and when so acting shall have all the powers of and be subject to all of the restrictions upon the President.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and the Executive Committee, if any. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Chief Financial Officer and Treasurer</u>. Except as otherwise directed by the Trustees, the Chief Financial Officer and Treasurer shall have the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under the supervision of the Trustees and of the President all powers and duties normally incident to the office. The Chief Financial Officer and Treasurer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Chief Financial Officer and Treasurer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Chief Financial Officer and Treasurer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the President. The Chief Financial Officer and Treasurer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Chief Financial Officer and Treasurer's possession, shall be subject at all times to the inspection and control of the Trustees. Unless the Trustees shall otherwise determine, the Chief Financial Officer and Treasurer shall be the principal accounting officer of the Trust and shall also be the principal financial officer of the Trust. The Chief Financial Officer and Treasurer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any series of the Trust on behalf of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the President.

ARTICLE IV

<u>Committees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Appointment</u>. The Board of Trustees may appoint from its members an Audit Committee, a Nominating and Corporate Governance Committee and other committees, composed of one or more trustees, to serve at the pleasure of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Powers</u>. The Board of Trustees may delegate to committees appointed under Section 4.1 any of the powers of the Board of Trustees, except as prohibited by law.

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ARTICLE V

<u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Depositories</u>. In accordance with Section 7.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its authorized officers, agent or agents, as provided in the Declaration or By-Laws or as the Trustees may from time to time by resolution provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

ARTICLE VI

<u>Stock Transfers</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Transfer of Shares</u>. The Shares of the Trust shall not be transferrable except as permitted in the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of such evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

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ARTICLE VII

<u>Amendment of By-Laws</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Amendment and Repeal of By-Laws</u>. In accordance with Section 3.8 of the Declaration, the Trustees shall have the exclusive power to amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

## Ex-99.(D)

**Exhibit (d)** 

**DIAMETER DYNAMIC CREDIT FUND** 

**AMENDED AND RESTATED MULTIPLE CLASS PLAN** 

**Adopted: September 30, 2025** 

**Amended and Restated: December 12, 2025** 

WHEREAS, Diameter Dynamic Credit Fund (the "Fund") is engaged in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, the Fund relies upon exemptive relief granted by the Securities and Exchange Commission to permit the Fund to offer multiple classes of shares (the "Exemptive Relief");

WHEREAS, pursuant to the Exemptive Relief, the Fund is subject to Rule 18f-3 ("Rule 18f-3") under the 1940 Act, as if it were an open-end management investment company;

WHEREAS, pursuant to Rule 18f-3, the Fund has previously adopted a multiple class plan (the "Initial Multiple Class Plan"); and

WHEREAS, the Board of Trustees of the Fund wish to amend and restate the Initial Multiple Class Plan in its entirety on the terms set forth herein.

NOW, THEREFORE, the Fund hereby adopts this amended and restated multiple class plan (the "Plan" or "Multiple Class Plan") pursuant to Rule 18f-3.

The provisions of the Plan are:

**A. <u>CLASSES OFFERED</u>** 

The Fund may from time to time issue shares of one or more of the following classes: Class A and Class I. In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted a Distribution and Service Plan (the "12b-1 Plan") under which shares of certain classes are subject to a sales load and a distribution and shareholder 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;1.  **<u>Class</u> <u>A</u>** . Class A Shares are not subject to a sales
load. Class A Shares are subject to a monthly distribution and shareholder servicing fee at the annual rate of 0.75% of the average daily net assets attributable to Class A Shares under the 12b-1 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Class</u> <u>I</u>** . Class I Shares are not subject to a sales load.
Class I Shares are not subject to a distribution or shareholder servicing fee under the 12b-1 Plan.

**B.**  **<u>EXPENSE ALLOCATIONS OF EACH CLASS</u>** 

All expenses incurred by the Fund will be allocated among its classes of shares based on the respective net assets of the Fund attributable to each such class, except that the net asset value and expenses of each class will reflect the expenses associated with the 12b-1 Plan of that class (if any) and/or shareholder services fees attributable to a particular class (including transfer agency fees, if any).

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Each class also may pay a different amount for the following expenses: (1) administrative and/or accounting or similar fees (each as described in the Fund's prospectus, as amended or supplemented from time to time); (2) transfer agent fees identified as being attributable to a specific class; (3) stationery, printing, postage, and delivery expenses related to preparing and distributing materials such as shareholder reports, prospectuses, and proxy statements to current shareholders of a specific class; (4) state blue sky and foreign registration/notification fees and/or expenses incurred by a specific class; (5) Securities and Exchange Commission registration fees incurred by a specific class; (6) expenses of administrative personnel and services required to support the shareholders of a specific class; (7) Trustees' fees or expenses incurred as a result of issues relating to a specific class; (8) accounting and consulting expenses relating solely to a specific class; (9) expenses of a registered independent public accounting firm relating solely to a specific class; (10) litigation and other legal expenses relating to a specific class; (11) any fees imposed pursuant to a non-Rule 12b-1 shareholder services plan that relate to a specific class; (12) expenses incurred in connection with shareholders meetings as a result of issues relating to a specific class; and (13) any additional expenses, not including any management fees, incentive fees, custodial fees or other expenses relating to the management of the Fund's assets, if such expenses are actually incurred in a different amount by a specific class, or if the class receives services of a different kind or to a different degree than other classes, including reimbursement for any expense support provided to such class.

**C.**  **<u>WAIVERS AND REIMBURSEMENTS</u>** 

Diameter DCF Advisor LLC, the Fund's investment adviser, or ALPS Distributors, Inc., the Fund's distributor, may choose to waive or reimburse expenses of the Fund. Such waiver or reimbursement may be applicable to some or all of the classes of the Fund and may be in different amounts for one or more classes.

**D.**  **<u>INCOME, GAINS AND LOSSES</u>** 

Income, realized capital gains and losses and unrealized appreciation and depreciation shall be allocated to each class based on relative net assets.

The Fund may allocate income, realized capital gains and losses and unrealized appreciation and depreciation to each share based on relative net assets, or as otherwise permitted by Rule 18f-3 under the 1940 Act.

**E.**  **<u>DIVIDENDS</u>** 

Dividends paid by the Fund, with respect to its classes of shares, to the extent any dividends are paid, will be calculated in the same manner, at the same time and will be in the same amount, except that any expenses relating to a class of shares will be borne exclusively by that class.

**F.**  **<u>EXCHANGE FEATURES</u>** 

A class of shares of the Fund may be exchanged without payment of any exchange fee for another class of shares of the Fund at their respective net asset values, to the extent provided in the Fund's prospectus.

**G.**  **<u>VOTING RIGHTS</u>** 

Each class of shares of the Fund (i) has exclusive voting rights on any matter submitted to shareholders that relates solely to its arrangement for distribution and/or shareholder services, and (ii) votes separately as a class on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class.

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**H.**  **<u>CLASS DESIGNATION</u>** 

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

**I.**  **<u>ADDITIONAL INFORMATION</u>** 

This Multiple Class Plan is qualified by and subject to the terms of the registration statements for the applicable classes of shares of the Funds, as amended from time to time; provided, however, that none of the terms of the classes set forth in any such registration statement shall be inconsistent with the terms of the classes contained in this Plan. The registration statement for the Class A and Class I shares of the Fund contains additional information about those classes and the Fund's multiple class structure.

**J.**  **<u>EFFECTIVE DATE</u>** 

This Plan is effective upon the date set forth above, provided that this Plan shall not become effective with respect to the Fund or a class of shares of the Fund unless first approved by a majority of the Trustees, including a majority of the Trustees who are not considered "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees"). This Plan may be terminated or amended at any time with respect to the Fund or a class of shares thereof by a majority of the Independent Trustees.

## Ex-99.(E)

**Exhibit (e)** 

**DIAMETER DYNAMIC CREDIT FUND** 

**DISTRIBUTION REINVESTMENT PLAN** 

Diameter Dynamic Credit Fund, a Delaware statutory trust (the "Fund"), hereby adopts the following Distribution Reinvestment Plan (the "Plan") with respect to distributions declared by its board of trustees (the "Board") on its shares of beneficial interest (the "Shares"):

1. <u>Participation</u>. The Fund's Plan is available to shareholders of record of the Shares. SS&C GIDS, Inc. ("SS&C"), acting as agent for each participant in the Plan, will apply income dividends or capital gains or other distributions (each, a "Distribution" and collectively, "Distributions"), net of any applicable U.S. withholding tax, that become payable to such participant on Shares (including shares held in the participant's name and shares accumulated under the Plan), to the purchase of additional whole and fractional Shares for such participant.

2. <u>Eligibility and Election to Participate</u>. Participation in the Plan is limited to registered owners of Shares. The Fund's Board reserves the right to amend or terminate the Plan. Shareholders automatically participate in the Plan, unless and until an election is made to withdraw from the Plan on behalf of such participating shareholder. If participating in the Plan, a shareholder is required to include all of the Shares owned by such shareholder in the Plan.

3. <u>Share Purchases</u>. The purchase price for Shares purchased under the Plan will be equal to the most recent available net asset value ("NAV") per share for such Shares on the date the Distribution is paid. There will be no sales load charged on Shares issued to a shareholder under the Plan, but shareholder servicing fees and placement agent fees will be charged where applicable. In making purchases for the accounts of participants, SS&C may commingle the funds of one participant with those of other participants in the Plan. All shares purchased under the Plan will be held in the name of each participant. In the case of shareholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating under the Plan, SS&C will administer the Plan on the basis of the number of shares certified from time to time by the record shareholder as representing the total amount of shares registered in the shareholder's name and held for the account of beneficial owners participating under the Plan.

4. <u>Timing of Purchases</u>. The Fund expects to issue Shares pursuant to the Plan, immediately following each Distribution payment date and SS&C will make every reasonable effort to reinvest all Distributions on the day the Distribution is paid (except where necessary to comply with applicable securities laws) by the Fund. If, for any reason beyond the control of SS&C, reinvestment of the Distributions cannot be completed within 30 days after the applicable Distribution payment date, funds held by SS&C on behalf of a participant will be distributed to that participant.

5. <u>Account Statements</u>. SS&C will maintain all shareholder accounts and furnish or cause to be furnished written confirmations of all transactions in the accounts, including information needed by shareholders for personal and tax records. SS&C will hold shares in the account of the shareholders in non-certificated form in the name of the participant, and each shareholder's proxy, if any, will include those shares purchased pursuant to the Plan. SS&C will confirm to each participant each acquisition made pursuant to the Plan as soon as practicable after calculating the Fund's net asset value. No less frequently than quarterly, SS&C will provide to each participant an account statement showing the Distribution, the number of shares purchased with the Distribution, and the year-to-date and cumulative Distributions paid. SS&C will distribute or cause to be distributed all proxy solicitation materials, if any, to participating shareholders.

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6. <u>Expenses</u>. There will be no direct expenses to participants for the administration of the Plan. There is no direct service charge to participants with regard to purchases under the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Administrative fees associated with the Plan will be paid by the Fund.

7. <u>Taxation of Distributions</u>. The reinvestment of Distributions does not relieve the participant of any taxes which may be payable on such Distributions.

8. <u>Share Certificates</u>. SS&C will hold shares in the account of the shareholders in non-certificated form in the name of the participant.

9. <u>Voting of Shares</u>. Shares issued pursuant to the Plan will have the same voting rights as the Shares issued pursuant to the Fund's public offering.

10. <u>Absence of Liability</u>. Neither the Fund nor SS&C shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither the Fund nor SS&C shall be liable for any act done in good faith or for any good faith omission to act, including, without limitation, any claims of liability: (a) arising out of the failure to terminate a participant's account prior to receipt of written notice of such participant's death, or (b) with respect to prices at which shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE U.S. FEDERAL SECURITIES LAWS CANNOT BE WAIVED.

11. <u>Termination of Participation</u>. A shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the Plan at any time by written instructions to that effect to SS&C. Such written instructions must be received by SS&C 10 days prior to the record date of the Distribution or the shareholder will receive such Distribution in Shares through the Plan. If a shareholder requests to change its election within 10 days prior to a Distribution, the request will be effective only with respect to distributions after the 10-day period.

12. <u>Amendment, Supplement, Termination, and Suspension of Plan</u>. This Plan may be amended, supplemented, or terminated by the Fund at any time upon 30 days' notice to shareholders prior to any record date. The amendment or supplement shall be filed with the Securities and Exchange Commission as an exhibit to a subsequent appropriate filing made by the Fund and shall be deemed to be accepted by each participant unless, prior to its effective date thereof, SS&C receives written notice of termination of the participant's account. Amendment may include an appointment by the Fund or SS&C with the approval of the Fund of a successor agent, in which event such successor shall have all of the rights and obligations of SS&C under this Plan. The Fund may suspend the Plan at any time without notice to the participants.

13. <u>Governing Law</u>. This Plan and the authorization form signed by the participant (which is deemed a part of this Plan) and the participant's account shall be governed by and construed in accordance with the laws of the State of New York.

## Ex-99.(G)(1)

**Exhibit (g)(1)** 

<u>INVESTMENT ADVISORY AGREEMENT</u> 

This Investment Advisory Agreement, dated and effective as of September 30, 2025, is made by and between Diameter Dynamic Credit Fund, a Delaware statutory trust (herein referred to as the "Fund") and Diameter DCF Advisor LLC, a Delaware limited liability company (herein referred to as the "Adviser") (this "Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of Adviser</u>. The Fund hereby employs the Adviser to act as the investment adviser to the Fund, and the Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth, to provide overall investment advisory services to the Fund, including, in accordance with the Fund's investment objective, policies and restrictions as in effect from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determining the composition of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes in accordance with the Fund's investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) identifying and evaluating investment opportunities and making investment decisions for the Fund, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Fund's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) executing, closing, servicing and monitoring the Fund's investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) determining the securities and other assets the Fund will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exercising voting rights in respect of portfolio securities and other investments for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) serving on, and exercising observer rights for, boards of directors and similar committees of the Fund's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) negotiating, obtaining and managing financing facilities and other forms of leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) performing due diligence on prospective portfolio companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for the investment of capital, which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making, in consultation with the Fund's board of trustees (the "Board of Trustees"), investment strategy decisions for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent determined by the Board of Trustees, acting as the valuation designee pursuant to Rule 2a-5 of the Investment Company Act of 1940 (the "1940 Act"), or reasonably assisting the Fund's other service providers with the valuation of the Fund's assets; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercising voting rights in respect of the Fund's portfolio securities and other investments.

Subject to the supervision of the Board of Trustees, the Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments, the placing of orders for other purchase or sale transactions on behalf of the Fund and causing the Fund to pay investment-related expenses. In the event that the Fund determines to acquire debt financing, the Adviser will arrange for such financing on the Fund's behalf. If it is necessary or appropriate for the Adviser to make investments on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the 1940 Act).

Subject to the prior approval of a majority of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons," as that term is defined in Section 2(a)(19) of the 1940 Act, of the Fund (the "Independent Trustees") and, to the extent required by the 1940 Act and the rules and regulations thereunder, subject to any applicable guidance or interpretation of the U.S. Securities and Exchange Commission ("SEC") or its staff, by the shareholders of the Fund, as applicable, the Adviser may, from time to time, delegate to a sub-adviser or other service provider any of the Adviser's duties under this Agreement, including the management of all or a portion of the assets being managed. The Fund acknowledges that the Adviser makes no warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Expenses</u>. In connection herewith, the Adviser agrees to maintain a staff within its organization to furnish the above services to the Fund. The Adviser shall bear all expenses arising out of its duties hereunder, except as provided in this Section 2.

Except as specifically provided below and above in Section 1 hereof, the Fund anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Fund will bear all other costs and expenses of the Fund's operations, administration and transactions, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) investment advisory fees, including management fees, to the Adviser, pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the fees payable to ALPS Fund Services, Inc. ("SS&C ALPS"), pursuant to the Services Agreement between the Fund and SS&C ALPS dated as of August 8, 2025; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other expenses of the Fund's operations, administrations and transactions including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) organizational and offering expenses associated with the offering of the Fund's common shares of beneficial interest (the "Common Shares") and the offering of other securities issued by the Fund, including any preferred shares offered by the Fund (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, costs incurred in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of the Fund's transfer agent, fees to attend retail seminars, costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing fee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all taxes, fees, costs, and expenses, retainers and/or other payments of accountants, legal counsel, advisors (including tax advisors), administrators, auditors (including with respect to any additional auditing required under The Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and any applicable legislation implemented by an EEA Member state in connection with such Directive (the "AIFMD"), investment bankers, administrative agents, paying agents, custodians or sub-custodians, trustees, consultants (including individuals consulted through expert network consulting firms), advisors, operating partners, deal sourcers (including personnel dedicated to but not employed by the Adviser or its affiliates), and other professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of calculating individual asset values and the Fund's net asset value (including the cost and expenses of any independent valuation firms);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fees and expenses, including travel expenses, incurred by the Adviser, or members of its investment team, or payable to third parties, in respect of due diligence on prospective portfolio companies and, if necessary, in respect of enforcing the Fund's rights with respect to investments in existing portfolio companies, including, among others, professional fees (including, without limitation, the fees and expenses of consultants and experts) and fees and expenses relating to, or associated with, evaluating, monitoring, researching and performing due diligence on investments and prospective investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) due diligence and research expenses (including an allocable portion of any research or other service that may deemed to be bundled for the benefit of the Fund), as well as the information technology systems used to obtain such research and other information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the costs of any public or private offerings of the Fund's shares or the cost of effecting any sales and repurchases of the Common Shares and other securities, including registration and listing fees and fees payable to rating agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) costs of registration rights granted to certain investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Management Fee (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) certain costs and expenses relating to distributions paid on the Fund's shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) costs incurred in connection with the creation and maintenance of legal entities to hold the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) debt service and other costs of borrowings or other financing or derivative transactions (including, for the avoidance of doubt, interest, fees, and related legal expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) amounts payable to third parties relating to, or associated with, making or holding investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) costs associated with individual or groups shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) transfer agent and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) commissions and other compensation payable to brokers or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) fees and expenses payable under any dealer manager, selected dealer agreements, selling agent or selected intermediary agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) costs and expenses (including travel) in connection with the diligence and oversight of the Fund's service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) taxes and governmental fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) Independent Trustee fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) expenses (including the allocable portions of compensation and out-of-pocket expenses such as travel expenses) or an appropriate portion thereof of employees of the Adviser to the extent such expenses relate to attendance at meetings of the Board of Trustees or any committees thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs of preparing financial statements and maintaining books and records and preparing and submitting periodic filings, reports or other documents with the CFTC, SEC, FBAR, AIFMD, ESMA (or other regulatory bodies) and other reporting and compliance costs, but excluding, for the avoidance of doubt, any expenses incurred for general compliance and regulatory matters that are not related to the Fund or its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) the costs of any reports, proxy statements or other notices to the Fund's shareholders (including printing and mailing costs), the costs of any shareholders' meetings and the compensation of investor relations personnel responsible for the preparation of the foregoing and related matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) the Fund's fidelity bond;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) trustee and officers/errors and omissions liability insurance, and any other allocated insurance premiums;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) information technology and related costs, including costs related to software, hardware and other technological systems (including specialty and custom software);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) all fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or dispute in connection with the business of the Fund and the amount of any judgment or settlement paid in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) all fees, costs and expenses, if any, incurred by or on behalf of the Fund in developing, negotiating and structuring prospective or potential investments that are not ultimately made, including, without limitation any reverse termination fees and any liquidated damages, commitment fees that become payable in connection with any proposed investment that is not ultimately made, forfeited deposits or similar payments, including expenses relating to unconsummated investments that may have been attributable to co-investors had such investments been consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) investment costs, including all fees, costs and expenses incurred in sourcing, evaluating, developing, negotiating, structuring, trading (including trade errors), settling, monitoring and holding prospective or actual investments or investment strategies including, without limitation, any financing, legal (including any retainers), filing, auditing, tax, accounting, compliance, loan administration, travel, meals, accommodations and entertainment, advisory, consulting, engineering, data-related and other professional fees, costs and expenses in connection therewith (to the extent the Adviser is not reimbursed by a prospective or actual issuer of the applicable investment or other third parties or capitalized as part of the acquisition price of the transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) costs associated with winding up and liquidating the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) direct costs and expenses of administration, including audit, accounting, compliance, consulting and legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) all other expenses reasonably incurred by the Adviser in connection with making investments and administering the Fund's business.

From time to time, the Adviser or their affiliates may pay third-party providers of goods or services. The Fund will reimburse the Adviser or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Transactions with Affiliates</u>. The Adviser is authorized on behalf of the Fund, from time to time when deemed to be in the best interests of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment

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banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, rule or exemptive relief, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Fund, to receive fees for the arranging, underwriting, syndication or refinancing of investments or other additional fees, including acquisition fees, loan servicing fees, special servicing fees and administrative fees and fees or advisory or asset management fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Best Execution; Research Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is authorized, for the purchase and sale of the Fund's portfolio securities, to employ such dealers and brokers as may, in the judgment of the Adviser, implement the policy of the Fund to obtain the best results, taking into account such factors as price, including dealer spread, the size, type and difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. Consistent with this policy, the Adviser is authorized to direct the execution of the Fund's portfolio transactions to dealers and brokers furnishing statistical information or research deemed by the Adviser to be useful or valuable to the performance of its investment advisory functions for the Fund. It is understood that in these circumstances, as contemplated by Section 28(e) of the Securities Exchange Act of 1934, as amended, the commissions paid may be higher than those which the Fund might otherwise have paid to another broker if those services had not been provided. Information so received will be in addition to and not in lieu of the services required to be performed by the Adviser. It is understood that the expenses of the Adviser will not necessarily be reduced as a result of the receipt of such information or research. Research services furnished to the Adviser by brokers who effect securities transactions for the Fund may be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly, research services furnished to the Adviser by brokers who effect securities transactions for other investment companies, entities or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Fund. It is understood that not all of these research services are used by the Adviser in managing any particular account, including the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser and its affiliates may aggregate purchase or sale orders for the assets with purchase or sale orders for the same security for other clients' accounts of the Adviser or of its affiliates, the Adviser's own accounts and hold proprietary positions in accordance with its current aggregation and allocation policy (collectively, the "**Advisory Clients**"), but only if (x) in the Adviser's reasonable judgment such aggregation results in an overall economic or other benefit to the assets taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses and factors and (y) the Adviser's actions with respect to aggregating orders for multiple Advisory Clients, as well as the Fund, are consistent with applicable law. However, the Adviser is under no obligation to aggregate any such orders under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation of the Adviser</u>. Effective as of the date the Fund commences investment operations following the time its registration statement is declared effective, the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (the "**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. To the extent permitted by applicable law, the Adviser may elect, or the Fund may adopt, a deferred compensation plan pursuant to which the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Management Fee shall be in an amount equal to 1.25% of the Fund's average daily Managed Assets (as defined below). For services rendered under this Agreement, the Management Fee shall be payable quarterly in arrears. Management Fees for any partial quarter shall be appropriately prorated. "Managed Assets" means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund's accrued liabilities (other than liabilities representing borrowings for investment purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transaction, loan origination, advisory or similar fees ("Transaction Fees") received in connection with the Fund's activities or the Adviser's activities as they relate to the Fund shall be the property of the Fund, except to the extent such Transaction Fees are permitted to be retained by the Adviser in accordance with Section 3 hereto. The parties agree that any Transaction Fees paid to the members, managers, partners or employees of the Fund, the Adviser or their respective affiliates in connection with the Fund's activities or the Adviser's activities as they relate to the Fund shall be promptly remitted to the Fund; provided, however, Transaction Fees received in respect of an investment opportunity in which the Fund and one or more entities (including affiliates of the Adviser) participate shall be allocated to each of the Fund and such entities pro rata in accordance with their respective investments or proposed investments in such investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in this Agreement, the Fund and the Adviser acknowledge and agree that the provisions of this Section 5 shall be of no force and effect unless and until this Agreement has been approved by the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the Investment Fund Act (the "Approval Date"). For the avoidance of doubt, the Adviser shall receive no compensation with respect to services provided hereunder prior to the date the Fund commences investment operations following the time its registration statement is declared effective (which shall be after the Approval Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Representations and Warranties</u>.

&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 Investment Advisers Act of 1940, as amended, 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;7. <u>Services Not Deemed Exclusive</u>. The Fund and the Board of Trustees acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the services provided hereunder by the Adviser are not to be deemed exclusive, and the Adviser and any of its affiliates or related persons are free to render similar services to others and to use the research developed in connection with this Agreement for other Advisory Clients or affiliates. The Fund agrees that the Adviser may give advice and take action with respect to any of its other Advisory Clients which may differ from advice given or the timing or nature of action

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taken with respect to any client or account so long as it is the Adviser's policy, to the extent practicable, to allocate investment opportunities to the client or account on a fair and equitable basis relative to its other Advisory Clients. It is understood that the Adviser shall not have any obligation to recommend for purchase or sale any loans which its principals, affiliates or employees may purchase or sell for its or their own accounts or for any other client or account if, in the opinion of the Adviser, such transaction or investment appears unsuitable, impractical or undesirable for the Fund. Nothing herein shall be construed as constituting the Adviser an agent of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Adviser and its affiliates may face conflicts of interest as described in the Fund's Registration Statement and/or the Fund's periodic filings with the SEC (as such disclosures may be updated from time to time) and such disclosures have been provided, and any updates will be provided, to the Board of Trustees in connection with its consideration of this Agreement and any future renewal of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limit of Liability; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (the "Indemnified Parties") shall not be liable for any error of judgment or mistake of law or for any act or omission or any loss suffered by the Fund in connection with the matters to which this Agreement relates, provided that the Adviser shall not be protected against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("disabling conduct"). An Indemnified Party may consult with counsel and accountants in respect of the Fund's affairs and shall be fully protected and justified in any action or inaction which is taken in accordance with the advice or opinion of such counsel and accountants; provided, that such counsel or accountants were selected with reasonable care. Absent disabling conduct, the Fund will indemnify the Indemnified Parties against, and hold them harmless from, any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser's services under this Agreement or otherwise as adviser for the Fund. The Indemnified Parties shall not be liable under this Agreement or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser in good faith, unless such action or inaction was made by reason of disabling conduct, or in the case of a criminal action or proceeding, where the Adviser had reasonable cause to believe its conduct was unlawful.

Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before which the proceeding was brought that the Indemnified Party was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Indemnified Party was not liable by reason of disabling conduct by (a) the vote of a majority of a quorum of trustees of the Fund who are neither "interested persons" of the Fund nor parties to the proceeding ("disinterested non-party trustees") or (b) an independent legal counsel in a written opinion.

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An Indemnified Party shall be entitled to advances from the Fund for payment of the reasonable expenses (including reasonable counsel fees and expenses) incurred by it in connection with the matter as to which it is seeking indemnification in the manner and to the fullest extent permissible under law. Prior to any such advance, the Indemnified Party shall provide to the Fund a written affirmation of its good faith belief that the standard of conduct necessary for indemnification by the Fund has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (a) the Indemnified Party shall provide a security in form and amount acceptable to the Fund for its undertaking; (b) the Fund is insured against losses arising by reason of the advance; or (c) a majority of a quorum of disinterested non-party trustees or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Fund at the time the advance is proposed to be made, that there is reason to believe that the Indemnified Party will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written above. This Agreement may be terminated at any time, without the payment of any penalty (i) on 60 days' written notice by (a) a vote of a majority of the outstanding voting securities of the Fund or (b) the vote of the Fund's trustees or (ii) on 60 days' written notice by the Adviser. The provisions of Section 8 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 Sections 2 or 5 through the date of termination or expiration, and Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect for two years from the date hereof, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board of Trustees, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Fund's Independent Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Responsibility of Dual Directors, Officers and/or Employees</u>. If any person who is a manager, partner, officer or employee of the Adviser is or becomes a director, officer and/or employee of the Fund and acts as such in any business of the Fund, then such manager, partner, officer and/or employee of the Adviser shall be deemed to be acting in such capacity solely for the Fund, and not as a manager, partner, officer or employee of the Adviser or under the control or direction of the Adviser, even if paid by the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <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, construed and interpreted in accordance with the laws of the State of New York, <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Amendments</u>. This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in conformity with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices</u>. Any notice hereunder shall be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in person) to the parties at the addresses set forth below.

If to the Fund:

Diameter Dynamic Credit Fund

50 Hudson Yards, Suite 6600A

New York, NY 10001

Attn: General Counsel

If to the Adviser:

Diameter DCF Advisor LLC

50 Hudson Yards, Suite 6600A

New York, NY 10001

Attn: General Counsel

or to such other address as to which the recipient shall have informed the other party in writing.

Unless specifically provided elsewhere, notice given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile and mail, on the date on which such facsimile or mail is sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

[*Remainder of Page Intentionally Left Blank*.]

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

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| | |
|:---|:---|
| Diameter Dynamic Credit Fund | Diameter Dynamic Credit Fund |
| By: | /s/ Michael Cohn |
| Name: | Michael Cohn |
| Title: | General Counsel |
| Diameter DCF Advisor LLC | Diameter DCF Advisor LLC |
| By: Diameter Capital Partners LP, its sole managing member | By: Diameter Capital Partners LP, its sole managing member |
| By: | /s/ Michael Cohn |
| Name: | Michael Cohn |
| Title: | General Counsel and Chief Compliance Officer |

---

[*Signature page to the Investment Advisory Agreement*]

## Ex-99.(H)(1)

**Exhibit (h)(1)** 

**Distribution Services Agreement** 

This Distribution Services Agreement (the "<u>Agreement</u>") is entered into and effective as of August 20, 2025 (the "<u>Effective Date</u>") between:

**1.** **ALPS Distributors, Inc**., a corporation incorporated in the State of Colorado (" <u>ADI</u> ");
and

**2.** **Diameter Dynamic Credit Fund,** a Delaware statutory trust, registered under the Investment Company Act of
1940, as amended (" <u>1940 Act</u> "), as a closed-end investment company that is operated as an interval fund (the " <u>Fund</u> ");

The Fund and ADI each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

**1.**  **<u>Definitions; Interpretation</u>** 

1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>1933 Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>1940 Act</u>" means the Investment Company Act of 1940, as amended, and the rules and regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>ADI Associates</u>" means ADI and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>ADI Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by ADI in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Adviser</u>" means Diameter DCF Advisor LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the Board or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Board</u>" means the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Business Day</u>" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Client Data</u>" means all data of Fund (or, if a Management entity receives Services, such entity), including data related to information and documents submitted to ADI for review in the ADI Web Portal, securities trades and other transaction data, investment returns, issue descriptions, and Market Data provided by Fund and all output and derivatives thereof, necessary to enable ADI to perform the Services, but excluding ADI Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Confidential Information</u>" means any information about Fund or ADI, including this Agreement, except for information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Data Supplier</u>" means a third party supplier of Market Data.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>DTC</u>" means The Depository Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>FINRA</u>" mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Fund</u>" means the Diameter Dynamic Credit Fund, a Delaware statutory trust, registered under the 1940 Act as a closed-end investment company that is operated as an interval fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to Fund, all minutes of meetings of the Board or analogous governing body and of shareholders meetings, and any registration statements, offering memorandum, subscription materials, Board or committee charters, policies and procedures, investment advisory agreements, other material agreements, and other disclosure or operational documents utilized by Fund in connection with the offering of any of its securities or interests to investors, all as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Intermediary Agreement</u>" means an agreement with one or more financial intermediaries in connection with the sale of Fund shares, entered into upon direction of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Management</u>" means the Fund's officers, directors, employees, and the investment adviser and sub-adviser(s) (if any), as well as any officers, directors, employees or agents of the then current investment adviser and sub-adviser(s) (if applicable) who are responsible for the day to day operations and management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Market Data</u>" means third party market and reference data, including intermediary, NSCC, DTC, due diligence and related data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>NSCC</u>" means the National Securities Clearing Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>SEC</u>" means the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Services</u>" means the services listed in <u>Schedule A</u>.<u> </u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Shares</u>" means the shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>USA Patriot Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules and appendices hereto. In the event of a conflict between this Agreement and such schedules or appendices, the former shall control.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

2 of 17

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1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

**<u>2.</u>**  **<u>Services and Fees</u>** 

2.1. Subject to the terms of this Agreement, ADI will perform the Services set forth in <u>Schedule A</u> for the Fund. ADI shall be under no duty or obligation to perform any service except as specifically listed in <u>Schedule A</u> or take any other action except as specifically listed in <u>Schedule A</u> or this Agreement, and no other duties or obligations, including, fiduciary or analogous duties or obligations, shall be implied. Any Fund requests to change the Services, including those necessitated by a change to the Governing Documents of the Fund or changes in applicable Law, will only be binding on ADI when they are reflected in an amendment to <u>Schedule A</u>.<u> </u>

2.2. The Adviser will pay the fees, charges and expenses on behalf of the Fund in accordance with, and in the manner set forth in, the confidential fee letter (the "<u>Fee Letter</u>"), which may be amended from time to time. The <u>Fee Letter</u> is incorporated by reference into this Agreement and subject to the terms of this Agreement. Payment by the Adviser shall not limit ADI's rights of recourse against the Fund.

2.3. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may be delegated by ADI to one or more of its Affiliates or other Persons (and any required Fund consent to such delegation shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such Persons are selected in good faith and with reasonable care and are monitored by ADI. If ADI delegates any Services, (i) such delegation shall not relieve ADI of its duties and obligations hereunder, (ii) in respect of Personal Data, such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of ADI, and (iii) if required by applicable Law, ADI will identify such agents and the Services delegated and will update Fund when making any material changes in sufficient detail to enable Fund to object to a particular arrangement.

2.4. After the first anniversary of the Agreement and on each year thereafter, all fees reflected in Fee Letter will incur an annual cost of living increase as described in <u>Fee Letter</u>.<u> </u>

**<u>3.</u>**  **<u>Responsibilities</u>** 

3.1. The management and control of Fund are vested exclusively in the Fund. The Fund and its Management is responsible for and will make all decisions, perform all management functions relating to the operation of Fund, and shall authorize and are responsible for all transactions. Without limiting the foregoing, Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy, and accept responsibility for the results, of the Services, review and approve all reports, analyses and records resulting from the Services and promptly inform ADI of any errors it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide ADI with timely and accurate information required by ADI in order to perform the Services and its duties and obligations hereunder.

3.2. Fund is solely and exclusively responsible for ensuring that it complies with Law and its respective Governing Documents. It is the Fund's responsibility to provide all final Fund Governing Documents as of the Effective Date. Fund will notify ADI in writing of any changes to the Fund Governing Documents that may materially impact the Services and/or that affect Fund's distribution strategy, liquidity or risk profile in any material respect prior to such changes taking effect. ADI is not responsible for monitoring compliance by Fund with (i) Law, (ii) its respective Governing Documents or (iii) any investment trading restrictions.

3.3. In the event that Market Data is supplied to or through ADI Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by Fund in connection with the Services and (ii) not be disseminated by Fund or used to populate internal systems in lieu of obtaining a data license. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice. Notwithstanding anything in this Agreement to the contrary, neither ADI nor any Data Supplier shall be liable to Fund or any other Person for any Losses with respect to Market Data, reliance by ADI Associates or Fund on Market Data or the provision of Market Data in connection with this Agreement.

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3.4. Fund shall deliver, and use commercially reasonable efforts to ensure that its agents, prime brokers, counterparties, brokers, counsel, advisors, auditors, clearing agents, and any other Persons promptly deliver, to ADI, all Client Data and the then most current version of all Fund Governing Documents and any other material Fund agreements. Fund shall arrange with each such Person to deliver such information and materials on a timely basis, and ADI will not be required to enter any agreements with that Person in order for ADI to provide the Services.

3.5. Notwithstanding anything in this Agreement to the contrary, so long as they act in good faith ADI Associates shall be entitled to rely on the authenticity, completeness and accuracy of any and all information and communications of whatever nature received by ADI Associates from the Fund its employees, Affiliates or agents, in connection with the performance of the Services and ADI's duties and obligations hereunder, without further enquiry or liability.

3.6. Notwithstanding anything in this Agreement to the contrary, if ADI is in doubt as to any action it should or should not take in its provision of Services, ADI Associates may request directions, advice or instructions from the Fund, or as applicable, Management, custodian or other service providers. If ADI is in doubt as to any question of law pertaining to any action it should or should not take, the Fund will make available to and ADI Associates may request advice from counsel for any of the Fund, the Fund's independent Board members, its officers, or Management (including its investment adviser or sub-adviser), each at the Fund's expense.

**<u>4.</u>**  **<u>Term</u>** 

4.1. The initial term of this Agreement will be from the Effective Date through the date ending two (2) years following the Effective Date ("<u>Initial Term</u>"). Thereafter, this Agreement will automatically renew for successive terms of one (1) year each, provided such continuance is specifically approved at least annually (i) by the Fund's Board; or (ii) by a vote of a majority of the outstanding voting securities of the Fund, provided that in either event the continuance is also approved by the majority of the Board members who are not interested persons (as defined in the 1940 Act) of any Party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval (such periods, in the aggregate, the "<u>Term</u>").

**<u>5.</u>**  **<u>Termination</u>** 

5.1. This Agreement is terminable on 60 calendar days' written notice by the Fund's Board, by vote of the holders of a majority of the outstanding voting securities of the Fund, or by ADI.

5.2. ADI or Fund also may, by written notice to the other, terminate this Agreement if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The other Party breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 30 calendar days after the non-breaching Party gives the other Party written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The other Party (i) liquidates, terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee, receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, (iv) where the other Party is Fund, it becomes subject to a material Action and/or an Action that ADI reasonably determines could cause ADI reputational harm (including any Action against an investment adviser, sub-adviser, or other service provider of the Fund), or (v) where the other Party is Fund, material changes in Fund's Governing Documents or the assumptions set forth in Section 1 of <u>Fee Letter</u> are determined by ADI, in its reasonable discretion, to materially affect the Services or to be materially adverse to ADI.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 60 calendar days after the event.

5.3. Upon the receipt of ADI of a termination notice from the Fund, subject to the receipt by ADI of all then-due fees, charges and expenses, including any fees remaining for the balance of the Term, as noted herein, ADI shall continue to provide the Services up to the effective date of the termination notice; thereafter, ADI shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to <u>Schedule A</u> and/or <u>Fee Letter</u> executed by ADI. In the event of the termination of this Agreement, the <u>Fee Letter</u> may be amended to compensate ADI a reasonable fee determined by ADI for services provided in connection with the Fund liquidating or reorganization to another Fund. In the event that Fund wishes to retain ADI to perform transition or post-termination services, including providing Intermediary Agreement services, the Fund and ADI shall agree in writing

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to the additional services and related fees and expenses in a statement of work or amendment to <u>Schedule A</u> and/or <u>Fee Letter</u>, as appropriate. Should either Party exercise its right to terminate, all out-of-pocket expenses or costs associated with the movement of records and material will be charged in accordance with the <u>Fee Letter</u>.<u> </u>

5.4. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.2., 5.3 (as applicable), 6, 8, 9, 10, 11, 12 and 13 of this Agreement shall survive the termination of this Agreement. To the extent any services that are Services are performed by ADI for Fund after the termination of this Agreement all of the provisions of this Agreement except <u>Schedule A</u> shall survive the termination of this Agreement for so long as those services are performed.

**<u>6.</u>**  **<u>Limitation of Liability and Indemnification; Standard of Care</u>** 

6.1. Notwithstanding anything in this Agreement to the contrary ADI Associates shall not be liable to Fund or any other Person for any action or inaction of any ADI Associate except to the extent of direct Losses finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of ADI in the performance of ADI's duties or obligations under this Agreement or an Intermediary Agreement. Under no circumstances shall ADI Associates be liable to Fund for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Fund shall indemnify, defend and hold harmless ADI Associates from and against Losses (including legal fees and costs to enforce this provision) that ADI Associates suffer, incur, or pay as a result of any Third Party Claim or Claim among the Parties arising out of the subject matter of or otherwise in any way related to this Agreement or an Intermediary Agreement. Any expenses (including legal fees and costs) incurred by ADI Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by Fund on a quarterly basis prior to the final disposition of such matter upon receipt by Fund of an undertaking by ADI to repay such amount if it shall be determined that an ADI Associate is not entitled to be indemnified.

With the exception of Market Data, ADI shall indemnify, defend, and hold harmless Fund and its Affiliates, members, shareholders, trustees, officers, partners and employees from and against Losses (including reasonable legal fees and costs to enforce this provision) that Fund or its Affiliates suffer, incur, or pay as a result of any Claim brought by a third party that the Services infringe, or cause the infringement of, the intellectual property rights of a third party, except to extent such infringement is a result of or arises out of (i) improper use of the Services or any ADI Property by Fund or its Affiliates, (ii) modifications to the Services or ADI Property made by Fund or its Affiliates not previously authorized in writing by ADI, (iii) Fund or its Affiliates not complying with instructions or designs required by ADI, (iv) use of the Services or ADI Property by Fund or its Affiliates in breach of this Agreement, or (v) the combination of the Services or ADI Property by Fund or its Affiliates with products or systems other than those provided for use with the Services by, or authorized in writing by, ADI. ADI may discharge its indemnity obligation by, at its sole option and expense (a) procuring any right to allow Fund to continue to receive the infringing part of the Services, (b) modifying, amending or replacing the infringing part of the Services with other services that deliver substantially the same capabilities, or (c) terminating the infringing part of the Services, provided that ADI shall in such case refund any fees paid in advance by the Fund with respect thereto.

**<u>7.</u>**  **<u>Representations and Warranties</u>** 

7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created, and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Save for access to and delivery of Market Data that is dependent on Data Suppliers and may be interrupted or discontinued with or without notice, it has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

7.2. Fund represents and warrants to ADI that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the Governing Documents of Fund and other corporate actions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware and is registered with the SEC as a closed-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is empowered under applicable laws and by its Amended and Restated Declaration of Trust and By-laws (together, the "Organizational Documents") to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board has duly authorized it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It will promptly notify ADI of (1) any Action against it or the Adviser and (2) changes (or pending changes) in applicable Law with respect to Fund that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It will take all actions necessary to register the Shares under the 1933 Act and the 1940 Act (subject to the necessary approval of its shareholders), take all actions necessary in connection with the qualification of the Shares for sale in such states and jurisdictions where the Shares will be offered, and notify ADI, in writing, of any changes to such registration or qualification that will impact the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Tender offers or repurchase offers of Shares of the Fund will be made at the net asset value per Share in accordance with the Fund's applicable then-current prospectus and Rule 13(e)-4 of the 1934 Act or Rule 23c-3 of the 1940 Act, as the case may be. If a fee in connection with any tender offer or repurchase offer is in effect, such fee will be paid to the Fund. The net asset value of the Shares will be calculated by the Fund or by another entity on behalf of the Fund. ADI has no duty to inquire into, or liability for, the accuracy of the net asset value per Share as calculated or the Fund's compliance with any periodic tender offer or repurchase offer in accordance with Rule 13(e)-4 of the 1934 Act or Rule 23c-3 of the 1940 Act, as applicable, and/or related policies adopted by the Fund. In addition, ADI has no duty and shall not be responsible for any applicable FINRA filings in association with such offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It reserves the right to suspend sales and ADI's authority to process orders for Shares on behalf of the Fund if, in the judgment of the Fund, it is in the best interests of the Fund to do so. Suspension will continue for such period as may be determined by the Fund. The Fund agrees to promptly notify ADI in the event that the Fund determines not to issue a tender offer or repurchase, as applicable, in accordance with the specified schedule set forth in the Fund's then-current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund's registration statement, prospectus and statement of additional information, as such may be amended by the Fund: (i) have been prepared, and all sales literature and advertisements approved by the Fund and/or the Fund's investment adviser or other materials prepared by or on behalf of the Fund for ADI's use ("<u>Sales Materials</u>") shall: (i) be prepared, in all material respects, in conformity with applicable Law; and (ii) contain, and all Sales Materials shall contain, all statements required to be stated therein in accordance with the 1933 Act and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the best of its knowledge and belief, all statements of fact contained in the Fund's registration statement, prospectus and statement of additional information, or to be contained in all Sales Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of any registration statement, prospectus or statement of additional information, nor any Sales Materials, shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each Fund's prospectus or statement of additional information in light of the circumstances in which made, not misleading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Fund shall, from time to time, file such amendment or amendments to the registration statement, prospectus, and statement of additional information that, in the opinion of the Fund's counsel, are necessary in order to have the registration statement, prospectus or statement of additional information at all times contain all material facts required to be stated therein or necessary to make the statements therein, in the case of the prospectus or statement of additional information in light of the circumstances in which made, not misleading. The Fund shall not file any amendment to the registration statement, prospectus or statement of additional information that would impact the Services without providing ADI reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the registration statement or a Fund's prospectus or statement of additional information as the Fund may deem advisable. Notwithstanding the foregoing, the Fund shall not be deemed to make any representation or warranty as to any information or statement provided by ADI for inclusion in the registration statement or any prospectus or statement of additional information.

