# EDGAR Filing Document

**Accession Number:** 0002070029
**File Stem:** 0001193125-25-220773
**Filing Date:** 2025-9
**Character Count:** 1711241
**Document Hash:** 9fce76874605077513d9d52d54dd7123
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-220773.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-220773

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

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Man Alternative Income Fund
- **CENTRAL INDEX KEY:** 0002070029

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 254900KJZ3SWKW0D5N89

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24098
- **FILM NUMBER:** 251351343

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAN INVESTMENTS INC.
- **STREET 2:** 1345 AVENUE OF THE AMERICAS, 21ST FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 649-6600

**MAIL ADDRESS:**
- **STREET 1:** C/O MAN INVESTMENTS INC.
- **STREET 2:** 1345 AVENUE OF THE AMERICAS, 21ST FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Man Diversified Income Fund
- **DATE OF NAME CHANGE:** 20250523
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Man Alternative Income Fund
- **CENTRAL INDEX KEY:** 0002070029

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231
- **LEGAL ENTITY IDENTIFIER:** 254900KJZ3SWKW0D5N89

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288204
- **FILM NUMBER:** 251351342

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MAN INVESTMENTS INC.
- **STREET 2:** 1345 AVENUE OF THE AMERICAS, 21ST FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 649-6600

**MAIL ADDRESS:**
- **STREET 1:** C/O MAN INVESTMENTS INC.
- **STREET 2:** 1345 AVENUE OF THE AMERICAS, 21ST FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Man Diversified Income Fund
- **DATE OF NAME CHANGE:** 20250523

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on September 26, 2025** 

**Securities Act Registration No. 333-288204** 

**Investment Company Act Registration No. 811-24098** 

**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. 1** |  |
| **Post-Effective Amendment No.** |  |

---

**and/or** 

**REGISTRATION STATEMENT** 

***UNDER***

---

| | |
|:---|:---|
| ***the Investment Company Act of 1940*** | ☒ |

---

**Amendment No. 1** 

**Man Alternative Income Fund** 

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

**(212) 649-6600** 

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

**Lisa Muñoz** 

**c/o Man Solutions LLC** 

**1345 Avenue of the Americas, 21<sup>st</sup> Floor** 

**New York, New York, 10105** 

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

***Copies to:***

---

| | |
|:---|:---|
| **Rajib Chanda, Esq.**<br> **Anne Choe, Esq.<br>Simpson Thacher & Bartlett LLP<br>900 G Street, N.W.<br>Washington, D.C. 20001<br>rajib.chanda@stblaw.com**<br> **anne.choe@stblaw.com** | **Jonathan H. Gaines, Esq.<br>Simpson Thacher & Bartlett LLP<br>425 Lexington Avenue**<br> **New York, NY 10017**<br> **jonathan.gaines@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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ 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:** 

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

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

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

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

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

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

☐ 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ New Registrant (registered or regulated under the Investment Company 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.** 

------

##### [**Table of Contents**](#toc)
**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 September 26, 2025** 

**<u>PRELIMINARY PROSPECTUS</u>** 

## Man Alternative Income Fund

---

| | |
|:---|:---|
| **Class** | **Ticker Symbol** |
| Class A Shares | MADMX |
| Class I Shares | MIDMX |

---

***The Fund.*** Man Alternative Income Fund (the "***Fund***"), a Delaware statutory trust, is a newly organized, non-diversified, closed-end management investment company 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 $0.01 per share ("***Shares***"), and is operated as an "interval fund."

***Investment Objective***. The Fund's investment objectives are to seek to provide high current income and attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of those returns, relative to fixed income securities generally). There can be no assurances that the Fund's investment objectives will be achieved or that the Fund's investment program will be successful.

***Investment Strategy***. Under normal market conditions, the Fund seeks to achieve its investment objectives by directly or indirectly investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in credit and income-oriented investments.

*(continued on inside front cover)* 

***Investing in the Fund involves a high degree of risk. See "[Risks](#tx891459_8)" beginning on page 35 of this Prospectus. Also, consider the following:***

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **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.** 

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted under the Fund's Amended and Restated Declaration of Trust. *See "Periodic Repurchase Offers and Transfers of Shares."*** 

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

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

------

##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund cannot guarantee that it will make distributions, and if the Fund does, 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 such sources (such sources for distributions may not be available at any particular time and their availability generally is unrelated to the Fund's performance). 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 Shares, such that when a shareholder sells its Shares the sale may be subject to tax, even if the Shares are sold for less than the original purchase price.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Man Solutions LLC ()"*Man Solutions*" or the "*Adviser* "), the Sub-Advisers (as defined below) or their affiliates, that may be subject to reimbursement to the Adviser, the Sub-Advisers or their affiliates. The repayment of any amounts owed to the Fund's affiliates will reduce future distributions to which shareholders would otherwise be entitled.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **The Fund expects to use leverage, which will magnify the potential for loss on amounts invested in the Fund. See "*Leverage*," and "*Risks* — *Leverage Risk*."** 

**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.** 

***The Offering*<sup>(1)</sup>** 

---

| | | |
|:---|:---|:---|
|  | **Offering Price to**<br>**the Public<sup>(2)</sup>** | **Proceeds to the Fund,**<br>**Before Expenses<sup>(3)</sup>** |
|  Class A Shares, per Share | Current NAV | Amount invested at NAV |
|  Class I Shares, per Share | Current NAV | Amount invested at NAV |

---

*(notes on inside front cover)* 

ACA Foreside (the "***Distributor***") acts as distributor for the Fund's Shares and serves in that capacity on a reasonable best efforts basis, subject to various conditions. The principal business address of the Distributor is Three Canal Plaza, Suite 100, Portland, ME 04101.

**The date of this Prospectus is , 2025.** 

------

##### [**Table of Contents**](#toc)
*(notes from previous page)* 

(1) The Distributor acts as the principal underwriter of the Fund's Shares on a best-efforts basis. The
Shares are being offered through the Distributor and may also be offered through other brokers or dealers that have entered into selling agreements with the Distributor. The Adviser, Sub-Advisers (as defined
below) and/or their affiliates may make payments to selected affiliated or unaffiliated third parties (including the parties who have entered into selling agreements with the Distributor) from time to time in connection with the distribution of
Shares and/or the servicing of shareholders and/or the Fund. These payments will be made out of the Adviser's, Sub-Advisers' and/or their affiliates' own assets and will not represent an
additional charge to the Fund. The amount of such payments may be significant in amount and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares of the Fund over
other investment options. The minimum initial investment in the Fund by any investor in Class A Shares is $2,500, the minimum initial investment in the Fund by any investor in Class I Shares is $250,000, and the minimum additional
investment in the Fund by any shareholder in Class A Shares and Class I Shares is $1,000. However, the Fund, in its sole discretion, may accept subscriptions for Class I Shares in amounts less than $250,000, but in all cases, the
minimum initial subscription for any class of Shares is $2,500. See "*Plan of Distribution*."

(2) Each class of the Fund's 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, they may directly charge the investor transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided
that selling agents limit such charges to a 3.5% cap on NAV for Class A Shares. Selling agents will not charge such fees on Class I Shares. For Class A Shares, the Fund will also pay to the Distributor a shareholder servicing and
distribution fee equal to 0.50% per annum of the average daily value of the Fund's net assets for the Class A Share, accrued daily and payable monthly, subject to Financial Industry Regulatory Authority, Inc.
("  ***FINRA***") limitations on underwriting compensation. Class I Shares are not subject to any shareholder servicing or distribution fees.

*(continued from previous page)* 

***Investment Strategy (continued)***.

The Fund's Adviser employs a dynamic, multi-asset credit strategy, allocating capital across investment opportunities within the private, structured and public credit markets (each as further described below). Allocation decisions are made by the Adviser across investment "sleeves" within the Fund's portfolio. Each sleeve focuses on a specific credit asset class and/or investment style and is managed by a specialist investment team within one or more of the Fund's Sub-Advisers. The asset classes of each investment sleeve within the portfolio are expected to fall within three general categories of investments: Private Credit, Structured Credit and Public Credit (each, as further described below).

**Private Credit**. The Fund will invest in a range of less liquid or illiquid private credit investments that are expected to have opportunities for higher yield and/or capital appreciation as compared to more liquid instruments, subject to commensurate illiquidity risk, ("***Private Credit***") including: direct loans (i.e., loans to performing companies that are primarily directly originated by the Fund or an affiliate of the Fund but also may be originated by third-party, non-bank lenders such as insurance companies, business development companies, asset management firms (on behalf of their investors), specialty finance companies or alternative lending platforms), real estate loans, credit risk sharing instruments and opportunistic credit investments. Less liquid and illiquid investments are investments that may be subject to delays or restrictions on resale, particularly during times of market turmoil. While the amount of the Fund's net assets allocated to Private Credit may vary over time, it is anticipated that, under normal circumstances, at least 50% of the Fund's total assets (net assets, plus any borrowings for investment purposes) will be invested in Private Credit.

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##### [**Table of Contents**](#toc)
**Structured Credit.** The Fund will also invest in structured credit investment opportunities that provide exposure to diversified pools of income producing assets at potentially higher yields than direct investments in the underlying assets themselves by selecting different investment structure types with different vintages, maturities, and capital structure priorities ("***Structured Credit***") including: asset-backed securities ("***ABS***"), mortgage-backed securities ("***MBS***") and collateralized debt obligations ("***CDOs***"), including collateralized mortgage obligations ("***CMOs***") and other fixed and floating or variable rate obligations.

**Public Credit**. The Fund will invest in public fixed-income securities across several investment sectors and instruments. Through these investments, the Fund will seek to invest in liquid, less liquid and illiquid credit investments that present what the Sub-Adviser believes are attractive investment returns, and certain of the investments may also be used for cash management, liquidity for the Fund's quarterly repurchase offers, and other uses ("***Public Credit***"). The Fund's Public Credit includes the following: high yield investments, broadly syndicated loans, investment grade corporate bonds, exchange traded funds ("***ETFs***"), interest only ("***IO***") securities, publicly traded business development companies ("***BDCs***"), and U.S. Governmental debt securities. See "*Risks—Below Investment Grade Risk"* and "*Risks—Syndicated Loans Risk*."

The Fund may invest in issuers located in the United States and non-U.S. countries, including emerging market countries. See "*Risks—Emerging Markets Investments Risk*." The Fund intends to invest across multiple credit sectors. The Fund is not required to invest in any of these Public Credit opportunities at any time, and its investment allocation to each is expected to vary over time.

For purposes of the Fund's 80% policy, the Fund considers credit and income-oriented investments to include each of the assets noted in the general categories of investment above. Compliance with any policy or limitation for the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities. The policy will not be violated if these limitations are not met because of changes in the market value of the Fund's assets or for any other reason, including as a result of the Fund selling its more liquid investments in connection with, or having a smaller base of assets after, a repurchase offer; changes in the valuation of these investments; and outflows of cash from time to time.

The Fund is not subject to any limitations on the duration of its overall investment portfolio. Duration is a measurement of price sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation's price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. The Fund also is not subject to any limitations in respect of the maturity or credit quality of its investments and may invest a significant portion of its assets in fixed-income securities that are rated below investment grade (or, if unrated, would be rated below investment grade in the Adviser's or Sub-Advisers' view), which are commonly referred to as "high yield" securities or "junk bonds" and are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

In pursuing the Fund's investment objectives and employing the strategy described above, the Fund's Adviser will allocate each of these investment sleeves to be managed by specialist investment teams within one or more of the affiliated Sub-Advisers (as defined below) with expertise in implementing that specific multi-asset credit strategy. The Adviser maintains primary responsibility for allocating Fund assets to the investment sleeves managed by the investment teams of the Sub-Advisers and will select and determine the percentage of Fund assets to allocate to each investment sleeve. The Adviser may also invest in derivatives contracts to hedge aggregate risks for the portfolio. The engagement of each current Sub-Adviser has been approved by the Board of Trustees (the "***Board***" or the "***Board of Trustees***" and, each of the trustees on the Board, a "***Trustee***") and the initial shareholder of the Fund. While the Adviser delegates a portion of the day-to-day management of the Fund's assets to a combination of investment sleeves to be managed by the investment teams of the Sub-Advisers, the Adviser retains overall supervisory responsibility for the general management and investment of the Fund's investment portfolio.

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##### [**Table of Contents**](#toc)
**The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objectives 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 "*[Risks](#tx891459_8)*" beginning on page 35).** 

***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 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 the Fund's outstanding Shares at the NAV applicable to the class of Shares repurchased, 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 Shares repurchased. There is no assurance that shareholders will be able to tender their Shares when or in the amount that they desire. See "*Risks—Repurchase Offers Risk*." 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 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 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a "***Repurchase Pricing Date***"). 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. See "*Periodic Repurchase Offers and Transfers of Shares*" beginning on page 93. A 2% early repurchase fee payable to the Fund will be charged with respect to the repurchase of a shareholder's Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Shares (the "***Early Repurchase 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.

***Leverage***. The Fund may utilize leverage. The Fund may borrow money through different types, or a combination, of credit instruments including, without limitation, credit facilities, Subsidiaries (as defined below), notes and others based on the Fund's assessment of investment environment, market conditions, pricing, terms and availability. The Fund may also use leverage in the form of the issuance of Preferred Shares or, to a limited extent, by using reverse repurchase agreements and/or other derivative instruments with leverage embedded in. While the use of leverage may increase the profits of the Fund, it may also increase the risk of loss. The Fund will limit its borrowings in compliance with the Investment Company Act which requires that a registered investment company must comply with an asset coverage requirement of 300% of its borrowings, including amounts borrowed (including through one or more Subsidiaries of the Fund), measured at the time the registered investment company incurs the indebtedness. As such, at any given time the value of the Fund's total indebtedness may not exceed 33 1/3% of the value of its total assets (including such indebtedness). 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).

***Unlisted Closed-End Interval Fund Structure; Limited Liquidity***. The Shares are not listed on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares. The Fund is designed for long-term investors and an investment in the 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.*** The Fund's Adviser is Man Solutions.

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##### [**Table of Contents**](#toc)
***Sub-Advisers.*** The Fund's sub-advisers (each, a "***Sub-Advise*r**" and, together, the "***Sub-Advisers***") are GLG LLC ("***Man GLG US***"), GLG Partners LP ("***Man GLG UK***"), Varagon Capital Partners, L.P. ("***Man Varagon***"), Man Global Private Markets (USA) Inc. ("***Man GPM***") and Man Solutions Limited ("***MSL***").

***Distributor***. ACA Foreside acts as distributor for the Shares and serves in that capacity on a reasonable best efforts basis, subject to various conditions. The principal business address of the Distributor is Three Canal Plaza, Suite 100, Portland, ME 04101. The Distributor may appoint additional selling agents (each a "***Dealer***") or other financial intermediaries through which investors may purchase Shares. See "*Plan of Distribution*."

**\*\*\*\*** 

Upon written or oral request, the Fund will provide a copy of such information at no charge. Prospective investors should read this Prospectus, which concisely sets forth information about the Fund, before deciding whether to invest in the Shares and retain it for future reference. The SAI, dated , 2025, 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 (212) 649-6600 or by writing to the Fund. Investors can get the same information for free from the SEC's website (<u>http://www.sec.gov</u>). Investors may also e-mail requests for these documents to <u>publicinfo@sec.gov</u>. 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 212-649-6804. The Fund's Prospectus, annual and semi-annual reports, when produced, will be available at the Fund's website (www.man.com/products/man-alternative-income-fund) 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 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.** 

**Investors should rely only on the information contained or incorporated by reference in 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.** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Prospectus Summary](#tx891459_1) | 1 |
|  [Summary of Fund Fees and Expenses](#tx891459_2) | 17 |
|  [Financial Highlights](#tx891459_3) | 22 |
|  [The Fund](#tx891459_4) | 23 |
|  [Use of Proceeds](#tx891459_5) | 24 |
|  [The Fund's Investments](#tx891459_6) | 25 |
|  [Leverage](#tx891459_7) | 34 |
|  [Risks](#tx891459_8) | 35 |
|  [How the Fund Manages Risk](#tx891459_9) | 73 |
|  [Management of the Fund](#tx891459_10) | 74 |
|  [Potential Conflicts of Interest](#tx891459_11) | 79 |
|  [Net Asset Value](#tx891459_12) | 81 |
|  [Distributions](#tx891459_13) | 84 |
|  [Dividend Reinvestment Plan](#tx891459_14) | 85 |
|  [Description of Shares](#tx891459_15) | 86 |
|  [Delaware Law and Certain Provisions in the Declaration of Trust](#tx891459_16) | 89 |
|  [Closed-End Interval Fund Structure](#tx891459_17) | 92 |
|  [Periodic Repurchase Offers and Transfers of Shares](#tx891459_18) | 93 |
|  [Tax Matters](#tx891459_19) | 98 |
|  [Plan of Distribution](#tx891459_20) | 110 |
|  [Custodian and Transfer Agent](#tx891459_21) | 117 |
|  [Administration and Accounting Services](#tx891459_22) | 118 |
|  [Legal Matters](#tx891459_23) | 119 |
|  [Privacy Principles of the Fund](#tx891459_24) | 120 |

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**PROSPECTUS SUMMARY** 

*This is only a summary of certain information contained in this Prospectus relating to Man Alternative Income 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. Investors should review the more detailed information contained in this Prospectus and in the SAI.* 

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| **The Fund**  | Man Alternative Income 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***"), and organized as a Delaware statutory trust on March 17, 2025. |

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Man Solutions serves as the Adviser of the Fund. The Adviser provides investment management services to the Fund. 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. The Fund's Adviser employs a "multi-asset credit strategy" whereby the Adviser allocates capital across investment sleeves dedicated to specific credit asset classes and/or investment styles.

The Fund is an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class net asset value ("***NAV***"), of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline.

The Fund intends to satisfy the diversification requirements necessary to qualify as a regulated investment company ("***RIC***") under the Internal Revenue Code of 1986, as amended (the "***Code***").

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| **Periodic Repurchase Offers**  | The Fund provides a limited degree of liquidity to the shareholders by conducting quarterly offers to repurchase its Shares at their NAV on the date on which the repurchase price for Shares is determined (the "***Valuation Date***"). **Each repurchase offer will be for no less than 5% and no more than 25% of the Fund's Shares outstanding. For each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares at the NAV applicable to the class of Shares repurchased, which is the minimum amount permitted. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, shareholders will have their Shares repurchased on a pro rata basis, and tendering shareholders will not have all of their tendered Shares repurchased by the Fund.** Shareholders tendering 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 "*Net Asset Value*." |

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The Fund expects its first repurchase offer to be made no later than the second full calendar quarter after the date that the Fund's registration statement becomes effective. A 2% early repurchase fee <br>

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payable to the Fund will be charged with respect to the repurchase of a shareholder's Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Shares (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. <br>

Shares in the Fund provide limited liquidity since shareholders will not be able to redeem Shares on a daily basis. A shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

See "*Periodic Repurchase Offers and Transfers of Shares*" in this Prospectus.

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|:---|:---|
| **Investment Objective**  | The Fund's investment objectives are to seek to provide high current income and attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of those returns, relative to fixed income securities generally). |

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There can be no assurances that the Fund's investment objectives 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. The Fund's investment objectives are not fundamental policies of the Fund and may be changed by the Fund's Board of Trustees (the "***Board***" or the "***Board of Trustees***" and, each of the trustees on the Board, a "***Trustee***") without prior shareholder approval.

See "*Investment Objective*" in this Prospectus.

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|:---|:---|
| **Investment Policies**  | Under normal market conditions, the Fund seeks to achieve its investment objectives by directly or indirectly investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in credit and income-oriented investments. |

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The Fund's Adviser employs a dynamic, multi-asset credit strategy, allocating capital across investment opportunities within the private, structured and public credit markets (each as further described below). Allocation decisions are made by the Adviser across investment "sleeves" within the Fund's portfolio. Each sleeve focuses on a specific credit asset class and/or investment style and is managed by a specialist investment team within one or more of the Fund's Sub-Advisers. The asset classes of each investment sleeve within the portfolio are expected to fall within three general categories of investments: Private Credit, Structured Credit and Public Credit (each, as further described below).

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**Private Credit**. The Fund will invest in a range of less liquid or illiquid private credit investments that are expected to have opportunities for higher yield and/or capital appreciation as compared to more liquid instruments (i.e., more widely traded investments with greater transparent price discovery, smaller bid-ask spreads, and larger tradeable sizes at particular price quotes), subject to commensurate illiquidity risk ("***Private Credit***") including: direct loans (i.e., loans to performing companies that are primarily directly originated by the Fund or an affiliate of the Fund but also may be originated by third-party, non-bank lenders such as insurance companies, business development companies, asset management firms (on behalf of their investors), specialty finance companies or alternative lending platforms), real estate loans, credit risk sharing instruments and opportunistic credit investments. Less liquid and illiquid investments are investments that may be subject to delays or restrictions on resale, particularly during times of market turmoil. While the amount of the Fund's net assets allocated to Private Credit may vary over time, it is anticipated that, under normal circumstances, at least 50% of the Fund's total assets (net assets, plus any borrowings for investment purposes) will be invested in Private Credit.

**Structured Credit.** The Fund will also invest in structured credit investment opportunities that provide exposure to diversified pools of income producing assets at potentially higher yields than direct investments in the underlying assets themselves by selecting different investment structure types with different vintages, maturities, and capital structure priorities ("***Structured Credit***") including: asset-backed securities ("***ABS***"), mortgage-backed securities ("***MBS***") and collateralized debt obligations ("***CDOs***"), including collateralized mortgage obligations ("***CMOs***") and other fixed and floating or variable rate obligations.

**Public Credit**. The Fund will invest in public fixed-income securities across several investment sectors and instruments. Through these investments, the Fund will seek to invest in liquid, less liquid and illiquid credit investments that present what the Sub-Adviser believes are attractive investment returns, and certain of the investments may also be used for cash management, liquidity for the Fund's quarterly repurchase offers, and other uses ("***Public Credit***"). The Fund's Public Credit includes the following: high yield investments, broadly syndicated loans, investment grade corporate bonds, exchange traded funds ("***ETFs***"), interest only ("***IO***") securities, publicly traded business development companies ("***BDCs***") and U.S. Governmental debt securities. The Fund may invest in issuers located in the United States and non-U.S. countries, including emerging market countries. The Fund intends to invest across multiple credit sectors. The Fund is not required to invest in any of these Public Credit opportunities at any time, and its investment allocation to each is expected to vary over time.

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For purposes of the Fund's 80% policy, the Fund considers credit and income-oriented investments to include each of the assets described above as well as cash balances held by the fund in US dollars. Compliance with any policy or limitation for the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities. The policy will not be violated if these limitations are not met because of changes in the market value of the Fund's assets or for any other reason, including as a result of the Fund selling its more liquid investments in connection with, or having a smaller base of assets after, a repurchase offer; changes in the valuation of these investments; and outflows of cash from time to time.

The Fund is not subject to any limitations on the duration of its overall investment portfolio. Duration is a measurement of price sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation's price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. The Fund also is not subject to any limitations in respect of the maturity or credit quality of its investments and may invest a significant portion of its assets in fixed-income securities that are rated below investment grade (or, if unrated, would be rated below investment grade in the Adviser's or Sub-Advisers' view), which are commonly referred to as "high yield" securities or "junk bonds" and are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

In pursuing the Fund's investment objectives and employing the strategy described above, the Fund's Adviser will allocate each of these investment sleeves to be managed by specialist investment teams within one or more of the affiliated Sub-Advisers (as defined below) with expertise in implementing that specific multi-asset credit strategy. The Adviser maintains primary responsibility for allocating Fund assets to the investment sleeves managed by the investment teams of the Sub-Advisers and will select and determine the percentage of Fund assets to allocate to each investment sleeve. The Adviser may also invest in derivatives contracts to hedge aggregate risks for the portfolio. The engagement of each current Sub-Adviser has been approved by the Board and the initial shareholder of the Fund. While the Adviser delegates a portion of the day-to-day management of the Fund's assets to a combination of investment sleeves to be managed by the investment teams of the Sub-Advisers, the Adviser retains overall supervisory responsibility for the general management and investment of the Fund's investment portfolio.

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The Fund may in the future invest in entities (1) that will be primarily controlled by the Fund; and (2) that primarily engage in investment activities in securities or other assets (each such entity, a "Subsidiary"). A Subsidiary is "primarily controlled" by a fund when (a) the registered fund controls the unregistered entity within the meaning of Section 2(a)(9) of the 1940 Act; and (b) the registered fund's control of the unregistered entity is greater than that of any other person. 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 member or 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 may enter into joint ventures. The objective of a joint venture is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies, broadly syndicated loans and/or structured product investments. A joint venture may also use investment leverage.