7.3 ADI represents and warrants to Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the rights granted by the Fund to ADI hereunder, ADI shall have the right to distribute the Shares as agent on behalf of the Fund during the term of this Agreement, subject to the registration and qualification requirements set forth in the Fund's registration statement, prospectus and statement of additional information then in effect under the 1933 Act and 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise noted in the Fund's then-current registration statement, prospectus and statement of additional information, all Shares distributed by ADI will be at the public offering price, which shall be the net asset value per Share, as determined in the manner described in such registration statement, prospectus and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA. ADI will promptly (to the extent permitted) notify the Fund of any regulatory action instituted against ADI by the SEC, any state or FINRA that could reasonably be expected to have a material adverse effect on ADI's ability to act as the principal underwriter of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It maintains an anti-money laundering program in compliance with Title III of the USA Patriot Act and all applicable laws and regulations promulgated thereunder. ADI confirms that, as soon as possible, following the request from the Fund, ADI will supply the Fund with copies of its anti-money laundering policy and procedures, and such other relevant certifications and representations regarding such policy and procedures as the Fund may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It will notify the Fund's Chief Compliance Officer in accordance with Rule 38a-1 (under the 1940 Act) policies and procedures of any reportable litigation or proceedings against ADI, its affiliates, or any of their managers, officers or directors in connection with the issue and sale of any of the Fund's Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is not disqualified under Section 9 of the 1940 Act from serving as principal underwriter to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) It has conducted a review of its supervisory controls system and has made available to the Fund the most current summary report of such review and any updates thereto. Each time ADI conducts a review of its supervisory control system it will make available to the Fund for inspection a summary report of such review and any updates thereto. ADI shall immediately notify the Fund of any changes in how it conducts its business that would materially change the results of its most recent review of its supervisory controls system and any other changes to ADI's business that would affect the business of the Fund or Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It will maintain at its expense an errors and omissions insurance policy adequate to cover its distribution activities hereunder relating to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It will maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Fund in order to enable the Shares to be traded through FundSERV. ADI will not be responsible for any operational matters associated with the settlement of Fund transactions through FundSERV or Networking.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) At the direction of the Fund, it will enter Intermediary Agreements in connection with the sale of Shares facilitated through the NSCC. ADI will not be obligated to make payments to any such Intermediary unless ADI has received an authorized payment from the Fund, if subject to a distribution plan or other such plan approved by the Fund's Board and/or Management.

**<u>8.</u>**  **<u>Client Data</u>** 

8.1. Fund (i) will provide or ensure that other Persons provide all Client Data to ADI in an electronic format that is acceptable to ADI (or as otherwise agreed in writing) and (ii) confirm that each has the right to so share such Client Data. As between ADI and Fund, all Client Data shall remain the property of the Fund. Client Data shall not be used or disclosed by ADI other than in connection with providing the Services and as permitted under Section 11.2. ADI shall be permitted to act upon instructions from Fund or Management with respect to the disclosure or disposition of Client Data related to Fund, but may refuse to act upon such instructions where it doubts, in good faith, the authenticity or authority of such instructions.

8.2. ADI shall maintain and store material Client Data used in the official books and records of Fund for a rolling period of seven (7) years starting from the Effective Date, or such longer period as required by applicable Law or its internal policies or until such earlier time as it returns such records to the Fund or the Fund's designee.

**<u>9.</u>**  **<u>Data Protection</u>** 

9.1. From time to time and in connection with the Services, ADI may obtain access to certain personal information from the Fund. Personal information relating to the Fund and its Affiliates, directors, officers, employees, agents, current and prospective Fund shareholders, plan sponsors and plan participants may be processed by ADI and its Affiliates. The Fund consents to the transmission and processing of such information within and outside the United States in accordance with applicable Law.

9.2. ADI will notify the Fund without undue delay after becoming aware of a confirmed breach of Personal Information and provide reasonable assistance to the Fund in its notification of that breach to the relevant supervisory authority and those individual impacted, as required by applicable Law. ADI will not disclose or use Personal Information obtained from or on behalf of the Fund except in accordance with the lawful instructions of the Fund to carry out ADI's obligations under, or as otherwise permitted pursuant to the terms of, its agreements with the Fund and to comply with applicable Law.

9.3. Without prejudice to ADI's obligations under this Section 9, ADI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has adopted and maintains policies and procedures reasonably designed to safeguard the security, confidentiality and integrity of confidential client information, as set forth in ADI's Written Supervisory Procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such policies and procedures are reviewed each year in connection with ADI's FINRA Rule 3120 report, a summary of which is provided to the Fund on an annual basis.

9.4. Without prejudice to ADI's obligations under this Section 9.1, ADI will promptly investigate material incidents of unauthorized access to or loss of Client Data maintained by ADI (a "Data Breach") and, unless prohibited by applicable Law or if, as permitted by applicable Law it would compromise ADI's investigation, promptly notify Fund as soon as reasonably practicable after becoming aware of any Data Breach (provided ADI will notify Fund of the breach promptly after the investigation is no longer compromised). ADI acknowledges that Fund is responsible for making notifications related to a Data Breach that are required by applicable Law, and ADI will work with Fund in good faith to effect such notifications. ADI will seek to implement corrective action to respond to Data Breaches and prevent future occurrences, and will report to Fund (or Management on behalf of Fund) the corrective actions. ADI will reasonably cooperate with Fund (or Management on behalf of Fund) in the event of any Government Authority inquiry related to or arising out of a Data Breach.

9.5. At the request of Fund, on an annual basis, ADI will provide Fund with a copy of its Annual FINRA Rule 3120 report in connection with the Fund's annual Section 15(c) (under the 1940 Act) renewal and approval with respect to this Agreement.

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**<u>10.</u>**  **<u>ADI Property</u>** 

10.1. ADI Property is and shall remain the property of ADI or, when applicable, its Affiliates or suppliers. Neither Fund nor Management nor any other Person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any ADI Property, except as specifically set forth herein. Fund shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by ADI to receive the same, any information concerning the ADI Property and shall use reasonable efforts to prevent any such disclosure.

**<u>11.</u>**  **<u>Confidentiality</u>** 

11.1. Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

11.2. Each Party may disclose the other Party's Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of Fund, to each of its Affiliates, members, shareholders, directors, officers, partners, employees
and agents (" <u>Fund Representative</u> ") who need to know such information for the purpose of carrying out its duties under, or receiving the benefits of or enforcing, this Agreement. Fund shall ensure compliance by Fund Representatives
with Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of ADI, to ADI Associate who needs to know such information for the purpose of carrying out
ADI's duties under or enforcing this Agreement. ADI shall ensure compliance by ADI Associates with Section 11.1 but shall not be responsible for such compliance by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As may be required by Law or pursuant to legal process; provided that the disclosing Party (i) where
reasonably practicable and to the extent legally permissible, provides the other Party with prompt written notice of the required disclosure so that the other Party may seek a protective order or take other analogous action, (ii) discloses no
more of the other Party's Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions of the other Party in seeking to protect its Confidential Information at that Party's expense.

11.3. Neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for the longer of (i) 7 years or (ii) as required by Law or its internal policies.

11.4. ADI's ultimate parent company is subject to U.S. federal and state securities Law and may make disclosures as it deems necessary to comply with such Law. ADI shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of ADI in connection with the Services.

11.5. Upon the prior written consent of the Management, ADI shall have the right to identify Fund in connection with its marketing-related activities and in its marketing materials as a client of ADI. Upon the prior written consent of ADI, Fund shall have the right to identify ADI and to describe the Services and the material terms of this Agreement in the offering documents of Fund. This Agreement shall not prohibit ADI from using any Fund data (including Client Data) in tracking and reporting on ADI's clients generally or making public statements about such subjects as its business or industry; provided that neither Fund nor Management is named in such public statements without its prior written consent. Fund shall not, in any communications with any Person, whether oral or written, make any representations stating or implying that ADI is (i) verifying the existence of any assets in connection with the investments, products or services of Fund, or (ii) acting as a fiduciary with respect to Fund, Management or any of their respective assets, investors or customers.

11.6. In the event the Fund obtains information from ADI, which is not intended for the Fund, the Fund agrees to (i) immediately, and in no case more than twenty-four (24) hours after discovery thereof, notify ADI that unauthorized information has been made available to the Fund; (ii) not knowingly review, disclose, release, or in any way, use such unauthorized information; (iii) provide ADI reasonable assistance in retrieving such unauthorized information and/or destroy such unauthorized information; and (iv) deliver to ADI a certificate executed by an authorized officer of the Fund certifying that all such unauthorized information in the Fund's possession or control has been delivered to ADI or destroyed as required by this provision.

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**<u>12.</u>**  **<u>Notices</u>** 

12.1. Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier (iv) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

**If to ADI (to each of):** 

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

Attention: General Counsel

E-mail: <u>notices@sscinc.com</u> with a copy to <u>IntermediaryAgreements@sscinc.com</u>

**If to Fund:** 

Diameter Dynamic Credit Fund

50 Hudson Yards, Suite 6600A

New York, NY 10001

Attention: Michael Cohn, Esq.

<u>E-mail: legal@diametercap.com</u>

**<u>13.</u>**  **<u>Miscellaneous</u>** 

13.1. <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No ADI Associate has authority to bind ADI in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2. <u>Assignment</u>. This Agreement will automatically terminate in the event of its assignment (as defined in the 1940 Act). Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by either Party, in whole or in part, whether directly or by operation of Law, without the prior written consent of the other Party. ADI may assign or otherwise transfer this Agreement to the extent permissible under the 1940 Act, and (i) to a successor in the event of a change in control of ADI, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of ADI's business; provided, each case, that any such entity is registered as a broker-dealer under the 1934 Act and with FINRA. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void.

13.3. <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the State of New York. The courts of the State of New York and the United States District Court for the Southern District of New York shall have exclusive jurisdiction to settle any Claim. EACH PARTY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS AND WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ALL RIGHTS TO A TRIAL BY JURY.

13.4. <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5. <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of ADI Associates related to the Services and the subject matter of this Agreement, and no ADI Associate shall have any liability to Fund or any other Person for, and Fund hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory.

13.6. <u>Force Majeure</u>. ADI will not be responsible for any Losses of property in ADI Associates' possession or for any failure to fulfill its duties or obligations hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist or analogous action, the act of any Government Authority or other authority, riot, civil commotion, rebellion, storm, accident, fire, lockout, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous events. ADI shall use commercially reasonable efforts to minimize the effects on the Services of any such event.

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13.7. <u>Non-Exclusivity</u>. The duties and obligations of ADI hereunder shall not preclude ADI from providing services of a comparable or different nature to any other Person and to receive economic or other benefits in connection therewith. Fund understands that ADI may have commercial relationships with Data Suppliers and providers of technology, data or other services to Fund and ADI may receive economic or other benefits in connection with the Services provided hereunder.

13.8. <u>No Partnership</u>. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

13.9. <u>No Solicitation</u>. During the term of this Agreement and for a period of 12 months thereafter, Fund will not directly or indirectly solicit the services of, or otherwise attempt to employ or engage any employee of ADI or its Affiliates without the consent of ADI; provided, however, that the foregoing shall not prevent Fund from soliciting employees through general advertising not targeted specifically at any or all ADI Associates. If Fund employs or engages any ADI Associate during the term of this Agreement or the period of 12 months thereafter in contravention of this Section 13.9, such entity shall pay for any fees and expenses (including recruiters' fees) incurred by ADI or its Affiliates in hiring replacement personnel as well as any other remedies available to ADI.

13.10. <u>No Warranties</u>. Except as expressly listed herein, ADI and each Data Supplier make no warranties, whether express, implied, contractual or statutory with respect to the Services or Market Data. ADI disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.11. <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.12. <u>Testimony</u>. If ADI is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement or the operations of Fund in any Action to which Fund or Management is a party or otherwise related to Fund, Fund shall reimburse ADI for all costs and expenses, including the time of its professional staff at ADI's standard rates and the cost of legal representation, that ADI reasonably incurs in connection therewith.

13.13. <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person except as set forth with respect to ADI Associates and Data Suppliers.

13.14. <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

13.15. <u>Certain Third Party Vendors.</u> Nothing herein shall impose any duty upon ADI in connection with or make ADI liable for the actions or omissions to act of the following types of unaffiliated third parties: (a) courier and mail services including but not limited to Airborne Services, Federal Express, UPS and the U.S. Mails, (b) telecommunications companies including but not limited to AT&T, Verizon, Sprint, and other delivery, telecommunications and other such companies not under the Party's reasonable control, and (c) third parties not under the Party's reasonable control or subcontract relationship providing services to the financial industry generally, such as, by way of example and not limitation, the Depository Trust Clearing Corporation (processing and settlement services), Fund custodian banks (clearing services), Data Suppliers, and national database providers such as Choice Point, Acxiom, TransUnion or Lexis/Nexis and any replacements thereof or similar entities, provided, if ADI selected such company, ADI shall have exercised due care in selecting the same. Such third party vendors shall not be deemed, and are not, subcontractors for purposes of this Agreement.

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\* \* \*

***[signature page follows]***

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This Agreement has been entered into by the Parties as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS DISTRIBUTORS, INC.** | **ALPS DISTRIBUTORS, INC.** | **DIAMETER DYNAMIC CREDIT FUND** | **DIAMETER DYNAMIC CREDIT FUND** |
| By: | /s/ Stephen Kyllo | By: | /s/ Michael Cohn |
| Name: | Stephen Kyllo | Name: | Michael Cohn |
| Title | SVP & Director | Title: | Initial Trustee |

---

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**Schedule A** 

**Services** 

**A.**  **<u>General</u>** 

1. Any references to Law shall be construed to the Law as amended to the date of the effectiveness of the
applicable provision referencing the Law.

2. Fund acknowledges that ADI's ability to perform the Services is subject to the following dependencies (in
addition to any others described in the Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund, Management and other Persons that are not employees or agents of ADI whose cooperation is reasonably
required for the ADI to provide the Services providing cooperation, information and, as applicable, instructions to ADI promptly, in agreed formats, by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The communications systems operated by Fund and other Persons that are not employees or agents of ADI remaining
fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The accuracy and completeness of any Client Data or other information provided to ADI Associates in connection
with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fund and Management informing ADI on a timely basis of any modification to, or replacement of, any agreement to
which it is a party that is relevant to the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any warranty, representation, covenant or undertaking expressly made by Fund or Management under or in
connection with this Agreement being and remaining true, correct and discharged at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ADI's timely receipt of the then most current version of Fund Governing Documents and required
implementation documentation, including client questionnaire(s) and ADI Web Portal and other application User information.

**B.**  **<u>ADI Distribution Services and Terms</u>** 

The following Services will be performed by ADI under this Agreement and, as applicable, are contingent on the performance by Fund of its duties and obligations otherwise contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act as legal underwriter and distributor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide investment company advertising and sales literature review, approval and record maintenance Online submission, review/approval, and real-time status updates through the SS&C Advertising Review Portal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. File required materials with FINRA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide advertising regulatory and disclosure guidance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare, update, execute and maintain financial Intermediary Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Online access provided through the SS&C Portal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Support financial Intermediary relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Consult and support client's distribution model & strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Fulfil key account Intermediary initial and ongoing information and due diligence requests

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Intermediary Due-Diligence and Oversight Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Review each Intermediary in accordance with SS&C Intermediary Oversight Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver quarter reporting detailing due diligence activity associated with your network, including risk ratings of each Intermediary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Maintain & supervise FINRA registrations for licensed individuals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Coordinate Continuing Education requirements

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Administer & maintain required filings/licenses with FINRA

**Notes and Terms to ADI Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ADI agrees to maintain at all times 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 provided hereunder, and shall provide to the Fund a certification to such effect no less frequently than annually or
as otherwise reasonably requested by the Fund. ADI shall make available its compliance personnel and shall provide at its own expense summaries and other relevant materials relating to such program as reasonably requested by the Fund. Additionally,
ADI shall make available, at Fund's request, one or more of its staff to attend, either via telephone or in person, Board meetings of the Fund. ADI shall also prepare reports for the Board regarding its activities under this Agreement as from
time to time shall be reasonably requested by the Board, including reports regarding the use of 12b-1 payments received by ADI, if any.

**C.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Notwithstanding anything to the contrary in this Agreement, ADI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Does not maintain custody of any cash, securities or customer accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have the ability to authorize transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Does not have the authority to enter into contracts on behalf of the Fund; ADI will only enter into
Intermediary Agreements with respect to the Fund upon direction of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Is not responsible for determining the Fund's distribution strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Does not perform any management functions or make any management decisions with regard to the operation of the
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Is not obligated to perform any additional or materially different services due to changes in law or audit
guidance.

2. If ADI allows Fund, Management, investors or their respective agents and representatives
(" <u>Users</u> ") to (i) receive information and reports from ADI and/or (ii) issue instructions to ADI via web portals or other similar electronic mechanisms hosted or maintained by ADI or its agents (" <u>Web Portals</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access to and use of Web Portals by Users shall be subject to the proper use by Users of usernames, passwords
and other credentials issued by ADI (" <u>User Credentials</u> ") and to the additional terms of use that are noticed to Users on such Web Portals. Fund shall be solely responsible for the results of any unauthorized use, misuse or loss of
User Credentials by their authorized Users and for compliance by such Users with the terms of use noticed to Users with respect to Web Portals, and shall notify ADI promptly upon discovering any such unauthorized use, misuse or loss of User
Credentials or breach by Fund or their authorized Users of such terms of use. Any change in the status or authority of an authorized User communicated by Fund shall not be effective until ADI has confirmed receipt and execution of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ADI grants to the Fund a limited, non-exclusive, non-transferable, non-sublicenseable right during the term of this Agreement to access Web Portals solely for the purpose of accessing Client Data and, if applicable, issue
instructions. Fund will ensure that any use of access to any Web Portal is in accordance with ADI's terms of use, as noticed to the Users from time to time. This license does not include: (i) any right to access any data other than Client
Data; or (ii) any license to any software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund will not (A) permit any third party to access or use the Web Portals through any time-sharing
service, service bureau, network, consortium, or other means; (B) rent, lease, sell, sublicense, assign, or otherwise transfer its rights under the limited license granted above to any third party, whether by operation of law or otherwise;
(C) decompile, disassemble, reverse engineer, or attempt to reconstruct or discover any source code or underlying ideas or algorithms associated with the Web Portals by any means; (D) attempt to modify or alter the Web Portal in any
manner; or (E) create derivative works based on the web portal. Neither Fund nor Management will remove (or allow to be removed) any proprietary rights notices or disclaimers from the Web Portal or any reports derived therefrom.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ADI reserves all rights in ADI systems and in the software that are not expressly granted to Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ADI may discontinue or suspend the availability of any Web Portals at any time without prior notice; ADI will
endeavor to notify Fund as soon as reasonably practicable of such action.

3. ADI shall provide reasonable assistance to responding to due diligence and analogous requests for information
from Intermediaries (or their authorized representatives); provided, that ADI may elect to provide these services only upon Fund agreement in writing to separate fees in the event responding to such requests becomes, in ADI's sole discretion,
excessive.

4. Reports and information shall be deemed provided to Fund if they are made available to Fund online through
ADI's portal.

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**Schedule B** 

**List of Funds<sup>1</sup>** 

**Diameter Dynamic Credit Fund** 

<sup>1</sup> This List of Funds may be amended upon execution of an updated List of Funds signed by the Parties hereto.

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## Ex-99.(H)(2)

**Exhibit (h)(2)** 

**BROKER-DEALER** 

**SELLING AGREEMENT** 

THIS BROKER-DEALER SELLING AGREEMENT ("Agreement") made and entered into between ALPS Distributors, Inc. ("Distributor"), a Colorado corporation having its principal place of business at 1290 Broadway, Suite 1000, Denver, Colorado 80203, and ___________________________________, a _________________________ having its principal place of business at ________________________________________________________ (hereinafter "Broker-Dealer").

WHEREAS, Broker-Dealer desires to enter into this Agreement with the Distributor to sell shares of the Diameter Dynamic Credit Fund (the "Fund" or the "Company"), a registered closed-end investment management company that is operated as an interval fund, and Broker-Dealer will provide distribution-related, continuing personal services to shareholders and/or administration of shareholder accounts with respect to the Company. The Distributor is the principal underwriter of, and agent for, the Company.

WHEREAS, Broker-Dealer understands that pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"), the closed-end interval Fund and such other closed-end interval fund(s) subsequently established (together with the Fund, the "Funds") as set forth in the Agreement Fee Schedule, which are distributed by the Distributor, may have adopted a Distribution and/or Shareholder Servicing Plan (each, a "Plan") to enable payments to certain entities for shareholder servicing.

WHEREAS, the term "Prospectus" means the prospectus and, unless the context otherwise requires, the related statement of additional information ("SAI") incorporated therein by reference, as the same are amended and supplemented ("Supplements") from time to time by the Fund(s).

NOW, THEREFORE, in consideration of the mutual covenants and promises set forth herein, the parties agree as follows:

*1.* *Purchases of Company Shares for Sale to Customers.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Broker-Dealer is hereby appointed as a non-exclusive agent of the
Company during the term herein specified for the purpose of providing shareholder services to investors acquiring Company's shares as described herein. Subject to the performance by the Distributor of its obligations to be performed hereunder
and to the completeness and accuracy in all material respects of all the representations and warranties of the Distributor contained herein, Broker-Dealer hereby accepts such agency and agrees on the terms and conditions set forth herein and in each
Fund's then-current Prospectus to use reasonable efforts during the term hereof to provide ongoing services to shareholders for the duration of their investments. It is understood that the Broker-Dealer has no commitment with regard to the
sale of the Company's shares other than to use reasonable efforts and shall not prevent Broker-Dealer from acting as an agent or underwriter for the securities of other issuers that may be offered or sold during the term hereof.
Broker-Dealer's agency relationship with the Distributor hereunder shall continue until the termination of this Agreement. Any sales of a Fund's shares made prior to the date hereof by Broker-Dealer shall be deemed made pursuant to this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In offering and selling Company's shares to Broker-Dealer's customers, Broker-Dealer agrees to act
as dealer for Broker-Dealer's own account and in no transaction shall the Broker-Dealer have any authority to act or hold itself out as agent for the Distributor or the Company, except for the limited purposes set forth under this Agreement.
The Distributor acknowledges that customers of Broker-Dealer who purchase Fund shares are the Broker-Dealer's customers. Broker-Dealer shall be responsible for opening, approving, and monitoring customer accounts and for the review and
supervision of these accounts, all in accordance with the rules of the Securities and Exchange Commission ("SEC") and Financial Industry Regulatory Authority ("FINRA").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Broker-Dealer agrees to offer and sell each Fund's shares to Broker-Dealer's customers only at the
applicable public offering price and in accordance with all applicable repurchase offers issued by the Fund, giving effect to any cumulative or quantity discounts or other purchase programs, plans, or services described in the then-current
Prospectus, to the extent applicable. Broker-Dealer agrees to deliver, or cause to be delivered, to each customer, at or prior to the time of any purchase of shares, a copy of the then current Prospectus (including any Supplements thereto), and to
each customer who so requests, a copy of the then-current SAI (including any Supplements thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Broker-Dealer agrees to purchase Fund's shares from the Distributor or from Broker-Dealer's
customers. If Broker-Dealer purchases from the Distributor, Broker-Dealer agrees that all such purchases shall be made only: (a) to cover orders already received by Broker-Dealer from its customers; (b) for shares being acquired by
Broker-Dealer's customers pursuant to either the exchange privilege or the reinvestment privilege, as described in the then-current Prospectus of a Fund; (c) for Broker-Dealer's own bona fide investment; or (d) for investments
by any Internal Revenue Service ("IRS") qualified plan or other trust established for the benefit of Broker-Dealer's employees or for investments in Individual Retirement Accounts established by Broker-Dealer's employees, and
if Broker-Dealer so advises the Distributor in writing prior to any sale of shares pursuant to this subparagraph (d), Broker-Dealer agrees to waive all Broker-Dealer concessions, if any, to all sales of shares. If Broker-Dealer purchases shares from
Broker-Dealer's customers, Broker-Dealer agrees not to purchase shares from Broker-Dealer's customers at a price lower than the applicable redemption price, determined in the manner described in the then-current Prospectus. Broker-Dealer
shall not withhold placing customers' orders for shares so as to profit the Broker-Dealer as a result of such withholding (e.g., to include, but not limited to, a change in a Fund's net asset value from that used in determining the
offering price or repurchase offer price to Broker-Dealer's customers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor will accept Broker-Dealer's purchase orders only at the public offering price applicable
to each order, as determined in accordance with the then-current Prospectus. The Distributor will not accept from Broker-Dealer a conditional order. Broker-Dealer acknowledges that each Fund will adopt fundamental policies (which may not be changed
without shareholder approval) to make periodic offers to purchase shares ("repurchase offers") in accordance with Rule 23c-3 under the 1940 Act and as described in each Fund's then current
Prospectus. Repurchases of shares of a Fund will be made at the net asset value of such shares in accordance with the applicable repurchase offer and then current Prospectus, less any applicable charges and expenses for which a Fund has determined
to charge shareholders as permitted by Rule 23c-3 of the 1940 Act. Broker-Dealer agrees to transmit to its customers any repurchase offer notification received from Distributor within the time period specified
in the applicable Prospectus and in such notification, and to use its reasonable best efforts to transmit repurchase requests from its customers to each Fund or its transfer agent or other designee by the applicable repurchase request deadline as
specified in the applicable Prospectus and such repurchase offer notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All orders are subject to acceptance or rejection by the Distributor in its sole discretion. The Distributor
reserves the right, at its discretion and without notice to the Broker-Dealer, to suspend sales or to withdraw the offering of a Fund's shares, in whole or in part, or to make a limited offering of any Fund's shares. The minimum and
maximum dollar amounts for purchase of a Fund's shares for any shareholder shall be the applicable minimum or maximum amount described in such Fund's then-current Prospectus and no order for less or more than, as the case may be, such
amount will be accepted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Broker-Dealer acknowledges and agrees that: (i) shares of a Fund will not be repurchased by such Fund
(other than in accordance with Rule 23c-3 of the 1940 Act); (ii) no secondary market for the shares of each Fund exists currently or is anticipated to develop; therefore, the shares of each Fund have very
limited liquidity; (iii) in the event one or more of Broker-Dealer's customers cancel their order for shares of a Fund after confirmation, such shares may not be repurchased, remarketed or otherwise disposed of by or through Distributor;
and (iv) any representations regarding a repurchase offer or other tender offer by a Fund, other than that which is specifically set forth in such Fund's then-current Prospectus or repurchase offer notification issued by such Fund is
prohibited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In connection with Broker-Dealer's recommendations to its customers regarding investment in a Fund,
Broker-Dealer agrees to make appropriate disclosures to such customers regarding the risks associated with investing in a Fund, including, but not limited to: (i) shares of a Fund will not be listed on a public exchange; (ii) no secondary
market is expected to develop for a Fund's shares; (iii) liquidity for a Fund's shares will be provided only through quarterly repurchase offers; (iv) there is no guarantee that an investor will be able to sell all the shares
that the investor desires to sell in the repurchase offer; (v) an investor should consider an investment in a Fund to be of limited liquidity; (vi) investing in a Fund's shares may be speculative and involves a high degree of risk;
and (vii) an investor should carefully read a Fund's Prospectus prior to investing in a Fund, including the risks associated with leverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The transmission of orders will be governed by instructions that the Distributor will periodically issue to
Broker-Dealer. Broker-Dealer must pay for Fund's shares in 'Federal Funds,' and the Distributor must receive Broker-Dealer's payment on or before the settlement date established in accordance with Rule 15c6-1 under the Securities Exchange Act of 1934, as amended. If the Distributor does not receive Broker-Dealer's payment on or before such settlement date, the Distributor may, without notice, cancel the
sale. The Distributor will hold Broker-Dealer responsible for any loss suffered by the Distributor or the issuing Fund as a result of Broker-Dealer's failure to make payment as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Broker-Dealer agrees to use the account application provided with the Prospectus as the means of placing a
customer's order except for accounts opened or maintained pursuant to the networking system of the National Securities Clearing Corporation ("NSCC"), to the extent applicable. The account application will be reviewed by the
Distributor or the Company to determine that all information necessary to issue a Fund's shares has been entered. Broker-Dealer hereby certifies that all of Broker-Dealer's customers taxpayer identification numbers ("TIN") or
social security numbers ("SSN") furnished to the Distributor or the Company by Broker-Dealer are correct and that the Distributor or the Company will not open an account without Broker-Dealer providing the Company's transfer agent
("Transfer Agent") with the customer's TIN or SSN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Broker-Dealer will comply with all applicable Federal and state laws and with the rules and regulations of
applicable regulatory agencies thereunder. Broker-Dealer will not offer shares of any Fund for sale unless such shares are duly registered under all the applicable securities laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any transaction in shares of a Fund shall be effected and evidenced by book-entry on the records maintained by
the Transfer Agent. A confirmation statement evidencing transactions in a Fund's shares will be transmitted to Broker-Dealer by the Transfer Agent.

*2.* *Account Options.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Broker-Dealer may appoint the Transfer Agent as Broker-Dealer's agent to execute customers'
transactions in a Fund's shares in accordance with the terms and provisions of any account, program, plan, or service established or used by Broker-Dealer's customers and to confirm each such transaction to Broker-Dealer's
customers on Broker-Dealer's behalf, and at the time of the transaction, Broker-Dealer guarantees the legal capacity of its customers so transacting in such Fund's shares and any co-owners of such
Fund's shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise instructed by the Distributor or the Transfer Agent, Broker-Dealer may instruct the Transfer
Agent to register shares purchased in Broker-Dealer's name and account as nominee for Broker-Dealer's customers, in which event all Prospectuses, proxy statements, periodic reports, and other printed material will be sent to
Broker-Dealer, and all confirmations and other communications to shareholders, including, but not limited to, repurchase offer notifications, will be transmitted to Broker-Dealer. Broker-Dealer shall be responsible for forwarding such printed
material, confirmations, notifications and communications, or the information contained therein, to all customers for whom Broker-Dealer holds such shares as nominee. However, the Transfer Agent or the Company shall be responsible for the reasonable
costs associated with Broker-Dealer forwarding such printed material, confirmations, notifications and communications and shall reimburse Broker-Dealer in full for such costs. Broker-Dealer shall also be responsible for complying with all reporting
and tax withholding requirements with respect to the customers for whose account Broker-Dealer is holding such shares. With respect to customers not held in Broker-Dealer's name and account as nominee, Broker-Dealer shall provide the
Distributor with all information (including, without limitation, certification of TINs and/or SSNs and back-up withholding instructions) necessary or appropriate for the Distributor to comply with any legal
and regulatory reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent applicable, accounts opened or maintained pursuant to the networking system of NSCC will be
governed by applicable NSCC rules and procedures, and any agreement or other arrangement with the Distributor relating to networking.

*3.* *Broker-Dealer Compensation.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Broker-Dealer concession, if any, on Broker-Dealer's sales of shares of a Fund will be offered as
described in the then-current Prospectus or in the applicable schedule of concessions issued by the Distributor and in effect at the time of sale to Broker-Dealer. Upon written notice to Broker-Dealer, the Distributor, or a Fund, may change or
discontinue any schedule of concessions, or issue a new schedule. Broker-Dealer may be deemed to be an underwriter in connection with sales by Broker-Dealer of shares of a Fund where Broker-Dealer receives all or substantially all of the sales
charge, if any, as set forth in the then-current Prospectus and, therefore, Broker-Dealer may be subject to applicable provisions of the Securities Act of 1933, as amended. Compensation paid, if any, pursuant to a Plan is described in Agreement Fee
Schedule ("Fee Schedule") attached hereto and in such Fund's then-current Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor is entitled to, if any, a contingent deferred sales charge ("CDSC") on redemptions
of certain shares of a Fund redeemed during the time period specified in the then-current Prospectus, subject to the purchase dollar amount threshold and other conditions described in the then-current Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the case of a Fund or class which has adopted a Plan, the Distributor may elect from time to time to make
payments to Broker-Dealer as provided under such Plan for such services, and without limitation, some or all of the following: (i) answering inquiries regarding a Fund, processing purchases and redemption transactions, assistance in changing
account designation and addresses; providing periodic statements, personal services to investors, and/or other services related to the maintenance of shareholder records; and (ii) services that the Distributor reasonably may request, to the
extent permitted by applicable statute, rule, or regulation to provide administrative, distribution-related, or marketing services in the promotion of a Fund's shares. Any such payments shall be made in the amount and manner set forth in the
applicable Fee Schedule or in the then-current Prospectus. The Fee Schedule may be discontinued or changed by the Distributor from time to time and shall be in effect with respect to a Fund which has a Plan and so long as such Fund(s)' Plan
remains in effect. Notwithstanding the foregoing, Broker-Dealer acknowledges that any compensation to be paid to the Broker-Dealer by the Distributor is paid from proceeds paid to the Distributor by a Fund pursuant to its Plan, and to the extent the
Distributor does not receive such proceeds, for any reason, the amounts payable to Broker-Dealer will be reduced accordingly. In the case of a Fund or class thereof that has no currently effective Plan, the Distributor or Company may, to the extent
permitted by applicable law, elect to make payments to Broker-Dealer from either's own resources.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Broker-Dealer shall furnish to the Distributor or the Company, on behalf of a Fund, such information in writing
as shall reasonably be requested by the Company's Board of Directors/Trustees ("Company's Board") with respect to the fees paid to Broker-Dealer pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that Rule 2341 of FINRA's Conduct Rules precludes a Fund or class thereof from imposing, or
the Distributor from receiving, a sales charge (as defined in Rule 2341) or any portion thereof, Broker-Dealer shall not be entitled to any payments from the Distributor hereunder from the date that a Fund or class thereof discontinues or is
required to discontinue imposition of some or all of its sales charges. If a Fund or class thereof resumes imposition of some or all of its sales charge, Broker-Dealer will be entitled to payments hereunder or as modified by the Distributor, if
applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor may discontinue paying compensation to Broker-Dealer if, at any time, (i) Broker-Dealer is
not appropriately registered in all capacities necessary to receive such compensation or (ii) Broker-Dealer breaches any representation, warranty or covenant contained in this Agreement, as determined by the Distributor in its sole discretion.
Notwithstanding the foregoing, Broker-Dealer shall not be entitled to any compensation in respect of a sale to any investor if the Distributor determines that another authorized selling agent of the Distributor is primarily responsible for or should
otherwise be credited with such sale. In making this determination, the Distributor will endeavor to act fairly. Any dispute regarding compensation shall be conclusively resolved by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If, within seven business days after confirmation by the Distributor of Broker-Dealer's original purchase
order for shares of a Fund, such shares are repurchased by the issuing Fund or by the Distributor for the account of such Fund or are tendered for redemption by the customer in accordance with a repurchase offer, Broker-Dealer shall promptly refund
to the Distributor the full discount retained by Broker-Dealer on the original sale and any distribution and service payments made to Broker-Dealer. Broker-Dealer shall refund to the Transfer Agent immediately upon receipt the amount of any
dividends or distributions paid to Broker-Dealer as nominee for Broker-Dealer's customers with respect to redeemed or repurchased shares of a Fund to the extent that the proceeds of such redemption or repurchase may include the dividends or
distributions payable on such shares. Broker-Dealer shall be notified by the Distributor of such repurchase or redemption within ten business days of such repurchase or redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The provisions under this Agreement relating to a Plan, including compensation payable thereunder, shall
continue in full force and effect only so long as the continuance of a Plan is approved at least annually in accordance with the 1940 Act. The Distributor will not be obligated to make payments to Broker-Dealer unless the Distributor has received an
authorized payment from the applicable Fund. The provisions of this Agreement regarding Broker-Dealer compensation may be terminated in accordance with the 1940 Act, without payment of any penalty. Such provisions will also be terminated by any act
that terminates this Agreement and will terminate automatically in the event of the assignment (as that term is defined in the 1940 Act) of this Agreement unless agreed to in writing by the parties hereto. After the effective date of any change in
or discontinuance of any schedule of concessions, or service payments, or the termination of a Plan, such concessions or service payments will be allowable or payable to Broker-Dealer only in accordance with such change, discontinuance, or
termination. Broker-Dealer agrees that Broker-Dealer will have no claim against the Distributor, the Company, or a Fund by virtue of any such change, discontinuance, or termination. In the event of any overpayment by the Distributor of any
concession, distribution payment, or service payment, Broker-Dealer will promptly remit such overpayment.

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*4.* *Status as Financial Intermediaries.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Broker-Dealer represents and warrants that Broker-Dealer is and will remain a member in good standing of FINRA,
and agrees to abide by all of its rules and regulations including its Rules of Conduct. Broker-Dealer further agrees to comply with all applicable Federal and state laws and rules and regulations of regulatory agencies having jurisdiction over
Broker-Dealer. Reference is hereby specifically made to Rule 2341 of FINRA's Conduct Rules, which is incorporated herein by reference. The termination of Broker-Dealer's FINRA membership or any breach of Rule 2341 will immediately and
automatically terminate this Agreement. Broker-Dealer further represents that Broker-Dealer is qualified to act as a Broker-Dealer in the states where Broker-Dealer transacts business. Broker-Dealer further agrees that, in making any sales to
purchasers within the United States of securities acquired from the Distributor or the Company, Broker-Dealer will comply with Rule 2040(a) of FINRA's Conduct Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Broker-Dealer represents that Broker-Dealer is qualified to sell shares in the various jurisdictions where it
transacts business. Broker-Dealer represents that it and all of its personnel involved in the activities contemplated hereunder have all governmental, regulatory, and self-regulatory registrations, approvals, memberships, and licenses required to
perform Broker-Dealer's obligations under this Agreement and to receive compensation, if any, and Broker-Dealer will maintain all relevant registrations, approvals, memberships, and licenses during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Agreement shall cause Broker-Dealer to be the Distributor's partner, employee, or agent,
or give Broker-Dealer any authority to act for the Distributor, the Company, or a Fund. Neither the Distributor nor the Company shall be liable for any of Broker-Dealer's acts or obligations under this Agreement.

*5.* *Information Relating to the Fund(s).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person is authorized to make any representations concerning a Fund's shares except those contained in
such Fund's then-current Prospectus, and in buying shares from the Distributor or redeeming shares pursuant to any repurchase offer, Broker-Dealer shall rely solely on the representations contained in the then-current Prospectus and any
applicable repurchase offer notification. Upon Broker-Dealer's request, the Distributor will furnish Broker-Dealer with a reasonable number of copies of a Fund's then-current Prospectus(es) and/or SAIs (including any Supplements
thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Broker-Dealer may not use any sales literature or advertising material (including material disseminated through
radio, television, or other electronic media) concerning a Fund's shares, other than a Fund's then-current Prospectus or such printed information that is given to Broker-Dealer by the Distributor, without first obtaining the
Distributor's written approval. Broker-Dealer shall not distribute or make available to the general public any printed information furnished by the Distributor which is marked "FOR INVESTMENT ADVISER USE ONLY" or "FOR
INVESTMENT PROFESSIONAL USE ONLY" or which otherwise indicates that it is confidential or not intended to be distributed to the general public. Broker-Dealer further agrees that it shall not distribute or make available to any retail investor
(as defined under applicable FINRA Rules) any printed information or other communication furnished to it by the Distributor which is marked "FOR INSTITUTIONAL USE ONLY."

*6.* *Limitation of Liability and Indemnification.* Distributor shall be obligated to act in good faith and to
exercise commercially reasonable care and diligence in the performance of its duties under this Agreement. Notwithstanding anything in this Agreement to the contrary Distributor and each of its affiliates, members, shareholders, directors, officers,
partners, employees, agents, successors or assigns ("Distributor Associates") shall not be liable to Broker-Dealer for any action or inaction of any

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Distributor Associate except to the extent of direct Losses<sup>1</sup> finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of Distributor in the performance of Distributor's duties, obligations, representations, warranties or indemnities under this Agreement. Under no circumstances shall Distributor Associates be liable for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Broker-Dealer shall indemnify, defend and hold harmless Distributor Associates from and against Losses (including legal fees and costs to enforce this provision) that Distributor Associates suffer, incur, or pay as a result of any third-party claim or claim among the parties arising out of the subject matter of or otherwise in any way related to this Agreement ("Claims"), including but not limited to all actions taken by Distributor or Distributor Associates that are necessary to provide the services under this Agreement or in reliance upon any instructions, information, or requests, whether oral, written or electronic, received from Broker-Dealer or its officers. Any expenses (including legal fees and costs) incurred by Distributor Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by Broker-Dealer on a quarterly basis prior to the final disposition of such matter upon receipt by Broker-Dealer of an undertaking by Distributor to repay such amount if it shall be determined that a Distributor Associate is not entitled to be indemnified. Notwithstanding the foregoing, nothing contained in this paragraph or elsewhere in this Agreement shall constitute a waiver by Broker-Dealer of any of its legal rights available under U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived.

*7.* *Duration.* This Agreement, with respect to each Plan, will continue in effect for one year from its
effective date, and thereafter will continue automatically for successive annual periods; provided, however, that such continuance is subject to termination at any time without penalty if a majority of the Company's Directors/Trustees who are
not interested persons (as defined in the 1940 Act), or a majority of the outstanding shares of a Fund, vote to terminate or not to continue a Plan. This Agreement, other than with respect to a terminated Plan, will continue in effect from year to
year after its effective date, unless terminated as provided herein.

*8.* *Amendment and Termination of Agreement.* Either party to this Agreement may terminate the Agreement
without cause by giving the other party at least 30 days' written notice of its intention to terminate. This Agreement will automatically terminate in the event of its assignment (as defined in the 1940 Act). The Distributor may change or
amend any provision of this Agreement by giving Broker-Dealer written notice of the change or amendment.

*9.* *Arbitration.* In the event of a material dispute under this Agreement, such dispute shall be settled by
arbitration before arbitrators sitting in Denver, Colorado, in accordance with FINRA's Code of Arbitration Procedures in effect at the time of the dispute. The arbitrators shall act by majority decision, and their award may allocate
attorneys' fees and arbitration costs between the Distributor and Broker-Dealer. The arbitrators' award shall be final and binding between the parties, and such award may be entered as a judgment in any court of competent jurisdiction.

*10.* *Notices.* All notices required or permitted to be given under this Agreement shall be given in writing
and delivered by personal delivery, by postage prepaid mail, or by facsimile or a similar means of same day delivery (with a confirming copy by mail). All notices to the Distributor shall be given or sent to the Distributor at the Distributor
offices located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, Attn: General Counsel. All notices to Broker-Dealer shall be given or sent to Broker-Dealer at the address specified by Broker-Dealer herein. Each party may change the address to
which notices shall be sent by giving notice to the other party in accordance with this paragraph.

<sup>1</sup> As used in this Agreement, the term "Losses" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind. 

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*11.* *Client Information* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Agreement to Provide Information</u>. Broker-Dealer agrees to provide a Fund or its designee, upon written request, the TIN, the Individual/International Taxpayer Identification Number ("ITIN"), or other government-issued identifier ("GII"), if known, of any or all Shareholder(s) of the account and the amount, date, name or other identifier of any investment professional(s) associated with the Shareholder(s) or account (if known), and transaction type (purchase, redemption, transfer, or exchange) of every purchase, redemption, transfer, or exchange of Shares held through an account maintained by the Broker-Dealer during the period covered by the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Period Covered by Request</u>. Requests must set forth a specific period, not to exceed 180 calendar days from the date of the request, for which transaction information is sought. A Fund may request transaction information older than 180 calendar days from the date of the request as it deems necessary to investigate compliance with policies established by a Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Form and Timing of Response</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;(a) Broker-Dealer agrees to provide, promptly upon request of a Fund or its designee, the requested information specified in Section 11(a). If requested by a Fund or its designee, Broker-Dealer agrees to use best efforts to determine promptly whether any specific person about whom it has received the identification and transaction information specified in Section 11(a) is itself a financial intermediary ("Indirect Intermediary") and, upon further request of a Fund or its designee, promptly either (i) provide (or arrange to have provided) the information set forth in Section 11(a) for those Shareholders who hold an account with an Indirect Intermediary or (ii) restrict or prohibit the Indirect Intermediary from purchasing, in nominee name on behalf of other persons, securities issued by a Fund. Broker-Dealer additionally agrees to inform a Fund whether it plans to perform (i) or (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&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) Responses required by this paragraph must be communicated in writing and in a format mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent practicable, the format for any transaction information provided to a Fund should be consistent with the NSCC Standardized Data Reporting Format.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Limitations on Use of Information</u>. Each Fund agrees not to use the information received for marketing or any other similar purpose without the prior written consent of the Broker-Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Agreement to Restrict Trading</u>. Broker-Dealer agrees to execute written instructions from a Fund to restrict or prohibit further purchases or exchanges of Shares by a Shareholder that has been identified by a Fund as having engaged in transactions of a Fund's Shares (directly or indirectly through the Broker-Dealer's account) that violate policies established or utilized by a Fund for the purpose of eliminating or reducing any dilution of the value of the outstanding Shares issued by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Form of Instructions</u>. Instructions between the parties to restrict or prohibit further purchases or exchanges of Fund Shares must include the TIN, ITIN, or GII, if known, and the specific restriction(s) to be executed. If the TIN, ITIN, or GII is not known, the instructions must include an equivalent identifying number of the Shareholder(s) or account(s) or other agreed upon information to which the instruction relates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Timing of Response</u>. Broker-Dealer agrees to execute instructions as soon as reasonably practicable, but not later than five business days after receipt of the instructions by the Broker-Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Confirmation by Broker-Dealer</u>. Broker-Dealer must provide written confirmation to a Fund that instructions have been executed. Broker-Dealer agrees to provide confirmation as soon as reasonably practicable, but not later than ten business days after the instructions have been executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Definitions</u>. For purposes of Section 11 of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "Fund" also includes a Fund's principal underwriter and transfer agent. The term does not include any "excepted funds" as defined in SEC Rule 22c-2(b) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term "Shares" means the interest of Shareholders corresponding to the redeemable securities of record issued by a Fund under the 1940 Act that are held by the Broker-Dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The term "Shareholder" means the beneficial owner of Shares, whether the Shares are held directly or by the Broker-Dealer in nominee name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The term "written" includes electronic writings and facsimile transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The term "Broker-Dealer" shall mean a "financial intermediary" as defined in SEC Rule 22c-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The term "purchase" does not include automatic reinvestment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The term "promptly" as used in Section 11(a)(ii) shall mean as soon as practicable but in no event later than 5 business days from the Broker-Dealer's receipt of the request for information from a Fund or its designee.

*12.* *Anti-Money Laundering Program.* Broker-Dealer hereby certifies that it: (i) is required to establish
an anti-money laundering program, which satisfies the requirements of Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA Patriot Act");
(ii) has developed, implemented, and will maintain such an anti-money laundering program, including a customer identification program consistent with the rules under Section 326 of the USA Patriot Act, and will comply with all applicable laws
and regulations designed to guard against money laundering activities set out in such program; (iii) will cooperate with the Distributor and deliver information reasonably requested by the Distributor concerning shareholders that purchased a
Fund's shares sold by Broker-Dealer necessary for the Distributor or the Company to comply with the USA Patriot Act; and (iv) will notify the Distributor, in writing, if it is found, by its Compliance Officer, independent anti-money
laundering auditor, or any Federal, state, or self-regulatory agencies, to be in violation of the USA Patriot Act, any regulation implementing the USA Patriot Act, or its anti-money laundering program. Broker-Dealer acknowledges that the Distributor
or the Company may reject or refuse orders for the sale of shares with respect to customers for which Broker-Dealer serves as nominee if Broker-Dealer has not adopted and does not implement anti-money laundering policies and procedures as required
by the USA Patriot Act.

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*13.* *Confidentiality and Cybersecurity*. Distributor and Broker/Dealer agree to preserve the confidentiality
of any and all materials and information either furnished by the Company or by either party to the other in connection with this Agreement ("Confidential Information"). The disclosure of Confidential Information is limited only to those
employees, agents, and contractors of the parties, and, in the case of Broker-Dealer, other broker dealers for which Broker-Dealer provides custody and clearing services, who need to know such information in order to fulfill the purposes of this
Agreement and who are subject to obligations to restrict and protect such information from disclosure that are no less stringent than those contained in this Agreement. The provisions of this Section shall not apply to any information which is:
(a) independently developed by the receiving party, provided the receiving party can satisfactorily demonstrate such independent development with appropriate documentation; (b) known to the receiving party prior to disclosure by the
disclosing party; (c) lawfully disclosed to the receiving party by a third party not under a separate duty of confidentiality with respect thereto to the disclosing party; or (d) otherwise publicly available through no fault or breach by
the receiving party. Broker-Dealer acknowledges that it will receive non-public personal information ("NPPI") of the Company's investors/shareholders. Broker-Dealer confirms that it will use
best efforts to secure such NPPI from unauthorized access or use of NPPI beyond the scope of this Agreement, including written policies and procedures regarding cybersecurity and periodic vulnerability assessments of its data systems. If
Broker-Dealer becomes aware that NPPI may have been accessed, disclosed, or acquired without proper authorization and contrary to the terms of this Agreement, then Broker-Dealer shall use best efforts to alert Distributor and the Company of any data
breach within three business days, and shall immediately take such actions as may be necessary to preserve forensic evidence and eliminate the cause of the data breach. Broker-Dealer shall give highest priority to immediately correcting any data
breach and shall devote such resources as may be required. Broker-Dealer shall provide Distributor and the Company information necessary to enable Distributor and the Company to fully understand the nature and scope of the data breach. Broker-Dealer
shall also comply with all federal and state laws of applicable jurisdiction to the Company's customers/shareholders regarding cybersecurity. Further, the Broker-Dealer or its insurer(s) shall indemnify Distributor and the Company for all
expenses related the cybersecurity event.

*14.* *Regulation S-P.* In accordance with Regulation S-P, if NPPI regarding customers/shareholders is disclosed to either party in connection with this Agreement, the party receiving such information will not disclose or use that information other than as necessary to
carry out the purposes of this Agreement. Any privacy notice that Broker-Dealer delivers to customers/shareholders will comply with Title V of the Gramm-Leach-Bliley Act and Regulations S-P, as each may be
amended, and will notify customers that NPPI may be provided to financial service providers such as security broker-dealers or investment companies and as permitted by law. This provision will survive the termination of this Agreement.

*15.* *Entire Agreement.* This Agreement constitutes the entire agreement and understanding between the parties
hereto and supersedes all prior agreements between the parties, whether oral or written, relating to the sale of shares or any other subject covered by this Agreement.

*16.* *Partial Invalidity.* If any provision of this Agreement shall be held or made invalid by a court
decision, statute, rule, or otherwise, the remainder of the Agreement shall not be affected thereby. Furthermore, in the event of any inconsistency between the Agreement and the then-current Prospectus, the terms of the then-current Prospectus shall
control.

*17.* *Waiver.* Failure of the Distributor or the Company to terminate this Agreement upon the occurrence of any
event set forth in this Agreement as a cause for termination shall not constitute a waiver of the right to terminate this Agreement at a later time on account of such occurrence or any succeeding breach of the same.

*18.* *Heading.* The captions in this Agreement are included for convenience of reference only and in no way
define or limit any of the provisions of this Agreement.

*19.* *Applicable Law.* This Agreement shall be construed in accordance with the laws of the State of Colorado,
without giving effect to principles of conflicts of law.

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*20.* *Effective Date.* This Agreement shall become effective as of the date when it is accepted and dated below
by the Distributor.

------

IN WITNESS WHEREOF, the Parties' authorized representatives have executed this Agreement and represent that they have read and understood the obligations herein and agree to be bound by the Agreement's terms and conditions.

**ACCEPTED AND AGREED:** 

**BROKER-DEALER** 

Signature:    

 Name:<br>

 Title:<br>

 Address:<br>

Fax Number:    

 Date:<br>

Phone Number:     Email Address:

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| |
|:---|
|  **ALPS DISTRIBUTORS, INC.** |
|  By: |

---

 Name:<br>

 Title:<br>

Effective Date:    

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**AGREEMENT FEE SCHEDULE** 

In consideration of sales of, Class ___, Class ___, Class _____, and Class _____ shares of the Funds listed below, under the terms and conditions of the Agreement and the then-current prospectus, the following fee/payment schedule shall apply:

In accordance with each Fund's then-current prospectus, all fees, if any, shall be paid based on the average daily net asset value of outstanding shares held by shareholders receiving services described in the Agreement. Such payments shall be computed and paid quarterly. The determination of average daily net assets shall be made at the close of each Business Day.

## Ex-99.(H)(3)

**Exhibit (h)(3)** 

**DIAMETER DYNAMIC CREDIT FUND** 

**DISTRIBUTION AND SERVICE PLAN** 

WHEREAS, Diameter Dynamic Credit Fund (the "Fund") is engaged in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940 (the "Act"); and

WHEREAS, the Fund relies upon exemptive relief granted by the Securities and Exchange Commission to permit the Fund to offer multiple classes of shares (the "Exemptive Relief"); and

WHEREAS, pursuant to the Exemptive Relief, the Fund is subject to Rule 12b-1 ("Rule 12b-1") under the Act.

NOW, THEREFORE, the Fund hereby adopts the terms of this Distribution and Service Plan (the "Plan") under Rule 12b-1, with respect to the classes of shares of beneficial interest (each, a "Class") listed on Schedule A hereto, as such Schedule A may be amended from time to time, on the following terms and conditions:

1. The Fund may pay to ALPS Distributors, Inc., the Fund's distributor (the "Distributor") and other affiliated broker-dealers, unaffiliated broker-dealers, financial institutions and/or intermediaries (collectively, "Service Agents") as compensation for the services provided and expenses incurred relating to the distribution, offering and marketing of a Class, fees as set forth in Schedule A hereto, as may be amended from time to time. Such fees shall be calculated and accrued monthly and paid monthly or at such other intervals as the Fund and the Distributor shall mutually agree. In addition to the payment of the fees, the Fund may pay for (i) due diligence expenses; (ii) the preparation, printing and distribution of prospectuses, Statements of Additional Information and reports and any supplements thereto for persons other than existing shareholders; (iii) the preparation, printing and distribution of sales literature and advertising materials; and (iv) expenses related to offering the Fund as an option on any distribution "platform" a Service Agent administers, including any expenses for any services provided in connection therewith.

2. Any shareholder service fees may be paid for the provision of "personal service and/or the maintenance of shareholder accounts" as provided for in the Financial Industry Regulatory Authority ("FINRA") Rule 2341. If FINRA amends the definition of "service fee" or adopts a related definition intended to define the same concept, the services provided under the Plan shall be automatically amended, without further action of the parties, to conform to such definition.

3. This Plan must be approved, together with any related agreements, by votes of a majority of both (a) the Board of Trustees of the Fund (the "Board") and (b) those Trustees of the Fund who are not "interested persons" of the Fund, as defined in the Act, and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan (the "Independent Trustees"), cast in person at a meeting (or meetings) called for the purpose of voting on the Plan and related agreements.

4. This Plan shall continue in full force and effect for so long as such continuance is specifically approved at least annually in the manner provided for approval of this Plan in Paragraph 3 hereof.

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5. The Distributor shall provide to the Board and the Board shall review, at least quarterly, a written report of Fund payments made in accordance with this Plan and the purposes for which such payments were made.

6. This Plan may be terminated at any time without penalty with respect to a Class of the Fund by the vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of such Class.

7. This Plan may not be amended to increase materially the amount payable hereunder by a Class unless such amendment is approved by a vote of at least a majority (as defined in the Act) of the outstanding voting securities of such Class, and no material amendment to this Plan shall be made unless approved in the manner provided in Paragraph 3 hereof.

8. While this Plan is in effect, the selection and nomination of the Independent Trustees shall be committed to the discretion of the Independent Trustees then in office.

9. The Distributor may direct that all or any part of the amounts receivable by it under this Plan be paid directly to affiliated broker-dealers, unaffiliated broker-dealers, financial institutions and/or intermediaries. All payments made hereunder pursuant to the Plan shall be in accordance with the terms and limitations of the FINRA rules.

10. The Fund shall preserve copies of this Plan (including any amendments thereto) and any related agreements and all reports made pursuant to Paragraph 5 hereof for a period of not less than six years from the date of this Plan, the first two years in an easily accessible place.

11. The obligations of the Fund hereunder are not personally binding upon, nor shall be held to the private property of, any of the Trustees, shareholders, officers, employees or agents of the Fund, but only the Fund's property allocable to the applicable Class(es) shall be bound.

12. This Plan only relates to those Classes stated on Schedule A hereto and the fees determined in accordance with Paragraph 1 hereof shall be based upon the average monthly net assets of the Fund attributable to the applicable Class.

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**SCHEDULE A** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Class A** – Shareholders of Class A shares shall pay a fee at the annual
rate of 0.75% of the Fund's average daily net assets attributable to Class A shares. Such fee shall be calculated and accrued monthly (before repurchases of any Class A shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Class I** – Shareholders of Class I shares will not be subject to a fee
under this Plan.

## Ex-99.(J)

**Exhibit (j)** 

EXECUTION

![LOGO](g902005g74f73.jpg)

**CUSTODY AGREEMENT** 

**By and Between** 

**THE BANK OF NEW YORK MELLON** 

**And** 

**DIAMETER DYNAMIC CREDIT FUND** 

------

**BNY AND CUSTOMER CONFIDENTIAL** 

**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
| **1.** | **DEFINITIONS** | **DEFINITIONS** | **1** |
| **2.** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **4** |
|  | 2.1 | Appointment of Custodian | 4 |
|  | 2.2 | Establishment of Accounts | 5 |
| **3.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **5** |
|  | 3.1 | Authorized Persons | 5 |
|  | 3.2 | Instructions | 5 |
|  | 3.3 | BNY Actions Without Instructions | 6 |
|  | 3.4 | Funds Transfers | 7 |
|  | 3.5 | Electronic Access | 8 |
| **4.** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **8** |
|  | 4.1 | Use of Subcustodians and Depositories | 8 |
|  | 4.2 | Liability for Subcustodians | 9 |
|  | 4.3 | Liability for Depositories | 9 |
|  | 4.4 | Use of Agents | 9 |
| **5.** | **CORPORATE ACTIONS** | **CORPORATE ACTIONS** | **9** |
|  | 5.1 | Notification | 9 |
|  | 5.2 | Exercise of Rights | 10 |
|  | 5.3 | Partial Redemptions, Payments, Etc. | 10 |
| **6.** | **SETTLEMENT** | **SETTLEMENT** | **10** |
|  | 6.1 | Settlement Instructions | 10 |
|  | 6.2 | Settlement Funds | 10 |
|  | 6.3 | Settlement Practices | 10 |
| **7.** | **TAX MATTERS** | **TAX MATTERS** | **11** |
|  | 7.1 | Tax Obligations | 11 |
|  | 7.2 | Payments | 12 |
| **8.** | **PRIVATE INVESTMENTS; INVESTMENT FILES AND POSSESSED SECURITIES** | **PRIVATE INVESTMENTS; INVESTMENT FILES AND POSSESSED SECURITIES** | **12** |
|  | 8.1 | Acceptance and Safekeeping of Investment Files | 12 |
|  | 8.2 | Acceptance and Safekeeping of Possessed Securities | 13 |
|  | 8.3 | Responsibility for Private Investments | 14 |
| **9.** | **CREDITS AND ADVANCES** | **CREDITS AND ADVANCES** | **15** |
|  | 9.1 | Contractual Settlement and Income | 15 |
|  | 9.2 | Advances | 15 |
|  | 9.3 | Payment | 15 |
|  | 9.4 | Securing Payment | 16 |
|  | 9.5 | Setoff | 16 |
|  | **9.6** | **Currency Conversion** | 17 |
| **10.** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **17** |
|  | 10.1 | Statements | 17 |
|  | 10.2 | Books and Records | 17 |
|  | 10.3 | Third Party Data | 17 |

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i

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EXECUTION

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| | | | |
|:---|:---|:---|:---|
| **11.** | **DISCLOSURES** | **DISCLOSURES** | **18** |
|  | 11.1 | Required Disclosure | 18 |
|  | 11.2 | Foreign Exchange Transactions | 19 |
|  | 11.3 | Investment of Cash | 19 |
| **12.** | **REGULATORY MATTERS** | **REGULATORY MATTERS** | **19** |
|  | 12.1 | USA PATRIOT Act | 19 |
|  | 12.2 | Sanctions; Anti-Money Laundering | 19 |
| **13.** | **COMPENSATION** | **COMPENSATION** | **20** |
|  | 13.1 | Fees and Expenses | 20 |
|  | 13.2 | Other Compensation | 21 |
| **14.** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **21** |
|  | 14.1 | BNY | 21 |
|  | 14.2 | Customer | 21 |
| **15.** | **LIABILITY** | **LIABILITY** | **22** |
|  | 15.1 | Standard of Care | 22 |
|  | 15.2 | Limitation of Liability | 22 |
|  | 15.3 | Force Majeure | 24 |
|  | 15.4 | Indemnification | 24 |
| **16.** | **CONFIDENTIALITY** | **CONFIDENTIALITY** | **24** |
|  | 16.1 | Confidentiality Obligations | 24 |
|  | 16.2 | Exceptions | 25 |
| **17.** | **TERM AND TERMINATION** | **TERM AND TERMINATION** | **25** |
|  | 17.1 | Term | 25 |
|  | 17.2 | Termination | 25 |
|  | 17.3 | Effect of Termination | 25 |
|  | 17.4 | Survival | 26 |
| **18.** | **GENERAL** | **GENERAL** | **26** |
|  | 18.1 | Non-Custody Assets | 26 |
|  | 18.2 | Assignment | 26 |
|  | 18.3 | Amendment | 27 |
|  | 18.4 | Governing Law/Forum | 27 |
|  | 18.5 | Business Continuity/Disaster Recovery | 27 |
|  | 18.6 | Non-Fiduciary Status | 27 |
|  | 18.7 | Notices | 27 |
|  | 18.8 | Entire Agreement | 28 |
|  | 18.9 | No Third Party Beneficiaries | 28 |
|  | 18.10 | Counterparts | 28 |
|  | 18.11 | Interpretation | 28 |
|  | 18.12 | No Waiver | 28 |
|  | 18.13 | Headings | 28 |
|  | 18.14 | Severability | 28 |

---

ii

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**CUSTODY AGREEMENT** 

This Custody Agreement (the "**Agreement**") is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and Diameter Dynamic Credit Fund, a Delaware statutory trust ("**Customer**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS** 

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended.

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Act**" has the meaning set forth in Section 11.1(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

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"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts and including, with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *<u>http://www.bny.com/products/assetservicing/vendoragreement.pdf</u>* or any successor website the address of which is provided by BNY to Customer.

"**Depository**" means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

"**Documentation**" shall mean, for each Private Investment (as defined below) for which Customer physically delivers an Investment File (as defined below) to BNY, all documents and instruments that may include the related Private Investments (but excluding any physical certificates evidencing ownership of a Security (as defined below)), including any subscription agreements, loan documents (including each loan agreement, promissory note, participation certificate, collateral security agreement, guarantee or supporting obligation), partnership certificates, membership agreements or such other agreements or documents as may be mutually agreed between the parties from time to time.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Signature**" means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods.

"**Foreign Depository**" means an "Eligible Securities Depository" (as defined in Rule 17f-7 under the 1940 Act) identified by BNY to Customer from time to time.

"**Hedge Fund Investments**" shall mean investments by any Customer in hedge funds and other privately-placed securities issued by investment or collective investment vehicles, in each case, that satisfy the conditions set forth in Regulation D of the Securities Act of 1933.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person; or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

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"**Investment File**" shall mean an unsealed hard copy file, which Customer represents contains Documentation (as defined above), physically delivered to and actually received and accepted by BNY, a Subcustodian or a Depository, as applicable.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Non-Custody Assets**" has the meaning set forth in Section 18.1.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY and reasonably believed by BNY to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Possessed Securities**" those securities or other assets which (x) are evidenced by physical certificates, (y) are certificated securities as defined in the UCC (as defined below) registered in the name of Customer or a third-party agent of Customer but in all cases such assets are not registered in the name of Custodian or its nominee and (z) are possessed by Custodian directly or indirectly through a Depository or Subcustodian and reflected in the Account.

"**Private Investments**" means, collectively, (i) private equity investments, including investments in partnership and limited liability companies (excluding Hedge Fund Investments), acquired by Customer and physically delivered to BNY, a Subcustodian or a Depository, as applicable, by Customer from time to time during the term of, and pursuant to the terms of, this Agreement; (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i); and (iii) loans or loan commitments originated by or otherwise obtained by Customer and delivered to BNY, Subcustodian or Depository, as applicable, by Customer from time to time during the term of, and pursuant to the terms of, this Agreement.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY and Customer and which are from time to time delivered to or received by BNY and/or any Subcustodian for deposit in an Account. For the avoidance of doubt, Private Investments and Possessed Securities shall not be considered Securities for purposes of this Agreement.

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"**Standard of Care**" has the meaning set forth in Section 15.1.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY or a BNY Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets, Investment Files or Possessed Securities hereunder, and any successors to, and/or nominees of, any of the foregoing.

"**Tax Information**" means all accurate, relevant and necessary information with respect to the Accounts or with respect to Customer's identification or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by BNY in connection with the matters in Section 7.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 10.3(a).

"**UCC**" shall mean the Uniform Commercial Code, as amended or restated from time to time and as in effect in the State of New York.

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY as custodian of all Securities and Cash (collectively,
" **Assets** "), Investment Files and Possessed Securities, in each case to be held under, and in accordance with the terms of, this Agreement and BNY hereby accepts such appointment. The Parties acknowledge and agree that BNY's
duties pursuant to such appointment will be limited solely to those duties expressly undertaken pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, BNY has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Assets, Investment Files and Possessed Securities until they are actually received by BNY
and credited to or held in an Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To inquire into, make recommendations, supervise or determine the suitability of any transactions affecting any
Account or to question any Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To monitor the Securities, Investment Files or Possessed Securities in the Accounts or determine whether
Customer complies with limitations on ownership or any restrictions on investors provided for by local law, regulations or market practice, or provisions in the issuer's articles of incorporation or by-laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To determine the adequacy of title to, or the validity or genuineness of, any Assets, Investment Files or
Possessed Securities received by it or delivered by it pursuant to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With respect to any matters related to: the establishment, maintenance operation or termination of Customer;
the offer, sale or distribution of the shares of, or interests in Customer; Customer's or its investment advisor's compliance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Operational terms, procedures and processes supporting the services described herein are set out in a separate
service level description, a current version of which will be available upon request at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY or the applicable
Subcustodian from time to time, including rates of interest and deposit account access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Customer engages in securities lending activities, such activities will be subject to certain additional
and/or modified terms to be set forth in a separate written agreement between Customer and BNY or a BNY Affiliate.

**2.2** **Establishment of Accounts** 

BNY will establish and maintain a separate account for Customer in which BNY will hold Assets, Investment Files and Possessed Securities relating to Customer as provided herein (each, an "**Account**," and collectively, the "**Accounts**").

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**3.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

**3.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, BNY will have no obligation to take any action
hereunder unless and until it receives Instructions issued in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will be responsible for ensuring that (i) only Authorized Persons issue Instructions to BNY and
(ii) all Authorized Persons safeguard and treat with extreme care any user and authorization codes, passwords and authentication keys used in connection with the issuance of Instructions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where Customer may or is required to issue Instructions, such Instructions will be issued by an Authorized
Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY will be entitled to deal with any Authorized Person until notified otherwise pursuant to Instructions, and
will be entitled to act and rely upon any Instruction received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Instructions must include all information necessary, and must be delivered using such methods and in such
format as BNY may require and be received within BNY's established cut-off times and otherwise in sufficient time, to enable BNY to act upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY may in its sole discretion decline to act upon any Instructions that do not comply with requirements set
forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY's operating policies and practices, in which event BNY will promptly notify Customer unless prevented from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that while it is not part of BNY's normal practices and procedures to accept Oral
Instructions, BNY may in certain limited circumstances accept Oral Instructions. In such event, such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction will
promptly confirm such Oral Instruction to BNY in writing. Notwithstanding the foregoing, Customer agrees that the fact that such written confirmation is not received by BNY, or that such written confirmation contradicts the Oral Instruction, will in
no way affect (i) BNY's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY. However, to the extent BNY receives written confirmation which
contradicts Oral Instructions, BNY will endeavor to notify Customer, it being acknowledged, agreed and understood that BNY shall have no duty, responsibility, or liability for any failure to or inability to so notify Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer acknowledges and agrees that it is fully informed of the protections and risks associated with the
various methods of transmitting Instructions to BNY and that there may be more secure methods of transmitting Instructions than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and
BNY with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree of protection in light of its particular needs and circumstances.

**3.3** **BNY Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive income and other payments due to the Accounts; provided, however, that BNY will have no duty to pursue
collection of any amount due to an Account, including for Securities in default, if such amount is not paid when due;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Facilitate access by Customer or its designee to ballots or online systems to assist it in the voting of
proxies received by BNY in its capacity as custodian for eligible positions of Securities held in the Accounts (excluding bankruptcy matters), all of which will be exercised by Customer or its designee and not by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forward to Customer or its designee information (or summaries of information) that BNY receives in its capacity
as custodian from Depositories or Subcustodians concerning Securities in the Accounts (excluding bankruptcy matters);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Forward to Customer or its designee an initial notice of bankruptcy cases relating to Securities held in the
Accounts and a notice of any required action related to such bankruptcy cases as may be received by BNY in its capacity as custodian. BNY will take no further action nor provide further notification related to the bankruptcy case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise elected by Customer, and in accordance with BNY's standard terms and conditions, provide
class action filing services for settled claims related to Securities with industry recognized identifiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Endorse for collection checks, drafts or other negotiable instruments received for the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments incidental to
BNY's performance under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon presentment of a check pursuant to a check redemption process agreed between Customer and BNY, unless
otherwise instructed pursuant to instructions, charge the amount of the check against the cash held in the Account of the Customer. If BNY receives timely instructions that a check is not to be honored, BNY will return the check unpaid.

**3.4** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

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**3.5** **Electronic Access** 

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between the Parties or their Affiliates. If an Authorized Person elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability or availability of any such service.

**4.** **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** 

**4.1** **Use of Subcustodians and Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will be entitled to utilize Subcustodians and Depositories in connection with its performance hereunder;
provided that BNY will not utilize a Subcustodian that is an "Eligible Foreign Custodian" (as defined in Rule 17f-5 under the 1940 Act) to hold "Foreign Assets" (as defined in such Rule 17f-5) until after BNY is informed, pursuant to such means as determined by BNY, that Customer's board of directors or similar governing body or Customer's "Foreign Custody Manager" (as
defined in such Rule 17f-5), has determined that utilization of such Subcustodian satisfies the applicable requirements of such Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY will only utilize Subcustodians that have entered into an agreement with BNY or a BNY Affiliate, and Assets
held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian's respective agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions of such
Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with each Depository utilized by BNY that is a "securities depository" (as defined in
Rule 17f-4 under the 1940 Act), BNY (a) will exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and thereafter maintain
Securities or financial assets deposited or held in such Depository and (b) will provide, promptly upon request by Customer, such reports as are available concerning the internal accounting controls and financial strength of BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to each Foreign Depository, BNY will exercise reasonable care, prudence and diligence (a) to
provide Customer with an analysis of the custody risks associated with maintaining assets with the Foreign Depository and (b) to monitor such custody risks on a continuing basis and promptly notify Customer of any material change in such risks.
Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by, information gathered from certain Subcustodians or through publicly available information otherwise obtained by BNY, and will not
include any evaluation of the matters referenced in Section 15.2(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets deposited
with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY, a BNY Affiliate or the applicable Subcustodian, for its clients.

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**4.2** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Assets held by a Subcustodian, BNY will be liable to Customer for the activities of such
Subcustodian under this Agreement to the extent that BNY would have been liable to Customer under this Agreement if BNY had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with
respect to Securities held by a Subcustodian that is not a BNY Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY's liability will be limited solely to the extent resulting directly from BNY's failure to
exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that BNY is not liable pursuant to Section 4.2(b)(i), BNY's sole responsibility to
Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY in connection therewith).

**4.3** **Liability for Depositories** 

BNY will have no responsibility or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding of Assets held with such Depository.

**4.4** **Use of Agents** 

BNY may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY from its obligations hereunder.

**5.** **CORPORATE ACTIONS** 

**5.1** **Notification** 

BNY will notify Customer or its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that BNY has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian, Depository or third party vendor. Without actual receipt of such notice by BNY, BNY will have no responsibility or liability for failing to so notify Customer.

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**5.2** **Exercise of Rights** 

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible for making any decisions relating thereto and for instructing BNY to act. In order for BNY to act, Customer must issue Instructions either: (a) using the BNY-generated form provided along with BNY's notice under Section 5.1 or (b) if Customer is not using such BNY-generated form, clearly indicating, by reference to the options provided on such BNY-generated form, which action Customer is electing. Each such Instruction will be addressed as BNY may from time to time request and issued by such time as BNY will advise Customer or its designee.

**5.3** **Partial Redemptions, Payments, Etc.** 

BNY will advise Customer or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within an Account. If BNY or any Subcustodian or Depository holds any Securities affected by one of the events described, BNY or such Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

**6.** **SETTLEMENT** 

**6.1** **Settlement Instructions** 

Promptly after the execution of each Securities transaction, Customer will issue to BNY Instructions to settle such transaction. Unless otherwise agreed by BNY and subject to Section 9.1, Assets will be credited to the relevant Account only when actually received by BNY.

**6.2** **Settlement Funds** 

For the purpose of settling a Securities transaction, Customer will provide BNY with sufficient immediately available funds or Securities, as applicable, in the relevant Account by such time and date as is required to enable BNY to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

**6.3** **Settlement Practices** 

Securities transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. Customer understands that when BNY is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY's delivery of Securities or Cash in accordance with such practices.

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**7.** **TAX MATTERS** 

**7.1** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that BNY has received the Tax Information within the time stipulated, BNY will perform the
following services with respect to Tax Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless prohibited by law or regulation, at the reasonable request of Customer, BNY will provide to Customer
such information received by BNY in its capacity as custodian that could, in Customer's reasonable belief, assist Customer or its designee in the submission of any reports or returns with respect to Tax Obligations. An Authorized Person will
inform BNY in writing as to which party or parties will receive information from BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY will, upon receipt of sufficient Tax Information from Customer (as reasonably determined by BNY), file
claims for exemptions or refunds with respect to withheld taxes in those markets where it provides such services and subject to BNY's service level description (in each case as made available to Customer from time to time). Where Customer (for
whatever reason) fails or neglects to provide BNY with or to review and confirm the Tax Information within the time stipulated by BNY, then such failure or neglect may result in the disapplication of withholding tax relief or the obligation on
Customer to immediately return amounts already refunded by a tax authority. Customer may, however, elect to appoint its own tax agent to file claims for exemptions or refunds in any or all markets, with advance notice to BNY of such appointment and
subject to such terms as separately agreed in writing between Customer and BNY; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY or the applicable Subcustodian will withhold appropriate amounts, as required by applicable tax laws, with
respect to amounts received and is authorized to debit the relevant Account in the amount of a Tax Obligation and to pay such amount to the appropriate taxing authority.

Customer's receipt of the foregoing services is dependent upon its subscription to BNY's information reporting system, and Customer will be responsible for enrolling its designated Authorized Persons in such system. Customer acknowledges that BNY may, at any time, amend the scope of its tax service offering and notice of such changes will be made available to BNY's customers through its information reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by Customer in order to continue receiving the relevant tax service in a particular market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges that BNY is a service provider and not an economic beneficiary of any transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will be responsible for understanding its Tax Obligations, and will be solely responsible and liable
for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer will provide BNY with Tax Information to enable BNY to comply with BNY's obligations under any
applicable tax laws or with any tax authority enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer acknowledges and agrees that none of BNY nor any BNY Affiliate is a tax adviser and none of BNY nor
any BNY Affiliate will, under any circumstances, provide tax advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters or Tax Obligations.

**7.2** **Payments** 

Where BNY receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY is acting in an administrative or ministerial capacity, and not as the payor, for tax information reporting and withholding purposes.

**8.** **PRIVATE INVESTMENTS; INVESTMENT FILES AND POSSESSED SECURITIES** 

**8.1** **Acceptance and Safekeeping of Investment Files** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to all Private Investments, Customer will arrange for the physical and not, for the avoidance of
doubt, electronic, delivery of an Investment File to BNY, Subcustodian or Depository, as applicable accompanied by an Instruction which clearly identifies the contents of such Investment File; provided that BNY, Subcustodian or Depository may, in
its reasonable discretion, reject any Investment File and/or any Documentation contained therein which such BNY, Subcustodian or Depository has determined to be ineligible for deposit or which otherwise cannot be held in custody by BNY, Subcustodian
or Depository. BNY shall endeavor to provide reasonable notice to Customer of a rejection of any Investment File or related Documentation; provided that BNY makes no representation as to its ability to provide such notice and shall not incur any
liability arising out of its failure to provide such notice. If an Investment File is accepted, BNY will generate an asset identifying number to track the Investment File and safekeep such Investment File. Under no circumstances will BNY be required
to issue a trust receipt (or similar instrument) with respect to any Investment File or its contents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall not be under an obligation to review, verify, validate or otherwise inspect the contents of an
Investment File. BNY will include such Investment File in its regular security count audits and deliver such Investment File to such person or entity as Customer may instruct via Instructions. Acceptance of Investment Files by the BNY is based
solely on Customer's description and representations regarding the contents thereof and any other documentation that BNY requests to obtain reasonable comfort that such Investment File is what Customer purports such Investment File to be, it
being understood that none of the BNY, nor any Subcustodian or Depository, as applicable, shall have any duty to Customer to so verify. Further, BNY shall be entitled to fully rely, without independent verification, on Customer's
representations regarding the Investment Files. BNY's safekeeping of an Investment File shall in no way be construed as custody of the Private Investments or any other underlying assets which the Investment File is said to constitute or
represent. For clarification, in the event the Customer's

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Private Investments consist of real and related personal properties ("**Real Property**"), BNY's, a Subcustodian's or a Depository's acceptance of an Investment File purporting to evidence such Real Property shall in no way be deemed to be or otherwise constitute custody or possession of the underlying Real Property to which such Investment File relates and BNY, Subcustodians and Depositories shall have no duty, responsibility or obligation to possess, control, safekeep or otherwise provide any services contemplated by this Agreement in respect of any underlying Real Properties to which Investment Files may relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, BNY shall have no duty or obligation whatsoever to determine, or liability for the
failure to determine, (i) the contents of an Investment File, (ii) that any Investment File is or is not what Customer purports it to be, or (iii) the value any asset represented by the Investment File. BNY makes no representations or
warranties, nor does it give any other assurances, regarding any Investment File or the contents thereof. Any Account statements will only reflect an inventory of the Investment Files that BNY holds in custody hereunder without any representation as
to the contents thereof. BNY shall be under no obligation hereunder for providing any Account statements directly to any clients or investors of Customer, if applicable, or any third parties. With respect to the subject matter hereof, BNY will only
provide those services set forth herein and BNY shall be under no obligation to accept delivery of any Investment File unless it is delivered in accordance with the foregoing requirements.

**8.2** **Acceptance and Safekeeping of Possessed Securities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to all Possessed Securities, Customer will arrange for the physical and not, for the avoidance of
doubt, electronic, delivery of Possessed Securities to BNY, Subcustodian or Depository, as applicable accompanied by an Instruction which clearly identifies the key identifiers associated with such Possessed Security; provided that BNY, Subcustodian
or Depository may, in its reasonable discretion, reject any Possessed Security which BNY, such Subcustodian or Depository has determined to be ineligible for deposit or which otherwise cannot be held in custody by BNY, Subcustodian or Depository.
BNY shall endeavor to provide reasonable notice to Customer of a rejection of any Possessed Security; provided that BNY makes no representation as to its ability to provide such notice and shall not incur any liability arising out of its failure to
provide such notice. Under no circumstances will BNY be required to issue a trust receipt (or similar instrument) with respect to any Possessed Security. BNY agrees to hold Possessed Securities as bailee for Customer. BNY shall maintain continuous
possession of the certificated securities evidencing Possessed Securities; provided, however, that BNY expressly disclaims any ability to "control" (within the meaning of the UCC) the Possessed Securities or otherwise exercise any rights
in respect thereof or at the direction of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall not be under an obligation to review, verify, validate or otherwise inspect any Possessed Securities.
BNY will include such Possessed Securities in its regular security count audits and deliver such Possessed Securities to such person or entity as Customer may instruct via Instructions. BNY shall be entitled to fully rely, without independent
verification, on Customer's representations regarding the Possessed Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, BNY shall have no duty or obligation whatsoever to determine the value or price of
any Possessed Security. BNY makes no representations or warranties, nor does it give any other assurances, regarding any Possessed Security or the contents thereof. Any Account statements will only reflect an inventory of the Possessed Security,
Possessed Securities that BNY holds in custody hereunder without any representation as to the value thereof. BNY shall be under no obligation hereunder for providing any Account statements directly to any clients or investors of Customer or any
third parties. With respect to the subject matter hereof, BNY will only provide those services set forth herein and BNY shall be under no obligation to accept delivery of any Possessed Security unless it is delivered in accordance with the foregoing
requirements.

**8.3** **Responsibility for Private Investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No director, officer, employee or agent of Customer shall have physical access to any Investment Files or
Possessed Securities or be authorized or permitted to withdraw any Documentation nor shall BNY any Subcustodian or Depository, as applicable, deliver any Documentation to any such person, unless such access or withdrawal has been duly authorized
pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer shall be solely responsible for the servicing of all Private Investments. Customer shall cause all
payments by or on behalf of issuers to be remitted to BNY for credit to the Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer shall be solely responsible for maintaining all records of account activity relating to each Private
Investment, including without limitation, any modification, termination or other changes in the Private Investment. Upon modification or other change in any Private Investment, Customer shall promptly deliver or cause to be delivered to BNY,
Subcustodian or Depository, as applicable, all relevant Documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer shall be solely responsible for the settlement of each purchase or sale of Private Investments.
Subject to Section 8.3(e) below, Customer shall deliver to BNY Instructions specifying all Investment Files and Possessed Securities to be received or released in connection with such purchase or sale and any other relevant information
concerning the custody of the Investment Files and Possessed Securities relating to the affected Private Investments. Customer assumes full responsibility for all credit risks associated with any such sale or purchase or any loss, damage or
destruction of any Documentation, Investment Files or Possessed Securities in transit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything in this Agreement to the contrary, unless otherwise agreed in writing to the parties,
Customer shall, with respect to Private Investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cause the issuer of the applicable Private Investment to deposit with BNY (by means of a check or draft payable
to BNY or its nominee or by wire transfer) all income and other payments or distributions on or with respect to such Private Investment and advise BNY in an Instruction of the amount to be received and if such amount relates to a particular
Investment File and the identity of such Investment File;

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| **BNY AND CUSTOMER CONFIDENTIAL** | EXECUTION |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Direct BNY in a detailed Instruction to present for payment on the date and at the address specified therein
the Private Investment specified therein whether at maturity or for repurchase or redemption, and to hold hereunder such amounts paid on or with respect to such particular Private Investments as BNY may receive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Obtain and execute any certificates of ownership, affidavits, declarations or other certificates under any tax
laws now or hereafter in effect in connection with the collection of bond and note coupons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Cause the issuer to deposit with BNY any Subcustodian or Depository, as applicable, such additional Private
Investment or rights as may be issued with respect to any Private Investments and advise BNY in a detailed Instruction if the Private Investments are to be added or credited to a particular Investment File;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Be solely responsible for the exercise of rights or discretionary actions with respect to Private Investments
covered by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Exercise all voting rights with respect to Private Investments.

**9.** **CREDITS AND ADVANCES** 

**9.1** **Contractual Settlement and Income** 

BNY may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, Investment Files or Possessed Securities, or interest, dividends or other distributions payable on Securities, Investment Files and Possessed Securities, prior to its actual receipt thereof. All such credits will be conditional until BNY's actual receipt of such proceeds and may be reversed by BNY to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction will not be considered final, until BNY has received sufficient immediately available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible and not subject to any security interest, levy or other encumbrance.

**9.2** **Advances** 

If BNY receives an Instruction that, if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in any currency hereunder; however, BNY will have no obligation to advance its own funds.

**9.3** **Payment** 

If: (a) BNY has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions); or (c) Customer is for any other reason indebted to BNY, Customer agrees to pay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY to its institutional custody clients in the relevant currency.

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**9.4** **Securing Payment** 

In order to secure payment of Customer's obligations and liabilities (whether or not matured) to BNY or any BNY Affiliate, whether or not relating to or arising under this Agreement or any other agreement with BNY or any BNY Affiliate, and in addition to any preference, lien or other rights and security interest to which BNY or such BNY Affiliate may be entitled under applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's right, title and interest in and to the Account relating to the Assets, Investment Files and Possessed Securities now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY or any BNY Affiliate relating to Customer; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act and related implementing regulations (Regulation W, 12 C.F.R. part 223)) of BNY (such securities, "Affiliate Securities") with the exception of Affiliate Securities that (i) constitute "eligible affiliated mutual fund securities" as defined in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)) and (ii) meet the requirements in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)) of BNY. Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and clear of all liens, claims and security interests (except for those granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY), and that the first lien and security interest granted herein with respect to Customer will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY of such priority security interest, including notifying third parties or obtaining their consent. BNY will be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard, BNY will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer is in default.

**9.5** **Setoff** 

BNY has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations and liabilities (whether or not matured) of Customer to BNY or any BNY Affiliate whether or not, relating to or arising under this Agreement or any other agreement with BNY or any BNY Affiliate. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations to BNY or such BNY Affiliate, BNY will have the right without notice to Customer to retain or set-off against any obligations any cash BNY or any BNY Affiliate may directly or indirectly hold, and any obligations (whether or not matured) that BNY or any BNY Affiliate may have in any currency. Any such cash or obligation may be transferred to BNY and any BNY Affiliate in order to effect the above rights. BNY will endeavor to notify Customer prior to any exercise of its set-off rights under this Agreement, if reasonably practicable under the circumstances, and in any event promptly thereafter.

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**9.6** **Currency Conversion** 

BNY is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 9.6 at BNY's own rate of exchange then prevailing.

**10.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**10.1** **Statements** 

BNY will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree upon from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

**10.2** **Books and Records** 

The books and records, directly pertaining to the Accounts, which are in the possession of BNY will be the property of Customer. Such books and records will be prepared and maintained as required by the 1940 Act and the rules thereunder. BNY will identify on its books and records the Assets belonging to Customer whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY or one of its nominees and will be segregated on BNY's books and records from BNY's own property. Customer and its authorized representatives will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the Accounts will be provided by BNY to Customer or its authorized representative.

**10.3** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that BNY will be receiving, utilizing and relying on Market Data and other data provided
by Customer and/or by third parties in connection with its performance of the services hereunder (collectively, "**Third Party Data** "). BNY is entitled to rely without inquiry on all Third Party Data provided to BNY hereunder (and
all Instructions related to Third Party Data), and BNY makes no assurances or warranties in relation to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as a result of any
Third Party Data that is inaccurate or incomplete. BNY may follow

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Instructions with respect to Third Party Data, even if such Instructions direct BNY to override its usual procedures and data sources or if BNY, in performing services for itself or others (including services similar to those performed for Customer), receives different Third Party Data for the same or similar Securities, Investment Files or Possessed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although statements and reports provided by BNY hereunder with respect to the Accounts may contain values of,
and pricing information in relation to, Securities, Investment Files or Possessed Securities held pursuant to this Agreement, BNY does not undertake any duty or responsibility under this Agreement to report such values or pricing information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain Market Data may be the intellectual property of Market Data Providers, which impose additional terms
and conditions upon Customer's use of such Market Data. Such additional terms and conditions can be found on the Data Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time.

**11.** **DISCLOSURES** 

**11.1** **Required Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Securities that are registered under the U.S. Securities Exchange Act of 1934, as amended, or
that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder Communications Act of 1985 (the "**Act**") requires BNY to disclose to issuers of such Securities, upon their request, the name, address and securities
position of BNY's clients who are "beneficial owners" (as defined in the Act) of the issuer's Securities, unless the beneficial owner objects to such disclosure. The Act defines a "beneficial owner" as any person
who has or shares the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security. Customer has designated on the signature page hereof whether (i) as beneficial owner, it objects to the disclosure
of its name, address and securities position to any U.S. issuer that requests such information pursuant to the Act for the specific purpose of direct communications between such issuer and Customer or (ii) it requires BNY to contact the
relevant investment manager with respect to relevant Securities to make the decision as to whether it objects to the disclosure of the beneficial owner's name, address and securities position to any U.S. issuer that requests such information
pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to certain Securities issued outside the United States, BNY may disclose information to issuers of
Securities as required by the organizational documents of the relevant issuer or in accordance with local market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any disclosure contemplated by this Section 11, Customer agrees to supply BNY with any
required information.

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**11.2** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate acting as a principal or otherwise through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any rules or limitations that may apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal counterparty on its own behalf and is not acting as a fiduciary or agent for, or on behalf of, Customer, an investment manager or any Account.

**11.3** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

**12.** **REGULATORY MATTERS** 

**12.1** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed such verification.

**12.2** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies and
procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant data with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or
outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors, officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that
is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions and (iii) will not,
directly or indirectly, use the Accounts in any manner that would result in a violation by Customer or BNY of Sanctions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that, in connection with the services provided by BNY under this Agreement,
each of Customer's investors is not a customer or joint customer with BNY. Customer (and not BNY) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each of its investors under all Anti-Money
Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors that includes the following:
(i) a know-your-customer program in order to understand and verify the identity of each investor, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance and
monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities with respect to each investor to the appropriate law enforcement and regulatory authorities and to BNY where related to the
services provided by BNY hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will promptly provide to BNY such information as BNY reasonably requests in connection with the
matters referenced in this Section 12.2, including information regarding (i) the Accounts, (ii) the Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, including
any investor, and (iv) Customer's anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including with respect to any investor, regardless of whether such request is made under USA
PATRIOT Act Section 314(b) (where applicable). Customer will cooperate with BNY and provide assistance reasonably requested by BNY in connection with any anti-money laundering and terrorist financing or Sanctions inquiries. Prior to delivering
to BNY the assets of any investor, Customer will obtain from each such investor, and will continue to maintain in effect throughout the term of this Agreement, any consents or waivers that may be required under applicable law in order to comply with
the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY may decline to act or provide services in respect of any Account, and take such other actions as it, in its
reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 12.2. If BNY declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable
law or official request, BNY will inform Customer as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) While Customer remains responsible for the matters set forth in Section 12.2(a) and Section 12.2(b),
it is noted that certain duties relating to such matters may be delegated by Customer to its transfer agent service provider.