When the Fund invests in loans and debt securities, it may acquire warrants or other equity securities of borrowers and may receive non-cash income features such as payment-in-kind ("***PIK***") interest and original issue discount ("***OID***"). The Fund may also, to a lesser extent, invest directly in warrants and equity securities, including securities of specialty finance companies and companies that employ private debt strategies.

The Fund also may invest in derivatives for hedging purposes, including purchases or sales of futures contracts, swaps, caps, floors or collars, currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures, swap contracts including credit default swaps index products, credit default swaps, total return swaps, interest rate swaps, and exchange-listed and over-the-counter ("***OTC***") put and call options on securities and swap contracts, financial indices and futures contracts. To a limited extent, the Fund may also use derivatives to gain investment exposure to credit instruments, provide downside protection and to dampen volatility. Derivative instruments used by the Fund will be counted toward the Fund's policy of investing at least 80% of its total assets in in credit and income-oriented investments. As a result, the market value of a derivative instrument that provides the Fund with indirect exposure to credit and income-oriented investments will be counted toward the Fund's 80% policy.

The Fund may co-invest with certain affiliates of the Adviser and the Sub-Advisers. The Fund and its affiliates have received an exemptive order from the SEC (the "***Co-Investment Order***") ****that permits the Fund, among other things, to co-invest with certain affiliates of the Fund, the Adviser and the Sub-Advisers, subject to certain terms of <br>

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conditions. Pursuant to the Co-Investment Order, the Fund may determine to participate or not to participate in certain co-investments, depending on whether the Adviser determines that the investment is in the Fund's best interest.

See "*The Fund's Investments*" in this Prospectus.

There can be no assurance that the Fund will achieve its investment objectives. The Adviser has discretion to adjust the Fund's asset allocations amongst the investment sleeves managed by the investment teams of the Sub-Advisers as needed, ensuring that the portfolio remains aligned with the Fund's primary goals of seeking attractive current income and risk-adjusted returns. The Fund may change its investment objectives, policies, strategies, and techniques at the discretion of the Board, without shareholder approval, unless otherwise required by law. Any material changes will be communicated to shareholders.

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| **Leverage**  | The Fund may utilize leverage. The Fund may borrow money through different types, or a combination, of credit instruments including, without limitation, credit facilities, Subsidiaries, notes and others based on the Fund's assessment of investment environment, market conditions, pricing, terms and availability. The Fund may also use leverage in the form of the issuance of Preferred Shares or, to a limited extent, by using reverse repurchase agreements and/or other derivative instruments with leverage embedded in. While the use of leverage may increase the profits of the Fund, it may also increase the risk of loss. The Fund will limit its borrowings in compliance with the Investment Company Act which requires that a registered investment company must comply with an asset coverage requirement of 300% of its borrowings, including amounts borrowed (including through one or more Subsidiaries of the Fund), measured at the time the registered investment company incurs the indebtedness. As such, at any given time the value of the Fund's total indebtedness may not exceed 33 1/3% of the value of its total assets (including such indebtedness). 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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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*" in this Prospectus.

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| **Adviser**  | As investment adviser to the Fund, the Adviser provides day-to-day investment management services to the Fund including monitoring  |

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and providing oversight of the Fund's Sub-Advisers, allocating capital to each of the investment sleeves managed by the investment teams of the Sub-Advisers (as defined below), managing the Fund's liquidity needs and overseeing investment decisions for the Fund's portfolio. The Adviser's principal place of business is located at 1345 Avenue of the Americas, 21<sup>st</sup> Floor, New York, NY 10105. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***"). As of June 30, 2025, it had over $7.4 billion in assets under management and advisement (including discretionary and non-discretionary accounts). See "*Management of the Fund*" in this Prospectus. <br>

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| **Sub-Advisers**  | In managing the Fund, the Fund's Adviser employs a "multi-asset credit strategy" whereby the Adviser allocates capital across investment sleeves dedicated to specific credit asset classes and/or investment styles (each as defined in the "*The Fund's Investments*" section below), and each of these investment sleeves will be managed by specialist investment teams within one or more of the affiliated investment sub-advisers (each, a ***"Sub-Adviser,"*** collectively, the ***"Sub-Advisers,"*** and, together with the Adviser, the ***"Advisers"***) in percentages initially determined at the discretion of the Adviser. The Adviser has entered into an investment sub-advisory agreement with Man Solutions Limited, a limited company organized under the laws of England and Wales (***"MSL"***), pursuant to which MSL serves as a Sub-Adviser to the Fund. Under the investment sub-advisory agreement with MSL, MSL provides inputs and recommendations to assist the Adviser in making determinations regarding the allocations of capital to each investment sleeve. The Adviser has entered into separate investment sub-advisory agreements (each, a "***Sub-Advisory Agreement***" and, collectively, the "***Sub-Advisory Agreements***") with each of Man GLG US, a Delaware limited liability company, Man GLG UK, a partnership registered under the Limited Partnership Act of 1907 of England and Wales, Man Varagon, a Delaware limited partnership, and Man GPM, a Delaware corporation. Under these agreements, each of Man GLG US, Man GLG UK, Man Varagon and Man GPM will be primarily responsible for managing investment sleeves within the Private Credit, Structured Credit and Public Credit categories, respectively, and the day-to-day management of the Fund's assets allocated to it by the Adviser, subject to the supervision of the Board and the Adviser. Each current Sub-Adviser is an affiliate of the Adviser. The engagement of each current Sub-Adviser has been approved by the Board and the initial shareholder of the Fund. |

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MSL's principal place of business is located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom. MSL is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $29.3 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

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Man GLG US's principal place of business is located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105. Man GLG US is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $4.6 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man GLG UK's principal place of business is located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom. Man GLG UK is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $50.1 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man Varagon's principal place of business is located at 151 West 42nd Street, 53rd Floor, New York, NY 10036. Man Varagon is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $10.0 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man GPM's principal place of business is located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105. As of June 30, 2025, it had over $1.4 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

See "*Management of the Fund*—*Sub-Advisers*" in this Prospectus.

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| **Distributions; Dividend Reinvestment Plan**  | The Fund intends to make quarterly distributions of substantially all of its net investment income. Distributions cannot be assured, and the amount of each distribution is likely to vary. Distributions will be paid at least annually in amounts representing substantially all of the net investment income not previously distributed in a quarterly distribution and net capital gains, if any, earned each year. |

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Each shareholder will automatically be a participant under the Fund's dividend reinvestment program (the "***DRIP***") and have all income dividends and/or capital gains distributions automatically reinvested in Shares priced at the then-current NAV unless such shareholder, at any time, specifically elects to receive income dividends and/or capital gains distributions in cash. A shareholder receiving Shares under the DRIP instead of cash distributions may still owe taxes and, because Fund 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 shareholder's financial intermediary through whom they hold Shares (such as a broker-dealer or bank) or, if the shareholder is a direct investor, to the Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc., at 103 Bellevue Parkway, Wilmington, Delaware 19809 or 508-871-9432.

See "*Dividend Reinvestment Plan*" in this Prospectus.

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| **Distributor**  | ACA Foreside acts as distributor for the Shares (the "***Distributor***") and is located at Three Canal Plaza, Suite 100, Portland, ME 04101. Class I 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 or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% 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 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 Shares or tender the 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 Shares in addition to any fees imposed by the Fund. |

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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 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 or in the amount of calculation. Payments of Additional Compensation may be fixed dollar amounts or, 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*" in this Prospectus.

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

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*Management Fees*. The Fund pays the Adviser a management fee (the "***Investment Management Fee***") at an annual rate of 1.25%, payable <br>

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monthly in arrears, accrued daily based upon the average daily value of the Fund's "Managed Assets". "***Managed Assets***" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes). This means that during periods in which the Fund is using leverage, the fee paid to the Adviser will be higher than if the Fund did not use leverage because the fee is calculated as a percentage of the Fund's Managed Assets, which include those assets purchased with leverage. The Investment Management Fee is paid before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund. <br>

The Adviser has contractually agreed to reduce its Investment Management Fee to an annual rate of 0.00% until the first anniversary of the Fund's commencement of operations (the "***Investment Management Fee Waiver Agreement***"). The reduction of the Investment Management Fee under the Investment Management Fee Waiver Agreement is not subject to recoupment by the Adviser under the Expense Limitation and Reimbursement Agreement.

Pursuant to a separate Sub-Advisory Agreement among the Fund, the Adviser and each Sub-Adviser, each Sub-Adviser receives a sub-advisory fee from the Adviser based on the Fund's assets managed by the investment team of such Sub-Adviser. See "*Management of the Fund*."

*Administration Fee*. The Fund will reimburse the Administrator for costs and expenses incurred in performing its obligations and providing personnel and facilities under the Administration Agreement (as defined below), including the costs and expenses charged by The Bank of New York Mellon (the "***Sub-Administrator***") ****for sub-administrator services. See "*Administration and Accounting Services*.

*Sub-Administration Fee*. The Administrator pays the Sub-Administrator ****tiered fees based on the average monthly NAV of the Fund, subject to a minimum annual fee, as well as certain other fixed, per-account or transactional fees (the "***Sub-Administration Fees***"). The Sub-Administration Fees are paid to the Administrator out of the assets of the Fund, and therefore, decrease the net profits or increase the net losses of the Fund. The Administrator also reimburses the Sub-Administrator for certain out-of-pocket expenses and pays an affiliate of the Sub-Administrator a fee for transfer agency services. See "*Administration and Accounting Services*."

*Shareholder Servicing and/or Distribution Fees on Class A Shares*. The Fund has adopted a distribution and service plan (the "***Distribution and Service Plan***") with respect to Class A Shares in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution and Service Plan, the Fund will be permitted to pay as compensation up to 0.50% on an annualized basis of the aggregate net assets of the Fund attributable to Class A Shares to the <br>

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Fund's Distributor or other qualified recipients under the Distribution and Service Plan. Class I Shares are not subject to any shareholder servicing or distribution fees. The shareholder servicing and/or distribution fee will be paid out of the Fund's assets and decreases the net profits or increases the net losses of the Fund. For purposes of determining the shareholder servicing and/or distribution fee only, the value of the Fund's assets will be calculated prior to any reduction for any fees and expenses, including, without limitation, the shareholder servicing and/or distribution fee payable. The Fund has received an exemptive order from the SEC that permits the Fund to issue multiple classes of Shares with, among other things, different ongoing shareholder servicing and/or distribution fees. See "*Plan of Distribution*." <br>

*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 fees that it would otherwise be paid and/or to assume or reimburse expenses of the Fund (the "***Waiver***"), if required to ensure the Total Annual Expenses (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) do not exceed 0.50% 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 one-year term ending one (1) year from the date of this Prospectus and will automatically continue in effect for successive twelve-month periods thereafter. The Adviser may not terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, (i) the Board may terminate the Expense Limitation and Reimbursement Agreement upon 30 days' written notice, and (ii) the Adviser may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice. See "*Management of the Fund*."

*Organization and Offering Costs*. The Fund will bear its organizational and initial offering costs in connection with this offering. The Adviser has agreed to advance those costs to the Fund. Such costs incurred by the Adviser are subject to recoupment by the Adviser in accordance with the Expense Limitation Agreement over a period of three years. See "*Management of the Fund—Investment Management Fees*."

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| **The Offering**  | The minimum initial investment in the Fund by any investor in Class A Shares is $2,500, the minimum initial investment in the Fund by any investor in Class I Shares is $250,000, and the minimum additional investment in the Fund by any shareholder is $1,000. However, the Fund, in its sole discretion, may accept subscriptions for Class I Shares in amounts less than $250,000, but in all cases, the minimum initial subscription for any class of Shares is $2,500. |

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

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 Shares in the Fund at any time. The Fund also reserves the right to suspend or terminate offerings of Shares at any time at the Board's discretion.

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

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

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| | |
|:---|:---|
| **Custodian and Transfer Agent**  | The Bank of New York Mellon serves as the Fund's custodian. BNY Mellon Investment Servicing (US) Inc. serves as the Fund's transfer agent. |

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| | |
|:---|:---|
| **Administrator and Sub-Administrator**  | Man Solutions LLC will serve as the Fund's administrator. The Bank of New York Mellon serves as the Fund's sub-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 the risks associated with the investment strategies employed by the Adviser and the Sub-Advisers, 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 the "*Risks*" section. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is no assurance that the Fund will achieve its investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder should not expect to be able to sell all or most of their Shares regardless of how the Fund
performs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A shareholder should consider that they may not have access to the money they invest for an extended period of
time.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because a shareholder may be unable to sell their Shares, a shareholder will be unable to reduce their exposure
in any market downturn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund has elected to operate as an "interval fund" and will make periodic repurchase offers, but
only a limited number of Shares will be eligible for repurchase and repurchase offers and the need to fund repurchase obligations may affect its 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investors will bear substantial fees and expenses in connection with their investment. See "*Summary of Fund Fees and Expenses*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to special risks associated with employing a multi-asset credit strategy involving investment
in different asset classes managed by the investment teams of the different Sub-Advisers. While the Adviser and Sub-Advisers will attempt to moderate any risks, there
can be no assurance that the Fund's investment activities will be successful or that the investors will not suffer losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to financial market risks, including changes in interest rates. General interest rate
fluctuations may have a substantial negative impact on the Fund's ability to make

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investments, the value of its investments and its ability to realize gains from the disposition of investments and, accordingly, have a material adverse effect on the Fund's investment objectives and its rate of return on invested capital. In addition, an increase in interest rates would make it more expensive to use debt for the Fund's financing needs. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to risks 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to special risks associated with investments in its Private Credit investment sleeves.
Private Credit involves a variety of loan and debt investing, which is subject to a high degree of financial risk. Private Credit may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate
increases and the financial conditions of issuers, which may pose significant credit risks (i.e., the risk that an issuer of a security or borrower of a loan will fail to pay principal and interest in a timely manner, reducing the associated total
return) that result in issuer default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to special risks associated with investments made through its Public Credit investment
sleeves. The Fund may be exposed to the underlying credit worthiness of corporations and sovereign states (among others). Non-investment grade debt securities in the lowest rating categories and unrated debt
securities may involve a substantial risk of default or may be in default. Moreover, the market for lower grade debt securities may be thinner and less active than for higher grade debt securities. The Fund may invest in investments in various
markets, some of which may be considered as emerging markets. Investments in companies and other entities in emerging markets and investments in emerging market sovereign debt may involve a high degree of risk and may be speculative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is subject to special risks associated with investments made through its Structured Credit investment
sleeves. Structured Credit can be very complex and may be sensitive to, among other things, changes in interest rates and/or prepayments (resulting in potential volatility of returns), high levels of credit enhancement/leverage within the credit
structure, credit spread risk, as well as government policy risks. Further, there can be no assurance that a liquid market will exist in any structured credit instrument, and the Adviser or a Sub-Adviser may
be limited in its ability to dispose of Structured Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among
other things,

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activities of the Adviser, the Sub-Advisers and their affiliates and employees with respect to the management of accounts for Other Accounts (as defined in the "*Potential Conflicts of Interest*" section below) as well as the investment of proprietary assets and/or the banking activities of the Adviser's or Sub-Advisers' affiliates. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund cannot guarantee that it will make distributions, and if the Fund does, 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 such sources (such sources for distributions may not be available at any particular time and their availability generally is unrelated to the Fund's performance). 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 Shares, such that when a shareholder sells its Shares the sale may be subject to tax, even if the Shares are sold for less than the original purchase
price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense
reimbursements borne by the Adviser, the Sub-Advisers or their affiliates, that may be subject to reimbursement to the Adviser, the Sub-Advisers or their affiliates. The
repayment of any amounts owed to the Fund's affiliates will reduce future distributions to which shareholders would otherwise be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may utilize leverage to the maximum extent permitted by 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*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest to a significant degree 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 issuer's
capacity to pay interest and repay principal. They may also be illiquid and difficult to value.

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| | |
|:---|:---|
| **Unlisted Closed-End Fund**  | The Fund does not intend to list the Shares on any securities exchange. The Fund is designed for long-term investors and an investment in the Shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. An investment in the 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 Shares will not be redeemable at an investor's option, and unlike traditional listed closed-end funds the Shares will not be listed on any securities  |

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exchange. Notwithstanding that the Fund will conduct periodic repurchase offers, investors should not expect to be able to sell their Shares when and/or in the amount desired regardless of how the Fund performs. <br>

See "*Closed-End Interval Fund Structure*" in this Prospectus.

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| | |
|:---|:---|
| **Summary of Taxation**  | The Fund intends to elect to be treated and to qualify as a RIC for U.S. federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that it distributes its net income and gains to shareholders each year. See "*Tax Matters*." |

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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*" beginning on page 110 of this Prospectus.

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| | | |
|:---|:---|:---|
|  | **Class A Shares** | **Class I Shares** |
|  **Shareholder Transaction Expenses (Fees Paid Directly From Your Investment):** |  |  |
|  Maximum Sales Charge (Load)<sup>(1)</sup> |  |  |
|  Maximum Early Repurchase Deduction<sup>(2)</sup> | 2.00% | 2.00% |
|  **Annual Expenses (as a Percentage of Net Assets Attributable to our Shares)<sup>(3)</sup>** |  |  |
|  Management Fees<sup>(4)</sup> | 1.63% | 1.63% |
|  Shareholder Servicing and/or Distribution Fees<sup>(5)</sup> | 0.50% |  |
|  Fees and Interest Payments on Borrowed Funds<sup>(6)</sup> | 2.28% | 2.28% |
|  Other Expenses<sup>(7)</sup> | 1.05% | 1.05% |
|  Total Annual Expenses | 5.46% | 4.96% |
|  Less: Amount Paid or Absorbed Under Expense Limitation and Reimbursement Agreement<sup>(8)</sup> | 0.55% | 0.55% |
|  Net Annual Expenses<sup>(8)</sup> | 4.91% | 4.41% |

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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, they may directly charge the investor transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% 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 Shares at any time prior to the day immediately preceding the one-year anniversary of a shareholder's purchase of the Shares (on a "first in-first out" basis). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Shares to (b) the subscription date immediately following the Repurchase Pricing Date used in the repurchase of such 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 Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; due to trade or operational error; and repurchases of 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> Actual net assets will depend on the number of Shares sold, realized gains/losses, unrealized appreciation/depreciation and share repurchase activity, if any. 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. For purposes of determining net assets in fee table calculations, derivatives are valued at market value. 

<sup>(4)</sup> Management Fees include the Investment Management Fee paid to the Adviser at an annual rate of 1.25% payable monthly in arrears, accrued daily based upon the average daily value of the Fund's "Managed Assets". "***Managed Assets***" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes). Because our Adviser's fee is based on Managed Assets, our Adviser's 

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fee will be higher if the Fund utilizes leverage. The Investment Management Fee paid to the Adviser will be paid out of the Fund's assets. The Adviser has contractually agreed to reduce its Investment Management Fee to an annual rate of 0.00% until the first anniversary of the Fund's commencement of operations (the "***Investment Management Fee Waiver Agreement***"). The reduction of the Investment Management Fee under the Investment Management Fee Waiver Agreement is not subject to recoupment by the Adviser under the Expense Limitation and Reimbursement Agreement. Management Fees also include sub-advisory fees that are paid by the Adviser. The fees the Sub-Advisers charge the Fund are based on the Sub-Adviser's sub-advisory agreement. The Sub-Advisers' fees are paid by the Adviser out of the Investment Management Fee it receives from the Fund. The Investment Management Fee paid to the Adviser (a portion of which will be used by the Adviser to pay the sub-advisory fees to the Sub-Advisers) will be paid out of the Fund's assets. Such management fees are paid before giving effect to any repurchase of 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.

<sup>(5)</sup> The Fund has adopted a distribution and service plan for Class A Shares (the "***Distribution and Service Plan***"). Accordingly, investors will pay a shareholder servicing and distribution fee for Class A Shares equal to 0.50% 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/or distribution fee is governed by the Distribution and Service Plan for Class A Shares, which, pursuant to the conditions of the exemptive order issued by the SEC, was 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 or distribution fees. See "*Plan of Distribution*." 

<sup>(6)</sup> *We may borrow funds to make investments*, including before we have fully invested the proceeds of this continuous offering. To the extent that we determine it is appropriate to borrow funds to make investments, the costs associated with such borrowing will be indirectly borne by shareholders. The figure in the table assumes that we borrow for investment purposes an amount equal to 30% of our weighted average net assets, and that the average annual cost of borrowings, including the amortization of cost associated with obtaining borrowings and unused commitment fees, on the amount borrowed is 7.6%. Our ability to incur leverage depends, in large part, on the availability of financing in the market. 

<sup>(7)</sup> "***Other Expenses***" (as defined below), represent estimated amounts for the current fiscal year. Other Expenses include accounting, legal and auditing fees, loan servicing 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 during the initial 12-month period of the offering. 

<sup>(8)</sup> The Adviser has entered into the Expense Limitation and Reimbursement Agreement with the Fund, whereby the Adviser has agreed to waive the fees it would otherwise have been paid and/or to assume or reimburse expenses of the Fund (a "***Waiver***"), if required to ensure the Total Annual Expenses (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) do not exceed 0.50% 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. The Expense Limitation and Reimbursement Agreement has an initial one-year term ending one (1) year from the date of this Prospectus. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter unless terminated. Neither the Fund nor the Adviser may terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, either the Fund or the Adviser may terminate the Expense Limitation and Reimbursement Agreement upon 30 days' written notice. 

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**Example** 

We have provided an example of the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical $1,000 investment in each class of our Shares. 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 that all distributions are reinvested at NAV and that the percentage amounts listed under annual expenses remain the same in the years shown (except that the example reflects the expense limitation for the 1 Year period and the first year of the 3 Years, 5 Years and 10 Years periods in the example). In calculating the following expense amounts, we have assumed that your financial intermediary does not directly charge you transaction or other fees. 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 Shares.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  **You would pay the following expenses on a $1,000 Class A Shares investment, assuming a 5% annual return:** | $49 | $147 | $245 | $490 |
|  **You would pay the following expenses on a $1,000 Class I Shares investment, assuming a 5% annual return:** | $44 | $133 | $223 | $451 |

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While the examples assume a 5.0% 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. This amount does not reflect the imposition of an Early Repurchase Deduction of 2%. These examples should not be considered a representation of any particular shareholder's future expenses.

**Payment of Fund Expenses** 

The costs associated with the investment team and staff of the Adviser and each Sub-Adviser, when and to the extent engaged in providing investment advisory services and management services to the Fund, will be paid for by the Adviser and the applicable Sub-Adviser.

Pursuant to the Administration Agreement (defined below), the Fund bears all out-of-pocket costs and expenses of its operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) organization and offering of the Fund's 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 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 (for the avoidance of doubt, the Fund will also be responsible for paying the shareholder servicing and
distribution fees described in the Fund's Rule 12b-1 plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund's fees and expenses related to any liquidity event or the wind down and/or liquidation and
dissolution of the Fund;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) taxes, fees, costs and expenses, retainers and/or other payments payable to third parties, including agents,
accountants, legal counsel, advisors (including tax advisors), auditors, investment bankers, administrative agents, paying agents, transfer agents, custodians, sub-custodians, trustees, consultants (including
individuals consulted through expert network consulting firms), operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates), and other professionals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fees and expenses incurred in connection with debt or other financing or derivative transactions, if any,
incurred to finance the Fund's investments or operations, and payment of interest and repayment of principal on such debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses related to sales and repurchases of the Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) investment advisory and management fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) administration fees, if any, payable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) transfer agent, sub-administrator and custodial fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) expenses relating to the issue, repurchase and transfer of Shares to the extent not borne by the relevant
transferring Shareholders and/or assignees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) federal and state registration fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) all costs associated with a public listing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) federal, state and local taxes and other governmental charges assessed against the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) independent trustees' fees and expenses and the costs associated with convening a meeting of the Board or
any committee thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) fees and expenses and the costs associated with convening a meeting of the Shareholders or holders of any
preferred Shares, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory
Authority or other regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) costs of any reports, proxy statements or other notices to Shareholders, including printing and mailing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) costs and expenses related to the preparation of the Fund's financial statements and tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the Fund's allocable portion of the fidelity bond, trustees and officers/errors and omissions liability
insurance, and any other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive
relief, "no-action" positions or other guidance sought from a regulator, pertaining to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs, expenses and fees for hours spent by its in-house attorneys and
tax advisors that provide transactional legal advice and/or services to the Fund or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) compensation of other third-party professionals to the extent they are devoted to preparing the Fund's
financial statements or tax returns or providing similar "back office" financial services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) costs and expenses, including travel expenses (e.g., meals and accommodations) of the Adviser, or members of
its investment team, or payable to third parties, in connection with: 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, advisory,
consulting, and other professional fees, costs and expenses in connection therewith; or 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);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) portfolio risk management costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities
(including merger fees) and other assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting,
auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Fund, including in each case services with respect to the proposed purchase or sale of securities by the Fund that are not
reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) costs of amending, restating or modifying the Amended and Restated Declaration of Trust, the Bylaws, the
Advisory Agreement, the Administration Agreement or related documents of the Fund or related entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) fees, costs, and expenses incurred in connection with any restructuring, initial public offering or
reorganization of the Fund or related entities, the termination, liquidation or dissolution of the Fund or related entities, or the required redemption of all or substantially all outstanding Shares (including the fees and expenses associated with
any such transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) the expense reimbursements set forth in Administration Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) 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;(xxxii) costs of any public or private offerings of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) costs of registration rights granted to certain investors, if any; costs and expenses relating to distributions
paid on the Shares, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) 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;(xxxv) amounts payable to third parties relating to, or associated with, making or holding investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) costs of derivatives and hedging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) fees and expenses payable under any dealer manager and selected dealer agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) 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;(xxxix) 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;(xl) indemnification payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) 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;(xlii) 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) all other properly and reasonably chargeable expenses incurred by the Fund or the Administrator in connection
with administering the Fund's business, including rent and the allocable portion of the cost of the Fund's Chief Compliance Officer and Chief Financial Officer and their respective staffs.