**13.** **COMPENSATION** 

**13.1** **Fees and Expenses** 

In consideration of BNY's services provided hereunder, Customer will (a) pay to BNY the fees set forth in the agreed upon fee schedule (as such fee schedule may be amended by BNY from time to time upon sixty (60) days' prior written notice to Customer) and (b) reimburse BNY for any out-of-pocket and incidental expenses reasonably incurred and documented by BNY in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY's other rights set forth in this Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY to its institutional custody clients in the relevant currency.

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**13.2** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part of BNY's compensation, BNY will earn interest on Cash balances held
by BNY (including disbursement balances, balances arising from purchase and sale transactions and when Cash otherwise remains uninvested) as provided in BNY's compensation disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where an error or omission has occurred under this Agreement that results in an unintended gain, provided that
Customer is put in the same or equivalent position as it would have been in had such error or omission not occurred, any such gain will be solely for the account of BNY without any duty to report such gain to Customer.

**14.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**14.1** **BNY** 

BNY represents and warrants that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; (c) the individual executing this Agreement on its behalf has the requisite authority to bind BNY to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms; (d) that it is qualified to act as a custodian pursuant to Section 17(f)(1) of the 1940 Act as of the Effective Date and at all times shall maintain such qualifications, and that it shall confirm such qualification in writing to Customer upon the request of Customer; and (e) and that it is conducting its business in compliance with all applicable statutes, laws, rules and regulations applicable to it in connection with the services provided hereunder.

**14.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing in
its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; and (iii) the individual executing this Agreement on its behalf has
the requisite authority to bind Customer to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer represents, warrants and covenants that (i) it or the relevant investment manager has determined
that the custody arrangements of each Depository maintaining "Foreign Assets" (as defined in Rule 17f-5 under the 1940 Act) provide reasonable safeguards against the custody risks associated with
maintaining assets with such Depository within the meaning of Rule 17f-7 under the 1940 Act and (ii) it shall manage its borrowings, including without limitation any advance or overdraft (including any
daylight overdraft) in an Account, so that the aggregate of its total borrowings for Customer do not exceed the amount Customer is permitted to borrow under the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer represents and warrants that all actions taken, or to be taken, by or on behalf of Customer in
connection with establishing, maintaining, operating or terminating Customer (including, any offer, sale or distribution of the shares of, or interest in, Customer) shall be done in compliance with all applicable U.S. state and federal securities
laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer hereby represents, warrants and covenants, which shall be continuing and shall be deemed to be
reaffirmed upon each Instruction given by the applicable Customer, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Its delivery of Possessed Securities and Investment Files (and the Documentation therein) to BNY hereunder
complies with all applicable laws, rules and regulations, both state and federal, including all applicable anti-money laundering laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It will not include in Investment Files anything other than Documentation.

**15.** **LIABILITY** 

**15.1** **Standard of Care** 

In performing its duties under this Agreement, BNY will exercise the standard of care and diligence that a professional custodian would observe in these affairs (which for the avoidance of doubt means that BNY will act without gross negligence, fraud or willful misconduct) taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("**Standard of Care**").

**15.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's liability arising out of or relating to this Agreement will be limited solely to those direct
damages that are caused by BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care. In no event will BNY or Customer be liable for any indirect, incidental, consequential, exemplary, punitive or
special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this Agreement (whether or not foreseeable and even if BNY or Customer have been advised of the possibility of such losses or
damages) provided that Customer acknowledges and agrees that the obligations hereunder of Customer to BNY, described in Sections 13 and 15.4, shall not be considered special, indirect or consequential damages, or lost profits or loss of business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY be liable for any
losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's or an Authorized Person's decision to invest in or hold Assets, Investment Files or
Possessed Securities in any particular country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country; (B) a country's prevailing custody and settlement practices;
(C) nationalization,expropriation or other governmental actions; (D) a country's regulation of the banking or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations, fluctuations or
asset freezes; (F) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the transfer of Assets, Investment Files or Possessed Securities to, by or for the account of Customer or (G) market conditions
which affect the orderly execution of securities transactions or affect the value of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's reliance on Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY's receipt or acceptance of fraudulent, forged or invalid Securities, Investment Files or Possessed
Securities (or Securities, Investment Files or Possessed Securities which are otherwise not freely transferable or deliverable without encumbrance in any relevant market);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For any matter with respect to which BNY is required to act only upon the receipt of Instructions,
(A) BNY's failure to act in the absence of such Instructions or (B) Instructions that are late or incomplete or do not otherwise satisfy the requirements of Section 3.2(e), whether or not BNY acted upon such Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY receiving or transmitting any data to or from Customer or any Authorized Person via any non-secure method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Customer's or an Authorized Person's decision to invest in Securities, Investment Files or
Possessed Securities or to hold Cash in any currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The insolvency of any Person, including a Subcustodian that is not a BNY Affiliate, Depository, broker, bank or
a counterparty to the settlement of a transaction or to a foreign exchange transaction, except to the extent arising directly from BNY's failure to exercise the Standard of Care in selecting, retaining, and monitoring a Subcustodian that is
not a BNY Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any inability of BNY, a Subcustodian or any of their respective agents to file claims for exemptions or refunds
or otherwise obtain relief from Tax Obligations due to (A) Customer's failure to provide, or delay in providing, Tax Information to BNY, (B) any failure of Customer to comply with applicable tax laws, or (C) any failure or
refusal of any taxing authority to provide such relief; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The use of any third party appointed or selected by Customer, or by BNY at the express request of Customer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If BNY is in doubt as to any action it should or should not take, either pursuant to, or in the absence of,
Instructions, at BNY's expense, BNY may obtain the advice of either reputable counsel of its own choosing or counsel to Customer, and BNY will not be liable for acting in accordance with such advice.

**15.3** **Force Majeure** 

BNY will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control ("**Force Majeure Event**"). BNY shall give Customer written notice, to the extent it is reasonable and practicable to do so, describing the Force Majeure Event, the effect of the Force Majeure Event on BNY's ability to perform its obligations under this Agreement, and provide updates regarding the action it is taking to restore performance of its obligations.

**15.4** **Indemnification** 

Customer will indemnify and hold harmless BNY from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by BNY arising out of or relating to BNY's performance under this Agreement, except to the extent resulting from BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care. The Parties agree that the foregoing will include reasonable counsel fees and expenses incurred by BNY in its successful defense of claims that are asserted by Customer against BNY arising out of or relating to BNY's performance under this Agreement.

**16.** **CONFIDENTIALITY** 

**16.1** **Confidentiality Obligations** 

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates' reporting, research, product development and distribution and marketing purposes.

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**16.2** **Exceptions** 

The Parties' respective obligations under Section 16.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.

**17.** **TERM AND TERMINATION** 

**17.1** **Term** 

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**17.2** **Termination** 

Each Party may terminate this Agreement with respect to one or more Customer by giving to the counterparty a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice.

**17.3** **Effect of Termination** 

Upon termination hereof, Customer will pay to BNY such compensation as may be due to BNY, and will reimburse BNY for other amounts payable or reimbursable to BNY hereunder, through the date of termination. As soon as practical following the service of a termination notice (and in any case not less than 30 days before the termination of this Agreement), Customer will give BNY the details of the successor custodian or other person or persons to whom the Assets, Investment Files or Possessed Securities are to be transferred. BNY will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets, Investment Files, Possessed Securities and other items; provided that (a) BNY will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY of its compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Assets, Investment Files or Possessed Securities remain in any Account after termination, BNY may deliver to Customer such Assets, Investment Files or Possessed Securities. The terms of this Agreement (including the terms relating to fees payable to BNY) will continue to apply from day to day until any transferable Asset is transferred in accordance with this Section, except that no additional Cash, Investment Files, Possessed Securities or Securities may be deposited with BNY or any Subcustodian after such date other than with BNY's express prior consent, and Customer will have a continuing obligation to provide BNY as soon as possible with the details of the Person or Persons to whom the remaining Assets, Investment Files or Possessed Securities are to be transferred.

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**17.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 14 (Representations, Warranties and Covenants); Section 15 (Liability); Section 16 (Confidentiality); Section 17.3 (Effect of Termination); Section 17.4 (Survival) and Section 18.4 (Governing Law/Forum).

**18.** **GENERAL** 

**18.1** **Non-Custody Assets** 

At Customer's request pursuant to Instructions, subject to BNY's approval and as an accommodation to Customer, BNY will provide consolidated recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY ("**Non-Custody Assets**"). Non-Custody Assets will be designated on BNY's books as "assets not held in custody" or by other similar designation and will not constitute Assets, Investment Files or Possessed Securities for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY with respect to Non-Custody Assets; (b) BNY will rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY's books or set forth on account statements concerning Non-Custody Assets.

**18.2** **Assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate
any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, assign this Agreement or any of its rights, or delegate any of its
duties hereunder: (a) to any BNY Affiliate; (b) to any successor to the business of BNY to which this Agreement relates, in which event BNY agrees to provide notice of such successor to Customer or (c) as otherwise permitted in this
Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer pursuant to a foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian for a
registered investment company. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and
their respective permitted successors and assigns.

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**18.3** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**18.4** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New York (without regard to its conflicts of law provisions) will govern
all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party irrevocably agrees that all legal actions or proceedings brought by it against the other Party
arising out of or relating to this Agreement will be brought solely and exclusively before the state or federal courts situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction in such courts and waives any
objection which it may now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right to a jury trial with respect to any such
actions or proceedings.

**18.5** **Business Continuity/Disaster Recovery** 

BNY will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems,applications and employees that are critical to the provision of the services hereunder, and will be tested at least annually to validate whether the recovery strategies, requirements, and protocols are viable and sustainable.

**18.6** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**18.7** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) sent by hand delivery, by certified mail, return receipt requested, or by overnight delivery service, in each case with postage or charges prepaid. All notices given in accordance with this Section will be effective upon receipt.

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**18.8** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**18.9** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

**18.10** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

**18.11** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**18.12** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**18.13** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**18.14** **Severability** 

If at any time any provision of this Agreement becomes, or is deemed by an authority of competent jurisdiction to be, invalid, unenforceable or contrary to applicable law, neither the legality, validity or enforceability of the remaining provisions of the Agreement nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired by such provision. In such case, the Parties will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

*[Signature page follows]* 

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**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

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| | | | |
|:---|:---|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** | **Diameter Dynamic Credit Fund** | **Diameter Dynamic Credit Fund** |
| By: | /s/ Michael Gronsky | By: | /s/ Michael Cohn |
| Name: | Michael Gronsky | Name: | Michael Cohn |
| Title: | Senior Vice President | Title: | General Counsel |
| Date: | Oct 13, 2025 | Date: | Oct 10, 2025 |

---

---

| | |
|:---|:---|
| **Address for Notice:**<br>| **Address for Notice:**<br>|
| The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286<br> Attention: | Diameter Dynamic Credit Fund<br> 50 Hudson Yards, Suite 6600A,<br> New York, NY 10001<br> Attention: General Counsel;<br> <u>legal@diametercap.com</u> |
| The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286<br> Attention: | Diameter Dynamic Credit Fund<br> 50 Hudson Yards, Suite 6600A,<br> New York, NY 10001<br> Attention: General Counsel;<br> <u>legal@diametercap.com</u> |
| The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286<br> Attention: | Diameter Dynamic Credit Fund<br> 50 Hudson Yards, Suite 6600A,<br> New York, NY 10001<br> Attention: General Counsel;<br> <u>legal@diametercap.com</u> |
| The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, NY 10286<br> Attention: | Diameter Dynamic Credit Fund<br> 50 Hudson Yards, Suite 6600A,<br> New York, NY 10001<br> Attention: General Counsel;<br> <u>legal@diametercap.com</u> |

---

Pursuant to Section 11.1(a):

[ ] as beneficial owner, Customer OBJECTS to disclosure

[ ] as beneficial owner, Customer DOES NOT OBJECT to disclosure

[ ] BNY will CONTACT THE RELEVANT INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it objects to disclosure

IF NO BOX IS CHECKED, BNY <u>WILL RELEASE</u> SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.

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**APPENDIX I** 

Diameter Dynamic Credit Fund

## Ex-99.(K)(1)

**Exhibit (k)(1)** 

**Services Agreement** 

This Services Agreement (the "<u>Agreement</u>") is entered into and effective as of August 8, 2025 (the "<u>Effective Date</u>") by and among:

1. **ALPS Fund Services, Inc.**, a corporation incorporated in the State of Colorado (" <u>SS&C ALPS</u> "), **DST Asset Manager Solutions, Inc.**, a corporation incorporated in the Commonwealth of Massachusetts (" <u>SS&C DST</u> "), **SS&C GIDS, Inc.**, a corporation incorporated in the State of Delaware
(" <u>SS&C GIDS</u> "), **SS&C Technologies, Inc.**, a corporation incorporated in the State of Delaware (" <u>SS&C Tech</u> " and, collectively with SS&C ALPS, SS&C DST and SS&C GIDS,
" <u>SS&C</u> ");

2. **Diameter Dynamic Credit Fund**, a Delaware statutory trust, registered under the Investment Company Act of
1940, as amended (" <u>1940 Act</u> "), as a non-diversified, closed-end management investment company that is operated as an interval fund pursuant to Rule 23c-3 of the 1940 Act (the " <u>Fund</u> ").

SS&C and Fund each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

**1.**  **<u>Definitions; Interpretation</u>** 

1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Business Day</u>" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Client Data</u>" means all data of Fund, including data related to securities trades and other transaction data, investment returns, issue descriptions, and Market Data provided by Fund and all output and derivatives thereof, necessary to enable SS&C to perform the Services, but excluding SS&C Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Confidential Information</u>" means any information about Fund, Management or SS&C, including this Agreement, except for information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Data Supplier</u>" means a supplier of Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to Fund, all minutes of meetings of the board of trustees or analogous governing body and of shareholders meetings, and any registration statements, offering memorandum, subscription materials, board or committee charters, policies and procedures, investment advisory agreements, other material agreements, and other disclosure or operational documents utilized by Fund in connection with the offering of any of its securities or interests to investors, all as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Management</u>" means the Fund's officers, trustees, employees, and then current investment adviser and sub-advisor(s) (if any), including any officers, directors, employees or agents of the then current investment adviser and sub-advisor(s) (if applicable) who are responsible for the day-to-day operations and management of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Market Data</u>" means third party market and reference data, including pricing, valuation, indexes, ratings, security master, corporate action and related data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Services</u>" means the services listed in <u>Schedule A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>SS&C Associates</u>" means SS&C and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>SS&C Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by SS&C in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules and appendices hereto. In the event of a conflict between this Agreement and such schedules or appendices, the former shall control.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

**2.**  **<u>Services and Fees</u>** 

2.1. Subject to the terms of this Agreement, SS&C will perform the Services set forth in <u>Schedule A</u> for Fund. SS&C shall be under no duty or obligation to perform any service except as specifically listed in <u>Schedule A</u> or take any other action except as specifically listed in <u>Schedule A</u> or this Agreement, and no other duties or obligations, including, valuation related, fiduciary or analogous duties or obligations, shall be implied. Fund requests to change the Services, including those necessitated by a change to the Governing Documents of Fund or a change in applicable Law, will only be binding on SS&C when they are reflected in an amendment to <u>Schedule A</u>.

2.2. Fund agrees to pay the fees, charges and expenses set forth in the fee letter(s) (a "<u>Fee Letter</u>"), which may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement and subject to the terms of this Agreement.

2.3. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may be delegated by SS&C to one or more of its Affiliates or other Persons (and any required Fund consent to such delegation shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such Persons are selected in good faith and with reasonable care and are monitored by SS&C. If SS&C delegates any Services, (i) such delegation shall not relieve SS&C of its duties and obligations hereunder, (ii) in respect of personal data, such delegation shall

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be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of SS&C, and (iii) if required by applicable Law, SS&C will identify such agents and the Services delegated and will update Fund when making any material changes in sufficient detail to provide transparency and to enable Fund to object to a particular arrangement.

**3.**  **<u>Fund Responsibilities</u>** 

3.1. The management and control of Fund are vested exclusively in Fund's board of trustees (the "<u>Board</u>") and, as delegated by the Board, certain Management entities, subject to the terms and provisions of Fund's Governing Documents. Fund and its Management is responsible for and will make all decisions, perform all management functions relating to the operation of Fund, and shall authorize and are responsible for all transactions. Without limiting the foregoing, Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy, and accept responsibility for the results, of the Services, review and approve all reports, analyses and records resulting from the Services and promptly inform SS&C of any errors it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide, or cause to be provided, and accept responsibility for, valuations of Fund's assets and liabilities in accordance with Fund's written valuation policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Provide SS&C with timely and accurate information including trading and Fund investor records, valuations and any other items reasonably requested by SS&C in order to perform the Services and its duties and obligations hereunder.

3.2. The Services, including any services that involve price comparison to vendors and other sources, model or analytical pricing or any other pricing functions, are provided by SS&C as a support function to Fund and do not limit or modify Fund's responsibility for determining the value of Fund's assets and liabilities.

3.3. Fund is solely and exclusively responsible for ensuring that it complies with applicable Law and its Governing Documents. It is Fund's responsibility to provide all final Governing Documents as of the Effective Date or as soon as practicable thereafter. Fund will notify SS&C in writing of any changes to its Governing Documents that may materially impact the Services and/or that affect Fund's investment strategy, liquidity or risk profile in any material respects prior to such changes taking effect. Except as otherwise set forth in Schedule A, Section D, CCO Services, SS&C is not responsible for monitoring compliance by Fund or Management with (i) applicable Law, (ii) Fund's Governing Documents or (iii) any investment restrictions.

3.4. In the event that Market Data is supplied to or through SS&C Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by Fund in connection with the Services and (ii) not be disseminated by Fund or used to populate internal systems in lieu of obtaining a data license. Notwithstanding the forgoing, Fund or Management may be required to enter into agreements with Data Suppliers directly in order for SS&C to provide Market Data to Fund or Management in connection with the Services. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice. Notwithstanding anything in this Agreement to the contrary, neither SS&C nor any Data Supplier shall be liable to Fund or any other Person for any Losses with respect to Market Data, reliance by SS&C Associates or Fund on Market Data or the provision of Market Data in connection with this Agreement.

3.5. Fund shall deliver, and use commercially reasonable efforts to ensure that its agents, prime brokers, counterparties, brokers, counsel, advisors, auditors, clearing agents, and any other Persons acting on its behalf promptly deliver, to SS&C, all Client Data and the then most current version of all Fund Governing Documents and any other material agreements relating to Fund. Fund shall deliver or arrange with each such Person to deliver such information and materials on a timely basis, and SS&C will not be required to enter any agreements with that Person in order for SS&C to provide the Services. For the avoidance of doubt, SS&C's ability to perform the Services is subject to the dependencies in Schedule A, Section A3.

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3.6. Notwithstanding anything in this Agreement to the contrary, so long as they act in good faith SS&C Associates shall be entitled to rely on the authenticity, completeness and accuracy of any and all information and communications of whatever nature received by SS&C Associates in connection with the performance of the Services and SS&C's duties and obligations hereunder, without further enquiry or liability.

3.7. Notwithstanding anything in this Agreement to the contrary, if SS&C is in doubt as to any action it should or should not take in its provision of Services, SS&C Associates may request directions, advice or instructions from Fund, or as applicable, Management, custodian or other service providers. If SS&C is in doubt as to any question of law pertaining to any action it should or should not take, Fund will make available to and SS&C Associates may request advice from counsel for any of Fund, Fund's independent board members, its officers, or Management (including its investment adviser or sub-adviser), each at Fund's reasonable expense.

3.8. Fund agrees that, to the extent applicable, if officer position(s) are filled by SS&C Associates, such SS&C Associate(s) shall be covered by Fund's Directors & Officers/Errors & Omissions Policy (the "<u>Policy</u>"), and Fund shall use reasonable efforts to ensure that such coverage be (i) reinstated should the Policy be cancelled; (ii) continued after such officer(s) cease to serve as officer(s) of Fund on substantially the same terms as such coverage is provided for the other persons serving as officers of Fund after such persons are no longer officers of Fund; or (iii) continued in the event Fund merges or terminates, on substantially the same terms as such coverage is continued for the other Fund officers (but, in any event, for a period of no less than six years). Fund shall provide SS&C with proof of current coverage, including a copy of the Policy, and shall notify SS&C immediately should the Policy be cancelled or terminated.

**4.**  **<u>Term</u>** 

4.1. The initial term of this Agreement will be from the Effective Date through the date ending 2 years following the Effective Date ("<u>Initial Term</u>"). Thereafter, this Agreement will automatically renew for successive terms of 1 year each unless either SS&C or Fund provides the other with a written notice of termination at least 90 calendar days prior to the commencement of any successive term (such periods, in the aggregate, the "<u>Term</u>").

**5.**  **<u>Termination</u>** 

5.1. SS&C or Fund also may, by written notice to the other, terminate this Agreement if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The other Party breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 30 calendar days after the non-breaching Party gives the other Party written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The other Party (i) liquidates, terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee, receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, (iv) where the other Party is Fund, if it becomes subject to a material Action or an Action that SS&C reasonably determines could cause SS&C reputational harm (including any Action against a Management, investment adviser, sub-adviser or other service providers of Fund), or (v) where the other Party is Fund, material changes in Fund's Governing Documents or the assumptions set forth in Section 1 of Fee Letter are determined by SS&C, in its reasonable discretion, to materially affect the Services or to be materially adverse to SS&C.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 90 calendar days after the event.

5.2. Upon delivery of a termination notice from Fund, subject to the receipt by SS&C of all then-due fees, charges and expenses, including any fees remaining for the balance of the unexpired portion of the Term, as noted in Section 5.3, SS&C shall continue to provide the Services up to the effective date of the termination notice; thereafter, SS&C shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to <u>Schedule A</u> executed by SS&C. In the event of the termination of this Agreement, SS&C shall provide exit assistance by promptly supplying requested Client Data to Fund, or any other Person(s) designated by such entities, in formats already prepared in the course of providing the Services; provided that all fees, charges and expenses have been paid, including any minimum fees set forth in Fee Letter for the balance of the unexpired portion of the Term. In the event that Fund wishes to retain SS&C to perform additional transition or related post-termination services, including, but not limited to, providing data and reports in new formats, performing work, committing resources, or reporting deliverables after the termination date, the applicable entity and SS&C shall agree in writing to the additional services and related fees and expenses in an amendment to <u>Schedule A</u> and/or Fee Letter, as appropriate. Should either Party exercise its right to terminate, all out-of-pocket expenses or costs associated with the movement of records and material will be borne by Fund.

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5.3. The Fund may terminate this Agreement for convenience at any time, provided that if Fund elects to terminate this Agreement prior to the end of the Term, Fund agrees to pay an amount equal to the average monthly fee paid by Fund to SS&C under the Agreement multiplied by the number of months remaining in the Term. To the extent any services are performed by SS&C for Fund after the termination of this Agreement, all of the provisions of this Agreement except portions that are inapplicable to such continuing services shall survive the termination of this Agreement for so long as those services are performed.

5.4. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.2., 5.2 (as applicable), 6, 8, 9, 10, 11, 12 and 13 of this Agreement shall survive the termination of this Agreement. To the extent any services that are Services are performed by SS&C for Fund or Management after the termination of this Agreement all of the provisions of this Agreement except <u>Schedule A</u> shall survive the termination of this Agreement for so long as those services are performed.

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

6.1. Notwithstanding anything in this Agreement to the contrary, SS&C Associates shall not be liable to Fund or Management for any action or inaction of any SS&C Associate except to the extent of direct Losses finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of SS&C in the performance of SS&C's duties or obligations under this Agreement. Under no circumstances shall SS&C Associates be liable to Fund or Management for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Fund and Management shall indemnify, defend and hold harmless SS&C Associates from and against Losses (including legal fees and costs to enforce this provision) that SS&C Associates suffer, incur, or pay as a result of any Third Party Claim or Claim among the Parties, except to the extent it is finally determined by a court of competent jurisdiction that such Losses resulted solely from the gross negligence, willful misconduct or fraud of SS&C Associates in the performance of SS&C's duties or obligations under this Agreement. Any expenses (including legal fees and costs) incurred by SS&C Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by Fund on a quarterly basis prior to the final disposition of such matter upon receipt by Fund of an undertaking by SS&C to repay such amount if it shall be determined that an SS&C Associate is not entitled to be indemnified. The maximum amount of cumulative liability of SS&C Associates to Fund and Management for Losses arising out of the subject matter of, or in any way related to, this Agreement shall not exceed the fees paid by that Fund or Management entity to SS&C under this Agreement for the most recent 12 months immediately preceding the date of the event giving rise to the Claim.

6.2. With the exception of Market Data, SS&C shall indemnify, defend, and hold harmless Fund and its Affiliates, members, shareholders, trustees, officers, partners and employees from and against Losses (including reasonable legal fees and costs to enforce this provision) that Fund or its Affiliates suffer, incur, or pay as a result of any Claim brought by a third party that the Services infringe, or cause the infringement of, the intellectual property rights of a third party, except to extent such infringement is a result of or arises out of (i) improper use of the Services or any SS&C Property by Fund or its Affiliates, (ii) modifications to the Services or SS&C Property made by Fund or its Affiliates not previously authorized in writing by SS&C, (iii) Fund or its Affiliates not complying with instructions or designs required by SS&C, (iv) use of the Services or SS&C Property by Fund or its Affiliates in breach of this Agreement, or (v) the combination of the Services or SS&C Property by Fund or its Affiliates with products or systems other than those provided for use with the Services by, or authorized in writing by, SS&C. SS&C may discharge its indemnity obligation by, at its sole option and expense (a) procuring any right to allow Fund to continue to receive the infringing part of the Services, (b) modifying, amending or replacing the infringing part of the Services with other services that deliver substantially the same capabilities, or (c) terminating the infringing part of the Services, provided that SS&C shall in such case refund any fees paid in advance by the Fund with respect thereto.

**7.**  **<u>Representations and Warranties</u>** 

7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created, and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Save for access to and delivery of Market Data that is dependent on Data Suppliers and may be interrupted or discontinued with or without notice, it has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

7.2. Fund represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the Governing Documents of Fund and other corporate actions thereof; (ii) it is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware and is registered with the SEC as a non-diversified, closed-end management investment company; (iii) it is empowered under applicable laws and by its Governing Documents to enter into and perform this Agreement; (iv) the Board has duly authorized it to enter into and perform this Agreement; and (v) it will promptly notify SS&C of (1) any Action against it, Management and its investment adviser or sub-adviser and (2) changes (or pending changes) in applicable Law with respect to Fund that are relevant to the Services.

7.3. SS&C represents and warrants to Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the best of its knowledge, no legal or administrative proceedings have been instituted or threatened which would impair SS&C's ability to perform the Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has and will continue to have and maintain the necessary facilities, equipment and personnel to perform its duties and obligations as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has implemented and maintains commercially reasonable business continuity policies and procedures with respect to the Services, will provide Fund with a summary of its business continuity policies and will test its business continuity procedures at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) SS&C GIDS represents that it is registered, and at all times during the term of this Agreement shall be registered, as a transfer agent as required under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and the rules and regulations thereunder as applicable to SS&C GIDS' role as a transfer agent to Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) SS&C maintains: (i) Commercial General Liability insurance in commercially reasonable amounts, (ii) Workers' Compensation and Employers' Liability insurance, in each case to the extent required by applicable law, covering all SS&C Associates performing services, and (iii) Professional Liability (Errors & Omissions and Cyber Liability) insurance coverage in commercially reasonable amounts.

**8.**  **<u>Client Data</u>** 

8.1. Fund or Management (i) will provide or ensure that other Persons provide all Client Data to SS&C in an electronic format that is acceptable to SS&C (or as otherwise agreed in writing) and (ii) confirm that each has the right to so share such Client Data. As between SS&C and Fund, all Client Data shall remain the property of Fund to which such Client Data relate. Client Data shall not be used or disclosed by SS&C other than in connection with providing the Services and as permitted under Section 11.5. SS&C shall be permitted to act upon instructions from Fund with respect to the disclosure or disposition of Client Data related to Fund, but may refuse to act upon such instructions where it doubts, in good faith, the authenticity or authority of such instructions.

8.2. SS&C shall maintain and store material Client Data used in the official books and records of Fund for a rolling period of 7 years starting from the Effective Date, or such longer period as required by applicable Law or its internal policies.

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**9.**  **<u>Data Protection</u>** 

9.1. From time to time and in connection with the Services SS&C may obtain access to certain personal data from Fund, Management or from Fund investors and prospective investors. Personal data relating to Fund, Management and their respective Affiliates, members, shareholders, directors, officers, partners, employees and agents and of Fund investors or prospective investors will be processed by and on behalf of SS&C. Fund and Management consent to the transmission and processing of such data outside the jurisdiction governing this Agreement in accordance with applicable Law.

9.2. Without prejudice to SS&C's obligations under Section 9.1, SS&C will implement and maintain (a) a written information security program which shall be reviewed by SS&C at least annually and (b) policies and procedures that are reasonably designed to protect against unauthorized access to or use of Client Data maintained by SS&C that could result in material harm or inconvenience to Fund and Management, or Fund investors. SS&C shall provide a summary of such written information security program to Fund or Management upon written request.

9.3. Without prejudice to SS&C's obligations under Section 9.1, SS&C will promptly investigate material incidents of unauthorized access to or loss of Client Data maintained by SS&C (a "<u>Data Breach</u>") and, unless prohibited by applicable Law or if, as permitted by applicable Law it would compromise SS&C's investigation, promptly notify Fund as soon as reasonably practicable after becoming aware of any Data Breach (provided SS&C will notify Fund of the breach promptly after the investigation is no longer compromised). SS&C acknowledges that Fund is responsible for making notifications related to a Data Breach that are required by applicable Law, and SS&C will work with Fund in good faith to effect such notifications. SS&C will seek to implement corrective action to respond to Data Breaches and prevent future occurrences, and will report to Fund (or Management on behalf of Fund) the corrective actions. SS&C will reasonably cooperate with Fund (or Management on behalf of Fund) in the event of any Government Authority inquiry related to or arising out of a Data Breach.

9.4. At the request of Fund, on an annual basis and subject to a written disclaimer and indemnity, SS&C will provide Fund (or Management on behalf of Fund) with a copy of its reports prepared under Statement on Standards for Attestation Engagements No.18., Service Organization Controls 1 (SOC1), as applicable to the Services.

**10.**  **<u>SS&C Property</u>** 

10.1. SS&C Property is and shall remain the property of SS&C or, when applicable, its Affiliates or suppliers. Neither Fund nor Management nor any other Person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any SS&C Property, except as specifically set forth herein. Fund shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by SS&C to receive the same, any information concerning the SS&C Property and shall use reasonable efforts to prevent any such disclosure.

**11.**  **<u>Confidentiality</u>** 

11.1. Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

11.2. Each Party may disclose the other Party's Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of Fund, to each of Management, its Affiliates, members, shareholders, directors, officers,
partners, employees and agents (" <u>Fund Representative</u> ") who need to know such information for the purpose of carrying out its duties under, or receiving the benefits of or enforcing, this Agreement. Fund shall ensure compliance by
Fund Representatives with Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of SS&C, to Fund and each SS&C Associate, Fund Representative, investor, Fund or Management
bank or broker, Fund or Management counterparty or agent thereof, or payment infrastructure provider who needs to know such information for the purpose of carrying out SS&C's duties under or enforcing this Agreement. SS&C shall ensure
compliance by SS&C Associates with Section 11.1 but shall not be responsible for such compliance by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As may be required by Law or pursuant to legal process; provided that the disclosing Party (i) where
reasonably practicable and to the extent legally permissible, provides the other Party with prompt written notice of the required disclosure so that the other Party may seek a protective order or take other analogous action, (ii) discloses no
more of the other Party's Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions of the other Party in seeking to protect its Confidential Information at that Party's expense.

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11.3. Neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for the longer of (i) 7 years or (ii) as required by Law or its internal policies.

11.4. SS&C's ultimate parent company is subject to U.S. federal and state securities Law and may make disclosures as it deems necessary to comply with such Law. SS&C shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of SS&C in connection with the Services.

11.5. Upon the prior written consent of Fund, SS&C shall have the right to identify Fund in connection with its marketing-related activities and in its marketing materials as a client of SS&C. Upon the prior written consent of SS&C, which shall not be unreasonably delayed, withheld or conditioned, Fund or Management shall have the right to identify SS&C and to describe the Services and the material terms of this Agreement in the offering documents of Fund. This Agreement shall not prohibit SS&C from using any Fund data (including Client Data) in tracking and reporting on SS&C's clients generally or making public statements about such subjects as its business or industry; provided that Fund is not named in such public statements without its prior written consent. If the Services include the distribution by SS&C of notices or statements to investors, SS&C may, upon advance notice to Fund, include reasonable notices describing those terms of this Agreement relating to SS&C and its liability and the limitations thereon; if investor notices are not sent by SS&C but rather by Fund or some other Person, Fund will reasonably cooperate with any request by SS&C to include such notices. Fund shall not, in any communications with any Person, whether oral or written, make any representations stating or implying that SS&C is (i) providing valuations with respect to the securities, products or services of Fund or Management, or verifying any valuations, (ii) verifying the existence of any assets in connection with the investments, products or services of Fund or Management, or (iii) acting as a fiduciary, investment advisor, tax preparer or advisor, custodian or bailee with respect to Fund, Management or any of their respective assets, investors or customers.

11.6. In the event the Fund obtains information from SS&C or the TA2000 System which is not intended for the Fund, the Fund agrees to (i) immediately, and in no case more than twenty-four (24) hours after discovery thereof, notify SS&C that unauthorized information has been made available to the Fund; (ii) not knowingly review, disclose, release, or in any way, use such unauthorized information; (iii) provide SS&C reasonable assistance in retrieving such unauthorized information and/or destroy such unauthorized information; and (iv) deliver to SS&C a certificate executed by an authorized officer of the Fund certifying that all such unauthorized information in the Fund's possession or control has been delivered to SS&C or destroyed as required by this provision.

**12.**  **<u>Notices</u>** 

12.1. Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier, (iv) by any confirmed facsimile or (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

**If to SS&C (to each of):** 

SS&C Technologies, Inc.

4 Times Square, 6<sup>th</sup> Floor

New York, New York 10036

Attention: Chief Operating Officer

General Counsel

E-mail: <u>notices@sscinc.com</u>

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**If to Fund or Management:** 

Diameter Dynamic Credit Fund

50 Hudson Yards, Suite 6600A

New York, New York 10001

Attention: General Counsel

E-mail: legal@diametercap.com

**13.**  **<u>Miscellaneous</u>** 

13.1. <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No SS&C Associate has authority to bind SS&C in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2. <u>Assignment</u>. Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by Fund, in whole or in part, whether directly or by operation of Law, without the prior written consent of SS&C. SS&C may assign or otherwise transfer this Agreement: (i) to a successor in the event of a change in control of SS&C, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of SS&C's business. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void. If SS&C assigns or otherwise transfers this Agreement to a third-party other than an Affiliate without Fund consent, Fund may terminate this Agreement by written notice to SS&C within 90 days of receiving notice of such assignment or transfer, subject to SS&C's right within 30 calendar days of such notice to rescind such assignment or transfer.

13.3. <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the State of New York. The courts of the State of New York and the United States District Court for the Southern District of New York shall have exclusive jurisdiction to settle any Claim. Each Party submits to the exclusive jurisdiction of such courts and waives to the fullest extent permitted by Law all rights to a trial by jury.

13.4. <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5. <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of SS&C Associates related to the Services and the subject matter of this Agreement, and no SS&C Associate shall have any liability to Fund, Management or any other Person for, and Fund and Management hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory.

13.6. <u>Force Majeure</u>. Neither Party will be responsible for any Losses of property in its possession or for any failure to fulfill its duties or perform any of its obligations hereunder to the extent that such Loss, delays or failures are due to war, terrorist or analogous action, the act of any Government Authority or other authority, riot, civil commotion, rebellion, storm, accident, fire, lockout, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous event to the extent outside a Party's reasonable control. Each Party shall use commercially reasonable efforts to minimize the effects on the Services of any such event, including maintaining procedures for the safekeeping and security of information relating to the other Party.

13.7. <u>Non-Exclusivity</u>. The duties and obligations of SS&C hereunder shall not preclude SS&C from providing services of a comparable or different nature to any other Person. Fund understands that SS&C may have relationships with Data Suppliers and providers of technology, data or other services to Fund and SS&C may receive economic or other benefits in connection with the Services provided hereunder.

13.8. <u>No Partnership</u>. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

13.9. <u>No Solicitation</u>. During the term of this Agreement and for a period of 12 months thereafter, neither Fund nor Management will directly or indirectly solicit the services of, or otherwise attempt to employ or engage any employee of SS&C or its Affiliates without the consent of SS&C; provided, however, that the foregoing shall not

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prevent Fund or Management from soliciting employees through general advertising not targeted specifically at any or all SS&C Associates. If Fund or Management employs or engages any SS&C Associate during the term of this Agreement or the period of 12 months thereafter, such entity shall pay for any fees and expenses (including recruiters' fees) incurred by SS&C or its Affiliates in hiring replacement personnel as well as any other remedies available to SS&C.

13.10. <u>No Warranties</u>. Except as expressly listed herein, SS&C and each Data Supplier make no warranties, whether express, implied, contractual or statutory with respect to the Services or Market Data. SS&C disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.11. <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.12. <u>Testimony</u>. If SS&C is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement or the operations of Fund in any Action to which Fund or Management is a party or otherwise related to Fund or Management, Fund and Management shall reimburse SS&C for all costs and expenses, including the time of its professional staff at SS&C's standard rates and the cost of legal representation, that SS&C reasonably incurs in connection therewith.

13.13. <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person except as set forth with respect to SS&C Associates and Data Suppliers.

13.14. <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

13.15. <u>Certain Third Party Vendors.</u> Nothing herein shall impose any duty upon SS&C in connection with or make SS&C liable for the actions or omissions to act of the following types of unaffiliated third parties: (a) courier and mail services including, but not limited to, Airborne Services, Federal Express, UPS and the U.S. Mails, (b) telecommunications companies including, but not limited to, AT&T, Verizon, Sprint, and other delivery, telecommunications and other such companies not under the Party's reasonable control, and (c) third parties not under the Party's reasonable control or subcontract relationship providing services to the financial industry generally, such as, by way of example and not limitation, the Depository Trust Clearing Corporation (processing and settlement services), Broadridge Financial Services (investor communications), the Fund custodian banks (custody and fund accounting services) and administrators (blue sky and Fund administration services), Data Suppliers, and national database providers such as Choice Point, Acxiom, TransUnion or Lexis/Nexis and any replacements thereof or similar entities, provided, if SS&C selected such Fund, SS&C shall have exercised due care in selecting the same. Such third party vendors shall not be deemed, and are not, subcontractors for purposes of this Agreement.

**\* \* \*** 

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This Agreement has been entered into by the Parties as of the Effective Date.

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| | |
|:---|:---|
|  **ALPS Fund Services, Inc.**<br> **DST Asset Manager Solutions, Inc.**<br> **SS&C GIDS, Inc.**<br> **SS&C Technologies, Inc.** | **Diameter Dynamic Credit Fund** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

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**Schedule A** 

**Services** 

**A.**  **<u>General</u>** 

1. As used in this <u>Schedule A</u>, the following additional terms have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>ACH</u> " shall mean the Automated Clearing House;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>AML</u> " means anti-money laundering and countering the financing of terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Bank</u> " shall mean a nationally or regionally known banking institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Blue Sky</u> " shall mean the various statutes and regulations of the states, District of
Columbia, Puerto Rico, and the United States Virgin Islands governing the offer and sales of mutual funds and the related compliance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) " <u>Code</u> " shall mean the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) " <u>DTCC</u> " shall mean the Depository Trust Clearing Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) " <u>investor</u> " or " <u>securityholder</u> " means an equity owner in Fund, whether a
limited liability company interest holder in a limited liability company, a shareholder in a company, a partner in a partnership, a unitholder in a trust or otherwise. A " <u>prospective investor</u> " means an applicant to become an
investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) " <u>IRA</u> " shall mean Individual Retirement Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) " <u>NAV</u> " means net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) " <u>OFAC</u> " means the Office of Foreign Assets Control, an agency of the United States Department
of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) " <u>Procedures</u> " shall collectively mean SS&C GIDS's transfer agency procedures
manual, third party check procedures, checkwriting draft procedures, Compliance + and identity theft programs and signature guarantee procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) " <u>Program</u> " shall mean Networking, Fund Serv or other DTCC program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) " <u>Sales Feed</u> " shall mean a data file in industry standard format sent by a third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) " <u>TA2000 System</u> " shall mean SS&C GIDS's TA2000<sup>TM</sup> computerized data processing system for shareholder accounting.

2. Any references to Law shall be construed to the Law as amended to the date of the effectiveness of the
applicable provision referencing the Law.

3. Fund and Management acknowledge that SS&C's ability to perform the Services is subject to the
following dependencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund, Management and other Persons that are not employees or agents of SS&C whose cooperation is reasonably
required for SS&C to provide the Services providing cooperation, information and, as applicable, instructions to SS&C promptly, in agreed formats, by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The communications systems operated by Fund, Management and other Persons that are not employees or agents of
SS&C remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The accuracy and completeness of any Client Data or other information provided to SS&C Associates in
connection with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fund and Management informing SS&C on a timely basis of any modification to, or replacement of, any
agreement to which it is a party that is relevant to the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any warranty, representation, covenant or undertaking expressly made by Fund or Management under or in
connection with this Agreement being and remaining true, correct and discharged at all relevant times.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) SS&C's timely receipt of the then most current version of Fund Governing Documents and required
implementation documentation, including authority certificate, profile questionnaire and accounting preferences, and SS&C Web Portal and other application User information.

4. Notwithstanding anything in this Agreement to the contrary, SS&C DST is responsible for providing the
Service listed under Section H "Blue Sky Filing Services," SS&C GIDS is responsible for providing the Services listed under Section E "Shareholder Recordkeeping, Transfer Agency and Investor Relations" and Section F
"AML," SS&C Tech is responsible for providing the Services listed under Section B4 "Tax Administration" and Section G "Loan Servicing," while SS&C ALPS is responsible for providing all other Services.

5. The following Services will be performed by SS&C and, as applicable, are contingent on the performance by
Fund and Management of the duties and obligations listed.

**B.**  **<u>Registered Fund Accounting and Administration (applicable to Fund only and not to separate sleeves, subsidiaries or special purpose vehicles)</u>** 

1. **Fund Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate daily NAVs as required by Fund and in conformance with generally accepted accounting principles
(" <u>GAAP</u> "), SEC Regulation S-X (or any successor regulation) and the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transmit NAVs to investment adviser, NASDAQ, Transfer Agent & other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Reconcile cash & investment balances with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide data and reports to support preparation of financial statements and filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare required Fund Accounting records in accordance with the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Obtain and apply security valuations as directed and determined by Fund consistent with Fund's pricing
and valuation policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Participate, when requested, in Fair Value Committee meetings as a non-voting member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Calculate monthly SEC standardized total return performance figures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Coordinate reporting to outside agencies including Morningstar, etc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Prepare and file Form N-PORT

2. **Fund Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepare annual and semi-annual financials statements utilizing templates for standard layout and printing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare Forms N-CEN, N-CSR, N-PX and 24F-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Host annual audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prepare required reports for quarterly Board meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Monitor expense ratios, expense support and recoupment calculations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Maintain budget vs. actual expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Manage fund invoice approval and bill payment process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Post Trade Compliance</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Perform daily prospectus & SAI, SEC investment restriction monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provide warning/Alert notification with supporting documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide quarterly compliance testing certification to Board.