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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 March 17, 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 Declaration of Trust (the "***Declaration of Trust***"). The Fund's principal office is located at 1345 Avenue of the Americas, 21<sup>st</sup> Floor, New York, NY 10105, and its telephone number is (212) 649-6600.

On August 15, 2025, the Fund changed its name from "Man Diversified Income Fund" to "Man Alternative Income Fund."

Man Solutions, the Adviser, is responsible for the management of the Fund's portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operation of the Fund. In managing the Fund, the Adviser allocates the Fund's assets among various investment sleeves managed by specialist investment teams within one or more of the Sub-Advisers, in percentages initially determined at the discretion of the Adviser.

MSL, a Sub-Adviser, provides inputs and recommendations to assist the Adviser in making determinations regarding the allocations to be made to each investment sleeve. Man GLG US, Man GLG UK, Man Varagon and Man GPM, the other three Sub-Advisers, are primarily responsible for managing investment sleeves within the Private Credit, Structured Credit and Public Credit categories, respectively, and the day-to-day management of the Fund's assets allocated to their investment sleeves by the Adviser, subject to the supervision of the Board and the Adviser.

The Adviser, located at 1345 Avenue of the Americas, 21<sup>st</sup> Floor, New York, NY 10105, is a wholly-owned subsidiary of Man Group PLC ("***Man***" and together with its affiliates, the "***Firm***").

MSL, located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom, is a wholly-owned subsidiary of Man.

Man GLG US, located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105, is a wholly-owned subsidiary of Man.

Man GLG UK, is located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom, is a wholly-owned subsidiary of Man.

Man Varagon, located at 151 West 42nd Street, 53<sup>rd</sup> Floor, New York, NY 10036, is a wholly-owned subsidiary of Man.

Man GPM, located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105, is a wholly-owned subsidiary of Man.

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**USE OF PROCEEDS** 

The proceeds from the continuous offering of the Fund's Shares, not including the amount of any sales charges and 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 objectives and strategies as soon as practicable and not later than six months after receipt, subject to market conditions, the availability of suitable investments, and the extent proceeds are held in cash to pay dividends or expenses, 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 involving private credit assets, and the Adviser's or Sub-Advisers' 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. Pending such use, the Fund may temporarily invest a portion of proceeds defensively in short-term, high quality debt securities, 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 addition, subject to applicable law, the Fund may maintain a portion of its assets in cash or short-term securities, including short-term non-investment grade securities, or money market funds to meet operational needs, obtain market exposure or to maintain liquidity. 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** 

The Fund's primary investment objectives are to seek to provide high current income and attractive risk-adjusted returns (i.e., returns adjusted to take into account the volatility of those returns, relative to fixed income securities generally).

Except as otherwise indicated, the Board may change the Fund's investment objectives and any of its investment policies, restrictions, strategies, and techniques without shareholder approval. The investment objectives of the Fund are not a fundamental policy of the Fund and may be changed by the Fund's Board without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify shareholders of any changes to its investment objectives or any of its investment policies, restrictions or strategies.

There can be no assurances that the Fund's investment objectives 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. The Fund is not intended for investors who will need ready access to the amounts invested in the Fund. An investment in the Fund should be considered illiquid. Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund.

**Investment Policies** 

Under normal market conditions, the Fund seeks to achieve its investment objectives by directly or indirectly investing at least 80% of its assets (net assets, plus any borrowings for investment purposes) in credit and income-oriented investments.

The Fund's Adviser employs a dynamic, multi-asset credit strategy, allocating capital across investment opportunities within the private, structured and public credit markets (each as further described below). Allocation decisions are made by the Adviser across investment "sleeves" within the Fund's portfolio. Each sleeve focuses on a specific credit asset class and/or investment style and is managed by a specialist investment team within one or more of the Fund's Sub-Advisers. The asset classes of each investment sleeve within the portfolio are expected to fall within three general categories of investments: Private Credit, Structured Credit and Public Credit.

**Private Credit** 

The Fund will invest in a range of less liquid or illiquid private credit investments that are expected to have opportunities for higher yield and/or capital appreciation as compared to more liquid instruments, subject to commensurate illiquidity risk including:

*Direct Lending:* The direct lending investments mostly consist of directly originated loans to performing middle market companies controlled by private equity sponsors. The Fund focuses on borrowers that it believes have sustainable competitive advantages, experienced management teams, solid financial performance, stable and recurring cash flow and strong enterprise value. Loans are expected to help finance growth, acquisitions, recapitalizations, refinancings or leveraged buyouts, among other things. Borrowers will generally have EBITDA between $10 million and $75 million annually although the Fund may invest in smaller or larger companies if it believes an attractive opportunity presents itself. Loans will primarily be senior secured, which includes both first-lien and unitranche loans. The Fund's direct lending investments are principally managed by Man Varagon. The Man Varagon team sources direct lending transactions pursuant to Man Varagon's underwriting standards. *See* "*Overview of Investment Process—Direct Lending"*. Under the Administration Agreement (as defined below), the Fund is responsible for expenses associated with originating loans (including research, due diligence,

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use of experts, structuring, negotiating and similar costs associated with originated loans) and servicing loans (to the extent not born by borrowers). Subject to the restrictions of applicable law, there are no limits on the Fund's ability to originate loans.

*Real Estate Credit:* Real estate credit investments are comprised of direct loans backed by residential or commercial real estate assets. These investments may include direct loans or bridge loans collateralized by single family, multi-family properties, ground up construction or mixed-use properties. Generally, the investment are interim loans that at maturity will require refinancing as term loans or the sale of the related mortgaged properties. Certain of the mortgaged properties may be properties that have been recently acquired, developed and/or renovated or are currently undergoing or are expected in the future to undergo renovation. Certain of the investments may be secured by various income producing commercial properties. Commercial lending is generally thought to expose a lender to greater risk than residential one to four family lending because it typically involves larger mortgage loans to a single borrower or group of related borrowers.

The repayment of a commercial loan is typically dependent upon the ability of the related mortgaged property to produce cash flow through the collection of rents. Even the liquidation value of a commercial property is determined, in substantial part, by the capitalization of the property's ability to produce cash flow. However, net operating income can be volatile and may be insufficient to cover debt service on the mortgage loan at any given time. Direct loans are backed by residential property assets through: (i) investments in notes or other pass-through obligations that represent the right to receive principal and interest payments on a direct loan (or fractional portions thereof), such as a participation in a single underlying loan; (ii) purchases of asset-backed securities representing ownership or participation in a pool of direct loans; (iii) bridge loans collateralized by residential property assets; and (iv) investments in wholly owned Subsidiaries (as defined below) and/or joint ventures that primarily hold loans or credit-like securities. The Fund's real estate credit investments are principally managed by Man GPM.

*Opportunistic Credit:* Opportunistic Credit allows the Fund to capitalize on a broad range of opportunities within the public and private credit markets. This may include: (1) capital solutions and gap financing needs; (2) dislocations within public and private credit markets to deliver attractive risk-adjusted returns focusing on two sub-sets: (i) companies with solid fundamentals but which trade at a discount for various technical reasons; and (ii) investments in fundamentally good businesses that are faced with capital structure pressure due to upcoming maturities, liquidity needs or other factors; and (3) tactical allocations to pooled vehicles that provide exposure to public or private credit markets which complement the core holdings of the Fund. Man GLG US principally manages these investment opportunities.

Less liquid and illiquid investments are investments that may be subject to delays or restrictions on resale, particularly during times of market turmoil. While the amount of the Fund's net assets allocated to Private Credit

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may vary over time, it is anticipated that, under normal circumstances, at least 50%of the Fund's total assets (net assets, plus any borrowings for investment purposes) will be invested in Private Credit.

**Structured Credit** 

The Fund will also invest in structured credit investment opportunities that provide exposure to diversified pools of income producing assets at potentially higher yields than direct investments in the underlying assets themselves by selecting different investment structure types with different vintages, maturities, and capital structure priorities including:

*Asset-Backed Securities (ABS):* ****Asset backed ***s***ecurities represent interests in diversified pools of assets such as credit card, automobile or consumer loan receivables, retail installment loans or participations in pools of leases. Credit support for these securities may be based on the underlying assets and/or provided through credit enhancements by a third party.

*Mortgage-Backed Securities (MBS):* Mortgage-backed securities provide direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential property. The Fund may trade in MBS on a forward pass through or to be announced ("***TBA***") basis. In a TBA trade, the seller and buyer agree to the type of security, coupon, face value, price and settlement date (typically at least a month forward) at the time of the trade but do not specify the actual pools of securities to be traded until just before settlement date. In the period between trade and settlement date, a portfolio will be exposed to counterparty credit risk and will maintain an amount of cash or near cash assets equal to the amount of TBA purchase commitments. Conversely, in the event of a sale of TBA securities, equivalent deliverable securities or an offsetting TBA purchase commitment (deliverable on or before the sale commitment date) will be held as cover for the transaction.

*Collateralized Debt Obligations (CDO):* CDOs are securitization structures that issue multiple class debt notes, secured by pools of assets. The CDOs the Fund intends to invest in will generally be secured by residential real estate loans. The Fund may hold junior tranches or equivalent tranches of CDOs. The Fund may also invest in CMOs, which are a debt obligation of a legal entity that is collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds but are generally collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association, Federal Home Loan Mortgage Corporation or Federal National Mortgage Association and their income streams.

The Fund's Structured Credit investments are principally managed by Man GLG US.

**Public Credit** 

The Fund will invest in public fixed-income securities across several investment sectors and instruments. Through these investments, the Fund will seek to invest in liquid, less liquid and illiquid credit investments that present what the Sub-Adviser believes are attractive investment returns, and certain of the investments may also be used for cash management, liquidity for the Fund's quarterly repurchase offers, and other uses. The Fund's Public Credit includes the following:

*High Yield:* High yield investments are comprised of 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.

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*Broadly Syndicated Loans:* Syndicated loans will primarily be rated below investment grade, but may also be unrated or of comparable credit quality. Although Broadly Syndicated Loans are senior and typically secured in first lien or second lien position, the risks are similar to other below investment grade fixed income instruments. The Fund may invest in covenant-lite loans.

*Investment grade corporate bonds:* To a lesser extent, the Fund will invest in investment grade corporate bonds. These securities are typically considered relatively low risk of default, as determined by nationally recognized statistical rating organization (NRSRO) with ratings of BBB- or higher by Standard & Poor's (S&P) and Fitch, or Baa3 or higher by Moody's. 

*ETFs:* Investment funds that trade of exchanges and that predominantly investor in bonds or other debt instruments, offering exposure to the credit markets.

*Publicly traded BDCs:* Closed-ended registered investment companies that invest in small and mid-sized businesses and which are traded publicly on stock exchanges. In most cases the publicly traded BDCs will hold predominately debt of small to medium-sized private companies.

*IO securities:* Fixed income securities that pay only the interest portion of underlying loans. IO securities are commonly found within mortgage-backed securities (MBS) and are typically more sensitive to interest rate changes and pre-payment risks.

*U.S. Governmental debt securities:* U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities.

The Fund may invest in issuers located in the United States and non-U.S. countries, including emerging market countries. The Fund intends to invest across multiple credit sectors. The Fund is not required to invest in any of these Public Credit opportunities at any time, and its investment allocation to each is expected to vary over time.

The Fund's Public Credit investments are principally managed by Man GLG US.

**Investment Policies and Techniques** 

For purposes of the Fund's 80% policy, the Fund considers credit and income-oriented investments to include each of the assets described above as well as cash balances held by the fund in US dollars. Compliance with any policy or limitation for the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities. The policy will not be violated if these limitations are not met because of changes in the market value of the Fund's assets or for any other reason, including as a result of the Fund selling its more liquid investments in connection with, or having a smaller base of assets after, a repurchase offer; changes in the valuation of these investments; and outflows of cash from time to time.

The Fund is not subject to any limitations on the duration of its overall investment portfolio. Duration is a measurement of price sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation's price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. The Fund also is not subject to any limitations in respect of the maturity or credit quality of its investments and may invest a significant portion of its assets in fixed-income securities that are rated below investment grade (or, if unrated, would be rated below investment grade in the Adviser's or Sub-Advisers' view), which are commonly referred to as "high yield" securities or "junk bonds" and are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

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The Fund may in the future invest in entities (1) that will be primarily controlled by the Fund; and (2) that primarily engage in investment activities in securities or other assets (each such entity, a "Subsidiary"). A Subsidiary is "primarily controlled" by a fund when (a) the registered fund controls the unregistered entity within the meaning of Section 2(a)(9) of the 1940 Act; and (b) the registered fund's control of the unregistered entity is greater than that of any other person. 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 member or 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 may enter into joint ventures. The objective of a joint venture is to generate current income and capital appreciation by investing primarily in the debt of privately-held middle market companies, broadly syndicated loans and/or structured product investments. A joint venture may also use investment leverage.

The Fund may acquire its credit and income-oriented investments through both the primary market—by directly originating or participating in newly issued private loans—and the secondary market, including the purchase of existing private credit exposures (such as loan participations or interests in special purpose vehicles that provide the Fund with indirect exposure to credit and income-oriented investments) and publicly traded credit instruments such as corporate bonds, syndicated loans, or other debt investments.

When the Fund invests in loans and debt securities, it may acquire warrants or other equity securities of borrowers and may receive non-cash income features such as PIK interest and OID. The Fund may also, to a lesser extent, invest directly in warrants and equity securities, including securities of specialty finance companies and companies that employ private debt strategies.

The Fund also may invest in derivatives for hedging purposes, including purchases or sales of futures contracts, swaps, caps, floors or collars, currency forward contracts, currency futures contracts, currency swaps or options on currency or currency futures, swap contracts including credit default swaps index products, credit default swaps, total return swaps, interest rate swaps, and exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures contracts. To a limited extent, the Fund may also use derivatives to gain investment exposure to credit instruments, provide downside protection and to dampen volatility. Derivative instruments used by the Fund will be counted toward the Fund's policy of investing at least 80% of its total assets in in credit and income-oriented investments. As a result, the market value of a derivative instrument that provides the Fund with indirect exposure to fixed-income securities and Private Credit will be counted toward the Fund's 80% policy.

The Fund may use leverage through direct borrowings or through its Subsidiaries to enhance returns, meet repurchase requests, or provide liquidity. The Fund may also invest directly in foreign debt securities, including those from emerging markets. While it is not anticipated that foreign or emerging market investments will represent a significant portion of the portfolio, the Fund retains the flexibility to invest globally as needed.

The Fund may gain exposure to specific asset classes through either direct investment or indirectly including through investing in affiliated registered investment companies or business development companies ("***BDCs***").

There can be no assurance that the Fund will achieve its investment objectives. The Adviser has discretion to adjust the Fund's asset allocations amongst the investment sleeves managed by the investment teams of the Sub-Advisers as needed, ensuring that the portfolio remains aligned with the Fund's primary goals of seeking attractive current income and risk-adjusted returns. The Fund may change its investment objectives, policies, strategies, and techniques at the discretion of the Board, without shareholder approval, unless otherwise required by law. Any material changes will be communicated to shareholders.

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**Investment Process** 

The investment activities of the Fund are the responsibility of its Adviser. The Adviser is responsible for (i) defining the opportunity set of each investment sleeve available for the Fund, with each sleeve to be managed by the investment teams of one or more of the Sub-Advisers, (ii) overall portfolio construction and asset allocation; and (iii) portfolio monitoring and dynamic allocation.

In pursuing the Fund's investment objectives and employing the strategy described above, the Fund's Adviser will allocate capital to various sleeves to be managed by specialist investment teams of the affiliated Sub-Adviser(s) with expertise in the applicable asset classes and/or investment styles, with inputs and recommendations to the Adviser regarding such allocations by MSL. The Adviser maintains primary responsibility for allocating Fund assets and will select and determine the percentage of Fund assets to allocate to the investment opportunities described above. The engagement of each current Sub-Adviser has been approved by the Board and the initial shareholder of the Fund. While the Adviser delegates a portion of the day-to-day management of the Fund's assets to the Sub-Advisers, the Adviser retains overall supervisory responsibility for the general management, allocation and investment of the Fund's investment portfolio.

At the discretion of the Adviser, certain Fund allocations associated with the Fund's investment sleeves may change to address, market, risk, and liquidity profile changes. In addition, given the capacity constrained and illiquid nature of certain of the asset classes that the Fund will invest in, there may be scenarios where the Fund will not invest in the same securities as similar strategies managed by the Sub-Advisers. The Adviser periodically reviews with the Sub-Advisers whether additional capital can be allocated or should be withdrawn from a given sleeve should the Adviser deem it in the best interest of the Fund. Subject to any limitations on the Fund's participation in investment opportunities under the Fund's investment policies in this registration statement, the Co-Investment Order or applicable law, the Adviser will endeavor to provide the Fund with fair and equitable allocations of all investment opportunities associated with a given sleeve at the time it allocates capital to such a sleeve. Although the Adviser's allocation policy has been designed to reasonably ensure fair and equitable treatment over time, it does not guarantee that a sleeve may participate in each or every investment that is consistent with its mandate.

**Defining the opportunity set** 

Man's global credit platform combines 20+ years of credit market experience in alpha focused, high conviction strategies across Private Credit, Structured Credit and Public Credit markets.

The Fund will benefit from the breadth of Man's specialist credit investment teams, with over 100 credit professionals, each of which focusing on credit asset classes and/or investment styles where we have distinctive approaches. Each investment team will be responsible for managing capital allocated to one or more sleeves, as determined by the Adviser. The Adviser will work closely with these investment teams to establish the parameters for unique investment sleeves within their specialist area. The parameters set for each investment sleeve may include specific credit asset classes, sectors, geographies, yield, duration, risk ratings among other factors. The parameters and constraints for each sleeve will be continuously monitored and re-evaluated as markets change and new investment teams within the Sub-Advisers are added to the Man credit platform.

**Portfolio construction and asset allocation** 

The Adviser's portfolio management team bring extensive experience across the Private Credit, Structured Credit and Public Credit markets. Our portfolio construction approach uses advanced analytics and portfolio construction techniques to build a diversified portfolio across economic risk drivers, strategies, geographies, sectors and time-horizons. Through a whole portfolio approach, our asset allocation is informed by extensive access to both private and public data. We look beyond asset class and strategy labels to design and implement the portfolio, incorporating non-priced underlying economic risk drivers, cash flow profile, and downside

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potential across investment sleeves. To inform our asset allocation target ranges, we employ both quantitative and qualitative inputs that evaluate the relative value comparative risk-reward across asset classes. This approach ensures optimal diversification in the tails while remaining flexible to allocate to high-conviction areas of specific opportunity.

The Adviser employs a discretionary investment process that integrates quantitative analytics with qualitative judgement and market expertise encompassing a multi-layered framework that evaluates investment opportunities across both private and public credit markets.

The integration of these quantitative inputs with qualitative market expertise and judgment enables our investment team to make informed allocation decisions across the Fund's target asset classes, while maintaining flexibility to adapt to changing market conditions and opportunities whilst staying aligned with the total portfolio objective.

*Investment Decision Framework* 

Our investment decisions are informed by a combination of quantitative and qualitative analysis that considers our discretionary views on expected return, risk, deployment speed, cashflow profiles, deal availability and liquidity expectations for each of the strategies included in the portfolio as well as how their combination impacts the expected return and risk for the total fund. The quantitative inputs to our process incorporate four key pillars:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Relative Value Framework

Our relative value framework generates reward/risk scores for each potential investment opportunity. We estimate expected internal rate of return (central expectations on return, split into cash yield, other yield and non-crisis recurrent loss.) for each strategy and compare this against two distinct measures of expected tail loss (loss given default estimates and unrealized loss estimates). These estimates are grounded in our understanding of underlying economic risks and structural features of each investment opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expected Cashflow Profile

We utilize a cashflow-pacing tool to project top-down scenarios on expected cashflow profiles under various assumptions. Portfolio-level parameters encompass initial capital, subscription rates, redemption rates, leverage assumptions, and modelling horizons for forward-looking projections. This enables how the portfolio may be impacted under various scenario assumptions and identify concentration of re-investment risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Analysis

Our market analysis framework evaluates multiple dimensions of market conditions, including market positioning and technical factors (including flows, price action and volumes), top-down analysis, fundamental analysis and corporate-specific analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Risk Management and Portfolio Construction

Our investment process incorporates comprehensive risk management considerations including concentration analysis (geographical/sector/issuer/factor), liquidity, stress testing across economic scenarios, correlation analysis between asset classes during various market conditions and information regarding public market data and private market data.

**Portfolio monitoring and dynamic allocation** 

The Adviser will manage the portfolio dynamically, allocating assets based on changing market conditions, credit risk, liquidity, and other relevant factors in a manner it believes will provide the best opportunity to

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maintain the optimal risk return profile of the Fund. Allocation decisions are made by the Adviser across investment sleeves within the portfolio that focus on specific credit asset classes, and/or investment styles, with each sleeve managed by a specialist investment team within one or more of the Fund's Sub-Advisers.

The Adviser's allocation decisions are determined based on two primary inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Quantitative analysis of the broad opportunity set across credit asset classes and investment styles, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Qualitative views sourced from the Sub-Advisers' broad range of
specialist investment teams.

Quantitative analysis utilizes sophisticated analytics to evaluate underlying economic risk and return drivers for each credit asset class and identify attractive relative value opportunities. Qualitative assessments leverage expert opinions from Man's specialist investment teams with respect to the lending environment and opportunities within their specific areas. The composition and construction of each underlying sleeve is then determined by individual investment teams within the respective Sub-Advisers.

While the Fund will generally spread its investments between various Private Credit, Structured Credit and Public Credit investments, the Adviser may adjust allocations among sleeves to seek to enhance returns and/or mitigate risks. This flexible approach enables the Adviser to tailor the portfolio in accordance with the Fund's primary investment objectives, while also allowing the Fund to respond effectively to market fluctuations and evolving conditions within the credit investment universe.

**Overview of Investment Processes** 

Each specialist investment team within the respective Sub-Advisers employs its own investment process to source, evaluate and monitor investments within investment sleeves. A description of the investment processes is included below.

*Direct Lending.* The direct lending investment process commences when the investment professionals within Man Varagon utilize their established relationships with leading financial sponsors and other middle market lenders to directly source transactions pursuant to Man Varagon's underwriting standards. The investment committee, comprised of Man Varagon investment professionals, will evaluate the suitability of the transaction and provide a decision for the investment team to proceed with diligence of the transaction. Due diligence typically includes quantitative and qualitative analyses of a company's business, historical performance (particularly through a recession), financial statements and projections, industry trends, and a company's growth potential. Once due diligence has been completed, the deal team provides a formal, detailed presentation and supplemental reports to the investment committee for approval. A majority of the investment committee must approve any new transaction. Once the investment committee has approved a prospective investment, the deal team will work with the company's management team, the financial sponsor, and if applicable, any other lenders in the capital structure, to finalize the structure and terms of the investment in accordance with the terms and conditions approved by the investment committee. After an investment is made, the direct lending team takes a proactive approach in monitoring its investments to help identify and address sector or company-specific risks early on. It receives and reviews detailed financial information from portfolio companies on a regular basis (no less than quarterly) and maintains dialogue with sponsors and company management teams regarding current and forecasted performance. A significant majority of the investments are expected to have financial covenants, which will help facilitate efforts to effectively identify and manage risk.

*Real Estate Credit:* The real estate credit investment process commences with Man GPM's seasoned investment professionals utilizing their established relationships with leading real estate investors and other direct residential lenders to directly source transactions. The specialist investment teams within Man GPM seek to implement the Fund's real estate credit investment mandate through (i) evaluation of properties and/or mortgage loans, (ii) analysis of sponsor quality, (iii) assessment of property location and market performance,

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and (iv) implementation of portfolio construction. Real estate credit investments may be directly originated. To enhance governance, each direct origination and each new trading partner requires independent investment committee approval before closing. After an investment is made, Man GPM takes a proactive approach in monitoring its investments to help identify and address any geographic or property-specific risks early on. It receives and reviews detailed financial information from borrowers or trading partners on a regular basis and maintains dialogue with sponsors and trading partners regarding current and forecasted performance. Finally, ongoing monitoring, surveillance, and reporting, driven by substantial investment in technology, data management, and quantitative analysis facilitates portfolio oversight and risk management.

*Credit Risk Sharing*. Man GLG UK's specialist investment teams seek to identify investment opportunities through their extensive relationships and position as a longstanding manager of risk sharing transactions. The investment teams seek to implement its risk sharing investment mandate through (i) evaluation of sponsor quality, (ii) portfolio analysis, including credit performance and cash flow variance, (iii) analysis of the credit worthiness of underlying exposures, (iv) review and improvement of transaction structure to minimize risk to capital, and (v) modelling returns at various confidence intervals. To enhance governance and reduce agency risk, every transaction must pass review by both an internal portfolio committee and an independent Man GLG UK investment committee before closing. Finally, ongoing monitoring, surveillance and reporting, driven by substantial investment in data management and quantitative analysis, facilitates benchmarking of transaction and portfolio level performance.

*Structured and Opportunistic Credit*. The investment process for structured and opportunistic credit investments begins with the specialist investment teams within Man GLG UK and Man GPM conducting due diligence that they deem reasonable and appropriate based on the facts and circumstances applicable to each investment. When conducting due diligence, each Sub-Adviser may be required to evaluate important and complex business, financial, tax, accounting, environmental and legal issues. During this process and in making an assessment regarding an investment, each Sub-Adviser will rely on the resources available to it, including information provided by the target of the investment and, in some circumstances, third-party investigations.

*Public Credit.* The investment process commences with an evaluation of the global universe of fixed income investments. Man GLG UK's specialist investment teams will then apply an initial screen of eligible investments that considers factors such as leverage, the debt-to-enterprise value ratio, cash-flow and earnings of a given issuer. In doing so, the investment teams will review information from the financial statements of a target investment and consider the solvency of the issuer using multiple fundamental factors, including sustainable free cash flow, leverage, the ability of the issuer to pay its fixed charges or expenses and debt-to-enterprise value ratios (which are assessed on both a historical and forward-looking basis to derive how future credit quality may evolve). Due consideration is given to the structure of the issuer, supply chains, financing, revenue streams, customer bases, manufacturing processes, research and development, governance and management styles. Although bottom-up analysis remains at the forefront of the investment process, investment themes such as macro-economic factors, consumer trends, technology and demographics help provide a top-down framework that supplements the bottom-up approach.

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**LEVERAGE** 

The Fund may utilize leverage. The Fund may borrow money through different types, or a combination, of credit instruments including, without limitation, credit facilities, Subsidiaries, notes and others based on the Fund's assessment of investment environment, market conditions, pricing, terms and availability. 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). The Fund may also use leverage in the form of the issuance of Preferred Shares or, to a limited extent, by using reverse repurchase agreements and/or other derivative instruments with leverage embedded in. While the use of leverage may increase the profits of the Fund, it may also increase the risk of loss. The Fund will limit its borrowings in compliance with the Investment Company Act which requires that a registered investment company must comply with an asset coverage requirement of 300% of its borrowings, including amounts borrowed (including through one or more Subsidiaries of the Fund), measured at the time the registered investment company incurs the indebtedness. As such, at any given time the value of the Fund's total indebtedness may not exceed 33 1/3% of the value of its total assets (including such indebtedness).

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.

The following table illustrates the effect of leverage on returns from an investment in our Shares, assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual returns may be higher or lower than those appearing below. The calculation assumes (i) $1.3 billion in average total assets, (ii) a weighted average cost of funds of 7.60%, (iii) $300 million in borrowings outstanding (i.e. assumes the Fund borrows funds equal to 30% of its average net assets during such period) and (iv) $1.0 billion in average shareholders' equity. In order to compute the corresponding return to shareholders, the "Assumed Return on the Fund's Portfolio (Net of Expenses)" is multiplied by the assumed average total assets to obtain an assumed return to the Fund. From this amount, the interest expense is calculated by multiplying the assumed weighted average cost of funds by the assumed borrowings outstanding, and the product is subtracted from the assumed return to the Fund in order to determine the return available to shareholders. The return available to shareholders is then divided by shareholders' equity to determine the corresponding return to shareholders. Actual interest payments may be different.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Assumed Return on Portfolio (Net of Expenses) | -10.0% | -5.0% | 0.0% | 5.0% | 10.0% |
|  Corresponding Return to Common Stockholders | -15.3% | -8.8% | -2.3% | 4.2% | 10.7% |

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Similarly, assuming (i) $1.3 billion in average total assets, (ii) a weighted average cost of funds of 7.60% and (iii) $300 million in borrowings outstanding, the Fund's assets would need to yield an annual return (net of expenses) of approximately 1.75% in order to cover the annual interest payments on the Fund's outstanding borrowings.

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**RISKS** 

Investing in the Fund's Shares involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in the Fund's Shares specifically. For purposes of the risks summarized below, references to the risks associated with the Fund's investments may also refer to such risks in respect of a Fund's investment through a Subsidiary, as the context requires. In addition to the other information contained in this prospectus, investors should consider carefully the following information before making an investment in the Fund's Shares. The risks set forth below are not the only risks the Fund faces. Such additional risks and uncertainties not presently known to the Fund or not presently deemed material by the Fund may also impair its operations and performance. If any of the following events occur, the Fund's business, financial condition and results of operations, could be materially and adversely affected. In such cases, the NAV of the Fund's Shares could decline, and investors may lose all or part of their investment. The NAV of, and dividends paid on, the Shares will fluctuate with and be affected by, among other things, the risks more fully described below.

**General Risks of Investing in the Fund** 

***Reliance on the Investment Adviser and Sub-Advisers to Employ the Fund's Strategies.*** In pursuing its investment objectives and employing the strategies described in this Prospectus, the Adviser, employs a dynamic, multi-asset credit strategy, allocating capital across investment opportunities within the public, private and structured credit markets that are managed by specialist investment teams of the affiliated Sub-Advisers. The Adviser maintains primary responsibility for allocating Fund assets to the investment sleeves managed by the investment teams of the Sub-Advisers and will select and determine the percentage of Fund assets to allocate to each investment sleeve. There can be no assurances that the decisions made by the Adviser to allocate assets to certain investment sleeves will produce the desired results or expected returns for the Fund, which may cause the Fund to not meet its investment objective. The Adviser seeks to make allocation decisions that are intended to capture the best available investment opportunities across Private Credit, Structured Credit and Public Credit, but there can be no assurances that the Adviser's assessments of the relative attractiveness of various investment opportunities will be correct, or that the Adviser will be able to identify the best opportunities in a given period. Although the Adviser will regularly evaluate the performance of each Sub-Adviser and make ongoing assessments regarding whether each Sub-Adviser's respective investment program is consistent with the Fund's investment objective and strategies, the Adviser will not have control over the investment decisions made by a Sub-Adviser. Even though the Sub-Advisers are subject to certain constraints, the Sub-Advisers may change certain aspects of their investment strategies or techniques. The investment strategies, techniques, and risk analyses employed by the Sub-Advisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The Sub-Advisers may be incorrect in their assessments of the values of securities or instruments in which they invest or in their assessments of market trends, which can result in losses to the Fund.

***Limited Operating History***. The Fund has not commenced operations and therefore has no operating history upon which potential investors may evaluate past or future performance. Investors should draw no conclusions from the performance of any other Man affiliated or managed vehicles and should not expect to achieve similar returns.

***Non-Diversified Status.*** The Fund is a non-diversified fund. As defined in the Investment Company Act, a non-diversified fund may invest a significant part of its investments in a smaller number of issuers than can a diversified fund. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.

***Closed-End Interval Fund; Illiquidity of Shares.*** The Fund is structured as an "interval fund" and designed primarily for long-term investors. An investment in the Shares, unlike an investment in a traditional listed

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closed-end fund, should be considered illiquid. The 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 Shares is not suitable for investors who need access to the money they invest. Unlike open-end funds (commonly known as mutual funds), which generally permit redemptions on a daily basis, the Shares are not redeemable at an investor's option. Unlike traditional listed closed-end funds, the Shares are not listed for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. The NAV of the Shares may be volatile and the Fund's use of leverage will increase this volatility. As the 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 Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case the Fund may not repurchase all of a shareholder's 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 Shares. Hence, shareholders may not be able to sell their Shares when and/or in the amount that they desire.

***Investment and Market Risk.*** An investment in the Fund's Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund's Shares represents an indirect investment in the portfolio of fixed-income instruments (including below-investment grade debt), private credit assets including residential backed loans, other securities and derivative investments, and the value of these investments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund's 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.

***Potential Conflicts of Interest Risk***. The Adviser, the Sub-Advisers and their affiliates face conflicts of interest caused by compensation arrangements with the Fund and its affiliates, which could result in actions that are not in the best interests of the Fund's shareholders. The Adviser will receive substantial fees from the Fund in return for its services, and these fees could influence the advice provided to the Fund. The Fund pays to the Adviser an annual base management fee that is based on the value of the Fund's average daily Managed Assets. Because the fee is calculated as a percentage of the Fund's Managed Assets, which include those assets purchased with leverage, the fee paid to the Adviser will be higher during the periods in which the Fund is using leverage than if the Fund did not use leverage. This may encourage the Adviser to use leverage to make additional investments. Such a practice could result in us investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during cyclical economic downturns. Under certain circumstances, the use of additional leverage may increase the likelihood of us defaulting on our borrowings, which would disfavor our Shareholder. The Fund's compensation arrangements could therefore result in the Fund making riskier or more speculative investments than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns.

***Dependence on Key Personnel Risk.*** The Fund's success depends, to a significant extent, upon the diligence, skill and network of business contacts of the officers and employees of the Adviser, the Sub-Advisers or their affiliates. Such personnel, and any investment professionals that the Sub-Advisers or their affiliates may subsequently retain, will identify, evaluate, negotiate, structure, close, monitor and manage the Fund's investments. The Fund's future success will depend to a significant extent on the continued service and coordination of such personnel. If the Adviser and/or the Sub-Advisers do not maintain their existing relationships with sources of investment opportunities and do not develop new relationships with other sources of investment opportunities available to the Fund, the Adviser and/or the Sub-Advisers may not be able to grow the Fund's investment portfolio. In addition, individuals with whom Adviser and/or Sub-Adviser personnel have relationships are not obligated to provide the Fund with investment opportunities. Therefore, Adviser and/or the Sub-Advisers can offer no assurance that such relationships will generate investment opportunities for the Fund.

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The loss of services of one or more members of the Adviser's and Sub-Advisers' management team could adversely affect the Fund's financial condition, business and results of operations. The Adviser and Sub-Advisers cannot guarantee that any of the members of the management team will remain affiliated with the Fund, the Adviser and/or the Sub-Advisers. Further, the Fund does not intend to separately maintain key person life insurance on any of these individuals.

***Large Shareholder Risk.*** To the extent a large proportion of 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 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 Shares tendered by a small number of shareholders (or a single common shareholder) may exceed the number of 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*".

***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 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 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 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 liquid investments. If the Fund employs investment leverage, repurchases of 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 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 (as defined in the "*Periodic Repurchase Offers and Transfers of Shares*.") 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 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 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 Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Shares is determined. In addition, the repurchase of Shares by the Fund may be a taxable event to shareholders.

***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

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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, the Fund is required to carry its portfolio investments at market value or, if there is no readily available market value, at fair value as determined pursuant to policies adopted by, and subject to the oversight of, the Board. There is generally no public market for certain private credit assets and other loan investments in which the Fund plans to invest. The Fund expects that many of its investments will not be publicly-traded or actively traded on a secondary market. The Fund will value these investments daily at fair value as determined in good faith as required by the Investment Company Act, but generally based on the most recent quarterly fair valuation determination by the Adviser taking into account various factors and third-party valuation inputs, as relevant. Between quarterly valuations the Fund 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 quarterly process.

As part of the Fund's valuation process, the Fund will take into account relevant factors in determining the fair value of the Fund's investments, without market quotations, many 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. The Fund's 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, the Fund's fair value determinations may cause the Fund's NAV on a given date to materially differ from the value that the Fund may ultimately realize upon the sale of one or more of its investments. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund may realize amounts that are different from what was previously the value, and such differences could be material. The Adviser will serve the role of the Board's Valuation Designee under Rule 2a-5 of the Investment Company Act (the "**Valuation Designee**"), with responsibility for fair valuing the Fund's investments. It is important to note that there is no guarantee that the Adviser will accurately determine the fair value of these investments. See "*Net Asset Value*" for a further discussion of fair valuation methodologies.

***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. The Fund may, from time to time or over time, focus its Private Credit in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of the Fund. The Fund's investments are also subject to the risks associated with investing in private securities. 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 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. The Fund's portfolio companies may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies. See "*Below Investment Grade Risk*."

***Private Credit Competition Risk.*** The Fund competes for investments with other investment funds and a variety of other investors (including private credit funds, mezzanine funds, performing and other credit funds, funds that invest in structured notes, derivatives and other types of collateralized securities and structured products, specialty finance companies, real estate investment trusts), as well as traditional financial services

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companies such as commercial banks and other sources of funding. These other investment funds and other investors might be reasonable investment alternatives to the Fund and may be substantially larger, have considerably greater financial, technical and marketing resources, and may be less costly or complex with fewer and/or different risks than the Fund has. Some of the Fund's competitors may have a lower cost of funds and access to funding sources that are not available to the Fund, such as the U.S. government. As a result of these new competitors entering the financing markets in which the Fund operates, competition for investment opportunities in U.S. private companies may intensify. The Fund may lose investment opportunities if it does not match its competitors' pricing, terms or structure. If the Fund is forced to match its competitors' pricing, terms or structure, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital loss. With respect to corporate direct lending, a significant part of the Fund's competitive advantage stems from the fact that the market for investments in U.S. private companies is underserved by traditional commercial banks and other financial sources. A significant increase in the number and/or the size of the Fund's competitors in this target market could force the Fund to accept less attractive investment terms. Furthermore, many of the Fund's competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the Investment Company Act imposes on the Fund as an investment company or the source-of-income, asset diversification and distribution requirements the Fund must satisfy to maintain RIC tax treatment. There can be no assurance that there will be a sufficient number of attractive potential investments available to the Fund to achieve target returns. In addition, some of the Fund's 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 than the Fund. The competitive pressures the Fund faces may have a material adverse effect on the Fund's business, financial condition, results of operations and cash flows.

***Privately-held Companies and the Lack of Available Information About These Companies Risk.*** The Fund expects to invest a substantial portion of its assets in privately-held companies. Investments in private companies pose significantly 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. 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 the Fund's investments and, in turn, on the Fund. Third, the investments themselves tend to be less liquid. As such, the Fund may have difficulty exiting an investment promptly or at a desired price prior to maturity or outside of a normal amortization schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of the Fund's target portfolio companies may affect the Fund's investment returns. Fourth, these companies frequently have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tends to render them more vulnerable to competitors' actions and changing market conditions, as well as general economic downturns. Fifth, these companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Sixth, limited public information generally exists about private companies. Seventh, these companies may not have third-party debt ratings or audited financial statements. The Fund must therefore rely on the ability of the Adviser and Sub-Advisers to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Adviser and Sub-Advisers typically assesses an investment in a portfolio company based on their estimate of the portfolio company's earnings and enterprise value, among other things, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Adviser or Sub-Adviser to make different investment decisions than it may have made with more complete information. These private companies and their financial information are not subject to the Sarbanes-Oxley Act and other rules that govern public companies. If the Fund is unable to uncover all material information about these companies, the Fund may not make a fully informed investment decision, and it may lose money on its investments.

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***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.

***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. As 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.

***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.

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Various state licensing requirements could apply to the Fund with respect to investments in, or the origination and servicing of, loans and similar assets. The licensing requirements could apply depending on the location of the borrower, the location of the collateral securing the loan, or the location where the Fund, Adviser or Sub-Advisers operate or have offices. In states in which it is licensed, the Fund, Adviser or Sub-Advisers will be required to comply with applicable laws and regulations, including consumer protection and anti-fraud laws, which could impose restrictions on the Fund's, the Adviser's, or the Sub-Advisers' ability to take certain actions to protect the value of its investments in such assets and impose compliance costs. Failure to comply with such laws and regulations could lead to, among other penalties, a loss of the Fund's, the Adviser's, or the Sub-Advisers' license, which in turn could require the Fund to divest assets located in or secured by real property located in that state. These risks will also apply to issuers and entities in which the Fund invests that hold similar assets, as well as any origination company or servicer in which the Fund owns an interest.

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.

***Loans Risk.*** The loans that the Fund may invest in include loans that are first lien, second lien, third lien or that are unsecured. In addition, the loans the Fund invests in may be rated below investment grade or may also be unrated. Loans are subject to a number of risks described elsewhere in the prospectus, including credit risk, liquidity risk, below investment grade instruments risk and management risk.

Although certain loans in which the Fund may invest will be secured by collateral, there can be no assurance that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal. In the event of the bankruptcy or insolvency of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan. In the event of a decline in the value of the already pledged collateral, if the terms of a loan do not require the borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower's obligations under the loans. To the extent that a loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the borrower. Those loans that are under-collateralized involve a greater risk of loss.

Loans are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange. There is less readily available or reliable information about most loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act of 1933, as amended (the "***Securities Act***") or registered under the Exchange Act. No active trading market may exist for some loans, and some loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to realize full value and thus cause a material decline in the Fund's NAV. In addition, the Fund may not be able to readily dispose of its loans at prices that approximate those at which the Fund could sell such loans if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of loans, the Fund's yield may be lower.

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Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of loans.

If legislation of state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default.

If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser and the Sub-Adviser, do not represent fair value. If the Fund attempts to sell a loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the loan may be adversely affected.

The Fund may acquire loans through assignments or participations. The Fund will typically acquire loans through assignment. 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, the purchaser's rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral.

A participation typically results in a contractual relationship only with the institution selling the participation interest, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. Certain participation agreements also include the option to convert the participation to a full assignment under agreed upon circumstances. The Adviser and the Sub-Advisers have adopted best execution procedures and guidelines to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a loan through a participation.

In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement 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. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the borrower or the quality of the loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the loan than the Fund expected when initially purchasing the participation.

The Fund also may originate loans or acquire loans by participating in the initial issuance of the loan as part of a syndicate of banks and financial institutions, or receive its interest in a loan directly from the borrower.

***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.

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The exercise of remedies may also be subject to the vote of a specified percentage of the lenders thereunder. The Adviser or a Sub-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 and the Sub-Advisers may, in accordance with their 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 or a Sub-Adviser will make such determination in accordance with its investment management standards. Any amendment, waiver or modification of an investment could adversely impact the Fund's investment returns.

***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. 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 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.

***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.

***Senior Secured Loans and Senior Secured Bonds Risk.*** There is a risk that any collateral pledged by issuers in which the Fund has taken a security interest may decrease in value over time or lose its entire value, 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 issuer to raise

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additional capital. Such risks have become more pronounced due to interest rate and market volatility. To the extent the Fund's debt investment is collateralized by the securities of a portfolio company's subsidiaries, such securities may lose some or all of their value in the event of the bankruptcy or insolvency of the portfolio company. Also, in some circumstances, the Fund's security interest may be contractually or structurally subordinated to claims of other creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt. Secured debt that is under-collateralized involves a greater risk of loss. In addition, second lien debt is granted a second priority security interest in collateral, which means that any realization of collateral will generally be applied to pay senior secured debt in full before second lien debt is paid. 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 the Fund will receive principal and interest payments according to the debt's terms, or at all, or that the Fund will be able to collect on the debt should it be forced to enforce its remedies.

***Junior and Subordinated Debt Risk.*** The Fund may invest in debt instruments that are subordinated or otherwise junior in an issuer's capital structure. Investments in subordinate debt securities may be unsecured and subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured and/or subject the Fund to a "first loss" subordinate holder position relative to other lenders. The ability of the Fund to influence a company'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 terms of subordinated intercreditor agreements, senior creditors will typically be able to block the acceleration of the mezzanine debt or other exercises by the Fund of its rights as a creditor. Accordingly, the Fund may not be able to take the steps necessary to protect its investments in a timely manner or at all. Further, the ability of a borrower to make payments on the loan underlying these securities is dependent primarily upon the successful operation of the property rather than upon the existence of independent income or assets of the borrower. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit and any classes of securities junior to those in which the Fund invests, it will not be able to recover all of its investment in the securities purchased. Investments in subordinate securities have a higher risk of loss and credit default than investments in more senior securities and subordinated tranches absorb losses from default before other more senior tranches are put at risk. Mezzanine debt securities (as well as other more senior securities) are also subject to other creditor risks, including (i) the possible invalidation of an investment transaction as a "fraudulent conveyance" under relevant creditors' rights laws, (ii) so-called lender liability claims by the issuer of the obligations, and (iii) environmental liabilities that may arise with respect to collateral securing the obligations. The securities the Fund invests in may be subject to early redemption features, refinancing options, pre-payment options, or similar provisions which, in each case, could result in the issuer repaying the principal on an obligation held by the Fund earlier than expected, resulting in a lower return to the Fund than estimated. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity securities may become worthless.

The Fund may invest in subordinated debt or "mezzanine" debt investments, and such investments and the Fund's remedies with respect thereto, including the ability to foreclose on any collateral securing such investments, will be subject to the rights of holders of more senior tranches in an issuer's capital structure and, to the extent applicable, contractual inter-creditor, co-lender and participation agreement provisions.

Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, investments in subordinated debt involve greater credit risk of default and loss than the more senior classes or tranches of debt in an issuer's capital structure. Subordinated tranches of debt instruments (including mortgage-backed securities) absorb losses from default before other more senior tranches of such instruments, which creates a risk particularly if such instruments (or securities) have been issued with little or no credit enhancement or equity. To the extent the Fund invests in subordinate debt instruments (including mortgage-backed securities), the Fund would likely receive payments or interest distributions after, and must bear the effects of losses or defaults on, the senior debt (including underlying mortgage loans, senior mezzanine debt or

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senior commercial mortgage-backed securities ("***CMBS***") bonds) before, the holders of other more senior tranches of debt instruments with respect to such issuer. The Fund's investments will be affected, where applicable, by (i) the relative payment priorities of the respective classes of instruments or securities issued by portfolio companies (or affiliates thereof), (ii) the order in which the principal balances of such respective classes with balances will be reduced in connection with losses and default-related shortfalls, and (iii) the characteristics and quality of the underlying loans in the Fund.

***Second Priority Liens Risk.*** Certain debt investments that the Fund makes in portfolio companies 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 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.

***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

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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.

***Equity Investments Risk.*** The Fund may make select equity investments. In addition, when the Fund invests in senior secured loans, second lien and subordinated or mezzanine loans, the Fund may receive equity and equity-related interests such as warrants or options that may be converted into or exchanged for the issuer's common stock or the cash value of the issuer's common stock as additional consideration. In addition, the Fund may invest directly in the equity securities of portfolio companies. The Fund's goal is ultimately to dispose of such equity interests and realize gains upon the Fund's disposition of such interests. However, the equity interests the Fund receives may not appreciate in value and, in fact, may decline in value. Accordingly, the Fund may not be able to realize gains from its equity interests, and any gains that the Fund does realize on the disposition of any equity interests may not be sufficient to offset any other losses it experiences. The Fund will generally have little, if any, control over the timing of any gains the Fund may realize from its equity investments. The Fund may also be unable to realize any value if a portfolio company does not have a liquidity event, such as a sale of the business, recapitalization or public offering, which would allow the Fund to sell the underlying equity interests. The Fund may be unable to exercise any put rights the Fund acquires, which would grant the Fund the right to sell its equity securities back to the portfolio company, for the consideration provided in its investment documents if the issuer is in financial distress.

***Structured Products Risk.*** The Fund may invest its assets in structured products, including the rated debt tranches of 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.