3. **Legal Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Coordinate the preparation of repurchase offer notices and circulation of draft notices to client, Fund
counsel, internal personnel and Transfer Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Coordinate annual updates to 1 prospectus and 1 statement of additional information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Coordinate standard layout and printing of prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) File Forms N-CSR, N-PX and N-23c-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Coordinate EDGARization and filing of above referenced SEC documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Compile and distribute quarterly board meeting materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Attend quarterly board meetings telephonically and prepare first draft of quarterly meeting minutes (special
board meetings will incur additional project fees per hour at SS&C's standard rates)

4. **Tax Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate dividend and capital gain distribution rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare ROCSOP and required tax designations for Annual Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prepare and coordinate filing of income and excise tax returns (audit firm to sign all returns as paid
preparer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Calculate/monitor book-to-tax differences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide quarterly Subchapter M asset diversification compliance monitoring and reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provide annual Subchapter M gross income test information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Provide tax re-allocation data for shareholder 1099 reporting

**Notes and Terms to Fund Accounting and Administration Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SS&C ALPS agrees to maintain at all times 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 provided hereunder, and shall provide to Fund a certification to such effect no less frequently than annually
or as otherwise reasonably requested by Fund. SS&C ALPS shall make available its compliance personnel and shall provide at its own expense summaries and other relevant materials relating to such program as reasonably requested by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Portfolio compliance with: (i) the investment objective and certain policies and restrictions as disclosed
in Fund's prospectus and statement of additional information, as applicable; and (ii) certain SEC rules and regulations (collectively, " <u>Portfolio Compliance</u> ") is required daily and is the responsibility of Fund or its
Management, as applicable. SS&C ALPS will perform Portfolio Compliance testing (post-trade, daily on a T+2 basis) to test Fund's Portfolio Compliance (the "Portfolio Compliance Testing"). The frequency and nature of the
Portfolio Compliance Testing and the methodology and process in accordance with which the Portfolio Compliance Testing are conducted, are mutually agreed to between SS&C ALPS and Fund. SS&C ALPS will report violations, if any, to
Fund's Chief Compliance Officer as promptly as practicable following discovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SS&C ALPS independently tests Portfolio Compliance based upon information contained in the source reports
received by SS&C ALPS' fund accounting department and supplemental data from certain third-party sources. As such, Portfolio Compliance Testing performed by SS&C ALPS is limited by the information contained in Fund accounting source
reports and supplemental data from

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third-party sources. Fund agrees and acknowledges that SS&C ALPS' performance of the Portfolio Compliance Testing shall not relieve Fund of its primary day-to-day responsibility for assuring such Portfolio Compliance, including on a pre-trade basis, and SS&C ALPS shall not be held liable for any act or omission of Fund or its Management (or any other Party) as applicable, with respect to Portfolio Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Fund acknowledges that SS&C ALPS may rely on and shall have no responsibility to validate the existence of
assets reported by Fund, its Management, Fund's custodian or other Fund service provider, other than SS&C ALPS' completion of a reconciliation of the assets reported by the Parties or as otherwise provided for under this Agreement.
Except as otherwise provided for herein, Fund acknowledges that it is the sole responsibility of Fund to validate the existence of assets reported to SS&C ALPS. SS&C ALPS may rely, and has no duty to investigate the representations of Fund,
its Management, Fund's custodian or other Fund service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. SS&C ALPS shall utilize one or more pricing services, as directed by Fund. Fund shall identify in writing
to SS&C ALPS the pricing service(s) to be utilized on behalf of Fund. For those securities where prices are not provided by the pricing service(s), Fund shall approve the method for determining the fair value of such securities and shall
determine or obtain the valuation of the securities in accordance with such method and shall deliver to SS&C ALPS the resulting price(s). In the event Fund desires to provide a price that varies from the price provided by the pricing service(s),
Fund shall promptly notify and supply SS&C ALPS with the valuation of any such security on each valuation date. All pricing changes made by Fund will be provided to SS&C ALPS in writing or e-mail and
must specifically identify the securities to be changed by security identifier, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

**C.**  **<u>Report Modernization Terms and Conditions</u>** 

1. Fund acknowledges that SS&C ALPS may rely on and shall have no responsibility to validate the existence of
assets reported by Fund, Fund's custodian or other Fund service provider, other than SS&C ALPS' completion of a reconciliation of the assets reported by the parties. Fund acknowledges that it is the sole responsibility of Fund to
validate the existence of assets reported to SS&C ALPS. SS&C ALPS may rely, and has no duty to investigate the representations of Fund, Fund's custodian or other Fund service provider.

SS&C ALPS shall utilize one or more pricing services, as directed by Fund. Fund shall identify in writing to SS&C ALPS the pricing service(s) to be utilized on behalf of Fund. For those securities where prices are not provided by the pricing service(s), Fund shall approve the method for determining the fair value of such securities and shall determine or obtain the valuation of the securities in accordance with such method and shall deliver to SS&C ALPS the resulting price(s). In the event Fund desires to provide a price that varies from the price provided by the pricing service(s), Fund shall promptly notify and supply SS&C ALPS with the valuation of any such security on each valuation date. All pricing changes made by Fund will be provided to SS&C ALPS in writing or e-mail and must specifically identify the securities to be changed by security identifier, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

2. In addition to the terms and conditions of the Agreement, the below terms and conditions apply to the provision
of the following Services (the listed Services known as " <u>Modern Data Services</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparation and Filing of Form N-PORT and Form N-CEN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with completion of the Modern Data Services, Market Data may be supplied to Fund through an
SS&C ALPS Associate(s) or directly by a Data Supplier (for the purposes of this Section H, Data Supplier shall include the Data Supplier's third party suppliers). Any Market Data being provided to a Fund by SS&C ALPS or a Data Supplier
is being supplied for the sole purpose of assisting the completion of the Modern Data Services. Accordingly, Fund acknowledges that Market Data is proprietary to SS&C ALPS Associates and/or the Data Suppliers and is provided on a limited internal-use license basis. Market Data may not be disseminated by Fund to any other affiliated or non-affiliated entity, used to populate internal systems or to create a
historical database,

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or for any other purpose in lieu of Fund obtaining a data license from SS&C ALPS Associates or Data Supplier, as applicable. Fund accepts responsibility for, and acknowledges it exercises its own independent judgment in, the selection of the Data Supplier(s) to provide the Market Data, its selection of the use or intended use of such, and any results obtained. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice to Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Fund acknowledges that (i) the Market Data is intended for use as an aid to institutional investors,
registered brokers or professionals of similar sophistication in making informed judgments concerning characteristics of certain securities; and (ii) the Data Supplier and/or SS&C ALPS Associate(s), as applicable, holds all title, license,
copyright or similar intellectual property rights in the Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No SS&C ALPS Associate or Data Supplier will have any liability for errors, omissions or malfunctions in
the Market Data, except that SS&C ALPS will endeavor, upon receipt of notice from Fund, to correct a malfunction, error, or omission in the Market Data utilized in the Modern Data Services that is identified by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything in this Agreement to the contrary, no SS&C ALPS Associate nor Data Supplier shall
be liable to Fund or any other Person for any Losses related, directly or indirectly, to the Market Data, the provision of (or failure to provide) the Market Data, and/or the reliance by an SS&C ALPS Associate(s), Fund or any other Person on
such Market Data. Further, Fund shall indemnify all SS&C ALPS Associates and applicable Data Suppliers against, and hold such SS&C ALPS Associates and Data Suppliers harmless from, any and all Losses (including legal fees and costs to
enforce this provision), that any SS&C ALPS Associate(s) or Data Provider suffer, incur, or pay as a result of any Third Party Claim or Claim among the Parties arising out of or related to the Market Data or any data, information, service,
report, analysis or publication derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in this Agreement to the contrary, as it relates to the provision of the Modern Data
Services, no SS&C ALPS Associate nor Data Supplier shall be liable for (i) any special, indirect or consequential damages (even if advised of the possibility of such), (ii) any delay by reason of circumstances beyond its control, including
acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply, or
(iii) any claim that arose more than one year prior to the institution of suit therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) FUND ACCEPTS THE MARKET DATA AS IS AND NO SS&C ALPS ASSOCIATE OR ANY DATA SUPPLIER MAKE ANY WARRANTIES,
EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER MATTER RELATED TO THE MARKET DATA.

**D.**  **<u>CCO Services</u>** 

1. Within this Section D, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Federal Securities Laws</u> " shall mean the definition as put forth in Rule 38a-1, specifically the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Fund Act of 1940, the Investment Advisers Act of 1940, Title V of the
Gramm-Leach-Bliley Act, any SEC rules adopted under any of the foregoing laws, the Bank Secrecy Act as it applies to registered investment companies, and any rules adopted thereunder by the SEC or the Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>Material Compliance Matter</u> " shall mean "any compliance matter about which the Board
would reasonably need to know to oversee the Fund's compliance," which involves any of the following (without limitation): (i) a violation of Federal Securities Laws by the Fund or its service providers (or officers, directors, employees
or agents thereof) (ii) a violation of the Compliance Program of the Fund, or the written compliance policies and procedures of its service providers; or (iii) a weakness in the design or implementation of the Compliance Program policies
and procedures of the Fund, or the written compliance policies and procedures of the service providers to the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Rule 38a-1</u> " shall mean Rule 38a-1 under the 1940 Act

2. All Services described in this Section D (the " <u>CCO Services</u> ") are optional and only apply
upon the request of the Fund that SS&C provide such CCO Services and the written acceptance of such request by SS&C. SS&C requires 120 days' notice prior to commencement of provision of such CCO Services, which time period may be
reduced upon mutual agreement. The Board of the Fund may terminate the provision of CCO Services on 120 days written notice to SS&C. All CCO Services fees described in Fee Letter will continue until the later of 120 days from the receipt of such
termination notice or the date that the SS&C employee no longer serves as the Fund's Chief Compliance Officer.

3. SS&C shall designate, subject to the approval of the Board, one of its own employees to serve as Chief
Compliance Officer of the Fund within the meaning of Rule 38a-1 (such individual, the " <u>CCO</u> "). The CCO shall render to the Fund such advice and services as are required to be performed by a
CCO under Rule 38a-1 and as are set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Review of Compliance Program</u>. The CCO shall, with the assistance of the Fund, review and revise, where
necessary, the written compliance policies and procedures (the " <u>Compliance Program</u> ") of the Fund, which shall address compliance with, and be reasonably designed to prevent violation of, " <u>Federal Securities Laws</u>." In addition to provisions of Federal Securities Laws that apply to the Fund, the Compliance Program will be revised, where necessary, to address compliance with, and ensure that it is reasonably designed to prevent violation of, the
Fund's charter and by-laws and all exemptive orders, no-action letters and other regulatory relief received by the Fund from the SEC and Financial Industry
Regulatory Association, Inc. (the " <u>FINRA</u> ") (all such items collectively, " <u>Regulatory Relief</u> "); provided, however, that the Compliance Program shall address only that Regulatory Relief afforded the Service
Providers or the Fund or relevant to compliance by the Service Providers or the Fund, and shall not address the terms by which other parties may receive the benefits of any Regulatory Relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Administration of Compliance Program</u>. The CCO shall administer and enforce the Fund's Compliance
Program. The CCO shall consult with the Board and the Fund's officers as necessary to amend, update and revise the Compliance Program as necessary, but no less frequently than annually (if required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Oversight of Service Providers</u>. The CCO is responsible for overseeing, on behalf of the Fund, adherence
to the written compliance policies and procedures of the Fund's service providers, including the Fund, its investment adviser (and sub-adviser, if applicable), the distributor, the administrator, and the
transfer agent (the " <u>Service Providers</u> "). In furtherance of this duty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The CCO shall obtain and review the written compliance policies and procedures of the Service Providers or
summaries of such policies that have been drafted by someone familiar with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The CCO shall monitor the Service Providers' compliance with their own written compliance policies and
procedures, Federal Securities Laws and the Fund's Indenture and Regulatory Relief. In so doing, the CCO shall interact with representatives of the Service Providers as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The CCO shall attempt to obtain the following representations from each Service Provider and, if it fails to
obtain such representations, shall report this fact to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In connection with the documentation of its written policies and procedures governing the provision of its
services to the relevant Fund, the Service Provider has prepared and delivered to the Fund a summary of core services that it provides to the Fund or, if no such summary is available, that it has delivered copies of the relevant policies and
procedures to the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider will provide to the Fund and the CCO any revisions to its written compliance policies and
procedures on at least an annual basis, or more frequently in the event of a material revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Service Provider's written compliance policies and procedures have been reasonably designed to
prevent, detect and correct violations of the applicable Federal Securities Laws and critical functions related to the services performed by Service Provider pursuant to the applicable agreement between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Service Provider has established monitoring procedures, and shall review, no less frequently than annually,
the adequacy and effectiveness of its written compliance policies and procedures to check that they are reasonably designed to prevent, detect and correct violations of those applicable Federal Securities Laws and critical functions related to the
services performed by the Service Provider pursuant to the applicable agreement between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Annual Review.</u> Rule 38a-1 requires that, at least annually, the
Fund review its Compliance Program and that of its Service Providers and the effectiveness of their respective implementations (the " <u>Annual Review</u> "). The CCO shall perform the Annual Review for the Fund. The first Annual Review
shall be completed no later than the regularly scheduled Board meeting following one year after the commencement of the CCO Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Attendance of Board Meetings; Reports to the Fund's Board; Escalation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The CCO shall attend up to four board meetings per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The CCO shall make regular reports to the Board regarding its administration and enforcement of the Compliance
Program. These regular reports shall address compliance by the Fund and the Service Providers and such other matters as the Board may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, at least annually, the CCO shall submit a written report to the Board by addressing the following
issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the operation of the Compliance Program, and the written compliance policies and procedures of the Service
Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any material changes made to the Compliance Program since the date of the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any material changes to the Compliance Program recommended as a result of the Annual Review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. each "Material Compliance Matter" that occurred since the date of the last report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This written report shall be based on the Annual Review. The first written report shall be presented to the
Board no later than 90 days after the date of the first Annual Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The CCO shall report any Material Compliance Matters to the Board at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Recordkeeping</u>. The CCO expects to rely on the Fund or its Service Providers, as applicable, to maintain
and preserve records. The CCO will determine that the Service Provider has policies and procedures that are reasonably designed to ensure that the Fund records will be maintained in accordance with the Fund's recordkeeping policy and
applicable Law, including provisions requiring that any material violation of the Fund's recordkeeping policy and/or applicable Law by the service provider be promptly reported to the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Meeting with Regulators.</u> The CCO shall meet with, and reply to inquiries from the SEC, the Fund and
other legal and regulatory authorities with responsibility for administering Federal Securities Laws as necessary or as reasonably requested by Fund or the Board.

4. The parties agree that only employees of SS&C ALPS and its Affiliates shall act as CCO or otherwise perform
services to the Fund under this Agreement unless otherwise agreed to by the Fund. Notwithstanding his/her other duties for SS&C or any other investment Fund, the CCO shall perform the Services in a professional manner and shall devote
appropriate time, energies and skill to the Services. Fund acknowledges that other employees of SS&C and its Affiliates will assist the CCO in the performance of his/her duties hereunder.

5. For clarity, the Fund shall reimburse, or shall cause the Fund to reimburse, SS&C for all reasonable
expenses (including travel expenses for attendance at in-person board meetings) and other out-of-pocket disbursements incurred by
SS&C in connection with the performance of SS&C's or the CCO's duties hereunder.

6. The Fund shall cooperate in good faith with SS&C and the CCO in order to assist in the performance of the
Services. In furtherance of this agreement to cooperate, the Fund shall make those of its and its Affiliates' and Service Providers', officers, employees, outside counsel and others as may be reasonable related to the Services available
for consultation with SS&C and the CCO, in each case as SS&C or the CCO may reasonably request. The Fund shall provide SS&C and the CCO with the names of appropriate contact people at the Service Providers and shall otherwise assist
SS&C and the CCO in obtaining the cooperation of the Service Providers. The Fund shall provide SS&C and the CCO with such books and records regarding the Fund as SS&C and the CCO may reasonably request.

7. Notwithstanding anything in this Agreement to the contrary, SS&C ALPS may terminate the CCO Services
immediately upon notice and without further liability, if, in the sole determination of the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Management directly or indirectly takes any action to coerce, manipulate, mislead, or fraudulently influence
the Fund's CCO in the performance of the CCO's duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Management takes a position inconsistent with compliance with Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Management fails to take action consistent with recommendations of the CCO to remediate the failure(s) that
caused or could cause a Material Compliance Matter.

**E.**  **<u>Shareholder Recordkeeping, Transfer Agency and Investor Relations</u>** 

1. SS&C GIDS utilizing the TA2000 System will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issue, transfer and redeem book entry shares or cancelling share certificates as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain shareholder accounts on the records of Fund on the TA2000 System in accordance with the instructions
and information received by SS&C GIDS from Fund, Fund's distributor, manager or managing dealer, Fund's investment adviser, Fund's sponsor, Fund's custodian, or Fund's administrator and any other person whom Fund
names on Fee Letter (each an " <u>Authorized Person</u> "), broker-dealers or shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when and if a Fund participates in the DTCC, and to the extent SS&C GIDS supports the functionality of the
applicable DTCC program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept and effectuate the registration and maintenance of accounts through the Program and the purchase,
redemption, exchange and transfer of shares in such accounts through systems or applications offered via the Program in accordance with instructions transmitted to and received by SS&C GIDS by transmission from DTCC on behalf of broker-dealers
and banks which have been established by, or in accordance with the instructions of, an Authorized Person, on the Dealer File maintained by SS&C GIDS,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue instructions to Funds' banks for the settlement of transactions between Funds and DTCC (acting on
behalf of its broker-dealer and bank participants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide account and transaction information from Fund's records on TA2000 in accordance with the
applicable Program's rules, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintain shareholder accounts on TA2000 through the Programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide transaction journals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) once annually prepare shareholder meeting lists for use in connection with the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) withhold, as required by federal law, taxes on securityholder accounts, perform and pay backup withholding as
required for all securityholders, and prepare, file and provide, in electronic format, the applicable U.S. Treasury Department information returns or K-1 data file, as applicable, to Fund's vendor of
choice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disburse income dividends and capital gains distributions to shareholders and record reinvestment of dividends
and distributions in shares of Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) prepare and provide, in electronic format, to Fund's print vendor of choice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) confirmation forms for shareholders for all purchases and liquidations of shares of Fund and other confirmable
transactions in shareholders' accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) copies of shareholder statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shareholder reports and prospectuses provided by Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) provide or make available on-line daily and monthly reports as provided
by the TA2000 System and as requested by Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintain those records necessary to carry out SS&C GIDS's duties hereunder, including all information
reasonably required by Fund to account for all transactions on TA2000 in Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) calculate the appropriate sales charge, if applicable and supported by TA2000, with respect to each purchase of
Fund shares as instructed by an Authorized Person, determining the portion of each sales charge payable to the dealer participating in a sale in accordance with schedules and instructions delivered to SS&C GIDS by Fund's managing dealer or
distributor or any other Authorized Person from time to time, disbursing dealer commissions collected to such dealers, determining the portion of each sales charge payable to such managing dealer and disbursing such commissions to the managing
dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) receive correspondence pertaining to any former, existing or new shareholder account, processing such
correspondence for proper recordkeeping, and responding to shareholder correspondence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) arrange the mailing to dealers of confirmations of wire order trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) process, generally on the date of receipt, purchases, redemptions, exchanges, or instructions, as applicable,
to settle any mail or wire order purchases, redemptions or exchanges received in proper order as set forth in the prospectus and general exchange privilege applicable, and reject any requests not received in proper order (as defined by an Authorized
Person or the Procedures as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if a Fund is a registered product, provide to the person designated by an Authorized Person the daily Blue Sky
reports generated by the Blue Sky module of TA2000 with respect to purchases of shares of Fund on TA2000. For clarification, with respect to obligations, Fund is responsible for any registration or filing with a federal or state government body or
obtaining approval from such body required for the sale of shares of Fund in each jurisdiction in which it is sold. SS&C GIDS's sole obligation is to provide Fund access to the Blue Sky module of TA2000 with respect to purchases of shares
of Fund on TA2000, and generate output reports to Fund as mutually agreed. It is Fund's

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responsibility to validate that the Blue Sky module settings are accurate and complete and to validate the output produced thereby and other applicable reports provided by SS&C GIDS, to ensure accuracy. SS&C GIDS is not responsible in any way for claims that the sale of shares of Fund violated any such requirement (unless such violation results from a failure of the SS&C GIDS Blue Sky module to notify Fund that such sales do not comply with the parameters set by Fund for sales to residents of a given state);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) provide to Fund escheatment reports as requested by an Authorized Person with respect to the status of accounts
and outstanding checks on TA2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) as mutually agreed upon by the parties as to the service scope and fees, answer telephone inquiries during
mutually agreed upon times, each day on which the New York Stock Exchange is open for trading. SS&C GIDS shall answer and respond to inquiries from existing shareholders, prospective shareholders of Fund and broker-dealers on behalf of such
shareholders in accordance with the telephone scripts provided by Fund to SS&C GIDS, such inquiries may include requests for information on account set-up and maintenance, general questions regarding the
operation of Fund, general account information including dates of purchases, redemptions, exchanges and account balances, requests for account access instructions and literature requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) support Fund repurchase offers, including but not limited to: assistance with shareholder communication plan;
preparation and coordination of repurchase offer materials; establishment of informational website; receipt, review and reconciliation of letters of transmittal; daily tracking, reconciliation and reporting of shares tendered; and issuing tax forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in order to assist Fund with Fund's anti-money laundering responsibilities under applicable anti-money
laundering laws, SS&C GIDS offers certain risk-based shareholder activity monitoring tools and procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; and
(ii) assist in the verification of persons opening accounts with Fund, pursuant to Section F hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) as mutually agreed upon by the Parties as to the service scope and fees, SS&C GIDS shall carry out certain
information requests, analyses and reporting services in support of Fund's obligations under Rule 22c-2(a)(2). The Parties will agree to such services and terms as stated in the attached appendix
(" <u>Appendix I</u> " entitled "Omnibus Transparency Services") that may be changed from time to time subject to mutual written agreement between the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) as mutually agreed upon by the Parties as to the service scope and fees, provide any additional related
services (i.e., pertaining to escheatments, abandoned property, garnishment orders, bankruptcy and divorce proceedings, Internal Revenue Service or state tax authority tax levies and summonses and all matters relating to the foregoing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) upon request of Fund and mutual agreement between the Parties as to the scope and any applicable fees, SS&C
GIDS may provide additional services to Fund under the terms of this Schedule and the Agreement. Such services and fees shall be set forth in writing and may be added by an amendment to, or as a statement of work under, this Schedule or the
Agreement.

2. At the request of an Authorized Person, SS&C GIDS shall use reasonable efforts to provide the services set
forth in Section E.1 of this <u>Schedule A</u> in connection with transactions (i) the processing of which transactions require SS&C GIDS to use methods and procedures other than those usually employed by SS&C GIDS to perform
shareholder servicing agent services, (ii) involving the provision of information to SS&C GIDS after the commencement of the nightly processing cycle of the TA2000 System or (iii) which require more manual intervention by SS&C
GIDS, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System than is usually required by normal transactions.

3. SS&C GIDS shall use reasonable efforts to provide the same services with respect to any new, additional
functions or features or any changes or improvements to existing functions or features as provided for in Fund's instructions, prospectus or application as amended from time to time, for Fund, provided SS&C GIDS is advised in advance by
Fund of any changes therein and the TA2000 System and the mode of operations utilized by SS&C GIDS as then constituted supports such additional functions and features. If any new, additional function or feature or change or improvement to
existing functions or features or new service or mode of operation measurably increases SS&C GIDS's cost of performing the services required hereunder at the current level of service, SS&C GIDS shall advise Fund of the amount of such
increase and if Fund elects to utilize such function, feature or service, SS&C GIDS shall be entitled to increase its fees by the amount of the increase in costs.

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4. Fund shall add all new funds to the TA2000 System upon at least 60 days' prior written notice to SS&C
GIDS provided that the requirements of the new funds are generally consistent with services then being provided by SS&C GIDS under the Agreement. If less than 60 days' prior notice is provided by Fund, additional 'rush' fees
may be applied by SS&C GIDS. Rates or charges for additional funds shall be as set forth in Fee Letter for the remainder of the contract term except as such funds use functions, features or characteristics for which SS&C GIDS has imposed an
additional charge as part of its standard pricing schedule. In the latter event, rates and charges shall be in accordance with SS&C GIDS's then-standard pricing schedule.

5. The Parties agree that to the extent that SS&C GIDS provides any services under the Agreement that relate
to compliance by Fund with the Code (or any other applicable tax law), it is the parties' mutual intent that SS&C GIDS will provide only printing, reproducing, and other mechanical assistance to Fund and that SS&C GIDS will not make
any judgments or exercise any discretion of any kind. Fund agrees that it will provide express and comprehensive instructions to SS&C GIDS in connection with all of the services that are to be provided by SS&C GIDS under the Agreement that
relate to compliance by Fund with the Code (or any other applicable tax law), including providing responses to requests for direction that may be made from time to time by SS&C GIDS of Fund in this regard.

6. Fund instructs and authorizes SS&C GIDS to provide the services as set forth in the Agreement in connection
with transactions on behalf of certain IRAs featuring Funds made available by Fund. Fund acknowledges and agrees that as part of such services, SS&C GIDS will act as service provider to the custodian for such IRAs.

7. If applicable, SS&C GIDS will make original issues of shares, or if shares are certificated, stock
certificates upon written request of an officer of Fund and upon being furnished with a certified copy of a resolution of the Board of Trustees authorizing such original issue, evidence regarding the value of the shares, and necessary funds for the
payment of any original issue tax.

8. Upon receipt of a Fund's written request, SS&C GIDS shall provide transmissions of shareholder
activity to the print vendor selected by Fund.

9. If applicable, Fund will furnish SS&C GIDS with a sufficient supply of blank stock certificates and from
time to time will renew such supply upon the request of SS&C GIDS. Such certificates will be signed manually or by facsimile signatures of the officers of Fund authorized by law and by bylaws to sign stock certificates, and if required, will
bear the corporate seal or facsimile thereof. In the event that certificates for shares of Fund shall be represented to have been lost, stolen or destroyed, SS&C GIDS, upon being furnished with an indemnity bond in such form and amount and with
such surety as shall be reasonably satisfactory to it, is authorized to countersign a new certificate or certificates for the number of shares of Fund represented by the lost or stolen certificate. In the event that certificates of Fund shall be
represented to have been lost, stolen, missing, counterfeited or recovered, SS&C GIDS shall file Form X-17F-1A as required by applicable federal securities laws.

10. Shares of stock will be transferred in accordance with the instructions of the shareholders and, upon receipt
of Fund's instructions that shares of stock be redeemed and funds remitted therefor, such redemptions will be accomplished and payments dispatched provided the shareholder instructions are deemed by SS&C GIDS to be duly authorized.
SS&C GIDS reserves the right to refuse to transfer, exchange, sell or redeem shares as applicable, until it is satisfied that the request is authorized, or instructed by Fund.

11. Further, and notwithstanding anything herein to the contrary, with respect to "as of" adjustments,
SS&C will not assume one hundred percent (100%) responsibility for losses resulting from "as ofs" due to clerical errors or misinterpretations of securityholder instructions, but SS&C will discuss with Fund, SS&C's
accepting liability for an "as of" on a case-by-case basis and may accept financial responsibility for a particular situation resulting in a financial loss
to Fund where such loss is "material", as hereinafter defined, and, under the particular facts at issue, and subject to the applicable standard of care and liability limits in the Agreement, SS&C in its discretion believes
SS&C's conduct was culpable and SS&C's conduct is the sole cause of the loss. A loss is

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"material" for purposes of this Section when it results in a pricing error on a given day which is (i) greater than a negligible amount per securityholder, (ii) equals or exceeds one ($.01) full cent per share times the number of shares outstanding or (iii) equals or exceeds the product of one-half of one percent (1%) times Fund's Net Asset Value per share times the number of shares outstanding (or, in case of (ii) or (iii), such other amounts as may be adopted by applicable accounting or regulatory authorities from time to time). When SS&C concludes that it should contribute to the settlement of a loss, SS&C's responsibility will commence with that portion of the loss over $0.01 per share calculated on the basis of the total value of all shares owned by the affected portfolio (i.e., on the basis of the value of the shares of the total portfolio, including all classes of that portfolio, not just those of the affected class).

12. <u>Changes and Modifications.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C GIDS shall have the right, at any time, to modify any systems, programs, procedures or facilities used
in performing its obligations hereunder; provided that Fund will be notified as promptly as possible prior to implementation of such modifications and that no such modification or deletion shall materially adversely change or affect the operations
and procedures of Fund in using the TA2000 System hereunder, the Services or the quality thereof, or the reports to be generated by such system and facilities hereunder, unless Fund is given thirty (30) days' prior notice to allow Fund to
change its procedures and SS&C GIDS provides Fund with revised operating procedures and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All enhancements, improvements, changes, modifications or new features added to the TA2000 System however
developed or paid for, including, without limitation, Fund Requested Software (collectively, "Deliverables"), shall be, and shall remain, the confidential and exclusive property of, and proprietary to, SS&C GIDS. The parties
recognize that during the Term of this Agreement Fund will disclose to SS&C GIDS Confidential Information and SS&C GIDS may partly rely on such Confidential Information to design, structure or develop one or more Deliverables. Provided that,
as developed, such Deliverable(s) contain no Confidential Information that identifies Fund or any of its investors or which could reasonably be expected to be used to readily determine such identity, (i) Fund hereby consents to SS&C
GIDS's use of such Confidential Information to design, to structure or to determine the scope of such Deliverable(s) or to incorporate into such Deliverable(s) and that any such Deliverable(s), regardless of who paid for it, shall be, and
shall remain, the sole and exclusive property of SS&C GIDS and (ii) Fund hereby grants SS&C GIDS a perpetual, nonexclusive license to incorporate and retain in such Deliverable(s) Confidential Information of Fund. All Confidential
Information of Fund shall be and shall remain the property of Fund.

13. <u>Fund Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund agrees to use its reasonable efforts to deliver to SS&C GIDS in Kansas City, Missouri, as soon as they
are available, all of its shareholder account records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Fund will provide SS&C GIDS written notice of any change in Authorized Personnel as set forth on <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund will notify SS&C GIDS of material changes to its Articles of Incorporation, Declaration of Trust,
Bylaws or similar governing document (e.g. in the case of recapitalization) that impacts the services provided by SS&C GIDS under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If at any time Fund receives notice or becomes aware of any stop order or other proceeding in any such state
affecting such registration or the sale of Fund's shares, or of any stop order or other proceeding under the federal securities laws affecting the sale of Fund's shares, Fund or Sponsor will give prompt notice thereof to SS&C GIDS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fund shall not enter into one or more omnibus, third-party sub-agency or sub accounting agreements with (i) unaffiliated third-party broker/dealers or other financial intermediaries who have a distribution agreement with the affected Funds or (ii) third party administrators of group retirement or annuity
plans, unless Fund either (1) provides SS&C GIDS with a minimum of 12 months' notice before the accounts are deconverted from SS&C GIDS, or (2), if 12 months' notice is not possible, Fund shall compensate SS&C GIDS by
paying a one-time termination fee equal to $0.10 per deconverted account per month for every month short of the 12 months' notice in connection with each such deconversion.

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14. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C GIDS shall perform the services under this Schedule A in conformance with SS&C GIDS's
present procedures as set forth in its Procedures with such changes or deviations therefrom as may be from time to time required or approved by Fund, its investment adviser or managing dealer, or its or SS&C GIDS's counsel and the
rejection of orders or instructions not in good order in accordance with the applicable prospectus or the Procedures. Notwithstanding the foregoing, SS&C GIDS's obligations shall be solely as are set forth in this Schedule and any of other
obligations of Fund under applicable law that SS&C GIDS has not agreed to perform on Fund's behalf under this Schedule or the Agreement shall remain Fund's sole obligation.

15. <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C GIDS, acting as agent for Fund, is authorized (1) to establish in the name of, and to maintain on
behalf of, Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank on the maximum liability of such Banks into which
SS&C GIDS shall deposit Funds SS&C GIDS receives for payment of dividends, distributions, purchases of Fund shares, redemptions of Fund shares, commissions, corporate re-organizations (including
recapitalizations or liquidations) or any other disbursements made by SS&C GIDS on behalf of Fund provided for in this Schedule A, (2) to draw checks upon such accounts, to issue orders or instructions to the Bank for the payment out of
such accounts as necessary or appropriate to accomplish the purposes for which such funds were provided to SS&C GIDS, and (3) to establish, to implement and to transact Fund business through ACH, draft processing, wire transfer and any
other banking relationships, arrangements and agreements with such Bank as are necessary or appropriate to fulfill SS&C GIDS's obligations under the Agreement. SS&C GIDS, acting as agent for Fund, is also hereby authorized to execute
on behalf and in the name of Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank) on the maximum liability of
such Banks, agreements with banks for ACH, wire transfer, draft processing services, as well as any other services which are necessary or appropriate for SS&C GIDS to utilize to accomplish the purposes of this Schedule. In each of the foregoing
situations Fund shall be liable on such agreements with the Bank as if it itself had executed the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SS&C GIDS is authorized and directed to stop payment of checks theretofore issued hereunder, but not
presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or through no fault of theirs, are otherwise beyond their control, and cannot be
produced by them for presentation and collection, and, to issue and deliver duplicate checks in replacement thereof.

16. <u>Records.</u> SS&C GIDS will maintain customary transfer agent records in connection with its agency in
accordance with the transfer agent recordkeeping requirements under the 1934 Act, and particularly will maintain those records required to be maintained pursuant to subparagraph (2) (iv) of paragraph (b) of Rule 31a-1 under the 1940 Act, if any. Notwithstanding anything in the Agreement to the contrary, the records to be maintained and preserved by SS&C GIDS on the TA2000 System under the Agreement shall be
maintained and preserved in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual purges by August 31: SS&C GIDS and Fund shall mutually agree upon a date for the annual purge of the
appropriate history transactions from the Transaction History (A88) file for accounts (both regular and tax advantaged accounts) that were open as of January 1 of the current year, such purge to be complete no later than August 31. Purges
completed after this date will subject Fund to the Aged History Retention fees set forth in the <u>Fee Letter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purge criteria: In order to avoid the Aged History Retention fees, history data for regular or ordinary
accounts (that is, non-tax advantaged accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the current year and history data for tax advantaged
accounts (retirement and educational savings accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the prior year. All purged history information shall be retained on magnetic tape for seven
(7) years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purged history retention options (entail an additional fee): For the additional fees set forth in the <u>Fee Letter</u>, or as otherwise mutually agreed, then Fund may choose (i) to place purged history information on the Purged Transaction History (A19) table or (ii) to retain history information on the Transaction History (A88) file beyond the
timeframes defined above. Retaining information on the A19 table allows for viewing of this data through online facilities and E-Commerce applications. This database does not support those histories being
printed on statements and reports and is not available for on request job executions.

17. <u>Disposition of Books, Records and Canceled Certificates.</u> SS&C GIDS may send periodically to Fund, or
to where designated by Fund, all books, documents, and all records no longer deemed needed for current purposes, upon the understanding that such books, documents, and records will be maintained by Fund under and in accordance with the requirements
of applicable federal securities laws. Such materials will not be destroyed by Fund without the consent of SS&C GIDS (which consent will not be unreasonably withheld), but will be safely stored for possible future reference.

**F.**  **<u>AML</u>** 

1. SS&C may assume the authenticity and accuracy of any document or information provided by a prospective
investor or investor without verification unless, in the sole discretion of SS&C, the same on its face appears not to be genuine. In the event of delay or failure by a prospective investor or investor to produce any information required by the
subscription or similar agreement of Fund or requested by SS&C, SS&C may refuse to process the subscription and the subscription monies related thereto or may refuse to allow a redemption until the applicable information has been provided.
SS&C shall not process any payment from a prospective investor or make any payment for redemption proceeds to an investor if SS&C determines, or if SS&C receives instructions that Fund has (or, if applicable and defined below, Fund AML
Officers) have determined, that such payment would violate any AML law.

**<u>U.S. Domiciled Funds</u>** 

2. Notwithstanding the ability of Fund to delegate the maintenance of certain AML procedures to SS&C, Fund is
ultimately responsible for ensuring its compliance with applicable AML law, including identifying, assessing and understanding relevant AML risks. SS&C will disclose to Fund if SS&C files, on its own behalf, a suspicious activity report in
relation to Fund, investors or prospective investors, unless in the sole discretion of SS&C, such disclosure would be prohibited by applicable Law. Such disclosure shall identify the prospective investor or investor and the transaction which is
the subject of the suspicious activity report and include a summary statement as to why the transaction is believed to be suspicious.

3. With respect to Funds that are U.S. domiciled, relying on external services as well as information provided on
Fund subscription documents, screen the names of each prospective investor and report whether each subscriber is (i) a person identified on the sanctions lists administered and published by OFAC, including the list of specially designated
nationals and blocked persons or (ii) believed to be a senior non-U.S. political figure or an immediate family member or close associate of such a figure (collectively " <u>PEP</u> ") or a non-U.S. shell bank.

**G.**  **<u>Bank Loan Servicing</u>** 

1. Provide trade processing support for loan transactions including recording trade settlements, reconciliation of
settlements and tracking associated loan documentation.

2. Provide asset servicing support related to loan positions including liaising with the loan agent on various
aspects of loan maintenance and reconciliation.

3. Provide payment information to Fund for review through SS&C's wire payment application with respect
to loan payments, drawdowns and other loan life cycle events.

4. Obtain and maintain static data on loan facilities subject to receipt from the applicable agent bank.

5. Provide loan information reporting (e.g., trade blotter, market value position report and loan contract
position report) to Fund.

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6. Store agent bank notices received with respect to loan positions and make available to Fund in a format as
agreed in writing with Fund.

7. Management shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Provide SS&C with any loan static data and loan documentation in a timely manner and in a format agreed
upon with SS&C.

**H.**  **<u>Blue Sky Filing Services</u>** 

1. Fund is ultimately responsible for ensuring its compliance with applicable Blue Sky laws, including
identifying, assessing and understanding relevant Blue Sky risks.

2. As used in this Section, the following additional terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Blue Sky</u> " means the various statutes and regulations of the states, District of Columbia,
Puerto Rico, and the United States Virgin Islands governing the offer and sales of mutual funds and the related compliance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>Sales Feed</u> " means a data file in industry standard format sent by a third party.

3. SS&C shall perform the following Services in all states and territories in which the Fund's shares
are offered as identified by Fund, in the form of and as required by Law applicable to Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Assist with the filing of Initial Notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assist with the filing of Fund renewals and amendments to reflect relevant changes, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assist with the filing of Fund sales reports filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Pay Notice Filing and other fees and invoice Fund for fees owed to each state in accordance with procedures
agreed upon in writing by Fund and SS&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Assist with the filing of Fund Prospectuses and statements of additional information and any amendments and
supplements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Assist with the filing of annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Assist with the filing of all necessary notices to permit the Fund (or class of the Fund, as applicable) to
qualify for reduced fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Assist with the filing of all correspondence and related documentation in order to permit the Fund to utilize
exemptions if such exemption notice is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Advise Fund prior to communicating with the states and territories regarding any sales in excess of the
registered amount for a permit so the Fund can advise SS&C in writing the action to be taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Provide Fund information regarding the sales to existing shareholders exemptions and the institutional investor
exemptions available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Include in sales report filings, all sales reported to SS&C via (i) transfer agency Blue Sky Sales
Feed, and (ii) broker Blue Sky Sales Feeds, including, without limitation, feeds that (a) were transferred as part of the conversion from the Fund's prior Blue Sky service provider, or (b) confirmed in writing by Fund to be
activated, less any exempt sales that the Fund has directed SS&C in writing to remove prior to such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) At the direction of the Fund, serve as liaison between the Fund and the applicable Blue Sky jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Provide information concerning Blue Sky reporting requirements and mutual fund industry Blue Sky reporting
practices including utilization of exemptions and intermediary data feeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Conduct annual due diligence meeting with Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) In the event that SS&C becomes aware of the sale of the Fund's shares in a jurisdiction in which no
notice filing has been made, SS&C shall report such information to Fund and Fund shall instruct SS&C with respect to the corrective action to be taken; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) File all additional amendments to increase registered amounts in accordance with agreed upon procedures.

4. The foregoing Services will be performed by SS&C and are contingent on the performance by Fund of the
following duties and obligations. Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify the states and territories where the Fund's shares will be offered for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Determine the availability of any exemptions under a jurisdiction's Blue Sky laws with the assistance of
SS&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Work with SS&C to identify what systematic exemptions will be taken by the Fund and coded on the
Fund's Transfer Agent's system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide written instructions in SS&C standard format to implement systematic exemptions and exclusions from
reporting where practicable on the Fund's Transfer Agent system or the SS&C Blue Sky application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide written instructions to SS&C to remove current permit period sales from SS&C's Blue Sky
application upon determination that such sales qualify for exemptions or exclusion from reporting to the applicable states where registration fees are based on sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Execute a limited power of attorney in a form as set forth in <u>Schedule C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Liaise with the Fund to facilitate wire transfers for payment of state fees, as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Notify SS&C in writing to the extent Fund is notified by an intermediary of a new Sales Feed and work with
SS&C to facilitate any necessary updates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Provide written instruction detailing action to be taken upon receipt of written notification from SS&C
that a direct broker Blue Sky Sales Feed is available for activation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Provide member of Fund to act as signer for all forms to be filed in paper or electronic delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Provide member of Fund to act as signer for all required wet signatures with appropriate notary if required by
jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Provide timely delivery of wet signature documents to meet filing deadlines as required by jurisdictions.

5. <u>Proprietary Rights, Third Party Information and Development Ideas</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C and/or its Affiliates, as the case may be, own and shall retain all rights, title and interests,
including intellectual property rights in and to the SS&C Property. This Schedule shall not be construed to provide to Fund any express or implied right or license to convey or otherwise exploit the SS&C property, or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Certain of the information used by SS&C in providing the Services has been obtained from third parties.
Each third party owns and shall retain all rights, title and interests, including intellectual property rights in and to all information provided by such third party. SS&C is not responsible for substantiating the content or accuracy of any such
information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unless specifically excluded by a writing signed by Fund and SS&C, Fund hereby grants to SS&C, its
Affiliates, and any third party licensors, the irrevocable, perpetual, nonexclusive, worldwide, royalty-free right and license to use and incorporate any suggestions and ideas received by SS&C from Fund with respect to the Services in connection
with SS&C's on-going development of such Services for its use with Fund and other SS&C customers.

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**I.**  **<u>Miscellaneous</u>** 

1. Notwithstanding anything to the contrary in this Agreement, SS&C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Does not maintain custody of any cash or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have the ability to authorize transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Does not have the authority to enter into contracts on behalf of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Is not responsible for determining the valuation of Fund's assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Does not perform any management functions or make any management decisions with regard to the operation of
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Is not responsible for affecting any U.S. federal or state regulatory filings which may be required or
advisable as a result of the offering of interests in Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Is not Fund's tax advisor and does not provide any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Is not obligated to perform any additional or materially different services due to changes in law or audit
guidance.

2. If SS&C allows Fund, Management, investors or their respective agents and representatives
(" <u>Users</u> ") to (i) receive information and reports from SS&C and/or (ii) issue instructions to SS&C via web portals or other similar electronic mechanisms hosted or maintained by SS&C or its agents
(" <u>Web Portals</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access to and use of Web Portals by Users shall be subject to the proper use by Users of usernames, passwords
and other credentials issued by SS&C (" <u>User Credentials</u> ") and to the additional terms of use that are noticed to Users on such Web Portals. Fund and Management shall be solely responsible for the results of any unauthorized
use, misuse or loss of User Credentials by their authorized Users and for compliance by such Users with the terms of use noticed to Users with respect to Web Portals, and shall notify SS&C promptly upon discovering any such unauthorized use,
misuse or loss of User Credentials or breach by Fund or Management or their authorized Users of such terms of use. Any change in the status or authority of an authorized User communicated by Fund shall not be effective until SS&C has confirmed
receipt and execution of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SS&C grants to the Fund and Management a limited, non-exclusive, non-transferable, non-sublicenseable right during the term of this Agreement to access Web Portals solely for the purpose of accessing Client Data and, if applicable, issue instructions. Fund and Management will
ensure that any use of access to any Web Portal is in accordance with SS&C's terms of use, as noticed to the Users from time to time. This license does not include: (i) any right to access any data other than Client Data; or
(ii) any license to any software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund and Management will not (A) permit any third party to access or use the Web Portals through any
time-sharing service, service bureau, network, consortium, or other means; (B) rent, lease, sell, sublicense, assign, or otherwise transfer its rights under the limited license granted above to any third party, whether by operation of law or
otherwise; (C) decompile, disassemble, reverse engineer, or attempt to reconstruct or discover any source code or underlying ideas or algorithms associated with the Web Portals by any means; (D) attempt to modify or alter the Web Portal in
any manner; or (E) create derivative works based on the Web Portal. Neither Fund nor Management will remove (or allow to be removed) any proprietary rights notices or disclaimers from the Web Portal or any reports derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) SS&C reserves all rights in SS&C systems and in the software that are not expressly granted to Fund or
Management hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) SS&C may discontinue or suspend the availability of any Web Portals at any time without prior notice;
SS&C will endeavor to notify Fund as soon as reasonably practicable of such action.