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***Covenant-Lite Loans Risk***. Although the Fund generally expects the transaction documentation of some portion of the Fund's investments to include covenants and other structural protections, a portion of the Fund's investments may be composed of so-called "covenant-lite loans." Generally, covenant-lite loans either do not have certain maintenance covenants that would require the issuer to maintain debt service or other financial ratios or do not contain common restrictions on the ability of the issuer to change significantly its operations or to enter into other significant transactions that could affect its ability to repay such loans. Ownership of covenant-lite loans may expose the Fund to different risks, including with respect to liquidity, price volatility and ability to restructure loans, than is the case with loans that have financial maintenance covenants. As a result, the Fund's exposure to losses may be increased, which could result in an adverse impact on the issuer's ability to comply with its obligations under the loan.

***ETFs Risk***. The Fund, subject to its investment strategies and policies, may purchase shares of ETFs. ETFs are investment companies whose shares are bought and sold on a securities exchange. An ETF holds a portfolio of securities designed to track a particular market segment or index. Tracking error, the divergence of an ETF's performance from that of its underlying index, may arise due to imperfect correlation between the ETF's portfolio securities and those in its index, rounding of prices, timing of cash flows, the ETF's size, changes to the index and regulatory requirements. The Fund can purchase shares of an ETF to gain exposure to a portion of the U.S. or foreign market while awaiting an opportunity to purchase securities directly. The risks of owning an ETF generally reflect the risks of owning the underlying securities or commodities they are designed to track, although a lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities or commodities. ETFs have management fees that increase their costs versus the costs of owning the underlying securities directly. See also "*Investment in Other Investment Companies Risk*" below.

***BDCs Risk.*** The Fund may invest in BDCs. A BDC is a type of closed-end investment company regulated under the Investment Company Act. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. BDCs invest in such diverse industries as healthcare, chemical and manufacturing, technology and service companies. At least 70% of a BDC's investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income at the corporate level, provided the income is distributed to their shareholders and that the BDC complies with the applicable requirements of Subchapter M of Subtitle A, Chapter 1 of the Code.

Investments in BDCs may be subject to a high degree of risk. BDCs typically invest in small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. As a result, a BDC's portfolio typically will include a substantial amount of securities purchased in private placements, and its portfolio may carry risks similar to those of a private equity or venture capital fund. Securities that are not publicly registered may be difficult to value and may be difficult to sell at a price representative of their intrinsic value. Small and medium-sized companies also may have fewer lines of business so that changes in any one line of business may have a greater impact on the value of their stock than is the case with a larger company. To the extent a BDC focuses its investments in a specific sector, the BDC will be susceptible to adverse conditions and economic or regulatory occurrences affecting the specific sector or industry group, which tends to increase volatility and result in higher risk. Investments in BDCs are subject to various risks, including management's ability to meet the BDC's investment objective and to manage the BDC's portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors' perceptions regarding a BDC or its underlying investments change. Publicly traded BDCs may trade at a discount to their NAV because they invest in unlisted securities and have a limited access to capital markets.

Certain BDCs may use leverage in their portfolios through borrowings or the issuance of preferred stock. While leverage may increase the yield and total return of a BDC, it also subjects the BDC to increased risks, including magnification of any investment losses and increased volatility. In addition, a BDC's income may fall if the interest rate on any borrowings of the BDC rises.

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***Investment in Other Investment Companies Risk***. As with other investments, investments in other investment companies, including ETFs, are subject to market and manager risk. In addition, if the Fund acquires shares of investment companies, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies. The Fund may invest in money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market mutual funds that invest in U.S. Government securities seek to preserve the value of the Fund's investment at $1.00 per share, it is possible to lose money by investing in a stable NAV money market mutual fund. Moreover, prime money market mutual funds are required to use floating NAVs that do not preserve the value of the Fund's investment at $1.00 per share. Investments in REITs or securities with similar characteristics that pool investors' capital to purchase or finance real estate investments also involve certain unique risks, including concentration risk (by geography or property type) and interest rate risk (i.e., in a rising interest rate environment, the stock prices of real estate-related investments may decline and the borrowing costs of these companies may increase).

***Fixed-Income Securities Risk***. Fixed-income securities in which the Fund may invest 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 or a Sub-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 its 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, a Sub-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 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.

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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 and the Sub-Advisers 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 or a Sub-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 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 issuers 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 and the Sub-Advisers 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 and the Sub-Advisers deems relevant. There can be no assurance that the Adviser's and Sub-Advisers' 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 or a Sub-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 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

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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 or a Sub-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 and/or a Sub-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 and the Sub-Advisers), the risks associated with below investment grade instruments are more pronounced. The 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

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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.

***Syndicated Loans Risk***. ****The Fund may invest in senior secured loans that include syndicated loans where we do not act as lead arranger, joint lead arranger or co-manager. In addition, the broadly syndicated loans in which we will invest may not be protected by financial covenants or limitations upon additional indebtedness, may have limited liquidity and may not be rated by a credit rating agency. Under the documentation for such loans, a financial institution or other entity typically is designated as the administrative agent and/or collateral agent. This agent is granted a lien on any collateral on behalf of the other lenders and distributes payments on the indebtedness as they are received. The agent is the party responsible for administering and enforcing the loan and generally may take actions only in accordance with the instructions of a majority or two-thirds in commitments and/or principal amount of the associated indebtedness. Accordingly, we may be precluded from directing such actions unless we or our Sub-Advisers are the designated administrative agent or collateral agent or we act together with other holders of the indebtedness. If we are unable to direct such actions, we cannot assure you that the actions taken will be in our best interests.

There is a risk that a loan agent may become bankrupt or insolvent. Such an event would delay, and possibly impair, any enforcement actions undertaken by holders of the associated indebtedness, including attempts to realize upon the collateral securing the associated indebtedness and/or direct the agent to take actions against the related obligor or the collateral securing the associated indebtedness and actions to realize on proceeds of payments made by obligors that are in the possession or control of any other financial institution. In addition, we may be unable to remove the agent in circumstances in which removal would be in our best interests. Moreover, agented loans typically allow for the agent to resign with certain advance notice.

***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.

***Sovereign Government and Supranational Debt***. ****The Fund may invest in all types of fixed income securities of governmental issuers in all countries, including emerging markets countries. These sovereign fixed income securities may include: fixed income securities issued or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in foreign countries; fixed income securities

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issued by government owned, controlled or sponsored entities located in foreign countries; interests in entities organized and operated for the purpose of restructuring the investment characteristics of instruments issued by any of the above issuers; Brady Bonds, which are debt securities issued under the framework of the Brady Plan as a means for debtor nations to restructure their outstanding external indebtedness; participations in loans between emerging market governments and financial institutions; or fixed income securities issued by supranational entities such as the International Bank for Reconstruction and Development or the European Economic Community. A supranational entity is a bank, commission or company established or financially supported by the national governments of one or more countries to promote reconstruction or development. Sovereign government and supranational debt involve all the risks described herein regarding foreign and emerging markets investments as well as the risk of debt moratorium, repudiation or renegotiation and the Fund may be unable to enforce its rights against the issuers*.***

***CDO Risk***. The Fund may invest in CDOs, which are securities backed by, or represent interests in, an underlying pool of assets. CDOs are typically issued in multiple "tranches," each of which represents a portion of the full economic interest in the underlying assets, and each of which is issued at a specific fixed or floating interest rate. Principal payments received on the underlying pool of assets are often applied to each tranche in the order of its stated maturity, so that none of the principal payments received in a given period will be distributed to a particular tranche of the CDO until all other, more senior tranches are paid in full for that period. While all CDOs are subject to the risks that affect debt obligations generally, the relative riskiness of the Fund's investment in a CDO will depend largely on the type of collateral in the underlying pool of assets and the tranche of the CDO in which the Fund invests. If, for example, the Fund is invested in a more junior tranche of a CDO, there is a greater risk that distributions from the underlying pool of assets will be insufficient to pay the Fund after all more senior tranches have been paid. Similarly, a CDO backed by less creditworthy assets, such as a collateralized mortgage obligations ("***CMO***") or a REMIC backed primarily by subprime mortgages, a CLO backed primarily by below investment grade loans, or a CBO backed primarily by below investment grade bonds, will generally present greater risks for the Fund, because the underlying assets are more likely to default or be downgraded, and the CDO securities themselves are more likely to be harder to value and less liquid. Additionally, with all CDOs, there is a risk that the manager of the special purpose entity that holds the underlying assets may fail in its management responsibilities, which may in turn delay or disrupt the payment of distributions to the Fund.

***Mortgage-Backed Securities***. The Fund may invest in mortgage-backed securities ("***MBS***") and other mortgage-related instruments. Mortgage-related securities include mortgage pass-through securities, CMO, commercial MBS, mortgage dollar rolls, CMO residuals, and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. The value of some mortgage-related instruments may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on the mortgages underlying or associated with mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. When interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment features may not increase as much as the value of other fixed-income securities. This risk will be greater for long-term securities than for short-term securities. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security and may shorten or extend the effective date of maturity of the security beyond that anticipated at the time of purchase. In addition, a rapid rate of principal prepayments may have an adverse effect on the Fund's investments to the extent it invests in IO securities. If the assets underlying the IO securities experience greater than anticipated prepayments of principal, the Fund may fail to recoup fully its initial investments in these securities. If unanticipated rates of prepayment on underlying mortgages increase the effective maturity of a mortgage-related security, the volatility of the security can be expected to increase. In addition, the value of securities or other instruments may be adversely affected by a negative trend in the market's perception of the creditworthiness of the issuers or counterparties which could adversely affect the value of an investment in the Fund. Additionally, although mortgages and mortgage-related securities are generally supported by some form of government or

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private guarantee and/or insurance, there is no assurance that private guarantors or insurers will meet their obligations.

***CMBS***. 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 repayment of the loan principal thus 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.

Most commercial mortgage loans underlying MBS 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 the subordinated classes of the related MBS are likely to be adversely affected. The ultimate extent of the loss, if any, to the subordinated classes of MBS 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 MBS. Revenues from the assets underlying such MBS 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.

***Asset-Backed Securities***. The Fund may invest in asset-backed securities. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The Fund may invest in asset-backed securities that may only pay principal at maturity or may only represent the right to receive payments of principal or payments of interest on underlying pools of assets or government securities, but not both. The value of these types of instruments may change more drastically than debt securities that pay both principal and interest during periods of changing interest rates. The Fund may obtain a below market yield or incur a loss on such instruments during periods of declining interest rates. In addition, principal only and interest only instruments are particularly subject to extension risk.

***TBA Transactions Risk***. TBA investments include when-issued and delayed delivery securities and forward commitments. The Fund is permitted to purchase or sell securities on a when-issued or delayed-delivery basis. When-issued or delayed-delivery transactions arise when securities are purchased or sold with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price and yield at the time of entering into the transaction. The Fund may sell the securities before the settlement date if the Adviser deems it advisable. Distributions attributable to any gains realized on such a sale are taxable to shareholders. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. The Fund is subject to this risk whether or not the Fund takes delivery of the securities on the settlement date for a transaction. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. The Fund may also take a short position in a TBA investment when it owns or has the right to obtain, at no added cost, identical securities. If the Fund takes such a short position, it may reduce the risk of a loss if the price of the securities declines in the future, but will lose the opportunity to profit if the price rises. The Fund may purchase or sell undrawn or delayed draw loans.

***Bank Loans Risk.*** The market for bank loans may not be highly liquid and the Fund may have difficulty selling them. These investments are subject to both interest rate risk and credit risk, and the risk of non-payment

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of scheduled interest or principal. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower.

***Non-U.S. Instruments Risk.*** The Fund may invest in non-U.S. instruments. Such investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient or liquid as financial markets in the United States, and therefore, the prices of non-U.S. instruments can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of non-U.S. instruments to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, different legal systems and laws relating to creditors' rights and the potential inability to enforce legal judgments, all of which could cause the Fund to lose money on its investments in non-U.S. instruments. Generally, there is less readily available and reliable information about non-U.S. issuers or borrowers due to less rigorous disclosure or accounting standards and regulatory practices. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because non-U.S. instruments may trade on days when Shares are not priced, the Fund's NAV may change at times when Shares cannot be sold.

***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 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 objectives. In addition, the Fund may in certain circumstances be liable for actions of such third party.

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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.

***CRS Transaction Risk***. The Fund intends to invest in CRS transactions, including SRTs. Each CRS transaction generally includes two or more tranches that pay different premia subject investors to potential impairment of principal based on credit loss allocation and therefore generate different return profiles. Tranches with higher levels of subordination are typically allocated losses only when subordinated tranches have been fully written down. Tranches with lower levels of subordination, meanwhile, receive higher premia but bear losses prior to any allocations to senior tranches. The Fund expects to invest in subordinated tranches, including unrated tranches. Unrated tranches will typically be subordinate to all other tranches and, therefore, will be expected to absorb losses prior to any other tranches. CRS transactions are intended to provide the counterparty bank or financial services company with regulatory capital and/or help them reduce their risk-weighted assets. By acquiring CRS investments, the Fund is exposed to the default risks of assets held on the balance sheets of such banks or financial services companies.

Additionally, the Fund's principal is typically held by a third-party bank thereby exposing the Fund to bankruptcy of the custodian. While the Adviser and Sub-Adviser pay close attention to counterparty credit risk and to the regulations governing "bail in" of corporate deposits, no assurance can be made that Fund principal is always bankruptcy remote.

While the Fund is denominated in USD, the Fund will typically buy assets denominated in most of the major currencies. As such, the Fund is exposed to the currency translation adjustment.

CRS transactions typically pay a floating reference rate plus a premium. As such, the Fund is exposed to the rate of interest paid linked to such rates. Reference rates may even turn negative, reducing the Fund's income generation.

***General Real Estate and Real Estate Finance Risks***. All real estate-related investments are subject to some degree of risk. The loans in which the Fund and/or the Subsidiaries intend to invest are secured by various types of properties (income-producing and otherwise), and there are certain risks that are generally applicable to loans secured by all of those property types. The repayment of a real estate loan is typically dependent upon the ability of the applicable property to produce cash flow if tenanted or will be dependent on prevailing real estate values in specific markets if expected to be sold vacant. The liquidation value of a cash-flowing property is determined, in substantial part, by the amount of the property's cash flow (or its potential to generate cash flow). However, net operating income and cash flow can be volatile and may be insufficient to cover debt service on the loan at any given time.

With residential real estate, there is a risk of house price depreciation, which could affect the borrower's ability to repay a loan.

The risks associated with real estate investment and real estate finance include, but are not limited to: (a) declines in the value of real estate, in re-letting success, rental levels or occupancy/vacancy rates; (b) risks related to the financial stability of any tenants with respect to an investment; (c) risks related to general and local economic conditions; (d) dependency on management skills of the borrower or third-party property management firm; (e) risk depending on the timing of cash flows from the underlying mortgage properties; (f) possible lack of

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available mortgage funds to refinance the mortgage loans at maturity; (g) overbuilding; (h) increases in property taxes and operating expenses, including energy costs; (i) changes in zoning laws and other governmental rules, regulation and fiscal policies; compliance with existing legal and regulatory requirements, including environmental controls and regulations; (j) ability of a property owner to pay leasing commissions, provide adequate maintenance and insurance, pay tenant improvement costs and make other tenant concessions; (k) expenses incurred in the clean-up of environmental problems; (l) costs and delays involved in enforcing rights of a property owner against tenants that default under the terms of leases or seek protection of bankruptcy laws; (m) casualty or condemnation losses, including where liability and casualty insurance does not provide full protection; (n) changes in interest rates and the availability of credit to refinance such loans at or prior to maturity; (o) risks related to disputes over the interpretation or enforceability of loan documents adding to costs and delays as well as claims by third parties (either public or private), including legal action arising out of investments, including for third party losses; (p) market liquidity risks, including refinancing risk at maturity, or legal or other restrictions on transfer; (q) risks and costs associated with workout negotiations with respect to non-performing investments; (r) terrorist threats and attacks; (s) social unrest and civil disturbances; and (t) weather and other acts of God.

It is expected that the properties that are the subject of the investment loans will be located in the United States. Geographic concentration may exacerbate the risks described herein.

***Property Risk.*** Property is a specialist sector that may be less liquid and produce more volatile performance than an investment in other investment sectors. The value of capital and income will fluctuate as property values and rental income rise and fall, as well as the individual borrowers financial situation and ability to pay interest. The valuation of property is generally a matter of valuers' opinion rather than fact. The amount raised when a property is sold may be less than the valuation.

The income from and value of properties may be adversely affected by a number of factors, including, but not limited to, national, regional and local economic and market conditions; perceptions by prospective purchasers of the safety, convenience, condition, services and attractiveness of the properties; the proximity and availability of competing alternatives to the properties; the willingness and ability of the owners of the properties to provide capable management and adequate maintenance; demographic factors; consumer confidence; unemployment rates; customer tastes and preferences; and retroactive changes to building or similar regulations.

***Non-Performing Loans and Foreclosures.*** The Fund and/or the Subsidiaries may acquire interests in loans which thereafter may become nonperforming for a wide variety of reasons. Such non-performing loans may require a substantial amount of workout negotiations and/or restructuring, which may entail, among other things, a substantial reduction in the interest rate and a substantial write-down of the principal of such loan. However, even if a restructuring were successfully accomplished, a risk exists that, upon maturity of such loan, replacement "takeout" financing will not be available, or a sale may not provide proceeds to cover the loan basis. Ownership of participation interests and syndication interests in loans raise many of the same risks as ownership of entire loans and also carry risks of illiquidity and lack of control. It is possible that the Sub-Advisers may find it necessary or desirable to foreclose or otherwise enforce security on collateral securing one or more loans acquired by the Fund and/or the Subsidiaries. The foreclosure/enforcement process will vary from jurisdiction to jurisdiction and can be lengthy and expensive. Borrowers often resist foreclosure/enforcement actions by asserting numerous claims, counterclaims and defenses against the holder of a loan, including lender liability claims and defenses, even when such assertions may have no basis in fact, in an effort to prolong the foreclosure action. During the foreclosure proceedings, a borrower may have the ability to file for bankruptcy or its equivalent, potentially staying the foreclosure action and further delaying the foreclosure process. Foreclosure litigation tends to create a negative public image of the collateral property and may result in disrupting ongoing leasing and management of the property.

***Risks Associated with Interim Financing.*** Generally, the investment loans are interim loans that at maturity will require refinancing as term loans or the sale of the related mortgaged properties. Certain of the mortgaged

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properties may be properties that have been recently acquired, developed and/or renovated or are currently undergoing or are expected in the future to undergo renovation. The Fund anticipates that net cash flow at such mortgaged properties will stabilize, permitting the necessary refinancing or sale upon the maturity of such investment loans. There can be no assurance that any such stabilization will occur or will be sufficient to fund debt service and/or operating expenses if income from the related mortgaged properties does not meet projections.

***Early Refinancing by Obligors***. The obligors of the investment loans may seek to refinance certain or all of their outstanding debt prior to maturity. The inability of obligors to refinance a material portion of the Fund's and/or a Subsidiary's portfolio on favorable terms, or at all, could have a material adverse effect on the NAV of the Shares.

***Multifamily Properties***. Certain of the investment loans may be secured by mortgaged properties that are multifamily properties. A large number of factors may adversely affect the value and successful operation of a multifamily property, including: (a) the physical attributes of the apartment or student housing building (e.g., its age, appearance and construction quality); (b) the quality of property management; (c) the location of the property (e.g., a change in the neighborhood over time or increased crime in the neighborhood); (d) the ability of management to provide adequate security, maintenance and insurance; (e) the types of services the property provides; (f) the property's reputation; (g) the level of mortgage interest rates (which may encourage tenants to purchase rather than rent housing); (h) the generally short terms of residential leases and the need for continued re-letting; (i) rent concessions and month- to-month leases, which may impact cash flow at the property; (j) in the case of student housing facilities, which may be more susceptible to damage or wear and tear than other types of multifamily housing, the reliance on the financial well-being of the college or university to which it relates, competition from on-campus housing units, which may adversely affect occupancy, the physical layout of the housing, which may not be readily convertible to traditional multifamily use, and that student tenants have a higher turnover rate than other types of multifamily tenants, which in certain cases is compounded by the fact that student leases are available for periods of less than 12 months; (k) restrictions on the age of tenants who may reside at the property; (l) state and local regulations, including rent control and rent stabilization; (m) the presence of competing properties and residential developments in the local market; (n) the existence of corporate tenants renting large blocks of units at the property, which in the event such tenant vacates would leave the property with a significant percentage of unoccupied space, and in the event such tenant was renting at an above-market rent may make finding replacement tenants difficult; (o) the tenant mix, particularly if the tenants are predominantly students, personnel from or workers related to a military base or workers from a particular business or industry; (p) adverse local, regional or national economic conditions, which may limit the amount of rent that can be charged and may result in a reduction in timely rent payments or a reduction in occupancy; (q) state and local regulations; (r) government assistance/rent subsidy programs; and (s) national, state or local politics.

***Short-Term Loans***. The Fund will invest in short-term loans secured by first lien mortgages on commercial real estate, which have a greater risk of loss than stabilized commercial mortgage loans. Short-term loans provide interim financing to borrowers seeking short-term capital for the acquisition or transition (for example, lease up and/or repositioning) of commercial real estate and generally have a maturity of three years or less. A borrower under a short-term loan has usually identified an asset that has been under-managed and/or is located in a recovering market. If the market in which the asset is located fails to recover according to the borrower's projections, or if the borrower fails to improve the operating performance of the asset or the value of the asset, the borrower may not receive a sufficient return on the asset to satisfy the short term loan, and the Fund will bear the risk that it may not recover some or all of its investment. In addition, borrowers usually use the proceeds from the sale of the asset or of a conventional mortgage loan to repay a short-term loan. The Fund may therefore be dependent on a borrower's ability to sell the improved asset or to obtain permanent financing to repay a transitional loan, which could depend on market conditions and other factors. In the event of any failure to repay under a transitional loan held, the Fund will bear the risk of loss of principal and non-payment of interest and

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fees to the extent of any deficiency between the value of the mortgage collateral and the principal amount and unpaid interest of the transitional loan.

The ability of the Fund to generate income through its loan investments is dependent upon payments being made by the borrower underlying such loan investments. If a borrower is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan.

***Commercial Real Estate-Related Securities Risk***. The Fund will invest in commercial real estate-related debt, consisting of commercial mortgage loans. In general, real estate values can be affected by a variety of factors, including supply and demand for properties, the economic health of the country or of different regions, and the strength of specific industries that rent properties.

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

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

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

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increases in interest rates, real estate tax rates and other operating expenses, and changes in governmental rules, regulations and fiscal policies, including environmental legislation, natural disasters, terrorism, social unrest and civil disturbances.

***Commercial Lending is Dependent Upon Net Operating Income****.* Certain of the investment loans are secured by various income producing commercial properties. Commercial lending is generally thought to expose a lender to greater risk than residential one to four family lending because it typically involves larger mortgage loans to a single borrower or group of related borrowers.

The repayment of a commercial loan is typically dependent upon the ability of the related mortgaged property to produce cash flow through the collection of rents. Even the liquidation value of a commercial property is determined, in substantial part, by the capitalization of the property's ability to produce cash flow. However, net operating income can be volatile and may be insufficient to cover debt service on the mortgage loan at any given time.

***Renovation Risk***. ****Many properties collateralizing the whole loans may require varying levels of renovation. In addition, certain investments are expected to be ground-up commercial construction projects. Though the Sub-Advisers do not expect to invest the Fund's and/or a Subsidiary's assets in investment loans collateralizing ground-up commercial construction projects until construction is nearing completion, in connection with such investments, a borrower may undertake improvements to properties owned by it (including renovation or development) in order to maximize or create income produced by a property or to create or maintain their market position and long-term value. As such, there is exposure to the price of goods/labor, unforeseen issues that may require additional capital, or general borrower inability to complete projects, that may affect the outcome of the loans. Renovation and development activities, particularly for ground-up construction projects, involve the risk that construction may not be completed within budget, or on schedule, or at all because of cost overruns, work stoppages, shortages of building materials, the inability of contractors to perform their obligations under construction contracts, defects in plans and specifications, failure to acquire appropriate governmental approvals or permitting, changes to zoning laws or failure to have necessary zoning approvals or other factors. Any delay or stoppage in completing the development or renovation of a property may result in increased interest and construction costs and the potential loss of previously identified tenants and consequently could have an adverse effect on net rental income derived from such property and therefore an adverse effect on the borrower's ability to meet their payment obligations under the relevant investment.

**Other Investment Risks** 

***Derivatives Risk***. Among other things, Rule 18f-4 under the Investment Company Act, eliminates the asset segregation framework arising from prior SEC guidance for covering positions in derivatives and certain financial instruments. Rule 18f-4 also limits a fund's derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule 18f-4), such as the Fund, however, are not subject to the full requirements of Rule 18f-4. Under Rule 18f-4, a fund may enter into an unfunded commitment agreement that is not a derivatives transaction if the fund has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. The Fund has adopted policies and procedures to comply with the requirements of the rule. Compliance with Rule 18f-4 may limit its ability to use derivatives and/or enter into certain other financial contracts. Such transactions may be subject to special and complex federal income tax provisions that may, among other things, make it more difficult for the Fund to comply with certain 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 IRS.

***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 contracts, swaps, caps, floors or collars, currency

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forward contracts, currency futures contracts, currency swaps or options on currency or currency futures, swap contracts including credit default swaps index products, credit default swaps, total return swaps, interest rate swaps, and exchange-listed and OTC put and call options on securities and swap contracts, financial indices and futures 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 federal income tax provisions that may, among other things, make it more difficult for the Fund to comply with certain 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 IRS.

***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 and the Sub-Advisers evaluate and monitor 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.*"

***Leverage Risk.*** The Fund may borrow money in connection with its investment activities, to satisfy repurchase requests from shareholders and to otherwise provide the Fund with liquidity. Specifically, the Fund may borrow money through a credit facility or other arrangements to fund investments up to the limits prescribed by the Investment Company Act. The Fund may also borrow money to manage timing issues in connection with the acquisition of its investments (e.g., to provide the Fund with temporary liquidity to acquire investments in advance of the Fund's receipt of proceeds from the realization of other investments or additional sales of Shares).

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 investments at inopportune times, which may further depress the Fund's returns.

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 the registered investment company incurs the indebtedness. This requirement means that the value of the investment company's total indebtedness may not exceed one third of the value of its total assets (including such indebtedness). Furthermore, 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). The Investment Company Act also requires that dividends may not be declared if this asset coverage requirement is breached. The Fund's borrowings will at all times be subject to the Investment Company Act's asset coverage requirement.

***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.

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***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 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 and the Sub-Advisers. 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.

***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 any 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 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.

***Interest Rate Risk.*** The Fund is subject to financial market risks, including changes in interest rates. General interest rate fluctuations may have a substantial negative impact on the Fund's ability to make investments, the value of its investments and its ability to realize gains from the disposition of investments and, accordingly, have a material adverse effect on the Fund's investment objectives and its rate of return on invested capital. In addition, an increase in interest rates would make it more expensive to use debt for the Fund's financing needs.

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During periods of falling interest rates, payments on the floating rate debt instruments that the Fund may hold would generally decrease, resulting in less interest income to the Fund. In the event of a rising interest rate environment, payments under floating rate debt instruments generally would rise and there may be a significant number of issuers of such floating rate debt instruments that would be unable or unwilling to pay such increased interest costs and may otherwise be unable to repay their loans. Investments in floating rate debt instruments may also decline in value in response to rising interest rates if the interest rates of such investments do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, fixed-rate debt instruments may decline in value because the fixed rates of interest paid thereunder may be below market interest rates.

***Inflation Risk.*** Globally, inflation and rapid fluctuations in inflation rates have in the past had negative effects on economies and financial markets, particularly in emerging economies, and may do so in the future. Wages and prices of inputs increase during periods of inflation, which can negatively impact returns on the Fund's investments. In an attempt to stabilize inflation, governments may impose wage and price controls, or otherwise intervene in the economy. Governmental efforts to curb inflation often have negative effects on levels of economic activity.

***Portfolio Company Debt Rankings Risk.*** The portfolio companies in which the Fund invests may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which the Fund invests. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments with respect to the debt instruments in which the Fund invests. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to the Fund's investment in that portfolio company would typically be entitled to receive payment in full before the Fund receives any proceeds. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to the Fund. In the case of debt ranking equally with debt instruments in which the Fund invests, the Fund would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

***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.

***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.

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***Concentrated Portfolio Companies in Certain Industries Risk.*** The Fund's ****portfolio may be concentrated in a limited number of industries, provided that the Fund will not concentrate more than 25% of its total assets in issuers that are part of the same industry or group of industries. A downturn in any industry in which the Fund is invested could significantly impact the aggregate returns the Fund realizes.

If an industry in which the Fund has significant investments suffers from adverse business or economic conditions, as individual industries have historically experienced to varying degrees, a material portion of the Fund's investment portfolio could be affected adversely, which, in turn, could adversely affect the Fund's financial position and results of operations.

***Zero Coupon, Original Issue Discount and Payment-In-Kind Instruments Risk.*** To the extent that the Fund invests in OID or 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; (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; (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.

***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.

***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 underlying funds, 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 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 "*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).

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. 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.

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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 United States tax consequences can be associated with certain foreign investments, including potential United States withholding taxes on foreign investment entities with respect to their United States 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 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 "*Tax Matters – Taxation as a Regulated Investment Company*."

***Recognizing Income Before or Without Receiving Cash Risk.*** 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 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 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.

***Special Tax Issues Risk.*** 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.

***Man's Public Company Status Risk.*** As a consequence of Man's status as a public company, the Fund's officers and trustees, and the employees of the Adviser may take into account certain considerations and other

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factors in connection with the management of the business and affairs of the Fund and its affiliates that would not necessarily be taken into account if Man were not a public company.

***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.

***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.

***Cyber-Security Risk and Identity Theft Risk.*** The Fund's operations are highly dependent on the Adviser's and/or the Fund's service providers' information systems and technology and the Fund relies heavily on the Adviser's and/or the Fund's service providers' financial, accounting, treasury, communications and other data processing systems. These systems may fail to operate properly or become disabled as a result of tampering or a breach of its network security systems or otherwise. In addition, the systems face ongoing cybersecurity threats and attacks. Attacks on the systems could involve, and in some instances have in the past involved, attempts intended to obtain unauthorized access to its proprietary information, destroy data or disable, degrade or sabotage its systems, or divert or otherwise steal funds, including through the introduction of computer viruses, "phishing" attempts and other forms of social engineering. Cyberattacks and other security threats could originate from a wide variety of external sources, including cyber criminals, nation state hackers, hacktivists, ransomware and other outside parties. Cyberattacks and other security threats could also originate from the malicious or accidental acts of insiders, such as employees.

There has been an increase in the frequency and sophistication of the cyber and security threats faced, with attacks ranging from those common to businesses to those that are more advanced and persistent, which may target the Adviser, a Sub-Adviser or the Fund's service providers because, as financial institutions, the Adviser, a Sub-Adviser or the Fund's service providers hold a significant amount of confidential and sensitive information about investors, portfolio companies or obligors (as applicable) and potential investments. As a result, there is a heightened risk of a security breach or disruption with respect to this information. There can be no assurance that measures taken to ensure the integrity of the systems will provide protection, especially because cyberattack techniques used change frequently or are not recognized until successful. If systems are compromised, do not operate properly or are disabled, or it fails to provide the appropriate regulatory or other notifications in a timely manner, the Adviser, a Sub-Adviser or the Fund's service providers could suffer financial loss, a disruption of its businesses, liability to their investment funds and fund investors, including the Fund and common shareholders, regulatory intervention or reputational damage. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means.

In addition, the Fund could also suffer losses in connection with updates to, or the failure to timely update, information systems and technology. In addition, the Adviser has become increasingly reliant on third party

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service providers for certain aspects of its business, including for the administration of certain funds, as well as for certain information systems and technology, including cloud-based services. These third party service providers could also face ongoing cyber security threats and compromises of their systems and as a result, unauthorized individuals could gain, and in some past instances have gained, access to certain confidential data.

Cybersecurity has become a top priority for regulators around the world. The SEC recently adopted amendments to its rules that related to cybersecurity risk management, strategy and governance, and incident reporting for entities that are subject to reporting requirements under the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"). Many jurisdictions have laws and regulations relating to data privacy, cybersecurity and protection of personal information, including, as examples, the General Data Protection Regulation in the EU and that went into effect in May 2018 and the California Consumer Privacy Act that went into effect on January 1, 2020 and was amended by the California Privacy Rights Act, which became effective on January 1, 2023. Virginia, Colorado, Utah and Connecticut recently enacted similar data privacy legislation that went into effect in 2023, and Connecticut, Indiana, Montana, Oregon, Tennessee, and Texas have enacted laws that will go into effect at varying times through 2026. Some jurisdictions have also enacted or proposed laws requiring companies to notify individuals and government agencies of data security breaches involving certain types of personal data.

Breaches in security, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize the Fund, the Adviser, the Sub-Adviser, the Fund's service providers, their employees' or the Fund's investors' or counterparties' confidential, proprietary and other information processed and stored in, and transmitted through, computer systems and networks, or otherwise cause interruptions or malfunctions in its, its employees', the Fund's investors', the Fund's counterparties' or third parties' business and operations, which could result in significant financial losses, increased costs, liability to the Fund's investors and other counterparties, regulatory intervention and reputational damage. Furthermore, if the Adviser, a Sub-Adviser or the Fund's service providers fail to comply with the relevant laws and regulations or fail to provide the appropriate regulatory or other notifications of breach in a timely manner, it could result in regulatory investigations and penalties, which could lead to negative publicity and reputational harm, and may cause the Fund's investors and clients to lose confidence in the effectiveness of the Adviser's or a Sub-Adviser's security measures.

Obligors of the Fund also rely on data processing systems and the secure processing, storage and transmission of information, including payment and health information. A disruption or compromise of these systems could have a material adverse effect on the value of these businesses. The Fund may invest in strategic assets having a national or regional profile or in infrastructure, the nature of which could expose it to a greater risk of being subject to a terrorist attack or security breach than other assets or businesses. Such an event may have material adverse consequences on the Fund's investment or assets of the same type or may require obligors of the Fund to increase preventative security measures or expand insurance coverage.

Finally, the Adviser's, the Sub-Advisers', the Fund's service providers' and the Fund's technology, data and intellectual property and the technology, data and intellectual property of the portfolio companies or obligors (as applicable) are also subject to a heightened risk of theft or compromise to the extent the Adviser, a Sub-Adviser and the portfolio companies or obligors (as applicable) engage in operations outside the United States, in particular in those jurisdictions that do not have comparable levels of protection of proprietary information and assets such as intellectual property, trademarks, trade secrets, know-how and customer information and records. In addition, the Adviser and the Fund and portfolio companies or obligors (as applicable) may be required to compromise protections or forego rights to technology, data and intellectual property in order to operate in or access markets in a foreign jurisdiction. Any such direct or indirect compromise of these assets could have a material adverse impact on the Adviser or a Sub-Adviser and the Fund and portfolio companies or obligors (as applicable).

***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

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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.

***General Economic Conditions Risk***. The Fund and the portfolio companies in which it invests are susceptible to the effects of economic slowdowns or recessions. Financial markets have been affected at times by a number of global macroeconomic events, including the following: large sovereign debts and fiscal deficits of several countries in Europe and in emerging markets jurisdictions, levels of non-performing loans on the balance sheets of European banks, the effect of the United Kingdom (the "***U.K.***") leaving the EU, instability in the Chinese capital markets and the COVID-19 pandemic. Although the broader outlook remains constructive, geopolitical instability continues to pose risk. In particular, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies, as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or the current ongoing conflict between Russia and Ukraine and the conflict and escalating tensions in the Middle East, and the rapidly evolving measures in response, could lead to disruption, instability and volatility in the global markets. Certain of the portfolio companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government, foreign governments, or the United Nations or other international organizations. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns or a recession in the United States. A decreased U.S. government credit rating, any default by the U.S. government on its obligations, or any prolonged U.S. government shutdown, could create broader financial turmoil and uncertainty, which may weigh heavily on the Fund's financial performance and the value of the Fund's Shares. Unfavorable economic conditions would be expected to increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to the Fund. These events may limit the Fund's investment originations, and limit its ability to grow and could have a material negative impact on the Fund's operating results, financial condition, results of operations and cash flows and the fair values of the Fund's debt and equity investments.

Any deterioration of general economic conditions may lead to significant declines in corporate earnings, corporate bond or loan performance, and the ability of corporate borrowers to service their debt, any of which could trigger a period of global economic slowdown, and have an adverse impact on the performance and financial results of the Fund, and the value and the liquidity of the Shares. A severe recession may further decrease the value of such collateral and result in losses of value in the Fund's portfolio and a decrease in its revenues, net income, assets and net worth. Unfavorable economic conditions also could increase the Fund's funding costs, limit the Fund's access to the capital markets or result in a decision by lenders not to extend credit to the Fund on favorable terms or at all. These events could prevent the Fund from increasing investments and harm its operating results.

In addition, the failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or its portfolio companies have a commercial relationship could adversely affect, among other things, the Fund and/or its portfolio companies' ability to pursue key strategic initiatives, including by affecting the Fund or such portfolio company's ability to access deposits or borrow from financial institutions on favorable terms. Additionally, if a portfolio company or its sponsor has a commercial relationship with a bank that has failed or is otherwise distressed, the portfolio company may experience issues receiving financial support from a sponsor to support its operations or consummate transactions, to the detriment of their business, financial condition and/or results of operations. In

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addition, such bank failure(s) could affect, in certain circumstances, the ability of unaffiliated co-lenders, including syndicate banks or other fund vehicles, to undertake and/or execute co-investment transactions with the Fund, which in turn may result in fewer co-investment opportunities being made available to the Fund or impact its ability to provide additional follow-on support to portfolio companies in which the Fund invests. The ability of the Fund, its subsidiaries and portfolio companies to spread banking relationships among multiple institutions may be limited by certain contractual arrangements, including liens placed on their respective assets as a result of a bank agreeing to provide financing.

***Market Disruption and Geopolitical Risk.*** The Fund may be adversely affected by uncertainties such as terrorism, international political developments, and changes in government policies, taxation, restrictions on foreign investment and currency repatriation, currency fluctuations and other developments in the laws and regulations of the countries in which it is invested. Likewise, natural and environmental disasters, epidemics or pandemics, and systemic market dislocations may be highly disruptive to economies and markets. Uncertainties and events around the world may (i) result in market volatility, (ii) have long-term effects on the U.S. and worldwide financial markets and (iii) cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of geopolitical events in the future on the U.S. economy and securities markets.

***Changes in U.S. Trade Policy and Other Government Policies***. The U.S. government has recently 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. For example, the U.S. government has imposed, and it is possible in the future will further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum, and the Trump administration has imposed and indicated its intention to impose additional tariffs on imports of certain products into the United States, including from Canada and Mexico. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products.

There is uncertainty as to the actions that will be taken under the Trump administration with respect to U.S. trade policy, including with China, and while the Fund intends to comply with applicable laws, rapid changes in laws and/or uncertain interpretation and implementation thereof, could affect their capacity to comply. New trade policy could also create a legal burden for and negatively impact the Fund and its investments, including by increasing costs and necessity to exit certain investments. Further governmental actions related to the imposition of tariffs or other trade barriers or changes to international trade agreements or policies could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on the importing of goods into, and the exporting of goods out of, the United States.

The Trump administration has further signaled its intention to implement significant changes to the size of the federal government and to various other government policies. The potential downsizing of the federal government workforce and shutting down or defunding of certain government agencies (or offices thereof), including of federal agencies tasked with protecting investors, along with the changes in U.S. trade policy discussed above, could introduce market instability, reduce investor confidence, and weaken investor protection. For example, substantial reductions in government spending and personnel could negatively affect certain of the Fund's portfolio companies that rely on or benefit from government subsidies or contracts, destabilize the U.S. government contracting market, impede portfolio companies' ability to implement their business plans, and impede the Sponsor's and the Partnership's ability to achieve expected returns. Moreover, the Trump administration's signaled changes to government policy with respect to tax, immigration, labor, infrastructure, energy, education, business regulations (including U.S. anti-corruption policies), international relations, and international economic development could create uncertainty and volatility for the Fund and its portfolio companies. In light of these developments, there can be no assurances that political and regulatory conditions

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will not worsen and/or adversely affect the Fund, its portfolio companies, or their respective financial performance.

***Lack of Transparency in Certain Markets Risk.*** Companies in certain markets are not generally subject to uniform accounting, auditing and financial reporting standards, practices and disclosure requirements comparable to those applicable to U.S. companies. In particular, the assets and profits appearing on the financial statements of a company in certain markets may not reflect its financial position or results of operations in the way they would have been reflected had such financial statements been prepared in accordance with U.S. GAAP. In addition, for a company that keeps accounting records in currency other than euros, inflation accounting rules in certain markets outside the U.S. require, for both tax and accounting purposes, that certain assets and liabilities be restated on the company's balance sheet in order to express items in terms of a currency of constant purchasing power. As a result, financial data may be materially affected by restatements for inflation and may not accurately reflect the real condition of real estate, companies and securities markets. Accordingly, the Fund's ability to conduct due diligence in connection with an investment and to monitor the investment may be adversely affected by these factors. In addition, investing in certain non-U.S. markets poses risks relating to (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various non-U.S. currencies in which the Fund's non-U.S. investments may be denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) differences between the U.S. and non-U.S. securities markets, including potential price volatility in and relative illiquidity of some non-U.S. securities markets; (iii) potential price volatility in and relative illiquidity of some foreign securities markets; (iv) less government supervision and regulation; (v) governmental decisions to discontinue support of economic reform programs generally and impose centrally planned economies; (vi) less extensive regulation of the securities markets; (vii) certain economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; (viii) the possible imposition of foreign taxes on income and gains recognized with respect to securities; (ix) less developed corporate laws regarding fiduciary duties and the protection of investors; (x) longer settlement periods for securities transactions, (xi) less reliable judicial systems to enforce contracts and applicable law; (xii) differences in the legal and regulatory environment or enhanced legal and regulatory compliance; (xiii) political hostility to investments by foreign or private equity investors; and (xiv) less publicly available information.

In addition, issuers located in certain European 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 client and/or the Adviser with equivalent rights and privileges necessary to promote and protect the Fund's interest in any such proceeding, its investments may be adversely affected. While the Adviser and the Sub-Advisers intend, where deemed appropriate, to manage the Fund in a manner that will minimize exposure to the foregoing risks (although the Adviser and the Sub-Advisers do not in the ordinary course expect to hedge currency risks), there can be no assurance that adverse developments with respect to such risks will not adversely affect the assets of the Fund that are held in certain countries.

***Changes in Laws or Regulations Risk.*** The Fund, the portfolio companies in which the Fund invests, and other counterparties are subject to regulation at the local, state and federal level. 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.

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 and/or a Sub-Adviser to other types of investments in which the Adviser and/or a Sub-Adviser may have less

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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.

***Financial Regulatory Changes in the U.S. Risk.*** The financial services industry continues to be the subject of heightened regulatory scrutiny in the United States. There has been active debate over the appropriate extent of regulation and oversight of investment funds and their managers. The Fund may be adversely affected as a result of new or revised regulations imposed by the SEC or other U.S. governmental regulatory authorities or self-regulatory organizations that supervise the financial markets. The Fund also may be adversely affected by changes in the interpretation or enforcement of existing laws and regulations by these governmental authorities and self-regulatory organizations. Increased regulations generally increase the Fund's costs, and the Fund could continue to experience higher costs if new laws require the Fund to spend more time or buy new technology to comply effectively.

Any changes in the regulatory framework applicable to the Fund's business, including the changes described above, may impose additional compliance and other costs, increase regulatory investigations of the investment activities of the Fund, require the attention of the Fund's senior management, affect the manner in which the Fund conducts its business and adversely affect the Fund's investment returns. The full extent of the impact on the Fund of any new laws, regulations or initiatives that may be proposed is impossible to determine.

***Regulatory Oversight Risk***. The Fund's business and the businesses of the Adviser, the Sub-Advisers, 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 and they operate around the world, including 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.

The Fund, the Adviser, the Sub-Advisers, the Distributor and their respective affiliates have received, and may in the future receive, requests for information, inquiries and informal or formal investigations or subpoenas from such regulators from time to time in connection with such inquiries and proceedings and otherwise in the ordinary course of business. These requests could relate to a broad range of matters, including specific practices of the Fund's business, the Adviser, the Sub-Advisers, the Distributor, the Fund's investments or other investments the Adviser or its affiliates make on behalf of their clients, potential conflicts of interest between the Fund and the Adviser, the Sub-Advisers, Distributor or their affiliates, or industry wide practices. Actions by and/or initiatives of the SEC and/or other regulators can have an adverse effect on the Fund's financial results, including as a result of the imposition of a sanction, a limitation on Man's or the Fund's personnel's activities, or changing the Fund's historic practices. Any adverse publicity relating to an investigation, proceeding or imposition of these sanctions could harm the Fund's or Man's reputation and have an adverse effect on the Fund's future fundraising or operations. The costs of responding to legal or regulatory information requests, any increased reporting, registration and compliance requirements will be borne by the Fund in the form of legal or other expenses, litigation, regulatory proceedings or penalties, may divert the attention of the Fund's management, may cause negative publicity that adversely affects investor sentiment, and may place the Fund at a competitive disadvantage, including to the extent that the Fund, the Adviser, the Sub-Advisers, the Distributor or any of their respective affiliates are required to disclose sensitive business information or alter business practices.

In addition, if previously enacted laws are amended or if new legislative or regulatory reforms are adopted, this could have further impacts on the Fund's industry. In addition, a future change in administration may 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.

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**HOW THE FUND MANAGES RISK** 

**Investment Limitations** 

The Fund has adopted certain investment limitations designed to limit investment risk. Some of these limitations are fundamental and thus may not be changed without the approval of the holders of a majority of the outstanding Shares. See "*Investment Objectives and Policies*" in the SAI.

Unless otherwise expressly stated in this Prospectus or the SAI, or otherwise required by applicable law, the restrictions and other limitations set forth throughout this Prospectus and in the SAI apply only at the time of purchase of securities and will not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of the acquisition of securities.

**Leverage Utilization and Risk Management** 

The Fund may utilize leverage. The Fund may borrow money through different types, or a combination, of credit instruments including, without limitation, credit facilities, Subsidiaries, notes and others based on the Fund's assessment of investment environment, market conditions, pricing, terms and availability. The Fund may also use leverage by investing in reverse repurchase agreements and/or other derivative instruments with leverage embedded in them to the maximum extent permitted by the SEC and/or SEC staff rules, guidance or positions. While the use of leverage may increase the profits of the Fund, it may also increase the risk of loss. The Fund will limit its borrowings in compliance with the Investment Company Act, which requires that a registered investment company must comply with an asset coverage requirement of 300% of its borrowings, including amounts borrowed (including through one or more Subsidiaries of the Fund), measured at the time the registered investment company incurs the indebtedness. As such, at any given time the value of the Fund's total indebtedness may not exceed 33 1/3% of the value of its total assets (including such indebtedness). 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 response to changes in market conditions, such as rising short-term interest rates or increased volatility, the Adviser or a Sub-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 or Sub-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 and the Sub-Advisers carefully assess these risks and integrate them into the broader risk management framework.

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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 four Trustees, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the Investment Company Act. The Fund refers to these individuals as its independent trustees (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 to the operation of the Fund. The Adviser is a wholly-owned subsidiary of Man.

The Adviser's principal place of business is located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105. The Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of June 30, 2025, it had over $7.4 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

**Sub-Advisers** 

The Sub-Advisers are delegated the management of the Fund's portfolio. In managing the Fund, the Adviser employs a "multi-asset credit strategy" whereby the Adviser allocates capital across investment sleeves dedicated to specific credit asset classes and/or investment styles, and each of these investment sleeves will be managed by specialist investments teams within one or more of the affiliated Sub-Advisers with expertise in implementing that specific investment sleeve. The allocations to these investment sleeves will be in percentages initially determined at the discretion of the Adviser. The Adviser has entered into a Sub-Advisory Agreement with MSL, pursuant to which MSL serves as a Sub-Adviser to the Fund. Under the Sub-Advisory Agreement with MSL, MSL provides inputs and recommendations to assist the Adviser in making determinations regarding the allocations to be made to each of the investment sleeves to be managed by the investment teams of the Fund's Sub-Advisers. The Adviser has entered into separate Sub-Advisory Agreements with each of Man GLG US, a Delaware limited liability company, Man GLG UK, a partnership registered under the Limited Partnership Act of 1907 of England and Wales, and Man Varagon, a Delaware limited partnership. Under these agreements, each of Man GLG US, Man GLG UK and Man Varagon will be primarily responsible for its investment mandate(s) and the day-to-day management of the Fund's assets allocated to the investment sleeves it manages by the Adviser, subject to the supervision of the Board and the Adviser. Each current Sub-Adviser is an affiliate of the Adviser. The engagement of each current Sub-Adviser has been approved by the Board and the initial shareholder of the Fund.