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3. Notwithstanding anything in this Agreement to the contrary, Fund has ultimate authority over and responsibility
for its tax matters and financial statement tax disclosures. All memoranda, schedules, tax forms and other work product produced by SS&C are the responsibility of Fund and are subject to review and approval by Fund and Fund's auditors, or
tax preparers, as applicable and SS&C bears no responsibility for reliance on tax calculations and memoranda prepared by SS&C.

4. SS&C shall provide reasonable assistance to responding to due diligence and analogous requests for
information from investors and prospective investors (or others representing them); provided, that SS&C may elect to provide these services only upon Fund agreement in writing to separate fees in the event responding to such requests becomes, in
SS&C's sole discretion, excessive.

5. Reports and information shall be deemed provided to Fund if they are made available to Fund online through
SS&C's Web Portal.

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**Schedule B** 

**Authorized Personnel** 

Pursuant to the terms of the Schedule A and the Agreement between Fund and SS&C GIDS, Fund authorizes the following Fund personnel to provide instructions to SS&C GIDS, and receive inquiries from SS&C GIDS in connection with <u>Schedule A</u> and the Agreement:

---

| | |
|:---|:---|
| **Name** | **Title** |

---

This Schedule may be revised by Fund by providing SS&C GIDS with a substitute <u>Schedule B</u>. Any such substitute <u>Schedule B</u> shall become effective twenty-four (24) hours after SS&C GIDS's receipt of the document and shall be incorporated into the Agreement.

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## Ex-99.(K)(2)

**Exhibit (k)(2)** 

**MASTER AGREEMENT** 

**SS&C DIGITAL SOLUTIONS SERVICES** 

AGREEMENT (this "Agreement") made effective as of October 1, 2025 (the "Effective Date") by and between SS&C GIDS, Inc., a Delaware corporation ("SS&C") and DIAMETER DYNAMIC CREDIT FUND, a Delaware Statutory Trust ("Customer"). SS&C and Customer are together referred to herein as the "Parties" and individually as the "Party".

WHEREAS, SS&C is a provider of transfer agency, shareholder record keeping and related services to the financial services industry; and

WHEREAS, Customer desires to utilize SS&C Digital Solutions Services to provide access to account information and certain on-line transaction request capabilities in accordance with the terms of this Agreement.

NOW, THEREFORE, in consideration of the foregoing premises, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows.

**ARTICLE I** 

**<u>DEFINITIONS</u>**

Except as may be modified in a Service Exhibit, the following definitions shall apply to this Agreement. Additional terms may be defined in the Agreement and in the exhibits that describe the Digital Solutions Services to be provided by SS&C for Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Action" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim,
counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Affiliate" shall mean, with respect to any Person, any other Person directly or indirectly
Controlling, Controlled by or under common Control with such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Agency Agreement" shall mean that certain Services Agreement dated August 8, 2025, by and among
SS&C GIDS, Inc., ALPS Funds Services, Inc., SS&C Technologies, Inc., DST Asset Manager Solutions, Inc., and Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "API Calls" shall mean any request or submission to the API Management Platform initiated by User
activities, regardless of whether such request or submission is successful or unsuccessful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "API Management Platform" shall mean a set of SS&C tools for developing, securing, publishing,
executing, and monitoring API Calls. Capabilities include API authentication, threat detection, traffic management, transformation, versioning, orchestration, routing, monitoring, and discovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Authentication Procedures" shall mean, if applicable, those procedures for authenticating Users as
set forth within a Service Exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Claim" means any Action arising out of the subject matter of, or in any way related to, this
Agreement, its formation or the Digital Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Control" over a Person shall mean (i) the possession, directly or indirectly, of more than 50%
of the voting power to elect directors, in the case of a Person that is a corporation, or members of a comparable governing body, in the case of a limited liability company, firm, joint-venture, association or other entity, in each case whether
through the ownership of voting securities or interests, by contract or otherwise and (ii) with respect to a partnership, a general partner thereof or a Person having management rights comparable to those of a general partner shall be deemed to
control such Person. The terms "Controlling" and "Controlled" shall have corollary meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Customer Data" means all data of Customer, including customer personal data, and data related to
securities trades and other transaction data, investment returns, issue descriptions, and third party market and reference data, including pricing, valuation, security master, corporate action and related data, provided by Customer and all output
and derivatives thereof, necessary to enable SS&C to perform the Digital Solutions Services, but excluding all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by SS&C in connection with its performance of the Digital Solutions Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Digital Platform" shall mean the SS&C computer and software system that provides an interface
between the Internet and public data network service providers and the transfer agency and record keeping systems of Funds for the purposes of communicating Fund data and information and Transaction requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Digital Solutions Options" shall mean the series of edits and instructions provided by Customer to
SS&C in writing, through which Customer specifies its instructions for Transactions available through the various Digital Solutions Services, e.g., minimum and maximum purchase, redemption and exchange amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Digital Solutions Services" shall mean the services provided by SS&C utilizing the Digital
Platform, the SS&C Web Site, the Internet, and other software, equipment and systems provided by SS&C and telecommunications carriers and firewall providers, whereby Transactions may be requested in each Fund by Users accessing the SS&C
Web Site via the Internet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Fund(s)" shall mean the various registered investment companies (mutual funds) annuity, variable
annuity or variable universal life contracts or real estate investment trusts or limited partnerships or other similar financial products for which Customer provides various services and which Customer designates for participation in Digital
Solutions Services from time to time by written notice to SS&C. "Fund Units" shall mean the shares or units of a Financial Product held by a record owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Government Authority" means any relevant administrative, judicial, executive, legislative or other
governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Losses" means any and all compensatory, direct, indirect, special, incidental, consequential,
punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Person" shall mean an individual, corporation, partnership, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SS&C Associates" means SS&C and each of its Affiliates, and their respective members,
shareholders, directors, officers, partners, employees, agents, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SS&C Web Site" shall mean the collection of electronic documents or pages residing on
SS&C's computer system, linked to the Internet and accessible through the World Wide Web, where the Transaction data fields and related screens provided by SS&C may be viewed by Users who access such site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Service Exhibit" shall mean the service exhibits attached hereto which outline the particular
Digital Solutions Services to be provided by SS&C to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Third Party Claim" means a Claim (i) brought by any Person other than the indemnifying Party or
(ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Transactions" shall mean account inquiries, purchases, redemptions, exchanges and other transactions
offered through Digital Solutions Services as specified in each Service Exhibit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "User(s)" shall mean record owners or authorized agents of record owners of shares of a Fund,
including brokers, investment advisors and other financial intermediaries or the other Persons authorized to access a particular Digital Solutions Service pursuant to the terms of a Service Exhibit.

2.0 ------

**ARTICLE II** 

**<u>USE OF DIGITAL SOLUTIONS SERVICES BY CUSTOMER</u>**

Section 2.1 <u>Selection of Digital Solutions Services</u>. SS&C will perform, and Customer has selected, the Digital Solutions Services described on the Service Exhibits attached to this Agreement. New Service Exhibits describing additional Digital Solutions Services may be added to this Agreement from time to time by mutual written agreement of SS&C and Customer, and such additional Digital Solutions Services shall be subject to the terms of this Agreement.

Section 2.2 <u>Selection of additional services of SS&C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SS&C and/or its Affiliates may perform additional services for Customer from time to time as may be agreed
upon by the parties pursuant to the terms of a mutually acceptable Statement of Work ("SOW"), if any (the "Professional Services"). In most cases, the Professional Services will be performed in connection with a specific
Service Exhibit under this Agreement. If such Professional Services require SS&C to perform work at Customer's location, then Customer shall supply SS&C personnel with suitable workspace, desks, and other normal office equipment,
support and supplies, which may be necessary in connection with such Professional Services. In the absence of a mutually agreed upon alternative rate as provided in a SOW, Customer will pay SS&C for such Professional Services at SS&C's
then standard rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties may agree upon a change to a SOW ("Change Order"); provided, however, no such change
shall be binding upon either party unless and until such a Change Order has been mutually agreed in writing and signed by an authorized representative of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SS&C shall own all updates, software, software enhancements, documentation, technical notes, tangible and

parties recognize that from time to time Customer may, under this Agreement, disclose to SS&C certain business or technical requirements and specifications on which SS&C or its Affiliates shall partly rely to design, structure or develop the
Deliverable. Provided that, as developed, such Deliverable contains no identifiable Customer Confidential Information, (i) Customer hereby consents to SS&C's and its Affiliates' use of such Customer provided business or
technical requirements and specifications to design, to structure or to determine the scope of such Deliverable or to incorporate into such Deliverable and that any such Deliverable, regardless of who paid for it, shall be, and shall remain, the
sole and exclusive property of SS&C and its Affiliates and (ii) Customer hereby grants SS&C and its Affiliates a perpetual, nonexclusive license to incorporate and retain in such Deliverables Customer provided business or technical
requirements and specifications. All Customer Confidential Information shall be and shall remain the property of Customer.

Section 2.3 <u>SS&C Responsibilities</u>. During the Term and subject to the provisions of this Agreement, SS&C shall, at its expense (unless otherwise provided for herein) perform the Digital Solutions Services as described in each Service Exhibit, including provision of all computers, telecommunications connectivity and equipment reasonably necessary at its facilities to operate and maintain the Digital Platform and the SS&C Web Site.

Section 2.4 <u>Customer Responsibilities</u>. During the Term and subject to the provisions of this Agreement, Customer shall at its expense (unless otherwise provided for herein) fulfill, or cause to be fulfilled by the Funds or otherwise, Customer obligations, if any, set forth in each Service Exhibit to this Agreement.

Section 2.5 <u>Change in Designated Funds</u>. Upon thirty (30) days prior notice to SS&C, Customer may change the Funds designated to participate in Digital Solutions Services by delivering to SS&C, in writing, a revised list of participating Funds.

Section 2.6 <u>Digital Solutions Options</u>. Customer is responsible for establishing implementation procedures and options available for each Digital Solutions Service, as specified in the applicable Service Exhibit.

Section 2.7 <u>Anonymized Data</u>. Notwithstanding anything in this Agreement, SS&C and its third party vendors may collect and use, any such data, text, and files that pass through and/or may be generated by the Customer's use of the Digital Solutions Services in anonymized format. For clarity, such anonymized data will not include any of Customer's Confidential Information. Subject to the immediately preceding sentence, SS&C or its third party vendors may also review Customer's Authorized Users and API Call usage amounts, as applicable, for billing and internal business use.

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**ARTICLE III** 

**<u>FEES</u>**

Section 3.1 <u>Fees for Digital Solutions Services</u>. As consideration for the performance by SS&C of the Digital Solutions Services, Customer will pay SS&C the fees relating to each such service as set forth in each Service Exhibit attached to this Agreement. SS&C will deliver a monthly billing report to Customer including a report of Transactions, by type, processed through Digital Solutions Services.

Section 3.2 <u>Invoicing; Fee Increases</u>. SS&C may change any of the fees and charges provided for in this Article III upon thirty (30) days written notice to Customer; <u>provided, that SS&C will not seek to increase its fees for the Initial Term of the Agency Agreement unless there is (i)</u> <u>a material change in the scope of the Digital Solutions Services; or (ii)</u> <u>an increase in the complexity of the Digital Solutions Services, or the cost (including costs imposed by SS&C's vendors), time, or amount of work required by SS&C to provide the Digital Solutions Services as agreed by the Parties.</u> All fees and charges shall be billed by SS&C monthly and paid within thirty (30) days of receipt of SS&C's invoice. Amounts billed but not paid on a timely basis and not being disputed by Customer in good faith shall accrue late fee charges equal to the lesser of one and one-half percent (1 1/2%) per month or the maximum rate of interest permitted by law, whichever is less, until paid in full. Customer shall be responsible for and SS&C shall be entitled to recover the costs of collecting unpaid fees and charges, including without limitation reasonable attorneys' fees.

**ARTICLE IV** 

**<u>PROPRIETARY RIGHTS</u>**

Customer acknowledges and agrees that it obtains no rights in or to any of the software, hardware, processes, templates, screen and file formats, interface formats or protocols, and development tools and instructions, trade secrets, proprietary information or distribution and communication networks of SS&C. Any software, interfaces, interface formats or protocols developed by SS&C shall not be used by Customer for any purposes other than utilizing Digital Solutions Services pursuant to this Agreement or to connect Customer to any transfer agency system or any other Person without SS&C's prior written approval. Customer also agrees not to take any action which would mask, delete or otherwise alter any SS&C on-screen disclaimers (including electronic forms which Users are required to accept) and copyright, trademark and service mark notifications provided by SS&C from time to time, or any "point and click" features relating to User acknowledgment and acceptance of such disclaimers and notifications.

**ARTICLE V** 

**<u>TERM AND TERMINATION</u>**

Section 5.1 <u>Term</u>. Unless terminated earlier as provided in this Article V, each service exhibit, shall be effective as of the Effective Date and shall continue in force and effect until the expiration or termination of the Agency Agreement, as it may be amended (the "Term"), unless otherwise stated in a service exhibit. The Agreement shall automatically terminate upon the termination of the final service exhibit.

Section 5.2 <u>Termination</u>. Throughout the Term, either Party shall have the right to terminate this Agreement on written notice to the other Party of the other Party's material breach of this Agreement and such Party's failure to cure such breach within thirty (30) days. Additionally, SS&C shall have the right, upon ninety (90) days prior written notice to Customer, to terminate this Agreement, and all Service Exhibits then in effect, in the event Customer converts the Funds made available through Digital Solutions Services to a recordkeeping platform provided by any Person other than SS&C.

Section 5.3 <u>Effect of Termination</u>. In the event of a termination under the provisions of this Article V, the Parties will have no continuing obligations to one another other than the obligation to return to one another the confidential or proprietary materials of the other in their possession.

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**ARTICLE VI** 

**<u>INDEMNIFICATION; LIABILITY LIMITATIONS</u>**

**Section 6.1 <u>No Other Warranties</u>. EXCEPT AS OTHERWISE EXPRESSLY STATED IN THIS AGREEMENT, THE DIGITAL SOLUTIONS SERVICES AND ALL SOFTWARE AND SYSTEMS DESCRIBED IN THIS AGREEMENT AND ITS EXHIBITS ARE PROVIDED "AS-IS," ON AN "AS AVAILABLE" BASIS, AND SS&C HEREBY SPECIFICALLY DISCLAIMS ANY AND ALL REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, REGARDING SERVICES PROVIDED BY SS&C HEREUNDER, INCLUDING ANY IMPLIED WARRANTY OF TITLE, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.** 

Section 6.2 **<u>Limitation of Liability</u>**. Notwithstanding anything in this Agreement to the contrary, neither SS&C nor any SS&C Associate shall be liable to Customer for any action or inaction of any SS&C Associate except to the extent of direct Losses finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of SS&C in the performance of SS&C's duties or obligations under this Agreement. Under no circumstances shall SS&C Associates be liable to Customer for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Customer shall indemnify, defend and hold harmless SS&C and SS&C Associates from and against Losses (including legal fees and costs to enforce this provision) that SS&C and the SS&C Associates suffer, incur, or pay as a result of any Third Party Claim or Claim among the Parties, except to the extent it is finally determined by a court of competent jurisdiction that such Losses resulted solely from the gross negligence, willful misconduct or fraud of SS&C Associates in the performance of SS&C's duties or obligations under this Agreement. Any expenses (including legal fees and costs) incurred by SS&C in defending or responding to any Claims (or in enforcing this provision) shall be paid by Customer on a quarterly basis prior to the final disposition of such matter upon receipt by Customer of an undertaking by SS&C to repay such amount if it shall be determined that a SS&C Associate is not entitled to be indemnified. The maximum amount of cumulative liability of SS&C to Customer and for Losses arising out of the subject matter of, or in any way related to, this Agreement shall not exceed the fees paid by Customer to SS&C under the applicable Service Exhibit for the most recent 12 months immediately preceding the date of the event giving rise to the Claim.

Section 6.3 **<u>Infringement Indemnity</u>**. With the exception of Market Data, SS&C shall indemnify, defend, and hold harmless Customer and its Affiliates, members, shareholders, trustees, officers, partners and employees from and against Losses (including reasonable legal fees and costs to enforce this provision) that Customer or its Affiliates suffer, incur, or pay as a result of any Claim brought by a third party that the Services infringe, or cause the infringement of, the intellectual property rights of a third party, except to extent such infringement is a result of or arises out of (i) improper use of the Services or any SS&C Property by Customer or its Affiliates, (ii) modifications to the Services or SS&C Property made by Customer or its Affiliates not previously authorized in writing by SS&C, (iii) Customer or its Affiliates not complying with instructions or designs required by SS&C, (iv) use of the Services or SS&C Property by Customer or its Affiliates in breach of this Agreement, or (v) the combination of the Services or SS&C Property by Fund or its Affiliates with products or systems other than those provided for use with the Services by, or authorized in writing by, SS&C. SS&C may discharge its indemnity obligation by, at its sole option and expense (a) procuring any right to allow Customer to continue to receive the infringing part of the Services, (b) modifying, amending or replacing the infringing part of the Services with other services that deliver substantially the same capabilities, or (c) terminating the infringing part of the Services, provided that SS&C shall in such case refund any fees paid in advance by the Customer with respect thereto.

**ARTICLE VII** 

**<u>CONFIDENTIALITY</u>**

Section 7.1 <u>SS&C Confidential Information</u>. Customer acknowledges and agrees that the terms and conditions of this Agreement, the Digital Platform (including by way of example and without limitation all processes, algorithms, designs, techniques, code, screen and data formats, interface formats and protocols, and structures contained or included therein) and other information obtained by them concerning the other software, software applications, equipment configurations, and business of SS&C (the "SS&C Confidential Information") is confidential and proprietary to SS&C. Customer further agrees to use the SS&C Confidential Information only as permitted by this Agreement, to maintain the confidentiality of the SS&C Confidential Information and not to disclose the SS&C Confidential Information, or any part thereof, to any other person, firm or corporation, provided, however, that if Customer becomes compelled or is ordered to disclose SS&C Confidential Information whether (i) by a court order or governmental agency order which has jurisdiction over the Parties and subject matter, or (ii) in the opinion of its legal counsel, by law, regulation or the rules of a national securities exchange to disclose any SS&C Confidential Information, Customer will, except as may be prohibited by law or legal process, provide SS&C with prompt written notice of such request or order. Customer acknowledges that disclosure of the SS&C Confidential Information may give rise to an irreparable injury to SS&C inadequately compensable in damages. Accordingly, SS&C may seek (without the posting of any bond or other security) injunctive relief against the breach of the foregoing undertaking of confidentiality and nondisclosure, in addition to any other legal remedies which may be available. Customer consents to the obtaining of such injunctive relief and in any proceeding upon a motion for such injunctive relief, Customer's ability to answer in damages shall not be interposed as a defense to the granting of such injunctive relief.

5.0 ------

Section 7.2 <u>Customer Confidential Information</u>. SS&C acknowledges and agrees that the terms and conditions of this Agreement, any information obtained by SS&C concerning the software and software applications (including by way of example and without limitation all data in the Files and algorithms, designs, techniques, code, screen and data formats and structures contained or included therein), equipment configurations, personal information regarding the customers and consumers of Customer and business of Customer (the "Customer Confidential Information") is confidential and proprietary to Customer. SS&C hereby agrees to use the Customer Confidential Information only as permitted by this Agreement, to maintain the confidentiality of the Customer Confidential Information and not to disclose the Customer Confidential Information, or any part thereof, to any other person, firm or corporation, provided, however, that if SS&C becomes compelled or is ordered to disclose Customer Confidential Information whether (i) by a court order or governmental agency order which has jurisdiction over the Parties and subject matter, or (ii) in the opinion of its legal counsel, by law, regulation or the rules of a national securities exchange to disclose any Customer Confidential Information, SS&C will, except as may be prohibited by law or legal process, provide Customer with prompt written notice of such request or order.

SS&C acknowledges that disclosure of the Customer Confidential Information may give rise to an irreparable injury to Customer inadequately compensable in damages. Accordingly, Customer may seek (without the posting of any bond or other security) injunctive relief against the breach of the foregoing undertaking of confidentiality and nondisclosure, in addition to any other legal remedies which may be available. SS&C consents to the obtaining of such injunctive relief and in any proceeding upon a motion for such injunctive relief, SS&C's ability to answer in damages shall not be interposed as a defense to the granting of such injunctive relief.

Section 7.3 <u>Consumer Privacy</u>. Customer and SS&C shall each comply with applicable U.S. laws, rules and regulations relating to privacy, confidentiality, security, data security and the handling of personal financial information applicable to it that may be established from time to time, including but not limited to the Gramm-Leach-Bliley Act and Securities and Exchange Commission Regulation S-P (17 CFR Part 248) promulgated thereunder.

Section 7.4 <u>Limitations; Survival</u>. The provisions of this Article VII shall not apply to any information if and to the extent it was (i) independently developed by the receiving Party as evidenced by documentation in such Party's possession, (ii) lawfully received by it free of restrictions from another source having the right to furnish the same, (iii) generally known or available to the public without breach of this Agreement by the receiving Party or (iv) known to the receiving Party free of restriction at the time of such disclosure. The Parties agree that immediately upon termination of this Agreement, without regard to the reason for such termination, the Parties shall forthwith return to one another all written materials and computer software which are the property of the other Party. All of the undertakings and obligations relating to confidentiality and nondisclosure in this Agreement shall survive the termination or expiration of this Agreement for a period of ten (10) years.

Section 7.5 Notwithstanding the foregoing, each Party may disclose Confidential Information pursuant to a requirement or request of a governmental agency or pursuant to a court or administrative subpoena, order or other such legal process or requirement of law, or in defense of any claims or causes of action asserted against it; provided, however, that it shall (i) first notify the other of such request or requirement, or use in defense, unless such notice is prohibited by statute, rule or court order; and (ii) at the other Party's expense, cooperate in the other Party's efforts to file a motion to quash or similar procedural step to frustrate the production or publication of information. Nothing herein shall require either Party to fail to honor a subpoena, court or administrative order or requirement on a timely basis. Each Party shall cooperate with the other in an effort to limit the nature and scope of any legally required disclosure of Confidential Information.

Section 7.6 Notwithstanding the foregoing, the Parties agree that, in the course of performance under this Agreement, SS&C and its employees may gain or enhance its general knowledge, skills, and experience (including ideas, concepts, know-how, and techniques) related to the business of the Customer (collectively referred to as "General Knowledge"). The use of General Knowledge by the SS&C and its employees will not constitute a breach of this Agreement; provided that such General Knowledge is retained in the unaided memories of the employees of SS&C. Notwithstanding anything to the contrary, SS&C and its employees may not disclose, publish, or disseminate any of the following: (i) information or data supplied in confidence by or on behalf of Customer to SS&C, including (1) Customer Confidential Information that is in written or other tangible form and is marked as proprietary or confidential, and (2) Customer Confidential Information that is disclosed in non-tangible form and is identified as proprietary or confidential at the time of the disclosure; (ii) the source of the General Knowledge; or (iii) the business plans of the Customer.

6.0 ------

**ARTICLE VIII** 

**<u>FORCE MAJEURE</u>**

Customer acknowledges that the Internet is not a secure organized or reliable environment, and that the ability of SS&C to deliver Digital Solutions Services is dependent upon the Internet and equipment, software, systems, data and services provided by various telecommunications carriers, equipment manufacturers, firewall providers and encryption system developers and other vendors and third parties which are outside the control of SS&C. Neither Party shall be liable for any delays or failures to perform any of its obligations hereunder to the extent that such delays or failures are due to circumstances beyond its reasonable control, including acts of God, strikes, riots, terrorist acts, acts of war, power failures, functions or malfunctions of the Internet, telecommunications services (including wireless), firewalls, encryption systems and security devices, or governmental regulations imposed after the date of this Agreement.

**ARTICLE IX** 

**<u>MISCELLANEOUS</u>**

Section 9.1 <u>Governing Law; Jurisdiction</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the State of New York. The courts of the State of New York and the United States District Court for the Southern District of New York shall have exclusive jurisdiction to settle any Claim. Each Party submits to the exclusive jurisdiction of such courts and waives to the fullest extent permitted by Law all rights to a trial by jury.

Section 9.2 <u>Subcontractors.</u> Certain functionalities delivered as part of the Digital Solutions Services may require services from subcontractors or third party vendors. SS&C may, without further consent from Customer, engage an onshore or offshore subcontractor, third party vendor, or affiliate of SS&C to perform the Digital Solutions Services. For clarification, SS&C may subcontract any portion of the Digital Solutions Services to Affiliates of SS&C or to consultants, subcontractors and third party vendors, including, by way of example, software developers and/or cloud hosting service providers. SS&C may use subcontractors or third party vendors in connection with providing the Digital Solutions Services under this Agreement and applicable Service Exhibits provided, upon Customer's request, SS&C shall provide a list summarizing such third parties that may be used by SS&C and aspects of the Digital Solutions Services that may be provided. The Digital Solutions Services performed by any such subcontractors shall be subject to the terms and conditions of the Agreement and the applicable Service Exhibit. Subject to Section 6.2 above, SS&C shall be responsible for the acts and omissions of its subcontractors. If SS&C delegates any Services, (i) such delegation shall not relieve SS&C of its duties and obligations hereunder, (ii) in respect of personal data, such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of SS&C; (iii) SS&C shall maintain a supplier risk management program to assess and monitor its Subcontractors' risk profile across the following criteria: information and legal risk; reputation risk; regulatory risk; continuity risk; operational risk; and financial risk. This will be applicable to only those Subcontractors that have confirmed access to Customer's personally identifiable information. This monitoring will consist of an annual collection of due diligence documentation and evaluation of that documentation to assign a risk score.

Section 9.3 <u>Captions</u>. Captions used herein are for convenience of reference only and shall not be used in the construction or interpretation hereof.

Section 9.4 <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

Section 9.5 <u>Parties' Independent Contractors</u>. The Parties to this Agreement are and shall remain independent contractors, and nothing herein shall be construed to create a partnership or joint venture between them, and none of them shall have the power of authority to bind or obligate the others in any manner not expressly set forth herein.

Section 9.6 <u>Severability</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

7.0 ------

Section 9.7 <u>No Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

Section 9.8 <u>Assignment</u>. Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by Customer, in whole or in part, whether directly or by operation of Law, without the prior written consent of SS&C. SS&C may assign or otherwise transfer this Agreement: (i) to a successor in the event of a change in control of SS&C, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of SS&C's business. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void. If SS&C assigns or otherwise transfers this Agreement to a third-party other than an Affiliate without Customer consent, Customer may terminate this Agreement by written notice to SS&C within 90 days of receiving notice of such assignment or transfer, subject to SS&C's right within 30 calendar days of such notice to rescind such assignment or transfer.

Section 9.9 <u>Notices</u>. Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier, (iv) by any confirmed facsimile or (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given:

SS&C GIDS, Inc.

1055 Broadway

Kansas City, MO 64105

Attention: Legal Department

Email: FSGNotices@sscinc.com

Customer:

Diameter Dynamic Credit Fund

50 Hudson Yards, Suite 6600A

New York, New York 10001

Attn: Legal Department

Email: legal@diametercap.com

Section 9.10 <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of SS&C Associates related to the Services and the subject matter of this Agreement, and no SS&C Associate shall have any liability to Customer or any other Person for, and Customer hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory.

**IN WITNESS WHEREOF**, the Parties hereto have set their hands by their authorized representatives as of the year and date first hereinabove indicated.

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| | | | |
|:---|:---|:---|:---|
| **DIAMETER DYNAMIC CREDIT FUND** | **DIAMETER DYNAMIC CREDIT FUND** | **SS&C GIDS, INC.** | **SS&C GIDS, INC.** |
| By: | /s/ Michael Cohn | By: | /s/ Nicholas Wright |
|  Name: | Michael Cohn | Name: | Nicholas Wright |
|  Title: | Initial Trustee | Title: | Authorized Person |

---

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**List of Attachments** 

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| | |
|:---|:---|
|  **ADDENDUM 1** | **Multi-Factor Authentication Services Terms and Conditions** |
|  **SCHEDULE NO. 1** | **DIGITAL INVESTOR** |
|  **SCHEDULE NO. 2** | **DATA VERIFICATION SERVICES** |
|  **SCHEDULE NO. 3** | **VISION** |
|  **SCHEDULE NO. 4** | **FANMAIL** |
|  **SCHEDULE NO. 5** | **INTERNET DEALER COMMISSIONS** |
|  **SCHEDULE NO. 6** | **E-PRESENTMENT SERVICES** |
| **SCHEDULE NO. 7** | **COMPOSITION SERVICES** |
| **SCHEDULE NO. 8** | **SS&C BLUE PRISIM<sup>®</sup> CHORUS** |

---

9.0

## Ex-99.(K)(3)

**Exhibit (k)(3)** 

**EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT** 

This Expense Limitation and Reimbursement Agreement (the "**Agreement**") is made this 30<sup>th</sup> day of September, 2025, by and between DIAMETER DYNAMIC CREDIT FUND, a Delaware statutory trust (the "**Fund**"), and DIAMETER DCF ADVISOR LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a newly organized, non-diversified, closed-end management investment company that will operate as an "interval fund" under the Investment Company Act of 1940, as amended (the "**Investment Company Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated September 30, 2025, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**");

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund that the Adviser may elect to waive and/or reimburse a portion of the Fund's expenses from time to time, which the Adviser may recoup at a later date if certain conditions are met.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1.**  **<u>Expense Limitation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser agrees with the Fund to waive the Management Fee (as defined in the Investment Advisory Agreement) and/or to assume or reimburse expenses of the Fund (a "**Waiver**") if required to ensure the total annual expenses of the Fund (excluding the investment management fee; any taxes; fees and interest payments on borrowed funds; shareholder servicing and distribution fees; brokerage and distribution costs and expenses; acquired fund fees and expenses (as determined in accordance with SEC Form N-2); expenses incurred in connection with any merger or reorganization; and extraordinary or non-routine expenses, such as litigation expenses) (the "**Specified Expenses**") do not exceed 0.75% and 0.75% of the average daily net assets of Class A Shares and Class I Shares, respectively (the "**Expense Limit**").

**2.**  **<u>Recoupment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For a period not to exceed three (3) years from the date on which a Waiver is made, if the estimated annualized Specified Expenses as of a given month are less than the Expense Limit, the Adviser may recoup amounts waived or assumed during the previous thirty-six months, provided the Adviser is able to effect such recoupment and the Fund will remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit, if any, at the time of the recoupment. To the extent that such recoupment is due, the Fund shall effect such payment as promptly as possible. To the extent that the full amount of such waived amount or expense assumed cannot be recouped as provided in the previous sentence within such applicable three-year period, such recoupment right shall be extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement is terminated by the Fund, the Fund agrees to pay to the Adviser any amounts payable pursuant to Section 2(a) of this Agreement that have not been previously paid and, subject to the Investment Company Act, such payment will be made to the Adviser not later than (3) three years from the date on which a Waiver was made by the Adviser (regardless of the date of termination of this Agreement), so long as the Adviser is able to effect such recoupment and the Fund will remain in compliance with the Expense Limit as if such Expense Limit was still in effect. If this Agreement is terminated by the Adviser, the Fund agrees to pay to the Adviser any amounts payable pursuant to Section 2(a) of this Agreement that have not been previously paid and, subject to the Investment Company Act, such payment will be made to the Adviser not later than thirty (30) days after the termination of this Agreement, so long as the Adviser is able to effect such recoupment and remain in compliance with the Expense Limit as if such Expense Limit was still in effect.

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**3.**  **<u>Termination and Survival</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless earlier terminated by the Board of Trustees of the Fund (the "**Board**"), this Agreement shall become effective as of the date of this Agreement and will have an initial term ending two (2) years from the date of commencement of the Fund's operations, and during such initial term this Agreement may not be terminated by the Adviser. This Agreement may be renewed at the Adviser's discretion for consecutive twelve-month terms thereafter, and the Agreement may not be terminated by the Adviser other than as provided in Section 3(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 3(a) of this Agreement, this Agreement may be terminated, without the payment of any penalty, by the Fund at any time, with or without notice, or by the Adviser upon thirty days' written notice prior to the end of the then-current term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the Investment Advisory Agreement; or (ii) the Board makes a determination to dissolve or liquidate the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 2, 3 and 4 of this Agreement shall survive any termination of this Agreement.

**4.**  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Fund is a registered investment company under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the Investment Company Act, the latter shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's Amended and Restated Agreement and Declaration of Trust or By-Laws, as each may be amended or restated, or to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. For the avoidance of doubt, a person's execution and delivery of this Agreement by electronic signature and electronic transmission (jointly, an "**Electronic Signature**"), including via DocuSign or other similar method, shall constitute the execution and delivery of a counterpart of this Agreement by or on behalf of such party and shall bind such party to the terms of this Agreement. Any party executing and delivering this Agreement by an Electronic Signature further agrees to take any and all reasonable additional actions, if any, evidencing its intent to be bound by the terms of this Agreement.

*[Remainder of page intentionally left blank.]* 

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

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| | |
|:---|:---|
| DIAMETER DYNAMIC CREDIT FUND | DIAMETER DYNAMIC CREDIT FUND |
| By: | /s/ Michael Cohn |
| Name: | Michael Cohn |
| Title: | General Counsel |
| DIAMETER DCF ADVISOR LLC<br> By: Diameter Capital Partners LP, its sole managing member | DIAMETER DCF ADVISOR LLC<br> By: Diameter Capital Partners LP, its sole managing member |
| By: | /s/ Michael Cohn |
| Name: | Michael Cohn |
| Title: | General Counsel and Chief Compliance Officer |

---

*[Signature Page to Expense Limitation and Reimbursement Agreement]*

## Ex-99.(L)

**Exhibit (l)**![LOGO](g902005dsp328.jpg)

December 29, 2025

Diameter Dynamic Credit Fund

50 Hudson Yards, Suite 6600A

New York, New York 10001

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| | |
|:---|:---|
| **Re:** | **<u>Diameter Dynamic Credit Fund</u>**  |

---

Ladies and Gentlemen:

We have acted as special Delaware counsel for Diameter Dynamic Credit Fund, a Delaware statutory trust (the "Trust"), in connection with the matters set forth herein. At your request, this opinion is being furnished to you.

We have examined and relied upon such records, documents, certificates and other instruments as in our judgment are necessary or appropriate to enable us to render the opinions expressed below, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The certificate of trust of the Trust, as filed with the office of the Secretary of State of the State of Delaware (the "Secretary of State") on May 2, 2025 (the "Certificate of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Declaration of Trust, dated as of May 2, 2025, as amended and restated by the Amended and Restated Agreement and Declaration of Trust, dated as of September 30, 2025, by the trustees of the trust named therein (as so amended and restated, the "Trust Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The By-Laws of the Trust, dated as of September 30, 2025 (the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certificate of the secretary of the Trust, dated the date hereof, and attaching copies of resolutions adopted by the Board of Trustees (the forgoing are collectively referred to as the "Resolutions" and, together with the Trust Agreement and the By-Laws, are collectively referred to as the "Trust Documents")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Registration Statement (the "Registration Statement") on Form N-2, as amended, including a prospectus (and the statement of additional information incorporated by reference therein) dated December 29, 2025 (the "Prospectus"), with respect to the issuance of the Class A and the Class I common shares of beneficial interest in the Trust (the "Shares"), filed by the Trust with the United States Securities and Exchange Commission; and

------

Diameter Dynamic Credit Fund

December 29, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Certificate of Good Standing for the Trust, dated December 26, 2025, obtained from the Secretary of State.

Initially capitalized terms used herein and not otherwise defined are used as defined in the Trust Documents.

As to various questions of fact material to our opinion, we have relied upon the representations made in the foregoing documents and upon certificates of officers of the Trust.

With respect to all documents examined by us, we have assumed (i) the authenticity of all documents submitted to us as authentic originals, (ii) the conformity with the originals of all documents submitted to us as copies or forms, and (iii) the genuineness of all signatures.

For purposes of this opinion, we have assumed (i) that the Trust Documents constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including with respect to the formation, operation and termination of the Trust, and that the Trust Documents and the Certificate of Trust are in full force and effect and will not be amended, (ii) except to the extent provided in paragraph 1 below, the due organization or due formation, as the case may be, and valid existence in good standing of each party to the documents examined by us under the laws of the jurisdiction governing its organization or formation, (iii) the legal capacity of natural persons who are parties to the documents examined by us, (iv) that each of the parties (other than the Trust) to the documents examined by us has the power and authority to execute and deliver, and to perform its obligations under, such documents, (v) except to the extent provided in paragraph 2 below, the due authorization, execution and delivery by all parties thereto of all documents examined by us, (vi) the payment by each Person to whom a Share has been or is to be issued by the Trust (collectively, the "Shareholders") for such Share, in accordance with the Trust Documents and as contemplated by the Registration Statement, and (vii) that the Shares will be issued and sold to the Shareholders in accordance with the Trust Documents and as contemplated by the Registration Statement. We have not participated in the preparation of the Registration Statement (other than this opinion) and assume no responsibility for its contents except for this opinion.

This opinion is limited to the laws of the State of Delaware (excluding the securities laws of the State of Delaware), and we have not considered and express no opinion on the laws of any other jurisdiction, including federal laws and rules and regulations relating thereto. Our opinions are rendered only with respect to Delaware laws and rules, regulations and orders thereunder which are currently in effect.

------

Diameter Dynamic Credit Fund

December 29, 2025

Based upon the foregoing, and upon our examination of such questions of law and statutes of the State of Delaware as we have considered necessary or appropriate, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust has been duly formed and is validly existing in good standing as a statutory trust under the Delaware Statutory Trust Act, 12 Del. C. § 3801, <u>et</u>. <u>seq</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares of the Trust have been duly authorized and, when issued, will be validly issued, fully paid and nonassessable beneficial interests in the Trust.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. We also consent to the use of our name under the heading "Legal Matters" in the Prospectus. In giving the foregoing consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Richards, Layton & Finger, P.A. |

---

JWP/CZD

## Ex-99.(N)

**Exhibit (n)** 

Consent of Independent Registered Public Accounting Firm

We consent to the references to our firm under the captions "Independent Registered Public Accounting Firm" in the Preliminary Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information, each dated December 29, 2025, and each included in this Pre-Effective Amendment No. 2 to the Registration Statement (Form N-2, File No. 333-287486) of Diameter Dynamic Credit Fund (the "Registration Statement").

We also consent to the use of our report dated October 14, 2025, with respect to the financial statement of Diameter Dynamic Credit Fund as of September 30, 2025, included in this Registration Statement, filed with the Securities and Exchange Commission.

---

| |
|:---|
|  /s/ Ernst & Young LLP |
|  New York, New York |
|  December 29, 2025 |

---

## Ex-99.(P)

**Exhibit (p)** 

**Diameter DCF Advisor LLC** 

55 Hudson Yards, 29<sup>th</sup> Floor

New York, NY 10001

July 28, 2025

Diameter Dynamic Credit Fund

55 Hudson Yards, 29<sup>th</sup> Floor

New York, NY 10001

Ladies and Gentlemen:

This letter agreement (this "<u>Agreement</u>") sets forth the commitment of Diameter DCF Advisor LLC (the "<u>Adviser</u>"), subject to the terms and conditions contained herein, to purchase, or cause the purchase of, common shares of beneficial interest of Diameter Dynamic Credit Fund (the "<u>Fund</u>"), a Delaware statutory trust registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"). The Adviser and the Fund hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Adviser Commitment</u>. The Adviser hereby commits to purchase, or cause the purchase of, the Fund's common shares of beneficial interest (the "<u>Shares</u>") in the amount set forth on <u>Schedule A</u> (the "<u>Adviser Commitment</u>") at an initial purchase price of $10.00 per Share until such time as a net asset value is calculated and thereafter at a purchase price equal to the Fund's most recently calculated net asset value per Share. The Adviser agrees to purchase Shares on such dates and in such amounts as determined by the Fund in its sole discretion. The Adviser shall have the right to update <u>Schedule A</u> from time to time to reflect additional purchases of Shares. The Fund hereby accepts the Adviser Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Term of Adviser Commitment</u>. The Adviser Commitment shall immediately terminate in the event the Adviser no longer serves as the investment adviser to the Fund or otherwise manages the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Purchase of Shares; Reclassification of Adviser Shares</u>. The Fund intends to issue and sell three classes of its Shares to the public pursuant to a registration statement on Form N-2 (the "<u>Registration Statement</u>") filed with the Securities and Exchange Commission. After the Registration Statement is declared effective, the Adviser may purchase Shares pursuant to the Fund's public offering under the Registration Statement. The Adviser intends to purchase at least $100,000 of Shares in a private placement before the Fund makes a public offering of its Shares, and prior to the effective date of the Registration Statement, in order for the Fund to comply with the requirements of Section 14(a) of the 1940 Act. Any Shares issued and outstanding to the Adviser upon the amendment and restatement of the Fund's Declaration and Agreement of Trust will be reclassified as Class I Shares having an equivalent aggregate net asset value of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of Adviser</u>. The Adviser represents and warrants to the Fund that it is acquiring the Shares for investment purposes only and that the Shares will be sold only pursuant to a registration statement under the Securities Act of 1933, as amended, or an applicable exemption from the registration requirements contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Assignment</u>. The Adviser may transfer or assign its rights and obligations under this Agreement, in whole or in part, to an entity it controls, is controlled by or with which it is under common control. The Adviser may not otherwise transfer or assign its rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendments</u>. This Agreement may be amended at any time by the mutual agreement of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Headings</u>. The headings contained in this Agreement are for convenience and reference purposes only and shall not be deemed to alter or affect in any way the meaning or interpretation of any provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, any one of which need not contain the signatures of more than one party, but all of such counterparts together shall constitute one agreement. Delivery of an executed signature page of this Agreement by facsimile or electronic transmission (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com, as amended from time to time, or other applicable law) will be deemed original signatures for purposes of this Agreement, shall be effective as delivery of a manually executed counterpart hereof and will constitute due and sufficient delivery of such counterpart.

\* \* \*

*[Signature page follows]* 

------

---

| | |
|:---|:---|
|  DIAMETER DCF ADVISOR LLC | DIAMETER DCF ADVISOR LLC |
| By: | /s/ Matthew Gilmartin |
|  Name: | Matthew Gilmartin |
|  Title: | Chief Operating Officer |

---

Agreed and accepted as of the date first set forth above:

---

| | |
|:---|:---|
|  DIAMETER DYNAMIC CREDIT FUND | DIAMETER DYNAMIC CREDIT FUND |
| By: | /s/ Michael Cohn |
|  Name: | Michael Cohn |
|  Title: | Initial Trustee |

---

*[Signature Page to Letter Agreement]* 

------

**Exhibit (p)** 

<u>SCHEDULE A</u> 

**<u>Adviser Commitment</u>**: $100,000.00

---

| | | | |
|:---|:---|:---|:---|
| **Date of Purchase** | **Dollar<br>Amount<br>of Shares<br>Purchased** | **Number of Shares<br>Purchased** | **Remaining Unfunded<br>Adviser<br>Commitment** |
|  7/8/2025 | $100000 | 10000 |  |
|  **Total to Date:** | $100000 | 10000 |  |

---

## Ex-99.(R)(1)

**Exhibit (r)(1)** 

**<u>Diameter Dynamic Credit Fund</u>**

**(the "Fund")** 

**Code of Ethics** 

I. *Purp ose of the Code of Ethics* 

This Code of Ethics (the "Code") is based on the principle that, you as an "Access Person" (as defined below) of the Fund, will conduct your personal investment activities in accordance with

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the duty at all times to place the interests of the Fund's shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that all personal securities transactions be conducted consistent with this Code and in such a
manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of Fund and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fundamental standard that the Fund personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the Fund has adopted this Code to specify a code of conduct for certain types of personal securities transactions which may involve conflicts of interest or an appearance of impropriety and to establish reporting requirements and enforcement procedures.

II. *Legal Requirement* 

Pursuant to Rule 17j-1(b) of the Act, it is unlawful for any Access Person to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to
make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon the
Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practice with respect to the Fund.

III. *Definitions -* All definitions shall have the same meaning as explained in Section 2(a) of the Act
and Rule 17j-1 thereunder and are summarized below.

**Access Person** – means (1) any Trustee, officer, general partner, registered person, or employee, of the Fund or the Fund's investment adviser (or of any company in a control relationship to the Fund or the Fund's investment adviser), and (2) any director, officer or general partner of a principal underwriter who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

------

For purposes of this Code, an "Access Person" does not include any person who is subject to the securities transaction pre-clearance requirements and securities transaction reporting requirements of the Code of Ethics adopted by the Fund's investment adviser or principal underwriter in compliance with Rule 17j-1 under the Act and Rule 204A-2 of the Investment Advisers Act of 1940 and Section 15(f) of the Securities Exchange Act of 1934, as applicable.

**Automatic Investment Plan** – means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial ownership** – shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

**Control** – shall have the same meaning as that set forth in Section 2(a)(9) of the Act.

**Covered Security** – means a security as defined in Section 2(a)(36) of the Act except that it does not include an Exempt Security (as defined herein).

**Exempt Security** – means (1) direct obligations of the Government of the United States, which include securities issued by the United States Government, short-term debt securities which are "government securities" within the meaning of Section 2(a)(16) of the Act; (2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (3) shares of registered open-end investment companies (excluding open-end exchange traded funds).