MSL's principal place of business is located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom. MSL is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $29.3 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man GLG US's principal place of business is located at 1345 Avenue of the Americas, 21<sup>st</sup> Floor, New York, NY 10105. Man GLG US is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $4.6 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man GLG UK's principal place of business is located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom. Man GLG UK is registered as an investment adviser with the SEC under

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the Advisers Act. As of June 30, 2025, it had over $50.1 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man Varagon's principal place of business is located at 151 West 42<sup>nd</sup> Street, 53<sup>rd</sup> Floor, New York, NY 10036. Man Varagon is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $10.0 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man GPM's principal place of business is located at 1345 Avenue of the Americas, 21<sup>st</sup> Floor, New York, NY 10105. As of June 30, 2025, it had over $1.4 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

**Principal Owners of Shares** 

Shareholders who beneficially own more than 25% of the outstanding voting securities of the Fund may be deemed to be a "control person" of the Fund for purposes of the Investment Company Act. As of September 26, the Fund had not commenced investment operations and the only Shares of the Fund were owned by Man Investments Finance Inc.

**Portfolio Managers** 

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.

***Matt Rowe***. Matt Rowe is a Portfolio Manager within the Adviser, and part of the team responsible for the investment management and strategy development of multi-strategy portfolios. He has a particular focus on leading portfolio overlay strategies. Prior to joining Man Group in 2025, Mr. Rowe was Head of Portfolio Management and Cross-Asset Strategies at Nomura Capital Management, where he served as Senior Portfolio Manager for a private credit interval fund and managed custom volatility overlays. Before that, Mr. Rowe was Chief Investment Officer at Headwaters Solutions, where he was managing portfolio overlay strategies for institutional investors. He holds a BA in History from Wittenberg University.

***Danilo Rippa***. Danilo Rippa is Head of Multi-Strategy Credit for the Adviser. He is also manager of the firm's long-only convertibles strategy. Prior to joining Man Group in 2007, Mr. Rippa worked for seven years at JPMorgan where he was a Vice President within the convertible bond structuring team. Before that, Mr. Rippa worked in the cash equity capital markets division focusing on the origination and execution of IPO, rights issues, accelerated book buildings and block trades. Mr. Rippa graduated in Business Administration in 1999 from L.U.I.S.S University in Rome.

***Pedro Castro***. Pedro Castro is a Managing Director and Head of Portfolio Engineering for the Adviser. He is responsible for all quantitative analysis, portfolio construction modelling and research. Mr. Castro joined Man Group in 2024. Prior to this, he was Director of Risk and Quantitative Analysis at BlackRock, covering Multi-Asset Strategies and Solutions for 13 years. He was also responsible for driving the adoption and evolution of BlackRock's strategic portfolio construction research across their investment and consulting platforms. Before that, he was a finance assistant lecturer at the University of Warwick. Mr. Castro holds a MSc in Finance and Economics, with distinction, from Warwick Business School and a BSc in Economics from Nova SBE. He is a CFA charterholder and a certified Financial Risk Manager (FRM).

***Eric Atlas***. Eric Atlas is Head of US Residential Real Estate within Man GPM. He is responsible for overseeing the US residential debt business, including origination, underwriting and execution of real estate loans. Prior to joining Man Group in December 2019, Mr. Atlas was a portfolio manager at 1Sharpe Capital, an

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investment manager focused on the US bridge loan space between 2018 and 2019. Before that, he worked at Cerberus Capital Management in the residential credit group and related portfolio companies for more than 10 years, most recently as portfolio manager of a single-family rental portfolio. Mr. Atlas holds a bachelor's degree from the University of Pennsylvania.

***Jonathan Golan***. Jonathan Golan is a portfolio manager within Man GLG UK, focusing on corporate bond and dynamic credit strategies. Prior to joining Man Group in July 2021, Mr. Golan was a fund manager at Schroders. He joined Schroders in 2013. Mr. Golan has an MSc in Financial Economics from Oxford University and a BA in Economics from The Hebrew University.

***Michael Scott***. Michael Scott is Head of Global High Yield & Credit Opportunities within Man GLG UK. In his role, Mr. Scott manages a suite of high yield strategies ranging from daily dealing to less liquid absolute and total return strategies. He focuses across performing, stressed and distressed opportunities. Mr. Scott joined Man Group in December 2018 from Schroders, where he worked as a fund manager covering UK and European credit. He began his career at Cazenove Capital Management in 2005 as an industrials credit analyst covering investment grade and high yield. Mr. Scott graduated from Oxford University and is a CFA charterholder.

***Kaushik Rambhiya***. Kaushik Rambhiya is a portfolio manager within Man GLG UK. He has responsibility for running long/short credit strategies focused on Asian and emerging market debt. Mr. Rambhiya joined Man Group in 2019 from Aventicum Capital Management, where he was chair of the investment committee and lead portfolio manager. Before that, he spent six years at BlueBay Asset Management as an analyst in the emerging markets corporate team. Mr. Rambhiya holds a Master's degree in Finance from Boston College and an MBA from Bombay University.

***Matthew Moniot***. Matthew Moniot is Co-Head of Credit Risk Sharing within Man GLG UK. Prior to joining Man Group in 2022, Mr. Moniot founded Elanus Capital Management in 2010 and was its Chief Investment Officer, managing bank, specialty finance and insurance risk-sharing transactions. He has also previously managed global financials portfolios at Millennium Management and Lehman Brothers. Prior to this, Mr. Moniot performed economist, analyst, trader and portfolio manager roles in the investment banking and hedge fund sectors. Mr. Moniot holds a BA in International Relations from John Hopkins University and an MA from the Institute of Latin American Studies at the University of Texas at Austin, where he studied development economics.

***Bob Gallagher***. Bob Gallagher is a member of the Global High Yield and Credit Opportunities team within Man GLG US. Mr. Gallagher joined Man Group in 2024 from H.I.G. Bayside Capital, where he focused on public credit investing in stressed and distressed companies. Prior to this, he was part of a principal investing team at Goldman Sachs. Mr. Gallagher holds an MBA from Columbia Business School and a BBA from Loyola University Maryland. He is a CFA charterholder.

***Walter Owens***. Walter Owens is the Chief Executive Officer of Man Varagon and a member of Man Varagon's Investment Committee. Mr. Owens began his career in 1982 and has deep experience in all aspects of middle market leveraged finance, including leading multiple successful lending and asset management businesses. Prior to Varagon, he held senior leadership roles at GE Capital, CIT and TD Bank Group. He holds a Bachelor of Science from Villanova University and an MBA from New York University's Stern School of Business. Mr. Owens is also on the Board of Trustees for the Madison Square Boys & Girls Clubs of the New York City area.

***Kevin Marchetti***. Kevin Marchetti is Head of US Direct Lending and Chief Investment Officer at Man Varagon. Mr. Marchetti has extensive experience in risk management and middle market leveraged finance across a range of industries and strategies. Prior to joining Varagon in 2014, he was a Senior Vice President at GE Antares Capital. He has also held senior risk positions at CIT Group and TD Bank. He holds a BA from Springfield College and an MBA from the University of North Carolina at Charlotte.

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***Michael Blumberg***. Michael Blumberg is a Senior Managing Director of Man Varagon and Chief Credit Officer. He is a member of Man Varagon's Investment Committee. Mr. Blumberg joined Varagon from Antares Capital, where he was responsible for underwriting, structuring, and managing credit investments in a range of industries. Prior to Antares, he worked at HighPoint Capital, where he underwrote and managed senior debt, junior debt, and equity investments. He also worked at Canaccord Adams, where he focused on M&A transactions and private and public equity offerings. He earned an A.B. from Harvard College.

**Investment Management Agreement** 

The investment management agreement between the Adviser and the Fund (the "***Investment Management Agreement***") became effective as of [ ], and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement will continue 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. See "*Delaware Law and Certain Provisions in the Declaration of Trust*." The Investment Management 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 Investment Management Agreement provides that, in the absence of willful misfeasance, gross negligence or reckless disregard of its obligations to the Fund, the Adviser and any partner, member, manager, director, officer or employee of the Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be subject to liability to the Fund or otherwise under the Investment Management Agreement for any act or omission in the course of, or connected with, rendering services under the Investment Management Agreement or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation, for any error of judgment, for any mistake of law, or for any act or omission by the Adviser, Sub-Advisers or their affiliates, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified. The Investment Management Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund, of the Adviser or any partner, member, manager, officer or employee of the Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any claim, loss, damage, liability, reasonable cost, or reasonable expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) (individually, the "***Liability***," and collectively, the "***Liabilities***") to which the person may be liable that arises or results from (i) the Investment Management Agreement or the performance of any services under the Investment Management Agreement, so long as such Liabilities did not arise primarily from such person's willful misfeasance, gross negligence or reckless disregard of its obligations and duties under the Investment Management Agreement or (ii) the Adviser's obligation to indemnify a Sub-Adviser or any partner, member, manager, officer or employee of the Sub-Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives under the terms of such Sub-Adviser's Sub-Advisory Agreement so long as such indemnification obligations did not arise primarily from the such Adviser's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties under the Investment Management Agreement.

**Investment Management Fees** 

The Fund pays to the Adviser an Investment Management Fee in consideration of the advisory and other services provided by the Adviser to the Fund. Pursuant to the Investment Management Agreement, the Fund pays the Adviser a monthly Investment Management Fee equal to 1.25% on an annualized basis of the average daily value of the Fund's "Managed Assets". "***Managed Assets***" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes). This means that during periods in which the Fund is using leverage, the fee paid to the Adviser will be higher than if the Fund did not use leverage because the fee is

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calculated as a percentage of the Fund's Managed Assets, which include those assets purchased with leverage. The Investment Management Fee will be paid to the Adviser before giving effect to any repurchase of 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. The Investment Management Fee will be accrued daily and will be due and payable monthly in arrears. The Adviser has contractually agreed to reduce its Investment Management Fee to an annual rate of 0.00% until the first anniversary of the Fund's commencement of operations (the "***Investment Management Fee Waiver Agreement***"). The reduction of the Investment Management Fee under the Investment Management Fee Waiver Agreement is not subject to recoupment by the Adviser under the Expense Limitation and Reimbursement Agreement.

The Adviser has entered into the Expense Limitation and Reimbursement Agreement with the Fund, whereby the Adviser has agreed to a Waiver of the fees it would otherwise have been paid and/or to assume or reimburse expenses of the Fund, if required to ensure the Total Annual Expenses (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) do not exceed 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. The Expense Limitation and Reimbursement Agreement has an initial one-year term ending one (1) year from the date of this Prospectus. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter unless terminated. Neither the Fund nor the Adviser may terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, either the Fund or the Adviser may terminate the Expense Limitation and Reimbursement Agreement upon 30 days' written notice.

The Fund is incurring organizational and initial offering costs of approximately $1 million. The Adviser has agreed to advance those costs to the Fund. Such costs incurred by the Adviser are subject to recoupment by the Adviser in accordance with the Expense Limitation Agreement over a period of three years.

**Sub-Advisory Agreements** 

Pursuant to separate Sub-Advisory Agreements among the Fund, the Adviser and each Sub-Adviser, each Sub-Adviser receives a sub-advisory fee based on the Fund's assets managed by the investment team of such Sub-Adviser. The Sub-Advisers' fees are paid by the Adviser out of the Investment Management Fee it receives from the Fund.

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**POTENTIAL CONFLICTS OF INTEREST** 

The Fund, the Adviser, the Sub-Advisers and their respective affiliates may encounter actual and potential conflicts of interest in the course of their operations. The matters considered in this section should be considered along with other matters discussed elsewhere in the Prospectus, including the Risks set forth above.

Man provides a broad array of discretionary and non-discretionary investment management services and products for institutional accounts and individual investors. In addition, Man is a diversified global financial services firm that engages in a broad spectrum of activities including financial, investment banking, advisory, brokerage and other services. Investors should be aware that there will be occasions when Man may encounter potential conflicts of interest in connection with its or its Subsidiaries' investment management services.

The Fund is subject to a number of actual and potential conflicts of interest involving the Adviser, the Sub-Adviser and the affiliated Portfolio Managers and other personnel of Man or its affiliates ("***Man Persons***"). Any Man Person may from time to time act as director, investment manager, portfolio manager, services manager, trustee, adviser or sub-adviser in relation to, or be otherwise involved in or provide services to, other funds or client accounts managed by the Adviser, the Sub-Advisers the affiliated Portfolio Managers, and/or another Man Person (each an "***Other Account***", and the Fund and Other Accounts together being an "***Account***") and as a result, not all of their business time will be devoted the Fund. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser, the Sub-Advisers and their officers and employees will not be devoted exclusively to the business of the Fund, but will be allocated between the business of the Fund and other funds or client accounts. Time spent on these other initiatives diverts attention from the activities of the Fund, which could negatively impact the Fund and shareholders.

Each Man Person will endeavor to ensure that any conflicts arising are identified and resolved or mitigated, as reasonably practical, fairly and in accordance with the obligations applicable to such party. Man Persons may on occasion hold a significant percentage of ownership in the Fund and/or in Other Accounts which utilize an investment strategy substantially similar to the investment strategy of the Fund.

The Adviser, the Sub-Advisers and their respective affiliates engage in a range of financial advisory activities that may, from time to time, conflict with the interests of the Fund. The Adviser, the Sub-Adviser and their respective affiliates may provide advisory services to invest in, sponsor, or manage investment vehicles or entities that have similar or differing objectives from the Fund and may compete for the same investment opportunities. Furthermore, the Adviser, the Sub-Advisers and their affiliates may invest in securities that could also be suitable for the Fund. By acquiring shares in the Fund, each shareholder acknowledges these actual and potential conflicts and waives any claims of liability, except as otherwise provided under applicable federal securities laws.

The Adviser, the Sub-Advisers and affiliated Portfolio Managers may provide discretionary investment management services to Other Accounts which may give rise to conflicts of interest. By way of example, an Adviser, Sub-Adviser or an affiliated Portfolio Manager may manage Other Accounts which have substantially similar investment objectives and strategies to those of the Fund and/or the Portfolio Funds. Such Other Accounts may have different fee and/or other terms than that of the Fund (which might mean that the Adviser, the Sub-Advisers and the affiliated Portfolio Managers and their personnel may have financial and other incentives to favor such Other Accounts over the Fund). The Adviser, relevant Sub-Adviser or affiliated Portfolio Manager may make different investment decisions on behalf of the Fund and such Other Accounts, notwithstanding that they have the same or similar investment objectives and strategies.

In addition, the Adviser or Sub-Advisers may pursue investment opportunities for the Fund identified by Man businesses, such as investment banking and capital structure advisory. The Adviser and the Fund may benefit from Man's or its affiliates' identification of investment opportunities; however, the Fund does not intend to co-invest alongside any affiliates of the Fund, the Adviser or Sub-Advisers where such participation would be prohibited by Section 17(d) of the Investment Company Act and the rules thereunder.

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The Fund may co-invest with certain affiliates of the Adviser and the Sub-Advisers. The Co-Investment Order permits the Fund, among other things, to co-invest with certain affiliates of the Fund, the Adviser and the Sub-Advisers, subject to certain terms of conditions. Pursuant to the Co-Investment Order, the Fund may determine to participate or not to participate in certain co-investments, depending on whether the Adviser determines that the investment is in the Fund's best interest.

The Adviser or Sub-Advisers might purchase securities from underwriters or placement agents in which an affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit from the purchase through receipt of a fee or otherwise. The Adviser or Sub-Advisers will not purchase securities on behalf of the Fund from an affiliate that is acting as a manager of a syndicate or selling group. Purchases by the Adviser or Sub-Advisers on behalf of the Fund from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Man may face conflicts of interest when the Fund uses service providers affiliated with Man because Man receives greater overall fees when they are used.

The directors, officers, and employees of the Adviser, the Sub-Advisers and their affiliates may also buy and sell securities or other investments for their personal accounts, which may result in personal trading strategies that differ from those employed by the Fund. To reduce the potential for material adverse effects on the Fund from such personal trading activities, the Fund has adopted a Code of Ethics in accordance with Section 17(j) of the Investment Company Act. This Code of Ethics restricts securities trading in the personal accounts of individuals who have access to the Fund's portfolio information. The Code of Ethics is available on the SEC's EDGAR Database and can be obtained by email request.

Moreover, the Adviser, the Sub-Advisers or their affiliates may be deemed affiliates of certain portfolio companies if they hold similar positions in those companies, potentially leading to conflicts during restructuring or exit transactions. The Fund's ability to restructure or exit such investments may be limited by these affiliate relationships.

The Adviser or Sub-Advisers may come into possession of material, non-public information ("***Confidential Information***") about issuers of certain investments, including those under consideration by the Fund. The Adviser may choose to avoid receiving such Confidential Information to maintain flexibility in trading securities on behalf of the Fund. However, if the Adviser or Sub-Advisers unintentionally comes into possession of such information, it may be restricted from making investment decisions on behalf of the Fund for an extended period.

Finally, many of the Fund's portfolio investments, including loans and other private securities, are not publicly traded, and no market-based price quotations are available. The Board has delegated the responsibility for determining the fair value of such securities to the Adviser, as Valuation Designee, under its Valuation Procedures. This delegation may give rise to conflicts of interest, as the Adviser's compensation is tied to the value of the Fund's assets. In addition, certain investments, such as PIK and OID securities, may increase the value of portfolio holdings and thus increase the Adviser's fees.

In situations where multiple clients of the Adviser or Sub-Advisers hold positions in different parts of a company's capital structure, conflicts of interest may arise, particularly in the event of financial distress or insolvency. Actions taken by one client could be adverse to the interests of another client. For example, in a bankruptcy proceeding, one client's interests may be subordinated to another's based on their positions within the capital structure. The Adviser will seek to manage such conflicts in a fair manner, but divergent interests may lead to different outcomes for different clients.

By investing in the Fund, each shareholder acknowledges the existence of these potential conflicts of interest and waives any claims related to them, except as otherwise provided by federal securities law.

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**NET ASSET VALUE** 

The NAV of the Shares of an applicable class of the Fund will be computed based upon the value of the Fund's portfolio securities and other assets. The NAV per Share of each applicable class of the Fund will be determined as of the close of the regular trading session on the NYSE (normally 4:00 p.m., Eastern time) on each business day on which the NYSE is open for trading. The Fund calculates its NAV per Share of each class of Shares by subtracting the Fund's liabilities (including accrued expenses, dividends payable and any borrowings of the Fund) attributable to the particular class, from the Fund's total assets (the value of the securities the Fund holds plus cash or other assets, including interest accrued but not yet received) attributable to that class and dividing the result by the total number of Shares of the class outstanding.

As discussed in further detail herein, although the Fund will determine its NAV daily, such determinations of NAV are subject to valuation risk.

**Valuation of Fund Assets Generally** 

The Board has approved valuation procedures established by the Adviser pursuant to which the Fund will value its investments (the "***Valuation Procedures***"). The Fund's Valuation Procedures are overseen by a Pricing Committee and the Adviser, designated as the Valuation Designee under Rule 2a-5 of the Investment Company Act, is responsible for determining fair value when necessary. In accordance with the Valuation Procedures, the Fund's investments for which market quotations are readily available are valued at market value. Market values for various types of securities and other instruments are determined on the basis of closing prices or last sale prices on an exchange or other market, or based on quotes or other market information obtained from quotation reporting systems, established market makers, brokers, data delivery vendors, or pricing services. When market quotations are not readily available or are deemed to be unreliable, the Adviser values the Fund's investments at fair value as determined in good faith pursuant to the Valuation Procedures established by the Adviser, in its role as Valuation Designee under Rule 2a-5 under the Investment Company Act. See "*Risks – Valuation Risk*". The Valuation Procedures ensure that each asset held by the Fund is appropriately valued based on the best available information, in a manner that reflects the asset's fair value.

**Private Credit and Direct Loans.** On a quarterly or monthly basis, for direct loans or other private credit assets for which no market quotations are available, the fair value of the investment will be determined by the Adviser taking into account various factors, as relevant, as provided for in the Valuation Procedures. The Adviser may also utilize independent third party valuations if such valuations are deemed reliable. The Adviser will monitor direct loans or other private credit assets daily for any company specific events, market data movements, and secondary transactions and updated valuation in the event of a material change in valuation. See further discussion below in "*Fair Value Determinations*."

**Structured Credit**. Fair values for structured credit investments, including MBS, ABS, CDOs and CMOs are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information.

**Fixed Income Investments**. Fixed-income securities with readily available market quotations are generally valued based on their current market value. For these securities, the Fund uses market quotations provided by independent pricing services. If no market quotations are readily available, these pricing services may employ matrix pricing or valuation models, considering a variety of factors such as transaction data, credit quality, and general market conditions to determine a fixed income security's fair market value. These services may also

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utilize other inputs like yields or prices of comparable securities, dealer indications, and other relevant market data. For certain fixed income securities, fair value of the security may be determined in part on the basis of bid prices or by using the mid-price between bid and ask for certain fixed income markets. The Fund may also use amortized cost valuation for publicly traded debt obligations with 60 days or less remaining to maturity if market quotations are not readily available and if this method reasonably approximates fair value. Fixed-income securities such as asset-backed and mortgage-related securities may be valued using models that estimate cash flows and apply a benchmark yield with appropriate adjustments.

**Derivatives, Options, and Swaps**. Exchange-traded options, futures, and other derivatives are valued based on the last sale or settlement price provided by the exchange or board of trade on which they are traded. If no current market data is available, the Fund may use the quotes from at least two principal market makers or primary market dealers. 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.

**Equity Investments**. Publicly traded equity securities are valued using information obtained from independent pricing services, based on the closing price on the primary exchange where the security is listed. If no reliable market data exists, or the Adviser believes the price does not reflect the security's fair value, the Adviser will determine its fair value using appropriate fair value methodologies.

**Fair Value Determinations**. When market data is unavailable or unreliable, assets will be classified as "***Fair Value Assets***" and valued by the Adviser, as Valuation Designee, under the Valuation Procedures. The Adviser will value the Fund's investments with fair value methodologies that the Adviser believes to be consistent with those used by the Fund for valuing its investments. The fair value calculations will involve significant professional judgment by the Valuation Designee with the assistance of the Sub-Advisers in the application of both observable and unobservable attributes, which 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 borrower's ability to make payments based on its earnings and cash flow; (iii) the markets in which the underlying borrower 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. The Fund may also engage independent third-party pricing services and/or independent valuation firms, broker-dealers, or other market participants for assistance. The Adviser will attempt to obtain current valuation information from the borrower to value all fair valued investments, but it is anticipated that such information could be available on no more than a quarterly basis.

The Adviser may adjust the value of each of the Fund's assets daily, generally based on the most recent quarterly valuation and the estimated total return the investment is expected to generate, with assistance from one or more independent valuation firms, where applicable, and in accordance with the Valuation Procedures. These estimates are monitored regularly and updated as necessary for significant market related or investment specific events which would warrant a material change in valuation. 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. At the end of the quarter, each asset's value is adjusted, in accordance with the actual income and appreciation or depreciation realized by such loan, at the time the Fund's quarterly valuations are finalized.

**Fair Value Measurement Hierarchy**. The Fund's annual audited financial statements, which are prepared in accordance with U.S. Generally Accepted Accounting Principles ("***US GAAP***"), follow the requirements for valuation set forth in Financial Accounting Standards Board ("***FASB***") Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("***ASC 820***"), which defines and establishes a hierarchical disclosure framework for measuring fair value under US GAAP and expands financial statement disclosure requirements relating to fair value measurements.

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The Fund's fair value determinations are based on a three-level hierarchy, as defined by the FASB:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: Valuations based on unadjusted quoted prices in active markets that are accessible at the
measurement date for identical, unrestricted assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2: Valuations based on inputs, other than quoted prices included in Level 1, that are observable
either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3: Valuations based on inputs that are both significant and unobservable to the overall fair value
measurement.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

Fair value represents a good faith approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Fund's NAV, and the differences between the fair value of the assets and the prices at which those assets are ultimately sold may be significant. As a result, the Fund's sale or repurchase of its shares at NAV, at a time when a holding or holdings are valued at fair value, may have the effect of diluting or increasing the economic interest of existing shareholders. Information that becomes known to the Adviser and the Fund or its agents after the NAV has been calculated on a particular day will not be used to retroactively adjust the price of a security or the previously determined NAV.

Due to the nature of the Fund's portfolio and its substantial investments in loan investments, a significant proportion of its assets will fall within Level 3, where valuations are based on unobservable inputs or proprietary models.

Generally, ASC 820 and other accounting rules applicable to investment companies and various assets in which they invest are evolving and subject to change. Such changes may adversely affect the Fund. For example, the evolution of rules governing the determination of the fair market value of assets or liabilities to the extent such rules become more stringent would tend to increase the cost and/or reduce the availability of third-party determinations of fair market value. This may in turn increase the costs associated with selling assets or affect their liquidity due to the Fund's inability to obtain a third-party determination of fair market value.