**Exchange-Traded Fund -** means a registered open-end management company (1) that issues (and redeems) creation units to (and from) authorized participants in exchange for a basket and a cash balancing amount if any; and (2) whose shares are listed on a national securities exchange and traded at market-determined prices.

**Exempt Transactions** shall mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. purchases or sales effected in any account over which the Access Person has no direct or indirect influence or
control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchases or sales of securities issued by any company included in the Standard & Poor's 500
Stock Index in an amount less than $10,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. purchases which are part of an automatic dividend reinvestment plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its
securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

**Fund** – Diameter Dynamic Credit Fund

------

**Investment Company** – a company registered as such under the Act.

**Investment Personnel** – (1) employees of the Fund, the Advisers and/or the Underwriter who participate in making investment recommendations to the Company; and (2) person in a control relationship with the Company or adviser who obtain information about investment recommendations made to the Company.

**Security being considered for purchase or sale** – when a recommendation to purchase or sell a security has been made or communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

**Security held or to be acquired** – means (1) any Covered Security which, within the most recent 15 days (a) is or has been held by the Fund, or (b) is being or has been considered by the Fund or its investment advisor for purchase by the Fund; and (2) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security that is held or to be acquired by the Fund.

**Trustee** – means Diameter Dynamic Credit Fund's Board of Trustees (the "Board" or the "Trustees"). **Underwriter** – as may be appointed by the Board from time to time.

IV. *Policies of the Fund Regarding Personal Securities Transactions* 

<u>General</u> 

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

<u>Specific Policies</u>

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being considered for purchase or sale by the Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is being purchased or sold by the Fund.

<u>Pre-approval of Investments in IPOs and Limited Offerings</u> 

Investment Personnel must obtain approval from the Fund or the Fund's investment adviser before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or in a private placement or other limited offering.

V. *Reporting Procedures* 

The Chief Compliance Officer of the Fund shall notify each person (annually in January of each year) considered to be an Access Person of the Fund that he/she is subject to the reporting requirements detailed in Sections (a), (b) and (c) below and shall deliver a copy of this Code to such Access Person.

------

In order to provide the Fund with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed, each Access Person of the Fund must report to the Fund the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Initial Holdings Reports</u>. Each Access Person must report on Exhibit A, attached hereto, no later than 10
days after becoming an Access Person, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title, number of shares and principal amount of each Covered Security in which the Access Person had any
direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities
were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the report is submitted by the Access Person.

This information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Quarterly Transaction Reports</u>. Each Access Person must report on Exhibit B, attached hereto, no later
than 30 days after the end of a calendar quarter, the following information with respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of
shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the report is submitted by the Access Person.

Furthermore, an Access Person need not make a quarterly transaction report under section V.b. of this Code of Ethics with respect to transactions effected pursuant to an Automatic Investment Plan.

With respect to any account established by the Access Person in which **any securities** were held during the quarter for the direct or indirect benefit of the Access Person, each Access Person must report on Exhibit B, attached hereto, no later than 30 days after the end of a calendar quarter the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker, dealer or bank with whom the Access Person established the account;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Annual Holdings Reports</u>. Each Access Person must report on Exhibit C, attached hereto, annually, the
following information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title, number of shares and principal amount of each Covered Security in which the Access Person had any
direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities
are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Exceptions from Reporting Requirements</u>. Any Trustee who is not an Interested Trustee of the Fund and who
would be required to make a report solely by reason of being a Trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an initial holdings report under section V.a. of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual holdings report under section V.c. of this Code of Ethics; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a quarterly transaction report under section V.b. of this Code of Ethics, unless the Trustee knew, or, in the
ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately before or after the Trustee's transaction in a Covered Security, the
Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered purchasing or selling the Covered Security.

VI. *Review of Reports* 

The Chief Compliance Officer of the Fund, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate, comparing the reports with this Code, and reporting to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any transaction that appears to evidence a possible violation of this Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• apparent violations of the reporting requirements stated herein.

The Trustees shall review the reports made to them hereunder and shall determine whether the policies established in Sections IV and V of this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator or termination of the violator's license with the Underwriter, or the unwinding of the transaction and the disgorgement of any profits.

------

The Board of Trustees shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board with respect to the securities being considered for purchase or sale by, or held or to be acquired by, the Fund.

VII. *Certification* 

Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached hereto as Exhibit D.

Before the Board may approve the Fund's Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating their Code of Ethics. Such certification shall be submitted to the Trustees at least annually.

Adopted: September 30, 2025

Amended:

------

EXHIBIT A

INITIAL HOLDINGS REPORT

To: The Chief Compliance Officer of the Diameter Dynamic Credit Fund (the "Fund")

At the time I became an Access Person, I had a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of Ethics of the Fund:

---

| | | |
|:---|:---|:---|
| Security | Number of Shares | Principal Amount |

---

The name of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above. I understand that this information must be reported no later than ten (10) days after I became an Access Person.

Date Print Name <br> Signature

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EXHIBIT B

QUARTERLY TRANSACTION REPORT

For the Calendar Quarter Ended

To: The Chief Compliance Officer of the Diameter Dynamic Credit Fund (the "Fund")

<u>A.</u> <u>Securities Transactions</u>. During the quarter referred to above, the following transactions were effected
in securities of which I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics of the Fund. I understand that this information must be reported
no later than <u> </u>.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Title of<br> Security | Date of<br>Transaction | Number of<br> Shares or<br> Principal<br> Amount | Dollar<br>Amount of<br>Transaction | Interest Rate<br>and Maturity<br>Date (if<br>applicable) | Nature of <br>Transaction <br>(Purchase,<br> Sale, Other) Price | Broker/Dealer<br>or Bank<br>Through<br>Whom<br>Effected |

---

\* Transactions that are asterisked indicate transactions in a security where I knew at the time of the transaction or, in the ordinary course of fulfilling my official duties as a Trustee or officer, should have known that during the 15-day period immediately preceding or after the date of the transaction, such security was purchased or sold, or such security was being considered for purchase or sale by the Fund. 

<u>B.</u> <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in
which securities were held during the quarter for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u> <u>Date Account Was Established:</u> <br>

C. <u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or
indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
|  Date: | Signature: |
|  | Print Name: |

---

------

EXHIBIT C

ANNUAL HOLDINGS REPORT

For the following period: <u>January</u> <u>1, 20[ ] – December</u> <u>31, 20[ ]</u> 

To: The Chief Compliance Officer of the Diameter Dynamic Credit Fund (the "Fund")

As of the period referred to above, I have a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of Ethics of the Fund:

---

| | | |
|:---|:---|:---|
| Security | Number of Shares | Principal Amount |

---

The name of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
|  Date | Print Name |
|  | Signature |

---

------

EXHIBIT D

ANNUAL CERTIFICATE

Pursuant to the requirements of the Code of Ethics of the Diameter Dynamic Credit Fund, the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read the Fund's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I understand the Code of Ethics and acknowledge that I am subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Since the date of the last Annual Certificate (if any) given pursuant to the Code of Ethics, I have reported
all personal securities transactions and provided any securities holding reports required to be reported under the requirements of the Code of Ethics.

---

| | |
|:---|:---|
|  Date | Print Name |
|  | Signature |

---

## Ex-99.(R)(2)

**Exhibit (r)(2)** 

**<u>CODE OF ETHICS</u>**

Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Compliance Manual (including its appendices)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>INTRODUCTION</u>** 

High ethical standards are essential for the success of Diameter and to maintain the confidence of our Advisory Clients and Investors. Diameter is of the view that its longterm business interests are best served by adherence to the principle that its Advisory Clients' and Investors' interests come first. Equally important, Diameter has a fiduciary duty to its Advisory Clients and Investors that requires individuals associated with Diameter to act solely for the benefit of Advisory Clients and Investors. Potential conflicts of interest may arise in connection with the activities of individuals associated with investment adviser firms. In recognition of Diameter's fiduciary obligations, its desire to maintain high professional and ethical standards of conduct, and the requirements of the Advisers Act, Diameter has adopted this Code of Ethics containing provisions designed to lessen certain conflicts between the Firm's Employees and its Advisory Clients by: (i) placing restrictions on personal trading by the Firm's Employees; (ii) establishing a procedure for engaging in permitted outside business activities; and (iii) preventing the improper receipt of gifts and entertainment by Employees.

**Adherence to the Code of Ethics and the related restrictions on personal investing is considered a basic condition of employment for Employees of Diameter.** If there is any doubt as to the propriety of any activity, Employees should consult with the Chief Compliance Officer, or an appropriate designee. The Compliance Team is charged with the administration of this Code of Ethics (including distribution of the Code of Ethics and any amendments to Access Persons (as defined herein)) and may offer guidance on securities laws and acceptable practices, as the same may change from time to time. The Chief Compliance Officer or such designee may rely upon the advice of outside legal counsel and/or compliance consultants. Under Rule 204A-1 of the Advisers Act, an "<u>Access Person</u>" is generally any supervised person of a registered investment adviser who: (i) has access to non-public information regarding any client's purchase or sale of securities, or non-public information regarding the holdings of any reportable fund; or (ii) is involved in making securities recommendations to clients or has access to such recommendations that are non-public. For ease of administration, Diameter generally takes the view that all Employees are deemed to be Access Persons of Diameter. In the case of interns that may work with Diameter from time to time, the Chief Compliance Officer or an appropriate designee shall determine if such interns should be treated as Access Persons during the duration of their internship. In general, student interns will not be treated as Access Persons (and will generally have restricted access to Diameter's information), but interns that are engaged full time for three (3) or more months or who have regular access to the Firm's current trades and holdings will be treated as Access Persons, and all sections of this Code of Ethics applicable to Employees will also be applicable to such interns.

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Diameter takes breaches of the Code of Ethics, of Diameter's policies and procedures, and of relevant laws and regulations very seriously. To report any conduct or situation that you believe is in conflict with the Code of Ethics or Diameter's policies and procedures, or is otherwise improper or unlawful, you should contact the Chief Compliance Officer or an appropriate designee. Diameter prohibits retaliation against you if your report is made in good faith, and endeavors to keep your identity confidential except as otherwise required by law or by the nature of your complaint and Diameter's need to investigate the matter. Diameter takes all such reports seriously and is committed to reviewing your allegation promptly and to taking any appropriate remedial action. Diameter's personnel are expected to cooperate with any inquiry or investigation resulting from a report of misconduct, and failure to cooperate may result in disciplinary action. All reports and inquiries will be handled confidentially to the greatest extent possible.

All Employees are required to sign and acknowledge their familiarity with the provisions of this Code of Ethics at least annually by signing the form of acknowledgment on the Compliance Alpha Portal on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>B.</u>**  **<u>APPLICABILITY OF CODE OF ETHICS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>C.</u>**  **<u>Personal Accounts of Access Persons. This Code of Ethics applies to all personal trading or investment accounts of all Employees (each, a "Personal Account") that hold Reportable Securities (as defined herein), except to the extent indicated otherwise. In addition to accounts held in the name of, or for the benefit of, the Employee, a Personal Account also includes an account maintained by or for:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Employee's spouse, domestic partner (other than a legally separated or divorced spouse of the
Employee) and minor children;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any individuals who live in the Employee's household and over whose purchases, sales, or other trading
activities the Employee exercises control or investment discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any persons to whom the Employee provides primary financial support, and either (i) whose financial
affairs the Employee controls or (ii) for whom the Employee provides discretionary advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any trust or other arrangement which names the Employee as a beneficiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Any investment-related entity in which the Employee has (i) a significant (i.e. greater than 25%)
beneficial interest, (ii) owns a controlling interest or (iii) exercises effective control.

Upon initial receipt of this Compliance Manual or promptly after opening a new Personal Account, each Employee must provide a comprehensive list of all Personal Accounts to the Firm, generally via the Compliance Alpha Portal, and ensure that such Personal Accounts are appropriately "linked" to the Compliance Alpha Portal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**  **<u>RESTRICTIONS ON PERSONAL INVESTING ACTIVITIES</u>** 

This Code of Ethics lays out the requirements under which an Employee is permitted to engage in securities trading for his or her Personal Accounts. It is the responsibility of each Employee to ensure that any securities transaction being considered for his or her Personal Account is not subject to a restriction contained in this Code of Ethics or is otherwise prohibited by any applicable laws. When anything under this Code of Ethics prohibits the purchase or sale of a security, it also prohibits the short sale of such security as well as the purchase or sale of any related securities such as puts, calls, other options or rights in such securities. Personal securities transactions for Employees may be effected only in accordance with the provisions of the Code of Ethics and the Compliance Manual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) General Requirements. Diameter's policy on personal investing consists of the following principal prongs
and is administered primarily through the Compliance Alpha Portal, or such other program as may be selected in the future to administer compliance with personal trading policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notifying the Chief Compliance Officer or an appropriate designee of the Personal Accounts in the
Employee's own name or in the name of a spouse or other dependent or beneficiary (as detailed above);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtaining pre-approval/pre-clearance from the Chief Compliance Officer or an appropriate designee for transactions in Reportable Securities in Personal Accounts over which the
Employee exercises influence or control as required by this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completing periodic certifications related to transactions and holdings in such accounts (as further described
below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of non-discretionary Personal Accounts, the Employee and the
managing broker (or other appropriate person) of each completing an initial attestation, and Diameter obtaining requisite annual confirmations from such Employee that such Employee exercises no influence or control over such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Single Name Transactions.

**An Employee is not permitted to engage in any transactions in his or her Personal Account in single name securities, except as set forth in this Code of Ethics.** Employees may engage in purchases or sales of single name securities only if the Chief Compliance Officer or an appropriate designee has provided prior written approval of the sale or purchase. Approval to purchase publicly traded single name securities will generally not be granted unless extenuating circumstances exist. Approval to sell publicly traded single name securities (generally acquired by the Employee prior to joining Diameter), or to purchase or sell <u>private</u> single name securities, generally will be granted unless doing so is prohibited by the Firm's policies and procedures or otherwise poses or could pose a conflict. No approvals will be granted for any purchases or sales that may result in, or create the appearance of, any conflicts with the Advisory Clients or their

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portfolios. Employees should not expect the Chief Compliance Officer or an appropriate designee to approve purchases of single name securities which the Firm could reasonably be expected to transact in for its Advisory Clients. For the avoidance of doubt, non-volitional corporate actions, such as a stock split or automated dividend reinvestment plans (DRIPs) are not subject to the pre-approval requirement stated above. Any purchases or sales (other than legacy positions acquired prior to the commencement of employment at Diameter) will be subject to the holding period and other requirements set forth in Section III.D below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Other Transactions in Personal Accounts.

An Employee may not acquire any direct or indirect beneficial ownership in any securities in any initial public offering. This does not include beneficial ownership in an initial public offering obtained indirectly through an open-ended mutual fund, unit investment trust that solely invests in open-ended mutual funds or other comingled investment funds.

An Employee may not acquire or dispose of any other investments or instruments in Reportable Securities in their Personal Accounts without obtaining pre-clearance from the Chief Compliance Officer or an appropriate designee for such transaction. The requirement to obtain pre-clearance applies to transactions in every financial instrument (including ETFs, ETNs and initial coin offerings) involving any Reportable Securities. For further details, see definition of Reportable Security under **Section IV.B** below.

*Private Placements and Illiquid Investments.* An Employee may not acquire any beneficial ownership in any private placement of securities or investment opportunity of limited availability unless the Chief Compliance Officer or an appropriate designee has given prior written approval. The Chief Compliance Officer or such designee, in determining whether approval should be given, will take into account, among other factors, whether the investment opportunity should be reserved for Advisory Clients and whether the opportunity is being offered to the Employee by virtue of his or her position with the Firm. This does not include beneficial ownership in private placements or investment opportunities of limited availability (as described in this paragraph) obtained indirectly through a mutual fund or other comingled investment fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Holding Periods.

Employees are expected to devote the workday to serving Advisory Clients and the interests of the Firm and must avoid personal trading on any scale or of any kind that would distract the Employee from his or her daily work responsibilities or focus on Advisory Clients. The Firm reserves the right to re-visit the permissions granted herein in its sole discretion.

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The Firm discourages persistent and repeated short term trading of Reportable Securities by Employees in their personal securities accounts, and reviews personal trading by Employees. To limit the volume of overall transactions in an Employee's Personal Accounts, which may be determined to be too high by the Chief Compliance Officer or an appropriate designee, acting in their sole discretion, the Firm may require that **an Employee not sell a position held less than 30 calendar days**, but will take into account considerations such as whether the Employee is selling at a loss and to protect against the further loss of principal in a position in his/her Personal Accounts, and the 30 day holding period has been waived by the Chief Compliance Officer or an appropriate designee. Unless the Compliance Team notifies an Employee of such holding period, the Employee is generally permitted to trade in Reportable Securities without a holding period requirement. Should a holding period be imposed, First In, First Out (or FIFO) will be applied to the 30 calendar day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Process for Pre-Approvals.

Employees are requested to submit proposed transactions for pre-clearance through the Compliance Alpha Portal or through email for private illiquid investments. Generally, unless otherwise designated for illiquid names (such as in the case of private investments), pre-clearance granted under this paragraph will remain in effect for 48 business hours or two business days allowing the Employee to complete the approved transaction. If an Employee requires additional time to complete an approved transaction, he or she may request it via the Compliance Alpha Portal from the Chief Compliance Officer or an appropriate designee. The Chief Compliance Officer and other members of the Compliance Team will request pre-clearance requests for his or her own personal securities transactions, if any, from an independent member of the Compliance Team or, as applicable, a Co-Chief Operating Officer.

In the case of transactions by Employees in the Advisory Clients, pre-approvals are made via the Firm's acceptance of the relevant Employee's subscription agreement, additional contribution form and/or redemption request form for the respective Advisory Client. In consideration of the fact that the Advisory Clients require significant advanced notice for processing purposes, pre-clearance approvals provided via the Advisory Clients' subscription agreements, additional contribution forms and/or redemption request forms are in effect from the date they are acknowledged as received by Diameter and/or the administrator to the Advisory Clients through the date the subscription, contribution or redemption is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Investments by Tots.

Children of Employees are permitted to engage in transactions (including with regard to single-name securities) up to the lesser of a total amount of (i) $1,000 or (ii) a single share, in a securities account in the name of the child. Such trades shall require pre-approval from the Chief Compliance Officer or an appropriate designee, and the securities accounts are required to be linked via the Compliance Alpha Portal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Restricted List.

Each Employee is strictly prohibited from trading in the securities of issuers that are included on Diameter's list of restricted issuers (the "<u>Restricted List</u>") unless granted an exception in writing by the Chief Compliance Officer, an appropriate designee of the Chief Compliance Officer, or the Diameter Managing Partners. Issuers on the Restricted List may include issuers of securities for which Diameter has come into contact with material non-public information or certain confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Management of Non-Adviser Accounts.

Employees are prohibited from managing accounts for third parties who are not Advisory Clients or serving as a trustee for third parties unless the Chief Compliance Officer or an appropriate designee preclears the arrangement and finds that the arrangement would not harm any Advisory Client. The Chief Compliance Officer or an appropriate designee, in his or her discretion may require the Employee to report transactions for such account and may impose such conditions or restrictions as are warranted under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>E.</u>**  **<u>REPORTING REQUIREMENTS FOR PERSONAL TRADING</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>F.</u>**  **<u>Employees are required to submit to the Chief Compliance Officer or an appropriate designee (subject to the applicable provisions of Section V below) the following reports:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **New Accounts -** Each Employee must notify the Chief Compliance Officer or an appropriate designee
promptly if such Employee opens any new Personal Account in which any securities are held with a broker or custodian or moves such an existing account to a different broker or custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Initial Holdings Report -** Employees are required to provide the Chief Compliance Officer or an
appropriate designee with an Initial Holdings Report, within 10 days of the date that such person became an Employee, that meets the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must disclose all of the Employee's current securities holdings with generally the following content for
each Reportable Security (as defined in **Section IV.B** below) in which the Employee has any direct or indirect beneficial ownership:

(i). title and type of the Reportable Security;

(ii). ticker symbol or CUSIP number (as applicable);

(iii). number of shares;

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| | |
|:---|:---|
| (iv). | principal amount of each Reportable Security.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must disclose the name of any broker, dealer or bank with which the Employee maintains a Personal Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information contained in Initial Holding Reports must be current as of a date no more than 45 days prior to the
date of submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date upon which the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Annual Holdings Reports** – Subject to the applicable provisions of **Section V** below,
Employees must also provide Annual Holdings Reports of all current reportable securities holdings at least once during each 12 month period. For purposes of this Code of Ethics, the date as of which each Employee must provide such Annual Holdings
Reports December 31<sup>st</sup> of each year, and Annual Holdings Reports must be submitted within 45 days of such date. From a content perspective, such Annual Holdings Reports must comply with the
requirements of **Section IV.A(2)** above. Annual Holdings Reports generally must be submitted via the Compliance Alpha Portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Quarterly Transaction Reports** – Subject to the applicable provisions of **Section V** below,
Access Persons must also provide quarterly securities transaction reports for each transaction in a Reportable Security (as defined in **Section IV.B** below) in which the Access Person has any direct or indirect beneficial ownership. Such
quarterly transaction reports must generally meet the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Content Requirements – Quarterly transaction reports must include:

(i). date of transaction;

(ii). title of Reportable Security;

(iii). ticker symbol or CUSIP number of Reportable Security (as applicable);

(iv). interest rate or maturity rate (if applicable);

(v). number of shares;

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| | |
|:---|:---|
| (vi). | principal amount of Reportable Security;  |

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(vii). nature of transaction (i.e., purchase or sale);

(viii). price of Reportable Security at which the transaction was effected;

(ix). the account in which the transaction was effected;

(x). the date upon which the Access Person submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Timing Requirements – Access Persons must submit a quarterly transaction report no later than 30 days after
the end of each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Quarterly transaction reports generally must be submitted via the Compliance Alpha Portal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.**  **<u>Definition of "Reportable Security"</u>** <sup>1</sup> – For purposes of the reporting requirements, a Reportable Security is any financial instrument that is a security as defined in detail in Section 202(a)(18) of the Advisers Act, EXCEPT
that it does NOT include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Direct obligations of the government of the United States and other G10 countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements (e.g., cash equivalents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Shares issued by open-end funds (e.g., mutual funds), other than
Reportable Funds (defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are Reportable Funds.

In an abundance of caution, to limit potential conflicts of interest by placing limitations on transactions in the Personal Accounts of Access Persons and for the avoidance of doubt, the following <u>will be</u> considered to be Reportable Securities for the sole purposes of these personal trading procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Shares issued by Exchange Traded Funds and Exchange Traded Notes (ETFs and ETNs)

As used herein, "Reportable Funds" are funds for which Diameter serves as an investment adviser and funds whose investment adviser or principal underwriter controls Diameter, is controlled by Diameter, or is under common control with Diameter.

Based on recent guidance from the SEC, initial coin offerings shall also be considered a Reportable Security for the purposes of this policy, but as noted above, Bitcoin and similar cryptocurrencies are not currently considered Reportable Securities for purposes of this policy.

**II.**  **<u>EXCEPTIONS FROM PERSONAL TRADING REQUIREMENTS</u>** 

No Initial Holdings Report, Annual Holdings Report or Quarterly Transaction Report is required to be filed by an Employee with respect to securities held in any Personal Account over which the Employee has (or had) no direct or indirect influence or control. However, Employees with non-discretionary managed accounts generally will be required to provide the Chief Compliance Officer or an appropriate designee with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An initial attestation from the broker of the non-discretionary managed
account confirming that the Employee has no direct or indirect influence or control or discretionary authority over the account. A form of attestation has been provided in  **<u>Appendix D</u>** but the Chief Compliance Officer or an appropriate
designee may also accept other similar forms provided by the brokers; and

<sup>1</sup> For purposes of this Code of Ethics, Bitcoin and similar cryptocurrencies are not currently considered Reportable Securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An annual attestation to be completed via the Compliance Alpha Portal for any non-discretionary accounts.

Notwithstanding anything else in this Code of Ethics, pre-clearance is not required to be submitted with respect to any transactions effected pursuant to any Personal Account over which the Employee has (or had) no direct or indirect influence or control (e.g., dividend reinvestment plans).

No Initial Holdings Report, Annual Holdings Report or Quarterly Transaction Report is required to be filed by an Employee with respect to securities held in their 529 Plans or 401(k) plans. If an Employee transacts in Reportable Securities more than one time a year (i.e. more than solely for annual rebalancing purposes) in their 401(k) plans, they should link the account in the Compliance Alpha Portal and request pre-clearance before undertaking any transactions involving Reportable Securities in their 401(k) plans.

Quarterly Transaction Reports are not required to be submitted with respect to any transactions effected pursuant to an automatic investment plan or dividend reinvestment plan (although holdings need to be included on Initial and Annual Holdings Reports).

**III.**  **<u>NOTIFICATION AND/OR APPROVAL OF OUTSIDE BUSINESS ACTIVITIES AND INSIDER RELATIONSHIPS</u>** 

Employees of Diameter must avoid any activity that could conflict or interfere with, or give the appearance of conflicting or interfering with, the Employee's responsibilities to Diameter and the Advisory Clients. Accordingly, an Employee's involvement in outside business activities will require the pre-approval of the Chief Compliance Officer or an appropriate designee as set forth herein. Failure to obtain approval may subject the Employee to disciplinary action, including the termination of employment. Any questions about this policy should be directed to the Chief Compliance Officer or an appropriate designee.

*Disclosure and Approval upon Joining Diameter; Updates* 

All of an Employee's outside business activities (including, but not limited to, volunteer activities, acting as a director of a public or private company, acting as an advisor or consultant or in another capacity with an outside business) must be disclosed to the Chief Compliance Officer or an appropriate designee no later than 10 days after such Employee joining Diameter, generally using the form provided on the Compliance Alpha Portal. The Chief Compliance Officer or an appropriate designee must formally grant approval for any activities disclosed on this form upon an Employee joining Diameter. In general, activities will be approved so long as they do not conflict with the business or interests of Diameter or its Advisory Clients and do not impair the Employee's ability to perform his or her job

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responsibilities. Any changes to the information disclosed by the Employee must also be promptly reported to the Chief Compliance Officer or an appropriate designee. Further, the form will generally be required to be updated annually. The Compliance Team will add any relevant issuer to the Restricted List as it deems appropriate.

*Pre-Approval Required for Outside Business Activities* 

For any outside business activities that an Employee begins after the start of his or her employment with Diameter, the Chief Compliance Officer's or an appropriate designee's written approval via the Compliance Alpha Portal or email is required before such Employee can engage in such activity. This restriction applies to activities including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in any business other than the performance of responsibilities for Diameter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accepting employment or compensation from any person or organization other than Diameter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving as an officer, director (on a corporate board or otherwise), member, partner, a member of a
creditor's committee or employee of a business organization other than at the specific request of Diameter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• participating on an investment committee (or similar role) of an educational or charitable organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing any consulting or advisory role, whether compensated or on a pro bono basis, which may be related to
the business or activities of Diameter (such as to a trade organization or "think tank") other than at the specific request of Diameter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as permitted by the Restrictions on Personal Investing Activities (**Section III**) section of this
Code (subject to the Reporting Requirements for Personal Trading (**Section IV**) section of this Code) and the Exceptions from Personal Trading Requirements (**Section V**) section of this Code, owning any stock or having any financial
interest, directly or indirectly, in any other business organization.

Diameter generally will not grant approval of any outside business activity which conflicts with, or has the potential to conflict with, the business in which Diameter itself engages, where Diameter's ability to trade in certain securities may be restricted, or where Diameter's activities may be limited in other ways. Note that an outside business activity may evolve such that the business or an Employee's participation in such business changes in a way in which it might pose a conflict.

Each Employee must, therefore, notify the Chief Compliance Officer or an appropriate designee promptly of any material changes to the business plan or business lines of any approved outside business activity in respect of such Employee or of any changes in the nature of such Employee's participation. The Chief Compliance Officer or an appropriate designee will determine whether such approval remains appropriate.

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Each Employee seeking pre-approval with respect to an outside business activity will need to provide information about: (i) the nature of the outside business activity; (ii) the name of the organization; (iii) any compensation the Employee will receive from anyone outside Diameter; and (iv) the time demands of the activity. Generally, any outside business activity which conflicts with the Employee's duties at Diameter or Diameter's business will not be approved.

Pre-approval is not required for outside business activities related to charities, non-profit organizations/clubs or civic/trade associations, although an Employee's participation in these activities must be disclosed by such Employee to Diameter on the annual update form through the Compliance Alpha Portal to the extent that such activities constitute investment related activities. In addition, no pre-approval is necessary if the Employee participates in an enterprise that is a family-owned business not related to the investment advisory business, and as long as the service required of such Employee will not interfere with such Employee's duties at Diameter. However, notwithstanding the above, it should be noted that an Employee's participation in an investment committee of a charity or non-profit organization/club will require pre-approval of the Chief Compliance Officer or an appropriate designee.

**IV.**  **<u>GIFTS/BUSINESS ENTERTAINMENT POLICY</u>** 

The practice of giving gifts and participating in business entertainment has a legitimate place in business and industry practice. However, Diameter wants to avoid the risk of an actual or perceived conflict of interest or other impropriety which could result from any excessive exchange of gifts or entertainment. This policy applies to gifts and entertainment in the context of a business relationship only and does not address situations where the relationship is primarily personal and independent of business, even if there is also an existing or potential business relationship. In all cases, Employees should consider whether there could be an appearance of, or an actual, conflict of interest. If an Employee is unsure of whether his or her actions would give rise to an actual or perceived conflict of interest, he or she should discuss such actions with the Chief Compliance Officer or an appropriate designee.

*Receiving Gifts* 

The receipt of gifts or benefits whose estimated value exceeds $250 must be pre-approved by the Chief Compliance Officer or an appropriate designee. Additionally, Employees must notify the Chief Compliance Officer or an appropriate designee upon receiving or being offered a benefit or gift from a third-party business contact of Diameter if the estimated value of such gift or benefit is between $150 and $250 (measured on a per person basis if more than one Diameter employee is involved). This includes gifts received at holiday time, such as bottles of wine or food baskets. No cash or cash equivalent gifts of any amount may be accepted. If an Employee is offered any such gift they must decline it and promptly inform the Chief Compliance Officer or an appropriate designee. The Chief Compliance Officer or an appropriate designee may (but need not) require that any gifts received by an Employee above the value of $250 be returned or donated to a charitable

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organization or that the relevant third party be compensated (by the Employee) for the value of the benefit received. The Chief Compliance Officer or an appropriate designee will maintain a log of all gifts reported to him or her under this policy in excess of this threshold amount. Furthermore, in the event that the cumulative value of all gifts an Employee receives from a particular third-party business contact exceeds $250 in any given calendar year, such Employee must notify the Chief Compliance Officer or an appropriate designee.

*Receiving Entertainment* 

For purposes of this policy, the following types of entertainment require pre-approval from the Chief Compliance Officer or an appropriate designee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment for business meals if the cost of the business meal is reasonably expected to exceed $500 or more per
person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tickets to sporting events, concerts, golf outings or other entertainment events, if the cost of the ticket for
attending such event is reasonably expected to be more than $250 per person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conferences, cocktail parties or other events sponsored by brokerage firms or other companies with whom Diameter
has or may develop a business relationship if the cost of attendance was reasonably expected to be more than $500 per person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any event that requires air travel.

The Chief Compliance Officer or an appropriate designee may approve certain types of business entertainment that involve air travel or unique activities after considering relevant factors, including (i) the purpose of the entertainment, (ii) the potential for a conflict or appearance of a conflict of interest, and (iii) whether the entertainment is reasonable in relation to the business purpose.

Employees are expected to use their judgement to evaluate what kinds of entertainment could be considered lavish, extravagant or excessive, or whose value exceeds the $500 (or $250, if applicable) threshold. In making the determination as to whether the receipt of gifts and entertainment is permissible under this policy, a relevant factor would include the frequency of entertainment provided by a particular third party. Employees should contact the Chief Compliance Officer or an appropriate designee when they have any questions about the permissibility of gifts and entertainment.

All entertainment must be in good taste and each Employee's behavior should be commensurate with that expected at a business affair. No Employee may participate in any inappropriate business entertainment, such as attendance at gentlemen's clubs or similar venues, or activities that involve any illegal activity. If an Employee is invited to attend or participate in any such event, such Employee should decline to participate and should inform the Chief Compliance Officer or an appropriate designee.

(12) ------

Further, an Employee may not accept gifts or business entertainment (i) from a person or organization that conducts or seeks to conduct business with the Firm if the gift or entertainment is intended to, or likely to, cause such Employee to make a decision for one or more Advisory Clients other than on its merits or to act in a manner inconsistent with the best interests of the Advisory Clients, the Investors or the Firm, (ii) if acceptance or participation by such Employee is likely to create the appearance of impropriety, (iii) if such Employee believes that it would be improper to accept the gift or entertainment (such as where such Employee knows that the gift or entertainment is prohibited by the policies of the other person's employer), or (iv) if such acceptance is likely to conflict with the Firm's duties to its Advisory Clients and Investors.

*Giving Gifts or Entertainment* 

Employees must obtain the prior written approval of the Chief Compliance Officer or an appropriate designee prior to giving any gifts or entertainment whose value exceeds $500 to any third party business contact and prior to giving any gifts or entertainment, or receiving reimbursement of expenses related to, government or union officials. An Employee may not circumvent this policy by giving or receiving gifts through their family members or others if such gifts would be impermissible if given or received by such Employee.

**Accepting Gifts and Entertainment from ERISA Plan Investors**. Employees may not accept any direct or indirect gifts or entertainment from an ERISA plan that is an Investor or an investor in any affiliate of Diameter, *provided*, *however*, that ordinary business gifts or meals valued at less than $50 each are permitted, provided that such business gift or meal, together with all such gifts or meals received from any one source within a year, do not equal or exceed $100 and, *provided further*, that such business gift or meal is promptly reported to the Chief Compliance Officer or an appropriate designee.

**General Guidance**. The summary above provided to help you understand the types of gifts and entertainment that could create the appearance of a conflict of interest or otherwise improperly influence decision making by Employees or a person with whom the Firm is conducting business. You should recognize that these are merely examples and that gifts and entertainment can come in many forms. You should avoid any conduct that presents an actual or perceived conflict of interest. You should contact the Compliance Team if you need any assistance in determining whether the giving or receipt of a gift or entertainment is appropriate.

**V.**  **<u>PERSONAL CONFLICTS OF INTEREST</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>General Principle</u>.** It is your responsibility to act in the best interests of
Diameter and its Advisory Clients and Investors at all times. Therefore, you may not engage in personal activities that conflict with the interests of Diameter or its Advisory Clients or Investors or that may jeopardize Diameter's reputation,
and you may not allow your business responsibilities to be influenced, or appear to be influenced, by personal interests. You must promptly disclose to the Chief Compliance Officer or an appropriate designee any situation that may present a conflict
or the appearance of a conflict, so that appropriate action (including the adoption of safeguards) may be taken to address any actual or suspected conflict.

(13) ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Examples of Personal Conflicts of Interest.</u>** A personal "conflict of interest"
occurs when a personal interest interferes, or gives the appearance of interfering, with the interests of Diameter or its Advisory Clients or Investors. It is impossible to foresee every potential conflict of interest that could arise; however, the
following are examples of activities, relationships or situations that may raise a personal conflict of interest and, in some instances, could be a violation of laws or regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having a personal or family interest (i.e., parents, mother-in-law, father-in-law, husband, wife, brother, sister, brother-in-law, sister-in-law, son, daughter, son-in-law, daughter-in-law, children who are directly or indirectly dependents) in a transaction involving Diameter or its
Advisory Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• having a personal or family interest in an Advisory Client or Investor of Diameter, or in a company with which
Diameter seeks to do business or that seeks to do business with Diameter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking personal advantage of a business opportunity that Diameter could reasonably be expected to be interested
in, whether or not the opportunity was discovered through your use of Firm property, information or position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• using confidential information of Diameter or its Advisory Clients or Investors for one's personal benefit
or that of others, for example, to purchase the securities of an Advisory Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engaging in an outside business activity, such as serving as an employee or director of another company, that
directly or indirectly could have an impact on your job responsibilities or on Diameter's interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceptance by you or a family member of a gift of more than nominal value from an existing or potential supplier,
Advisory Client or Investor of Diameter.

You should always ask yourself whether the personal relationship in question could influence or appear to influence any business decisions or interfere with your job responsibilities or duties to an Advisory Client or Investor, or whether, if the situation became public knowledge, you or Diameter, or an Advisory Client or Investor of Diameter, could be embarrassed. If the answer to any of these questions is "yes," there exists a potential conflict of interest, which must be promptly disclosed to the Chief Compliance Officer or an appropriate designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Disclosure of Potential Conflicts of Interest</u>.** Employees are required to complete a
Conflicts of Interest questionnaire annually. You must promptly disclose to the Chief Compliance Officer or an appropriate designee any personal activity, financial interest or relationship that could present a conflict or the appearance of a
conflict with the interests of Diameter or its Advisory Clients or Investors, and — if in doubt — you should consult with the Chief Compliance Officer or an appropriate designee. Diameter will then be in a position to take appropriate
steps to address any potential conflict of interest.

(14) ------

**VI.**  **<u>PROTECTION OF MATERIAL NON-PUBLIC INFORMATION ABOUT SECURITIES/INVESTMENT RECOMMENDATIONS</u>** 

Employees should note that Diameter has a duty to safeguard material non-public information about securities/investment recommendations provided to (or made on behalf of) Advisory Clients. As such, Employees generally should not share such information outside of Diameter and should limit such information internally to such Employees who have a "need to know."

Employees and Diameter may provide such information to persons or entities providing services to Diameter or Advisory Clients where such information is required to effectively provide the services in question.

Examples of such persons and entities are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountants or accounting support service firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• custodians;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bankers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lawyers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance consultants

If you have any questions about the sharing of material non-public information about securities/investment recommendations made by Diameter please contact the Chief Compliance Officer or an appropriate designee.

It is essential that information about the investment activities of Advisory Clients be maintained in confidence.

The policies set forth below are designed to comply with the requirements of applicable law or agreements to which Diameter is a party and to avoid even the appearance of impropriety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employees of Diameter should conduct their business and social activities so as to avoid the risk of
inadvertent disclosure of confidential information about Advisory Client investment activities. Thus, investments should not be discussed in public places, including, without limitation, trains, airplanes, hired vehicles and restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investment activities should not be discussed within hearing range of visitors to Diameter's offices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Investment activities should not be discussed with friends or relatives, including those living in the same
household as an Employee.

(15) ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) When practicable, visitors to the offices of Diameter should be restricted to conference rooms. Employees of
Diameter should take care to keep confidential information out of sight when visitors are present in their individual offices.

**VII.**  **<u>OVERSIGHT OF CODE OF ETHICS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>A.</u>**  **<u>Reporting</u>.** Any situation that may involve a conflict of interest or other possible
violation of this Code of Ethics must be promptly reported to the Chief Compliance Officer or an appropriate designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>B.</u>**  **<u>Sanctions</u>** . The Chief Compliance Officer or an appropriate designee, with advice of outside legal
counsel and/or compliance consultants (at his or her discretion), shall consider reports regarding possible violations of this Code of Ethics that have been made to management and/or the Chief Compliance Officer or an appropriate designee, and upon
determining that a violation of this Code of Ethics has occurred, the Chief Compliance Officer or such designee may impose such sanctions or remedial action that management deems appropriate or to the extent required by law (as may be advised by
outside legal counsel or other advisors). These sanctions may include, among other things, disgorgement of profits to a charity (with evidence of such donation provided to the Chief Compliance Officer or an appropriate designee), or suspension or
termination of the violator's employment with Diameter. In addition, violations of the Code of Ethics may subject Access Persons to civil and criminal penalties, including fines and imprisonment.

**VIII.**  **<u>REPORTING VIOLATIONS</u>** 

Employees are encouraged to bring actual or potential violations of law or internal policies that they perceive to the attention of the Chief Compliance Officer or an appropriate designee prior to speaking about the perceived violation with any other person. Concerns may be brought to the attention of the Chief Compliance Officer or an appropriate designee on a confidential or anonymous basis. However, Diameter may be unable to fully evaluate a vague or general concern that is made on a confidential or anonymous basis. It should be noted that Diameter may be obligated by law or otherwise to disclose the substance of a concern to regulators and/or Investors. In such situations, Diameter will endeavor to protect the confidentiality of the source of the information, though this may not always be possible. **Failure to report a violation to the Chief Compliance Officer or an appropriate designee could result in disciplinary action against any non-reporting Employee, which may include termination of employment.** Diameter has a non-retaliation policy to protect those Employees who report such matters in good faith. More specifically, Diameter will not discharge, demote, suspend, threaten, harass or in any manner discriminate against any Employee based upon the lawful and good faith actions of such Employee in raising a concern with the Chief Compliance Officer or an appropriate designee. It is, however, noted that the act of making allegations that prove to be unsubstantiated or made maliciously, recklessly, with gross negligence or knowledge that such allegations are false will be viewed as a serious offense and may result in discipline (including without limitation termination of employment and civil or criminal liability).

(16) ------

**<u>IX.</u>**  **<u>COMPLIANCE WITH FEDERAL SECURITIES LAWS</u>** 

All Employees are required to comply with Applicable Laws. Failure to adhere to Applicable Laws could expose an Employee or the Firm to sanctions imposed by Diameter, the SEC or law enforcement officials. These sanctions may include, among others, disgorgement of profits, suspension or termination of employment by Diameter, or criminal or civil penalties. If there is any doubt as to whether an Applicable Law applies, Employees should consult the Chief Compliance Officer or an appropriate designee.

**<u>X.</u>**  **<u>CHARITABLE CONTRIBUTIONS</u>** 

Employees are prohibited from making charitable contributions to any organization with the intent of soliciting investments from the organization.

Prior to making any charitable contributions, Employees must first obtain pre-approval from the Chief Compliance Officer or an appropriate designee.

(17)

## Ex-99.(R)(3)

![LOGO](g902005dsp088.jpg)

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**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
|  | | | **Page** |
| I. | Introduction | Introduction | 1 |
|  | A. | Applicability | 2 |
| II. | General Standards of Business Conduct | General Standards of Business Conduct | 3 |
|  | A. | Conflicts of Interest | 3 |
|  | B. | Protecting Confidential Information | 3 |
|  | C. | Insider Trading | 3 |
|  | D. | Excess Trading | 4 |
|  | E. | Limitation on Trading SS&C Stock | 4 |
| III. | Gifts and Entertainment | Gifts and Entertainment | 6 |
| IV. | Other Activities | Other Activities | 9 |
|  | A. | Improper Payments or Rebates | 9 |
|  | B. | Service on a Board of Directors/Outside Business Activities | 9 |
|  | C. | Political Contributions | 10 |
| V. | Reporting Requirements | Reporting Requirements | 11 |
|  | A. | Covered Securities | 11 |
|  | B. | Initial Holdings and Accounts Reports | 12 |
|  | C. | Duplicate Statements/Electronic Feeds | 12 |
|  | D. | Quarterly Transaction Reports | 13 |
|  | E. | Annual Holdings Reports | 14 |
| VI. | Access Persons - Restrictions | Access Persons - Restrictions | 15 |
|  | A. | Trading Restrictions | 15 |
|  | B. | Account Restrictions | 15 |
| VII. | Investment Persons - Restrictions | Investment Persons - Restrictions | 16 |
|  | A. | Trading Restrictions | 16 |
|  | B. | Account Restrictions | 17 |
|  | C. | Pre-Clearance | 17 |
|  | D. | Serving on a Board of Directors | 18 |
| VIII. | Sanctions | Sanctions | 19 |
|  | A. | Procedures | 19 |
|  | B. | Appeals Process | 20 |

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------

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| | | | |
|:---|:---|:---|:---|
| IX. | Compliance & Supervisory Procedures | Compliance & Supervisory Procedures | 21 |
|  | A. | Prevention of Violations | 21 |
|  | B. | Detection of Violations | 21 |
|  | C. | Compliance Procedures | 21 |
|  | D. | Annual Reports | 22 |
|  | E. | Records ALPS shall maintain the following records: | 22 |
|  | F. | Inspection | 22 |
|  | G. | Confidentiality | 22 |
|  | H. | The Code of Ethics Committee | 23 |

---

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**I.** **Introduction** 

This Code of Ethics ("Code") has been adopted by various SS&C ALPS Entities, together and separately referred to as "SS&C ALPS", including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALPS Holdings, Inc. ("AHI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALPS Advisors Inc. ("AAI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALPS Distributors, Inc. ("ADI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ALPS Portfolio Solutions Distributor, Inc. ("APSD")

The Code is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). By adopting and adhering to a code that meets the applicable requirements under the Advisers Act and 1940 Act, it is intended that ALPS employees who are deemed to be Access Persons and/or Investment Persons, will not also be subject to duplicative reporting requirements under various other codes for fund companies for which they may serve as an officer or are otherwise deemed to be an Access Person. However, all such persons should check with each company's Compliance or Legal representatives to confirm their status.

SS&C ALPS and its employees are subject to certain laws, rules and regulations governing personal securities trading, conflicts of interest, treatment of client assets and information, generally prohibiting fraudulent, deceptive or manipulative conduct. The Code is designed to ensure compliance with these. The actual requirements of the Code may vary depending on the employee's business role of respective subsidiary so care should be taken by each employee to understand how the Code applies to them.

*Employees who are also registered with the Financial Industry Regulatory Authority ("FINRA") as a Registered Representative may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should consult their Written Supervisory Procedures for additional requirements.* 

SS&C ALPS and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. The Code is designed to reinforce SS&C ALPS' reputation for integrity by avoiding even the appearance of impropriety in the conduct of our business. This Code was developed to promote the highest standards of behavior and ensure compliance with applicable laws.

Employees are required to promptly report any known violations of the Code to the relevant entity's Chief Compliance Officer ("CCO" as defined). This includes violations that come to your attention that may have been inadvertent and/or violations that other employees may have committed. The CCO (or a designee) will promptly investigate the matter and take action if needed. There will be no retribution against any employee for making such a report, and every effort will be made to protect the identity of the reporting employee. There may be additional provisions for reporting violations that are covered under applicable policies and employees should make themselves familiar with these policies or consult with the CCO.

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Employees should be aware that they may be held personally liable for any improper or illegal acts committed during their course of employment, and that "ignorance of the law" is not a defense. SS&C ***ALPS employees are expected to read the Code carefully and observe and adhere to its guidance at all times****.* Failure to comply with the provisions of the Code may result in serious sanctions including, but not limited to: disgorgement of profits, termination, personal criminal or civil liability and referral to law enforcement agencies or other regulatory agencies.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for employees of SS&C ALPS in their conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, they are advised to consult with the CCO. All questions arising in connection with personal securities trading should be resolved in favor of the Client, even at the expense of the interests of employees.

The CCO will periodically report to senior management/board of directors of SS&C ALPS and the respective fund boards where SS&C ALPS serves in the capacity of investment adviser and/or distributor to document compliance or non- compliance with this Code. Each employee is responsible for knowing their responsibilities under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Applicability** 

***SS&C ALPS Employees***

This Code is applicable to SS&C ALPS employees ("employee(s)") as required by the applicable rules, regulations, or as determined by the CCO. This includes full-time, part-time, benefited and non-benefited, officers, directors, exempt and non-exempt personnel. Additionally, new employee's offer letter will include a copy of the Code of Ethics and a statement advising the individual that they will be subject to the Code of Ethics if they accept the offer of employment. Employees with access to certain information (as described herein) may also be deemed to be "Access Persons" or "Investment Persons and be subject to additional restrictions, limitations, reporting requirements and other policies and procedures.

*SS&C ALPS employees have an obligation to promptly notify the Administrator of the Code of Ethics if there is a change to their duties, responsibilities or title which affects their reporting status under the code.* 

***Family Members and Related Parties***

The Code applies to the Accounts of employee's as specified, their spouse or domestic partner, minor children, immediate family members residing in the same household as the employee (e.g. adult children or parents living at home), and any relative, person or entity for whom the employee directs the investments or securities trading.

***Contractors and Consultants***

SS&C ALPS contractor/consultant/temporary employee contracts may include the Code as an addendum, and each contractor/consultant/temporary employee may be required to sign an acknowledgement that they have read the Code and will abide by it. Certain sections might not be applicable.

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**II.** **General Standards of Business Conduct** 

SS&C ALPS employees are subject to and expected to abide by the Code including, but not limited to, the General Standards of Business Conduct and all reporting requirements outlined herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conflicts of Interest** 

A conflict of interest is a situation where our personal loyalties or interests may be at odds with those of SS&C ALPS, its subsidiaries, or its clients or where our position at SS&C ALPS affords us improper personal benefits. When determining whether or not a conflict exists, make sure to consider not only your own activities, but also those of your family members and related parties.

Employees may not act on behalf of SS&C ALPS or its clients in any Securities Transaction or other transfer or receipt of property, services or benefits involving other persons or organizations where such employee may have any financial or another interest without prior approval from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Protecting Confidential Information** 

Employees may receive information about SS&C ALPS, its Clients and other parties that, for various reasons, should be treated as confidential. Employees have an obligation to safeguard personal client or fellow employee personal information and material non-public information regarding SS&C ALPS and its Clients. Accordingly, employees may not disclose current portfolio holdings, Fund Transactions, Securities Transactions proxy vote or corporate action made or contemplated, personal client or fellow employee personal information or any other non-public information to anyone outside of SS&C ALPS, without approval from the CCO or the Ethics Committee. SS&C ALPS employees are expected to strictly comply with measures necessary to preserve the confidentiality of the information. Refer to applicable SS&C ALPS and SS&C policies for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Insider Trading** 

The misuse of Material Nonpublic Information, or inside information, constitutes fraud under the securities laws of the United States and many other countries. Anyone aware of Material Nonpublic Information (or inside information) may not trade in, recommend, or in some cases *refrain* from selling those securities whether directly, through a third party, for a personal account, SS&C ALPS or the account of any SS&C ALPS' Client.

No employee may cause SS&C ALPS or a Client to take action, or to fail to take action, for personal benefit, rather than to benefit SS&C ALPS or such Client. For example, a person would violate this Code by causing a Client to purchase securities owned by the Access Person for the purpose of supporting or increasing the price of that security or by causing a Client to refrain from selling securities in an attempt to protect a personal investment, such as an option on that security.

As a general rule, we should consider all information we learn about our clients, proprietary products, SS&C or other companies in the course of our employment to be material nonpublic information unless it has been fully disclosed to the public.

------

In addition, employees must not engage in tipping. Tipping occurs when one individual (the tipper) passes Material Nonpublic information to another (the tippee) under circumstances that suggest the tipper was trying to help the tippee make a profit or avoid a loss in exchange for some benefit to the tipper. The benefit does not have to be pecuniary and could result from a family or personal relationship. In this situation, both the tipper and the tippee may be liable, and this liability may extend to everyone to whom the tippee discloses the information.

Employees may not engage in "front running," that is, the purchase or sale of securities for their own accounts on the basis of their knowledge of a Fund's Transactions or planned Transactions.

Trading activity will be monitored by the Administrator of the Code of Ethics for Access and Investment persons as described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Excess Trading** 

While active personal trading may not in and of itself raise issues under applicable laws and regulations, we believe that a very high volume of personal trading can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio transactions. Accordingly, an unusually high level of personal trading activity (as determined by SS&C ALPS based on the facts and circumstances) is strongly discouraged. A pattern of excessive trading may lead to the taking of appropriate corrective or restrictive action under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Limitation on Trading SS&C Stock** 

In addition to Insider Trading restrictions, some SS&C stock transactions are prohibited altogether as described below.

**Prohibited SS&C Stock Transactions** 

***Short sales***

Employees may never engage in a short sale of SS&C's securities. A short sale is a sale of securities the seller does not own or, if owned, is not delivered against the sale within 20 days (a short sale against the box). Short sales of SS&C's securities show the seller's expectation that the securities will decline in value. Therefore, these sales signal to the market that the seller has no confidence in SS&C or its short-term prospects. In addition, short sales may reduce the seller's incentive to improve SS&C's performance. For these reasons, short sales of SS&C securities are not permitted.

***Option trades***

Employees may not take part in certain option trades that are more profitable as SS&C stock declines in value. Employees may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchase a put option on SS&C securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Write a call option on SS&C securities

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***Hedging transactions***

Employees must not enter into hedging transactions, as these transactions may permit the employee to continue to own SS&C securities without the full risks and rewards of ownership. When that occurs, the employee may no longer have the same objectives as other SS&C stockholders. For that reason, employees must not enter into prepaid variable forward contracts, equity swaps, collars and exchange funds or other similar hedging or monetization transactions involving SS&C stock.

***Margin accounts and pledges***

Holding or pledging SS&C securities as collateral in margin accounts are not permitted.

***Blackout Period***

Certain employees may be restricted from buying or selling shares of SS&C during specified blackout periods or required to pre-clear transactions of SS&C shares. If either or both restrictions apply, employees will be contacted directly by SS&C regarding the restrictions and when blackout periods occur.

***Pre-Clearances***

Certain employees may be subject to the pre-clearance requirements as outlined in the SS&C Securities Transactions Policy. These employees will be notified by SS&C regarding their reporting obligations.

Permitted SS&C Stock Transactions The prohibitions set forth above do not apply to the following (each, a "Permitted Transaction"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for SS&C stock options or equity awards that would otherwise expire, exercises of such options and awards and
the surrender of shares to SS&C in payment of the exercise price or in satisfaction of any tax withholding obligations (in each case in a manner permitted by the applicable equity award agreement); provided, however, that the securities so
acquired may not be sold (either outright or in connection with a "cashless" exercise transaction through a broker) while the director or employee is aware of material non-public information or
during a Blackout Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bona fide gifts, unless the person making the gift has reason to believe that the recipient intends to sell the
securities while the director or employee is aware of material non-public information or during a Blackout Period.

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**III.** **Gifts and Entertainment** 

Gifts or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients' independent business judgment. Therefore, SS&C ALPS has established reasonable limits and procedures relating to the giving and receiving of Gifts and Entertainment.

SS&C ALPS employees are required to follow the standards below regarding the acceptance or giving of gifts and entertainment with respect to all Business Partners. Every circumstance where gifts or entertainment may be given or received may not be listed below however, employees are expected to avoid any gifts or entertainment that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Could create an apparent or actual conflict,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Is excessive or would reflect unfavorably on ALPS or its Clients, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Would be inappropriate or disreputable nature.

A Gift is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or tickets if the giver does not attend.

Entertainment is a meeting, meal or other activity where both you and the business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by SS&C ALPS directly, such as receptions following an industry gathering or multi-client entertainment. If the Business Partner will not be present for the event it will be considered a gift.

A Business Partner, for the purpose of this Code, includes all current Clients and vendors with which ALPS Holdings conducts business, any potential clients or vendors with whom SS&C ALPS could engage in business with, any registered broker/dealers, and any firms under contract to do business with ALPS Holdings or our subsidiaries.

The Value of any Gifts or Entertainment given or received must be the greater of cost or market value. If the cost or market value is not easily determined an employee can estimate the approximate value or request further guidance from the CCO or designee.

All Disclosures of applicable gifts or entertainment must be disclosed via the Gifts Request Form found on https://www.mycomplianceoffice.com/customer/portal. Unless otherwise indicated, this should be done on a quarterly basis along with regular quarterly Code requirements. Some Gifts or Entertainment may require prior approval.

All Approvals, unless otherwise indicated, must come from the appropriate CCO or designee. Due to the nature of gift- giving and the impromptu nature of some Entertainment, approval for SS&C ALPS employees accepting such items may often be after the fact. However, to the extent feasible, any required approvals should be obtained before accepting Gifts or Entertainment. If a gift request is not approved and returning or rejecting the item would negatively affect the business relationship the gift should be turned over to the CCO. The gift will then be donated to a charity of the Ethics Committee's choosing.

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| | |
|:---|:---|
| <br> **<u>Gifts</u> to be Given/Received by**<br> **SS&C ALPS Employees**<br>| **Approval/Disclosure Required** |
| &nbsp;&nbsp; Cash or Cash Equivalent | &nbsp;&nbsp; Prohibited from giving or receiving |
| &nbsp;&nbsp; Gifts received from the same Business Partner which would aggregate less than $100/twelve months | &nbsp;&nbsp; Quarterly disclosure required, no approval required |
| &nbsp;&nbsp; Gifts received from the same Business Partner which would aggregate equal/more than $100/twelve months | &nbsp;&nbsp; Approval required, Quarterly disclosure required, strictly prohibited for FINRA registered reps |
| &nbsp;&nbsp; Promotional gifts such as those that bear a logo valued less than $50 | &nbsp;&nbsp; Quarterly disclosure not required, approval not required |
| &nbsp;&nbsp; Gifts given to or received by a wide group of recipients (e.g. gift basket to a department) that are reasonable in nature | &nbsp;&nbsp; Quarterly disclosure not required, approval not required |
| &nbsp;&nbsp; Gifts given on behalf of ALPS Holdings or its subsidiaries (from an ALPS budget) | &nbsp;&nbsp; Indication of who received the gift must be included via regular expense reports, gifts must be reasonable in nature |
| &nbsp;&nbsp; Gifts of any value given or received by Investment Persons (as defined in Glossary) to or from a broker/dealer | &nbsp;&nbsp; Must b0e pre-cleared with their immediate supervisor and the CCO (or designee) |

---

---

| | |
|:---|:---|
| <br> <u>Entertainment</u> provided by and for SS&C<br> ALPS employees<br>| Approval/Disclosure Required |
| &nbsp;&nbsp; Entertainment provided on behalf of ALPS or its subsidiaries (from an ALPS budget) valued at $500 or less per person per event | &nbsp;&nbsp; Indication of who was present must be included via expense reports |
| &nbsp;&nbsp; Entertainment provided to an ALPS employee, other than an Investment Person, at $500 or less per person per event \*<br>\*Entertainment provided to an Investment Person at $250 or less per person per event from anyone other than a broker/dealer | &nbsp;&nbsp; Quarterly disclosure required (excluding entertainment of de minimis value - below approx. $50), no approval required |
| &nbsp;&nbsp; Entertainment provided on behalf of ALPS or its subsidiaries (from an ALPS budget) valued at equal/more than $500 per person per event | &nbsp;&nbsp; Typically not allowed, Approval required, Indication of who was present must be included via expense reports |
| &nbsp;&nbsp; Entertainment provided to an ALPS employee at equal/more than $500 per person per event | &nbsp;&nbsp; Typically not allowed, Approval required, Quarterly disclosure required |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; Attendance and participation at industry sponsored events | &nbsp;&nbsp; No approval required, no disclosure required |
| &nbsp;&nbsp; Entertainment of any value given or received by Investment Persons (as defined on page 5) to or from a broker/dealer | &nbsp;&nbsp; Must be pre-cleared with their immediate supervisor and the CCO (or designee) |

---

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**IV.** **Other Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Improper Payments or Rebates** 

Associates must not offer or receive gratuities, bribes, kickbacks, or improper rebates from public officials, officials of foreign governments, competitors or suppliers.

Pursuant to the Foreign Corruption Practices Act ("FCPA"), employees are prohibited from making or offering to make any payment to or for the benefit of any Foreign Official if the purpose of such payment is to improperly influence or induce that Foreign Official to obtain or retain business for the company (a so-called bribe or kickback). All payments, whether large or small, are prohibited if they are, in essence, bribes or kickbacks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash payments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gifts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amenities

If an employee is unsure about whether they are being asked to make an improper payment, they should not make the payment. Employees must promptly report to the CCO any request made by a Foreign Official for a payment that would be prohibited under the guidelines set above and any other actions taken to induce such a payment. If you have any questions or need any guidance, please contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Service on a Board of Directors/Outside Business Activities** 

SS&C ALPS employees are required to comply with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees are to avoid any business activity, outside employment or professional service that competes with
SS&C ALPS or conflicts with the interests of SS&C ALPS or its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An employee is required to obtain the approval from the CCO, or designee, prior to becoming an employee,
director, officer, partner, sole proprietor of a "for profit" organization, or otherwise compensated by an entity outside of SS&C ALPS. The request for approval should disclose the name of the organization, the nature of the
business, whether any conflicts of interest could reasonably result from the association, whether fees, income or other compensation will be earned and whether there are any relationships between the organization and SS&C ALPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees may not accept any personal fiduciary appointments such as administrator, executor or trustee other
than those arising from family or other close personal relationships.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees may not use ALPS resources, including computers, software, proprietary information, letterhead and
other property in connection with any employment or other activity outside SS&C ALPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees must disclose a conflict of interest or the appearance of a conflict with SS&C ALPS or Clients and
discuss how to control the risk.

When completing the quarterly Code requirements, employees may be asked to disclose all outside affiliations. Any director/trustee positions with public companies or companies with the potential to become public are prohibited without prior written approval of the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Political Contributions** 

All political activities of employees must be kept separate from employment and expenses may not be charged to SS&C ALPS. Employees may not use ALPS facilities for political campaign purposes.

Any employees who are deemed Covered Associates are required to comply with the provisions under Rule 206(4)-5 of the Advisers Act as well as the Political Contributions Policy within AAI's Compliance Program. Spouses and household family members of each Covered Associate are also subject to the provisions under Rule 206(4)-5 and this Political Contribution Policy, including pre-approval and reporting requirements.

Covered Associates are prohibited from making political contributions on behalf of AAI or individually in their capacity as a covered associate unless their contribution is within the de minimis exception. The de minimis exception permits contributions according to the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $350 per candidate per election cycle, to incumbents or candidates for whom they are eligible to vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Up to $150 per candidate per election cycle, to other incumbents or candidates

Covered Associates will be required to obtain a pre-approval for all political contributions, including but not limited to those noted above.

On a quarterly basis, the CCO, or designee, will request a reporting of political contributions during the previous quarter by all Covered Associates. The reporting should include contributions by spouses, household family members and all contributions by other parties (lawyers, affiliated companies, acquaintances, etc.) directed by the Covered Associate. The report should include the individual or election committee receiving the contribution, the office for which the individual is running, the current elected office held, if any, the dollar amount of the contribution or value of the donated item and whether or not the Covered Associate is eligible to vote for the candidate. The Covered Associate report must be completed within 30 days of each quarter end so that if an inadvertent political contribution (of $350.00 or less) has been made to an official for whom the Covered Associate is not entitled to vote, the contributor may be required to request the return of the contribution in order to avoid the two year compensation ban against AAI.

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**V.** **Reporting Requirements** 

Access Persons and Investment Persons ("Person" or "Persons"), as defined in the subsequent sections, are subject to the following Initial, Quarterly and Annual Reporting requirements unless specifically exempted by Rule 204A-1 or 17j-1. Such Persons are required to disclose any account in which securities transactions <u>can be effected and in which the Person has a beneficial interest (as further defined in Appendix C).</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Covered Securities** 

All Covered Securities are subject to the reporting requirements of the Code. Covered Securities will include all Securities as well as all Proprietary Products, any equivalents in local non-US jurisdictions, single stock futures, and both the U.S. Securities and Exchange Commission ("SEC"), and Commodity Futures Trading Commission ("CFTC") regulated futures. For purposes of the Code, Securities shall have the meaning set forth in Section 2(a)(36) of the 1940 Act. This definition of Security includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificates of interest or
participation in any profit-sharing agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option or privilege on any Security or on any group or index of Securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign
currency,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any exchange-traded vehicle (including, but not limited to, closed-end mutual funds, exchange-traded notes and exchange-traded funds),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any commodity contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange Act. Including but not
limited to futures contracts on equity indices,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any derivative of a Security

The following securities/assets are exempt from the reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions made in an account where the employee, pursuant to a valid legal instrument, has given <u>full</u> investment discretion to an unaffiliated/unrelated third party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct Obligations of any government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable and fixed insurance products;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non Proprietary Product open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Qualified tuition programs pursuant to Section 529 of the Internal Revenue Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency assets/accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts that are strictly limited to any of the above transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initial Holdings and Accounts Reports** 

Within ten (10) calendar days of being designated as, or determined to be, an Access Person or Investment Person (which may be upon hire), each Person must disclose all broker, dealer or bank accounts in which any Covered Securities are held, including any Managed Accounts.

In addition, all Persons must provide a statement of all Covered Securities holdings, and the information must be current as of a date no more than 45 days prior to the date of the person becoming an Access or Investment Person.

More specifically, each such Person must provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each Covered Security in which the employee had any direct or
indirect Beneficial Ownership when the person became an employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any financial institution with whom the employee maintained an account in which any securities were
held for the direct or indirect benefit of the employee as of the date the person became an employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the report is submitted by the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Duplicate Statements/Electronic Feeds** 

All new employees and any new account(s) opened by existing employees after April 1, 2015 shall be limited to the financial institutions listed in Appendix A – Broker/Dealers with Electronic Feeds of the Code.

If an account is held with a financial institution that does <u>not</u> supply electronic feeds to SS&C ALPS, new employees who are deemed an Access or Investment Person will have 30 calendar days to close or transfer the existing account and are asked to only open an account with a firm listed in Appendix A of the Code.

Existing employees hired prior to April 1, 2015, who are deemed an Access or Investment Person, with existing accounts can maintain those accounts and continue satisfying their quarterly reporting requirements in the system as they have in the past. However, existing employees will only be allowed to open any new accounts with financial institutions listed in Appendix A of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Quarterly Transaction Reports** 

Each Access and Investment Person is required to submit quarterly his/her Quarterly Securities Report within thirty (30) calendar days of each calendar quarter end. If no transactions were executed or if transactions were exempt from reporting, this should be noted on the quarterly report.

Specific information to be provided includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. With respect to any Securities Transaction during the quarter in a Covered Security in which any employee had
any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares
and the principal amount of each Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;• The price of the Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the financial institution with or through which transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted by the employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to any account established by the Access or Investment Person in which any securities were held
during the quarter for the direct or indirect benefit of the Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the financial institution with whom the employee established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the report is submitted by the employee.

**Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Automatic Investment Plans</u> – Transactions need not be reported in the Quarterly Securities Report
but holdings in Covered Securities are subject to the annual holdings reporting requirement discussed in the subsequent section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Managed Accounts</u> *–* Securities Transactions in accounts in which the Person has no direct or
indirect influence or control are not required to be reported. Persons that have Managed Accounts managed by an immediate family member are <u>not</u> exempt and still subject to the requirements under this Section V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Other "No Knowledge" Transactions</u> – This includes Securities Transactions in which the
Person has no knowledge of the transaction before it is completed (i.e., Securities Transactions effected for Persons by a trustee of a blind trust or automated adviser without the Person's input or approval).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Annual Holdings Reports** 

Each Access and Investment Person is required to submit annually (i.e., once each and every calendar year) a list of applicable holdings, which is current as of a date no more than forty five (45) calendar days before the report is submitted. In addition, each employee is required to certify <u>annually</u> that they has reviewed and understands the provisions of the Code.

Specific information to be provided includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title, number of shares and principal amount of each Covered Security in which the employee had any direct or
indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any financial institution with whom the employee maintains an account in which any securities are
held for the direct or indirect benefit of the employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date that the report is submitted by the employee.

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**VI.** **Access Persons - Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Trading Restrictions** 

**Initial Public Offering ("IPO")** – Access Persons are prohibited from acquiring securities through an allocation by the underwriter of an initial public offering ("IPO"). Exceptions may be made with prior written disclosure to and written approval from the CCO, whereby an Access Person could acquire shares in an IPO of his/her employer.

**Initial Coin Offerings ("ICOs")** – Access persons are prohibited in participating in ICOs or any similar offerings of tokens. Exceptions may be made with prior written disclosure to and written approval from the CCO.

**Limited or Private Offerings** – Access Persons are prohibited from purchasing securities in a private offering unless the purchase is approved in writing by the CCO. Private placements include certain co-operative investments in real estate, commingled investment vehicles such as hedge funds, and investments in family owned businesses. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

**Investment Clubs** – Access Persons are prohibited from participating in investment clubs unless such membership is approved in writing by the CCO. An investment club is any group of people who pool their money to make joint or group investments.

**Short-Term Trading** – Access Persons are prohibited from the purchase and sale or sale and purchase of the same Proprietary Products within a sixty (60) calendar day holding period (ALPS is the investment Adviser).

**Blackout Period** – Blackout periods may be determined and established by the CCO. Any such periods will be communicated to all affected persons as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Restrictions** 

**Managed Accounts** – Access Persons are restricted from establishing an external Managed Account (also referred to as a discretionary account) with any adviser that conducts business with ALPS Advisors, Inc. See Appendix B for a list of advisers that work with AAI.

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**VII.** **Investment Persons - Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Trading Restrictions** 

**Initial Public Offering ("IPO")** – Investment Persons are prohibited from acquiring securities through an allocation by the underwriter of an initial public offering ("IPO"). Exceptions may be made with prior written disclosure to and written approval from the CCO, whereby an Investment Person could acquire shares in an IPO of his/her employer.

**Initial Coin Offerings ("ICOs")** – Investment persons are prohibited in participating in ICOs or any similar offerings of tokens. Exceptions may be made with prior written disclosure to and written approval from the CCO.

**Limited or Private Offerings** – Investment Persons are prohibited from purchasing securities in a private offering unless the purchase is approved in writing by the CCO. Private placements include certain co-operative investments in real estate, commingled investment vehicles such as hedge funds, and investments in family owned businesses. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

**Investment Clubs** – Investment Persons are prohibited from participating in investment clubs unless such membership is approved in writing by the CCO. An investment club is any group of people who pool their money to make joint or group investments.

**Options** – Investment Persons are *not* prohibited from buying or selling options on Covered Securities, however all other trading restrictions such as limitations on short-term and excess trading and pre-clearance apply to Investment Persons buying, selling or exercising options.

**Short-Term Trading** – Investment Persons are prohibited from the purchase and sale or sale and purchase of the same Covered Securities within thirty (30) calendar days. In addition, all Proprietary Products are subject to a sixty (60) calendar day holding period (ALPS is the investment Adviser). Non-Proprietary exchange-traded funds are *not* subject to this requirement.

**Blackout Period** – Blackout periods may be determined and established by the CCO. Any such periods will be communicated to all affected persons as necessary.

**Shorting of Securities** – Investment Persons are *not* prohibited from the practice of short selling securities, however all other trading restrictions such as limitations on short-term and excess trading and pre-clearance apply to Investment Persons shorting of securities.

**Restricted List** – Certain Investment Persons may not purchase or sell any listed private equity security that is being considered for purchase or sale by AAI for any account in which they have any beneficial interest. The list of Restricted Securities (the "Restricted List") includes the Listed Private Equity Universe of securities and their subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Restrictions** 

**Managed Accounts** – Investment Persons are restricted from establishing an external Managed Account (also referred to as a discretionary account) with any adviser that conducts business with AAI. See Appendix B for a list of advisers that work with AAI. See Appendix B for a list of advisers that work with AAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance** 

Unless the investment transaction is exempted from pre-clearance requirements all Investment Persons must request and receive pre-clearance prior to engaging in the purchase or sale of a Covered Security.

Pre-clearance approval is only good until midnight local time of the day after approval is obtained. "Good-till-Cancelled" orders are not permitted. "Limit" orders must receive pre-clearance every day the order is open.

As there could be many reasons for pre-clearance being granted or denied, Investment Persons should not infer from the pre-clearance response anything regarding the security for which pre-clearance was requested.

**Exempted Securities/Transactions** 

Pre-clearance by Investment Persons is <u>not</u> required for the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that meet the de minimis exception (defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions made in an account where the employee, pursuant to a valid legal instrument, has given <u>full</u> investment discretion to an unaffiliated/unrelated third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales of direct obligations of the government of the United States or other sovereign government or
supra-national agency, high quality short-term debt instruments, bankers acceptances, certificates of deposit ("CDs"), commercial paper, repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automatic investments in programs where the investment decisions are non-discretionary after the initial selections by the account owner (although the initial selection requires pre-clearance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in dividend reinvestment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercised rights, warrants or tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General obligation municipal bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Employee Stock Ownership Programs ("ESOPs");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities received via a gift or inheritance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in cryptocurrencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-Proprietary Product open-end mutual funds.

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**De Minimis Exception** 

A De Minimis transaction is a personal trade that meets the following conditions: (a) less than $25,000; and (b) is made with no knowledge that a Client Fund have purchased or sold the Covered Security, or the Client Fund or its investment adviser considered purchasing or selling the Covered Security.

*Notwithstanding the foregoing, transactions that fall under the de minimis exception should not be so frequent and repetitive in nature that in totality the transactions appear to be improperly avoiding the intent of the de minimis exception. The CCO may require an Investment Person to pre-clear transactions regardless of if the transaction falls under the de minimis exception should the CCO deem reasonable and appropriate. Further, transactions effected pursuant to the de minimis exception remain subject to reporting requirements of the Code.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Serving on a Board of Directors** 

Investment Personnel may not serve on the board of directors of a publicly traded company without prior written authorization from the Ethics Committee. No such service shall be approved without a finding by the Ethics Committee that the board service would be consistent with the interests of Clients.

If board service is authorized by the Ethics Committee, in some instances, it may be required that the Investment Personnel serving as a Director may be isolated from making investment decisions with respect to the company involved through the use of information barriers, firewalls, or other procedures.

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**VIII.** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Procedures** 

Upon discovering a violation of this Code by an employee, family member, or related party sanctions as deemed appropriate may be imposed. Including, but not limited to, the following:

A written warning with a copy provided to the employee's direct report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monetary fines and/or disgorgement of profits when an employee profits on the trading of a security deemed to be
in violation of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension of the employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of the employment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Referral to the SEC or other civil regulatory authorities determined by ALPS.

Violations and proposed sanctions will be documented by the Administrator of the Code of Ethics and will be submitted to the CCO for review and approval. In some cases, the Code of Ethics Committee may assist in determining the materiality of the violation and appropriate sanctions. Records of all reviews are the responsibility of and will be maintained by the Administrator of the Code of Ethics.

In determining the materiality of the violation, among other considerations, the CCO may review:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indications of fraud, neglect or indifference to Code of Ethics provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evidence of violation of law, policy or guideline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequency of repeat violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level of influence of the violator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any mitigating circumstances that may exist.

In assessing the appropriate penalties, other factors considered may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent of harm (actual or potential) to client interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent of personal benefit or profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior record of the violator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree to which there is a personal benefit or perceived benefit from unique knowledge obtained through
employment with ALPS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The level of accurate, honest and timely cooperation from the violator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any mitigating circumstances that may exist.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Appeals Process** 

If an employee decides to appeal a sanction, they should contact the Administrator of the Code of Ethics who will refer the issue to the CCO for review and consideration. Any appeals submitted by an employee will be kept along with records of the violation and actions taken.

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**IX.** **Compliance & Supervisory Procedures** 

The CCO, or designee, is responsible for implementing supervisory and compliance review procedures. Supervisory procedures can be divided into two classifications: prevention of violations and detection of violations. Compliance review procedures include preparation of special and annual reports, record maintenance and review, and confidentiality preservation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Prevention of Violations** 

To prevent violations of the Rules, the CCO or designee should, in addition to enforcing the procedures outlined in the Rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and update the procedures as necessary, at least once annually, including but not limited to a review of
the Code by the CCO, the Code of Ethics Committee and/or counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Answer questions regarding the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Request from all persons upon commencement of services, and annually thereafter, any applicable forms and
reports as required by the procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Identify all Access Persons and Investment Persons, and notify them of their responsibilities and reporting
requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With such assistance from the Human Resources Department as may be appropriate, maintain a continuing education
program consisting of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Orienting employees who are new to ALPS and the Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continually educating employees by distributing applicable materials and offering training to employees on at
least an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Detection of Violations** 

To detect violations of these procedures, the CCO, or designee, should, in addition to enforcing the policies, implement procedures to review holding and transaction reports, forms and statements relative to applicable restrictions, as provided under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Compliance Procedures** 

***Reports of Potential Deviations or Violations***

Upon learning of a potential deviation from or violation of the policies, the CCO shall either present the information at the next regular meeting of the Code of Ethics Committee or conduct a special meeting. The Code of Ethics Committee shall thereafter take such action as it deems appropriate (see Penalty Guidelines).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Annual Reports** 

The CCO shall prepare a written report to the Code of Ethics Committee and Senior Management at least annually. The written report shall include any certification required by Rule 17j-1. This report shall set forth the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Copies of the Code, as revised, including a summary of any changes made since the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of any material issues including material violations requiring significant remedial action since
the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of any immaterial violations as deemed appropriate by the CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identification of any material conflicts arising since the last report; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recommendations, if any, regarding changes in existing restrictions or procedures based upon experience under
these Rules, evolving industry practices, or developments in applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Records ALPS shall maintain the following records:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of this Code and any amendment thereof which is or at any time within the past five years has been in
effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of this Code, or any amendment thereof, and any action taken as a result of such
violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Files for personal securities account statements, all reports and other forms submitted by employees pursuant to
these Rules and any other pertinent information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons who are, or have been, required to submit reports pursuant to this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are, or within the last five years have been responsible for, reviewing transaction and
holdings reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each report produced pursuant to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Inspection** 

The records and reports maintained by SS&C ALPS pursuant to the Rules shall at all times be available for inspection, without prior notice, by any member of the Code of Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Confidentiality** 

All procedures, reports and records monitored, prepared or maintained pursuant to this Code shall be considered confidential and proprietary to ALPS 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 to members of the Code of Ethics Committee or as requested.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **The Code of Ethics Committee** 

The purpose of this section is to describe the Code of Ethics Committee. The Code Of Ethics Committee was created to provide an effective mechanism for monitoring compliance with the standards and procedures contained in the Rules and to take appropriate action at such times as violations or potential violations are discovered.

***Membership***

The Committee consists of the Chief Compliance Officer(s) of ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc., and ALPS Advisors, Inc., SS&C ALPS General Counsel, and other executives and senior leadership of ALPS entities.

The CCO currently serves as the Chairperson of the Committee, where the role of CCO for covered legal entities is held by multiple individuals, they shall service as Co-Chairpersons of the Committee. The composition of the Committee may be changed from time-to-time and the Committee may seek input of other employees concerning matters related to this Code as they deem appropriate.

The Committee may also appoint a non-voting Administrator of the Code and/or Secretary, responsible for day to day implementation and oversight of the Code and the Committee.

***Committee Meetings***

The Committee shall meet approximately every six months, or as often as necessary, to review operation of this Code and to consider technical deviations from operational procedures, inadvertent oversights or any other potential violation of the Rules. Deviations alternatively may be addressed by including them in the employee's personnel records maintained by SS&C ALPS. Committee meetings are primarily intended for consideration of the general operation of the compliance procedures as well as for substantive or serious departures from the standards and procedures in the Rules.

Other persons may attend a Committee meeting, at the discretion of the Committee, as the Committee shall deem appropriate. Any individual whose conduct has given rise to the meeting may also be called upon, but shall not have the right, to appear before the Committee. It is not required that minutes of Committee meetings be maintained; in lieu of minutes the Committee may issue a report describing any action taken. The report shall be included in the confidential file maintained by the CCO with respect to the particular employee whose conduct has been the subject of the meeting.

If a Committee member has committed, or is the subject of, a violation, they shall not be considered a voting member of the Committee or be involved in the review or decisions of the Committee with respect to his or her activities, or sanctions.

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***Special Discretion***

The Committee shall have the authority by unanimous action to exempt any person or class of persons or transaction or class of transactions from all or a portion of the Rules provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Committee determines, on advice of counsel, that the particular application of all or a portion of the Code
is not legally required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Committee determines that the likelihood of any abuse of the Code by such exempted person(s) or as a result
of such exempted transaction is remote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The terms or conditions upon which any such exemption is granted is evidenced in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exempted person(s) agrees to execute and deliver to the CCO, at least annually, a signed Acknowledgment Form,
which Acknowledgment shall, by operation of this provision, describe such exemptions and the terms and conditions upon which it was granted.

The Committee shall also have the authority by unanimous action to impose such additional requirements or restrictions as it, in its sole discretion, determines appropriate or necessary, as outlined in the Sanctions Guidelines.

Any exemption, and any additional requirement or restriction, may be withdrawn by the Committee at any time (such withdrawal action is not required to be unanimous).

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**Appendix A – Approved Broker/Dealers with Electronic Feeds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ameriprise

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chase Investment Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Edward Jones

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Goldman Sachs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interactive Brokers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• JP Morgan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merrill Lynch

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morgan Stanley

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OptionsXpress

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raymond James

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Capital Markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robinhood

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stifel Nicolaus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• UBS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vanguard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wells Fargo

*Updated: July 1, 2024* 

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**Appendix B - Sub-Advisers to ALPS Advisors, Inc.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Aristotle Capital Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brown Brothers Harriman & Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CoreCommodity Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Congress Asset Management Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fiduciary Management, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GSI Capital Advisors, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Kotak Mahindra (UK) Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level Four Capital Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Morningstar Investment Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal Real Estate Investors, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pzena Investment Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RiverFront Investment Group, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Smith Capital Investors, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustainable Growth Advisers, LP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TCW Investment Management Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weatherbie Capital, LLC

*Updated: July 1, 2024* 

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**Appendix C - Glossary of Defined Terms** 

***Access Person*** – Any Director, Trustee, Officer, Partner, Investment Person, or Employee of ALPS Holdings Inc. and its subsidiaries, who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has access to non-public information regarding any Clients'
Transactions, or non-public information regarding the portfolio holdings of any fund(s) of a Client or any SS&C ALPS fund(s) or fund(s) of a subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is involved in making Securities Transactions recommendations to Clients, or has access to such recommendations
that are non-public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with his or her regular functions or duties, makes, participates in or obtains information
regarding a Fund's Transactions or whose functions relate to the making of any recommendations with respect to a Fund's Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtains information regarding a Fund's Transactions or whose functions relate to the making of any
recommendations with respect to a Fund's Transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other person designated by the CCO or the Ethics Committee has having access to non-public information.

***Account*** - Any accounts in which Securities (as defined below) transactions can be effected including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any accounts held by any employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts of the employee's immediate family members (any relative by blood or marriage) living in the
employee's household or is financially dependent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accounts held by any other related individual over whose account the employee has discretionary control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other account where the employee has discretionary control and materially contributes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any account in which the employee has a direct or indirect beneficial interest, such as trusts and custodial
accounts or other accounts in which the employee has a beneficial interest or exercises investment discretion.

***Administrator of the Code of Ethics*** – Designee(s) by the Chief Compliance Officer tasked with assisting in the oversight of SS&C ALPS' Code of Ethics and all applicable restrictions and requirements.

***Automatic Investment Plan*** – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined scheduled and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

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***Beneficial Ownership*** – For purposes of the Code, "Beneficial Ownership" shall be interpreted in the same manner as it would be in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 ("Exchange Act") in determining whether a person is subject to the provisions of Section 16 under the Exchange Act and the rules and regulations there under.

Generally speaking, beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefits which are substantially equivalent to ownership regardless of who is the registered owner. This would include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities which a person holds for his or her own benefit either in bearer form, registered in his or her own
name or otherwise, regardless of whether the securities are owned individually or jointly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held in the name of a member of his or her immediate family sharing the same household;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a trustee, executor, administrator, custodian or broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities owned by a general partnership of which the person is a member or a limited partnership of which such
person is a general partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities held by a corporation which can be regarded as a personal holding company of a person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securities recently purchased by a person and awaiting transfer into his or her name.

***Chief Compliance Officer ("CCO")*** – The CCO refers as appropriate to Matthew Sutula, so designated as CCO by AAI, and Stephen Kyllo, CCO of ADI, APSD and AFS, or the designated Administrator of the Code of Ethics. The CCO may designate additional individuals, where appropriate, to operate in the capacity of the CCO as outlined in this Code of Ethics.

***Covered Associate*** *–* Any employee that is required to comply with the provisions under Rule 206(4)-5 of the Advisers Act as well as the Political Contributions Policy within AAI's Compliance Program. A person is generally considered to be a covered associate for these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if they are a President, managing director, VP in charge of a business unit and any other employee who performs a
policy-making function of ALPS Advisors, Inc. ("AAI");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if they are an employee who solicits a government entity for AAI and such employee's direct or indirect
supervisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a political action committee controlled by AAI or by any of AAI's covered associates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other AAI employee so designated by the CCO of AAI.

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***Covered Securities*** – For purposes of the Code, "Covered Securities" will include all Securities (as defined below) as well as all Proprietary Products (as defined below) or any equivalents in non- US jurisdictions, single stock futures or swap, security based swap and security futures products regulated by both the U.S. Securities and Exchange Commission ("SEC") and Commodity Futures Trading Commission ("CFTC").

***Employee*** – Employees of ALPS Holdings, Inc. and its subsidiaries, including directors, officers, partners of AAI (or other persons occupying similar status), any temporary worker, contractor, or independent contractor as designated by the CCO or the Ethics Committee.

***Financial Institution*** – Any broker, dealer, trust company, registered or unregistered pooled investment or trading account, record keeper, bank, transfer agent or other financial firm holding and/or allowing securities transactions in Covered Securities.

***Foreign Official*** – the term "Foreign Official" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government officials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political party leaders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• candidates for office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employees of state-owned enterprises (such as state-owned banks or pension plans); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relatives or agents of a Foreign Official if a payment is made to such relative or agent of a Foreign Official
with the knowledge or intent that it ultimately would benefit the Foreign Official.

***Fund Transactions*** – For purposes of the Code, "Fund Transactions" refers to any transactions of a fund itself. It does not include "Securities Transactions" of an employee (Securities Transactions are defined below).

***Investment Persons*** – "Investment Person" shall mean any Access Person (within ALPS) who makes investment decisions for AAI or Clients, who provides investment related information or advice to portfolio managers, or helps to execute and/or implement a portfolio manager's decisions. This typically includes for example, portfolio managers, portfolio assistants, traders, and securities analysts.

***Managed Account*** – An account where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employee has a direct or indirect beneficial interest; <u>and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The employee does not exercise discretionary control or influence over the selection or transaction of Covered
Securities.

***Material Nonpublic Non-public Information*** – Any information that has not been publicly disseminated, or that was obtained legitimately while acting in a role of trust or confidence of an issuer or that was obtained wrongfully from an issuer or such person acting in a role of trust or confidence that a reasonable investor would consider important in making a decision to buy, hold or sell a company's securities. Regardless of whether it is positive or negative, historical or forward looking, any information that a reasonable investor could expect to affect a company's stock price. Material Nonpublic Non-public Information could include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projections of future earnings or losses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• news of a possible merger, acquisition or tender offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant new products or services or delays in new product or service introduction or development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• plans to raise additional capital through stock sales or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain or loss of a significant customer, partner or supplier;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discoveries, or grants or allowances or disallowances of patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• news of a significant sale of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impending bankruptcy or financial liquidity problems; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in dividend policies or the declaration of a stock split.

***Portfolio Securities*** – Securities held by accounts (whether registered or private) managed or serviced by SS&C ALPS.

***Proprietary Products*** – Any funds (open-end, closed-end, Exchange-Traded Funds) where SS&C ALPS is the investment adviser. A list will be made available to employees on a quarterly basis.

***Registered Representative*** – The term "Registered Representative" as used within this Code, refers to an employee who holds a securities license, and is actively registered, with FINRA.

***Restricted Accounts*** – Employees are restricted from establishing external managed accounts (also referred to as a discretionary account) with any adviser that conducts business with AAI. A managed account is defined as an investment account that is owned by an individual investor but is managed by a hired professional money manager. Investment in a hedge fund is not deemed to be managed account. See Appendix B for a list of advisers that work with AAI.

***Securities*** – For purposes of the Code, "Security" shall have the meaning set forth in Section 2(a)(36) of the 1940 Act. This definition of "Security" includes, but is not limited to: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificates of interest or participation in any profit-sharing agreement, any put, call, straddle, option or privilege on any Security or on any group or index of Securities, or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency, any exchange-traded vehicle (including, but not limited to, closed-end mutual funds, exchange-traded notes and exchange-traded funds). Further, for the purpose of the Code, "Security" shall include any commodity contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange Act. This definition includes but is not limited to futures contracts on equity indices. For purposes of the Code, any derivative of a "Security" shall also be considered a Security.

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"Security" shall ***not*** include direct obligations of the government of the United States or any other sovereign country or supra-national agency, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, variable and fixed insurance products.

***Securities Transactions*** – The term "Securities Transactions" as used within this Code typically refers to the purchase and/or sale of Securities, (as defined herein), by an employee. Securities Transactions shall include any gift of Covered Securities that is given or received by the employee, including any inheritance received that includes Covered Securities.

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**Contact Information** 

SS&C ALPS Code of Ethics Administration

CodeofEthics@alpsinc.com

## Ex-99.(T)

**Exhibit (t)** 

**POWER OF ATTORNEY** 

**KNOW ALL PERSONS BY THESE PRESENTS**, that the undersigned, being trustees of Diameter Dynamic Credit Fund, hereby constitutes and appoints Jonathan Lewinsohn, Scott Goodwin, Joshua Green, Michael Cohn and Matthew Gilmartin, and each of them, as his or her true and lawful attorney-in-fact and agent with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, in any and all capacities, to sign any and all registration statements of Diameter Dynamic Credit Fund, and any amendments or supplements thereto and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitutes, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

[*Remainder of Page Intentionally Blank*]

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IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney as of the 30<sup>th</sup> day of September, 2025.

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| | |
|:---|:---|
| /s/ Scott Goodwin | Trustee |
| Scott Goodwin |  |
| /s/ Joshua Green | Trustee |
| Joshua Green |  |
| /s/ Steven Bossi | Trustee |
| Steven Bossi |  |
| /s/ Amanda R. Wurtz | Trustee |
| Amanda R. Wurtz |  |
| /s/ Daniel Kassell | Trustee |
| Daniel Kasell |  |

---