Any errors in the calculation of NAV will be addressed and any pricing corrections will be made in accordance with the Fund's NAV Error Correction Policy

**Suspension of NAV Calculation**. In certain circumstances, such as market closures or extraordinary events, including, but not limited to 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, the Fund may temporarily suspend the calculation of NAV. During such periods, the Fund will not accept new subscriptions if the calculation of NAV is suspended, and the suspension of NAV may require the termination of a pending repurchase offer by the Fund (or the postponement of the Valuation Date for a repurchase offer). Calculation of the Fund's NAV will resume after the Adviser, in its discretion, determines that conditions no longer require suspension of the calculation of NAV.

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**DISTRIBUTIONS** 

The Fund declares distributions on a quarterly basis. The Fund distributes all or a portion of its net investment income to common shareholders. The Fund will pay common shareholders at least annually all or substantially all of its investment company taxable income. Distributions may also include net realized capital gains. The Fund pays any capital gains distributions at least annually. 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 month 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 Shares are accepted for repurchase in a quarterly repurchase offer, upon payment for such repurchased Shares, such repurchased 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 Shares of the Fund issued by the Fund in accordance with the Fund's dividend reinvestment plan unless an election is made to receive cash. See "*Dividend Reinvestment Plan.*"

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**DIVIDEND REINVESTMENT PLAN** 

The Fund will operate under a DRIP administered by BNY Mellon Investment Servicing (US) ("***BNY***"). Pursuant to the plan, the Fund's income dividends or capital gains or other distributions (each, a "***Distribution***" and collectively, "***Distributions***"), net of any applicable U.S. withholding tax, are reinvested in the same class of shares of the Fund.

Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the plan on behalf of such participating shareholder. A shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the DRIP at any time by providing written instructions to that effect to their financial intermediary through whom they hold Shares (such as a broker-dealer or bank) or, if the shareholder is a direct investor, to BNY. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by BNY 30 days prior to the record date of the Distribution or the shareholder will receive such Distribution in shares through the DRIP. For accounts held through a financial intermediary, shareholders should contact such financial intermediary directly for specific instructions on the process and timing required to make such changes. Under the DRIP, the Fund's Distributions to shareholders are automatically reinvested in full and fractional shares as described below.

When the Fund declares a Distribution, BNY, on the shareholder's behalf, will receive additional authorized shares from the Fund either newly issued or repurchased from shareholders by the Fund and held as treasury stock. The number of shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution by the Fund's NAV per share.

In the case of shareholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating under the DRIP, BNY will administer the DRIP 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 DRIP.

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

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

The Fund reserves the right to amend or terminate the DRIP. There is no direct service charge to participants with regard to purchases under the DRIP; however, the Fund reserves the right to amend the DRIP to include a service charge payable by the participants.

All correspondence concerning the DRIP should be directed to the shareholder's financial intermediary through whom they hold shares (such as a broker-dealer or bank) or, if the shareholder is a direct investor, to the Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc., at 103 Bellevue Parkway, Wilmington, Delaware 19809 or 508-871-9432.

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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 March 17, 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.

The Fund has received exemptive relief from the SEC to, among other things, issue multiple classes of Shares and to impose asset-based distribution fees and early-withdrawal fees as applicable. An investment in any 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 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 Shares are set forth in "*Plan of Distribution*."

There is currently no market for the Shares, and the Fund does not expect that a market for the 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 September 3, 2025.

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| | | |
|:---|:---|:---|
| **Title of Class** | **Amount Authorized** | **Amount Outstanding** |
|  Common shares of beneficial interest, par value $0.01 per share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class A Shares* | Unlimited | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Class I Shares* | Unlimited | 10000 |

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**Common Shares** 

Each Share has one vote and, when issued and paid for in accordance with the terms of this offering, will be fully paid and, under the Delaware Statutory Trust Act the purchasers of the Shares will have no obligation to make further payments for the purchase of the Shares or contributions to the Fund solely by reason of their ownership of the Shares, 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 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 Share amounts on such Class A Shares and Class I Shares if, as and when authorized and declared by the Board. Although an investment in any class of 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*."

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If and whenever Preferred Shares are outstanding, the holders of 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% 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) 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. All Shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights. The Fund will send annual and semi-annual reports, including financial statements, to all holders of its shares.

Unlike open-end funds, the Fund does not provide daily redemptions, and unlike traditional closed-end funds, the Shares are not listed on any securities exchange. The Fund is designed for long-term investors and an investment in the Shares, unlike an investment in a traditional listed closed-end fund, should be considered illiquid. Investors should not purchase the Shares if they intend to sell them soon after purchase. An investment in the Shares is not suitable for investors who need access to the money they invest. See "*Periodic Repurchase Offers and Transfers of Shares*."

**Preferred Shares** 

The Declaration of Trust provides that the Board may authorize and issue Preferred Shares, with rights as determined by the Board, by action of the Board without the approval of the holders of Shares. Holders of 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 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 and Sub-Advisers 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 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.

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*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 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' 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 Shares (one vote per share, unless otherwise required by the Investment Company Act) and will vote together with holders of 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. Any repurchase or purchase of Preferred Shares by the Fund would reduce the leverage applicable to the Shares, while any resale of the Shares by the Fund would increase that leverage.

*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 Agreement and Declaration of Trust. The Board, without the approval of the holders of 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 his or her rights in the Fund will be established and governed by the Declaration of Trust. A prospective investor and his or her 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 March 17, 2025, and will remain in existence until dissolved in accordance with the Fund's Declaration of Trust or pursuant to Delaware law.

**Purpose** 

Under the Declaration of Trust, 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 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 subject to the Fund's exemptive relief from the SEC, the Fund reserves the right to issue additional classes of shares in the future subject to fees, charges, repurchase rights, and other characteristics different from those of the Shares offered in this Prospectus.

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

Shares may only be transferred with consent from the Board. 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 Board or their delegate (which may be withheld in the Board's or their delegate's sole and absolute discretion). If a shareholder transfers Shares with the approval of the Board or their delegate, the Board or their delegate 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.

**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 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 (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. The Trustees may also fill vacancies caused by enlargement of their number or by the death,

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resignation or removal of a Trustee. The Declaration of Trust requires the affirmative vote of not less than seventy-five percent (75%) of the Shares of the Fund to approve, adopt or authorize an amendment to the Declaration of Trust that makes the Shares a "redeemable security" as that term is defined in the Investment Company Act, unless such amendment has been approved by a majority of the Trustees then in office, in which case approval by the vote of a majority of the outstanding voting securities, as defined in the Investment Company Act, is required, notwithstanding any provisions of the Bylaws. Upon the adoption of a proposal to convert the Fund from a "closed-end company" to an "open-end company", as those terms are defined by the Investment Company Act, and the necessary amendments to the Declaration of Trust to permit such a conversion of the Fund's outstanding Shares entitled to vote, the Fund shall, upon complying with any requirements of the Investment Company 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 Fund and any national securities exchange. 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 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; (ii) shareholders eligible to bring such derivative action under the Delaware Statutory Trust Act (the "***DSTA***") who hold at least ten percent (10%) of the outstanding Shares of the Fund or ten percent (10%) of the outstanding Shares of the Series or class to which such action relates, shall join in the request for the Trustees to commence such action; (iii) the Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim (the Trustees may retain counsel or other advisors in considering the merits of the request and shareholders making such request must reimburse the Fund for the expense of any such advisor if the Trustees determine not to take action); (iv) the Board may designate a committee of one Trustee to consider a shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue; and (v) any decision by the Trustees to bring, maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be made by the Trustees in good faith and shall be binding upon the shareholders. A shareholder may only bring a derivative action if shareholders owning not less than ten percent (10%) of the then outstanding Shares of the Fund or such series or class joins in the bringing of such court action, proceeding or claim. Notwithstanding the foregoing, however, such provision shall not apply to any claims arising under U.S. federal securities law.

Further, to the fullest extent permitted by Delaware law, shareholders may not bring direct actions against the Fund and/or the Trustees, except to enforce their rights to vote or certain rights to distributions or books and records under the DSTA, in which case a shareholder bringing such direct action must hold in the aggregate at least 10% of the Fund's outstanding Shares (or at least 10% of the class to which the action relates) to join in the bringing of such direct action. Notwithstanding the foregoing, however, such provision shall 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 provision shall 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 will be set by the Board in accordance with its bylaws. The Fund's bylaws provide that a majority of its entire Board may at any time increase or

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decrease the number of Trustees. The Fund's Declaration of Trust provides that the number of Trustees generally may not be less than one. 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 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 a Trustee may be removed from office (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.

The Fund has a total of four 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 will hold office until his or her successor is duly elected and qualified.

**Amendment of the Declaration of Trust** 

The Declaration of Trust may generally be amended, in whole or in part, with the approval of a majority of the Board (including a majority of the Independent Trustees, if required by the Investment Company Act) and without the approval of the shareholders unless the approval of shareholders is required under Investment Company Act or such an amendment would limit shareholder rights, as discussed in the Declaration of Trust.

**Term, Dissolution, and Liquidation** 

The Board may, without approval of the shareholders, determine to liquidate the Fund. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the classes of Shares of the Fund in accordance with the respective rights of such classes.

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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 Shares 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 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 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 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 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 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 Shares. No public market exists for the 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 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 Shares at NAV, pursuant to Rule 23c-3 of the Investment Company Act, reduced by any applicable repurchase fee.

Once each quarter, the Fund will offer to repurchase at NAV, less any repurchase fee, no less than 5% and no more than 25% of the outstanding Shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the Investment Company Act). 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 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 14th day after the Repurchase Request Deadline, or the next business day if the 14th day is not a business day (each a "***Repurchase Pricing Date***").

The timeline below summarizes the key dates in the repurchase process:

![LOGO](g891459g11g03.jpg)

**Determination of Repurchase Offer Amount** 

The Board, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "***Repurchase Offer Amount***") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will not be less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline. For each quarterly repurchase offer, the Fund currently expects to offer to repurchase 5% of the Fund's outstanding Shares at the NAV applicable to the class of Shares repurchased, 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 Shares for repurchase. The Shareholder Notification also will include the procedures on how to tender Shares for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline, the scheduled Repurchase

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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 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.

**Repurchase Price** 

The repurchase price of the 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 212-649-6804. 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** 

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 Shares that are consistent with the Investment Company Act, regulations thereunder and other pertinent laws.

There is no minimum number of 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 Shares not to exceed 2% of the outstanding 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 Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis, provided, that the Fund may accept all Shares tendered by persons who own, in the aggregate, fewer than 100 Shares and who tender all of their Shares, before prorating Shares tendered by others. Affiliates of the Fund may own 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 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 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 Shares than they wish to have repurchased in a particular quarter, increasing the likelihood of proration.

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

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**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.

**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 Board has adopted procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can comply with the repurchase policy and the liquidity requirements described in the previous paragraph.

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 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 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 Shares to (b) the subscription date immediately following the Repurchase Pricing Date used in the repurchase of such Shares. 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases resulting from death, qualifying disability or divorce;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due to trade or operational error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases of 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 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 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 Shares through bequest or inheritance, or, in the case of a trust, the

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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 Shares (through the repurchase of the 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 Shares, the request to have the 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** 

Except as otherwise described below, no person may become a substituted shareholder without the written consent of the Fund or its designated agents, which consent may be withheld for any reason in their sole discretion. Shares held by a shareholder may be transferred only:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with the written consent of the Fund or its designated agents, which may be withheld in its sole discretion.

Notice to the Fund of any proposed transfer of Shares must include satisfactory evidence that the proposed transferee meets any requirements imposed by the Fund with respect to investor eligibility and suitability, including the requirement that any investor (or investor's beneficial owners in certain circumstances) has a net worth immediately prior to the time of subscription of at least $1 million (not including the value of the primary residence as an asset nor indebtedness, up to such primary residence's fair market value, secured by such primary residence as a liability), meets certain annual income requirements, or is a bank or savings and loan association, etc. Notice of a proposed transfer of Shares must also be accompanied by a properly completed subscription agreement in respect of the proposed transferee, unless such requirement is waived by the Fund in its discretion. Consent to a transfer of Shares by a shareholder generally will not be granted unless the transfer is to a single transferee or, after the transfer of the Shares, the Share balance of each of the transferee and transferor is not less than $25,000 with respect to the Fund. A shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. In connection with any request to transfer Shares, the Fund may require the shareholder requesting the transfer to obtain, at the shareholder's expense, an opinion of counsel selected by the Fund or its agents as to such matters as may be reasonably requested.

Any transferee acquiring Shares by operation of law as the result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of a shareholder or otherwise will be entitled to the allocations and distributions allocable to the Shares so acquired, to transfer the Shares in accordance with the terms of the Declaration of Trust and to tender the Shares for repurchase by the Fund, but will not be entitled to the other rights of a shareholder unless and until the transferee becomes a substituted shareholder as specified in the Declaration of Trust. If a shareholder transfers Shares with the required approvals, the Fund will promptly take all necessary actions so that each transferee or successor to whom the Shares are transferred is admitted to the Fund as a shareholder.

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In subscribing for Shares, a shareholder agrees to indemnify and hold harmless the Fund, the Board, the Adviser, the Sub-Advisers, each other shareholder and any of their affiliates 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 those persons may become subject by reason of or arising from any transfer made by that shareholder in violation of these provisions or any misrepresentation made by that shareholder or a substituted shareholder in connection with any such transfer.

**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 a taxable event to common shareholders. See "*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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**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 Fund's 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 shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold the Fund's shares as capital assets. A U.S. shareholder is an individual who is, for U.S. federal income tax purposes, 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 Fund's 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 Fund's 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, and disposition of the Fund's 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) elect to be treated and qualify as a registered management company under the Investment Company Act at all times during the taxable year; (2) 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; (3) 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 (4) 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. 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 receive 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 OID (such as debt instruments with PIK 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 taxable year. However, the Fund is not permitted to carry forward net operating losses to subsequent 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 "***Excise Tax Distribution Requirements***"). 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), such as the Investment Funds, 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 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 investment 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 or 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 (including as the Fund ramps up its portfolio), 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.

The Fund may be required to liquidate positions in order to fund the repurchase of Shares. The Fund will seek to manage its ability to meet the RIC requirements in light of any asset liquidations necessary to repurchase shares. However, in some circumstances, repurchases could impact the Fund's ability to meet the above-described requirements. For example, amounts used to repurchase shares are unavailable for the Fund to use to meet its distribution requirements, or the disposition of Fund assets may affect its ability to continue to meet the asset diversification test described above. The Fund may also recognize gain in connection with its sale of Fund assets to fund Share repurchases. Any such gain would generally need to be distributed to shareholders to allow the Fund to satisfy its distribution requirements.

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**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.

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 Fund's 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 dividend reinvestment plan. 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 dividend reinvestment plan 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

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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 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 shares 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, and shareholders receiving distributions in the form of additional shares will receive a report as to the NAV of those shares.

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 IRS 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 the Fund's 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, exchange or other disposition of the Fund's 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

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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, exchange or other disposition of shares if the owner acquires (including pursuant to the dividend reinvestment plan) 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, exchange or other disposition 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 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 Fund's Shares should be treated as a sale or exchange of the Shares by a U.S. shareholder if the receipt of cash:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Fund's 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.

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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. 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

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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 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 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. Under current law, such expenses are not deductible by any such shareholder.

**Nature of the Fund's Investments** 

Certain of the Fund's 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 may 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

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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. 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, including PFICs and CFCs** 

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.

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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 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

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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.

**Tax Exempt Shareholders** 

Under current law, the Fund generally serves to prevent the attribution to shareholders of unrelated business taxable income ("***UBTI***") from being realized by its tax-exempt shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a tax-exempt Shareholder could realize UBTI by virtue of its investment in Shares if such tax-exempt Shareholder borrows to acquire its Shares.

**Foreign Shareholders** 

U.S. taxation of a shareholder who is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "foreign 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 foreign shareholder, distributions of investment company taxable income will be subject to a U.S. tax of 30% (or lower treaty rate), 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 foreign shareholder, and that satisfy certain other requirements. Nevertheless, in the case the Fund's 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 foreign 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 foreign 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 foreign 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 or

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exchange of shares will be subject to U.S. federal income tax at the graduated rates applicable to U.S. citizens, residents or domestic corporations. Foreign 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) unless the foreign shareholder certifies his or her foreign status under penalties of perjury or otherwise establishes an exemption.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein.

Foreign shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

**Additional Withholding Requirements** 

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "***FATCA***"), a 30% United States 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 United States "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 United States owners or provides the name, address and taxpayer identification number of each such substantial United States 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 Fund's 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 foreign 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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**PLAN OF DISTRIBUTION** 

**Common Shares** 

The Fund is authorized to offer two separate classes of Shares designated as Class A Shares and Class I Shares. The Fund has received an exemptive order permitting the multi-class structure ("***Multi-Class Exemptive Relief***"). The Fund may in the future register and include other classes of Shares in the offering.

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 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, the Sub-Advisers, Man 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 Shares. See "*Share Class Considerations*" below.

**Distributor** 

ACA Foreside, located at Three Canal Plaza, Suite 100, Portland, ME 04101, acts as the distributor of the Fund's Shares, pursuant to the distribution agreement (the "***Distribution Agreement***"), on a reasonable best efforts basis, subject to various conditions.

Under the Distribution Agreement, the Distributor's responsibilities include, but are not limited to, selling Shares of the Fund upon the terms set forth in this Prospectus and making arrangements for the collection of purchase monies or the payment of purchase proceeds. The Distributor also may enter into agreements with Dealers for the sale and servicing of the 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 Shares or tender the Shares for repurchase, or otherwise transact business with the Fund. Class A Shares and Class I Shares are not subject to a sales load; however, investors may be required to pay brokerage commissions on purchases or sales of the 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 Shares in addition to any fees imposed by the Fund. See "*-Class A Shares-Sales Load*" below.

**Minimum Investments** 

The following investment minimums apply for purchases of the Shares:

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|:---|:---|:---|
|  | **Class A<br>Shares** | **Class I<br>Shares** |
|  Minimum Initial Investment | $2500 | $250000 |
|  Minimum Subsequent Investment | $1000 | $1000 |

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The $250,000 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employees, officers and directors/trustees of Man or its affiliates and immediate family members of such persons,
if they open an account directly with Man.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 initial investment for purchasing Class I Shares may be waived for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clients investing through Dealers or other financial intermediaries that offer Class I Shares on a platform
that charges a transaction based sales commission outside of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax-qualified accounts for insurance agents that are registered
representatives of an insurance company's broker-dealer that has entered into an agreement with the Distributor to offer Class I Shares, and the family members of such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The minimum initial investment for each class of Shares may be modified or waived by the Fund and the Distributor
for the Trustees and certain employees of Man, including its affiliates, vehicles controlled by such Trustees and employees and their extended family members. There is no minimum subsequent investment for the Shares.

**Share Class Considerations** 

The Fund offers two classes of Shares: Class A Shares and Class I Shares. When selecting a share class, investors should consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which share classes are available to an investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount an investor intends to invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how long an investor expects to own the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Shares. In addition, Dealers may vary the actual sales load charged, if applicable, as well as impose additional fees and charges on each class of Shares. If an investor's Dealer offers more than one class of Shares, they should carefully consider which class of Shares to purchase.

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**Intra-Fund Share Class Conversions** 

Subject to the conditions set forth in this paragraph, shares of one class of the Fund may be converted into (i.e., reclassified as) shares of a different class of the Fund at the request of a shareholder's financial intermediary. 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 the Fund's prospectus and the SAI). Also, shares are not eligible to be converted until any applicable contingent deferred sales charge ("***CDSC***") period, if any, has expired. 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 shares received during a conversion will be based on the relative NAV of the 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, with respect to Class I Shares, distribution fees. Because the Class I Shares are sold at the prevailing NAV of the applicable class without an upfront sales load, the entire amount of an investor's purchase is invested (subject to any transaction fee charged by a selling agent or other financial intermediary).

**Class A Shares** 

*Sales Load* 

*Class A*. 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 or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% 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 that accrues at an annual rate equal to 0.50% of the applicable class's average daily net assets. For Class A Shares, 0.25% of the shareholder servicing and distribution fee is a shareholder servicing fee and the remaining portion is a distribution fee. 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 0.50%, 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. For Class A Shares, 0.25% of the shareholder servicing and distribution fee is a shareholder servicing fee and the remaining portion is a distribution fee.

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Shareholder services may include, but are not limited to, the following functions: (i) answering shareholder inquiries regarding account status and history, the manner in which purchases, exchanges and repurchases of Shares may be effected and certain other matters pertaining to the shareholders' investments; (ii) receiving, aggregating and processing shareholder orders; (iii) furnishing shareholder sub-accounting; (iv) providing and maintaining elective shareholder services such as check writing and wire transfer services; (v) providing and maintaining pre-authorized investment plans; (vi) communicating periodically with shareholders; (vii) acting as the sole shareholder of record and nominee for shareholders; (viii) maintaining accounting records for shareholders; (ix) answering questions and handling correspondence from shareholders about their accounts; (x) issuing confirmations for transactions by shareholders; (xi) performing similar account administrative services; (xii) providing such shareholder communications and recordkeeping services as may be required for any program for which a Service Organization is a sponsor that relies on Rule 3a-4 under the Investment Company Act (i.e., a "wrap fee" program); and (xiii) providing such other similar services as may reasonably be requested to the extent a Service Organization is permitted to do so under applicable statutes, rules, or regulations. The shareholder servicing and/or distribution fee may be spent by the Distributor for the services rendered to holders of Class A Shares as set forth above, but will generally not be spent by the Distributor on recordkeeping charges, accounting expenses, transfer costs or custodian fees.

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 Shares of the Fund.

The Distributor acts as the distributor of the 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 Shares of the Fund. The 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. 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 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 Shares. The 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 Shares. Neither the Adviser, the Sub-Advisers, the Distributor nor the Dealers intend to make a market in the Fund's Shares.

**Acceptance and Timing of Purchase Orders** 

A purchase order received 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 effected at the NAV determined on the next business day. However, orders received by certain retirement plans and other financial firms on a business day prior to the close of the NYSE and communicated to the Fund or its designee prior to such time as agreed upon by the Fund and financial firm will be effected at the NAV determined on the business day the order was received by the financial firm. 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

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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 will be accepted only on days which the Fund is open for business. For shares purchased through the Distributor, 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 Shares through the Distributor, please call 212-649-6804.

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 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 Shares. The sale of 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. 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 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. 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 or in the amount of calculation. Payments of Additional Compensation may

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be fixed dollar amounts or, 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.

*Servicing Arrangements* 

The Fund's 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 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, Sub-Advisers and/or their affiliates may make payments to Dealers for the shareholder services provided. These payments are made out of the Adviser's or Sub-Advisers' 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, the Sub-Adviser and/or their 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, event support and 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 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 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.

*Other Payments to Dealers* 

Some or all of the servicing fees described above are paid or "reallowed" to the Dealer, including their financial advisors through which shareholders purchase their Shares.

The Distributor and/or its affiliates may from time to time make payments and provide other incentives to selected Dealers as compensation for services such as providing the Fund with "shelf space" or a higher profile for the Dealers' financial advisors and their customers, placing the Fund on the Dealers' preferred or recommended fund list, granting the Distributor access to the Dealers' financial advisors and furnishing marketing support and other specified services. These payments may be significant to the Dealers.

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A number of factors will be considered in determining the amount of these payments to Dealers. On some occasions, such payments may be conditioned upon levels of sales, including the sale of a specified minimum dollar amount of the shares of the Fund, other funds sponsored by the Distributor and/or a particular class of shares, during a specified period of time. The Distributor and/or its affiliates may also make payments to one or more Dealers based upon factors such as the amount of assets a Dealer's clients have invested in the Fund and the quality of the Dealer's relationship with the Distributor, the Adviser, Sub-Advisers and/or their affiliates.

To the extent the additional payments described above are made, such additional payments would be made from the Distributor's and/or its affiliates' own assets (and sometimes, therefore referred to as "revenue sharing") pursuant to agreements with Dealers and would not change the price paid by investors for the purchase of the Fund's Shares or the amount the Fund will receive as proceeds from such sales. These payments may be made to Dealers (as selected by the Distributor) that have sold significant amounts of Shares of the Fund.

The Distributor and/or its affiliates, and their respective employees and representatives may make payments or reimburse Dealers for sponsorship and/or attendance at conferences, seminars or informational meetings (event support), provide Dealers or their personnel with occasional tickets to events or other entertainment, meals, and small gifts (other non-cash compensation) and make financial contributions pertaining to sales incentives and contests, each to the extent permitted by applicable law, rules and regulations.

In addition, wholesaler representatives of the Distributor visit Dealers on a regular basis to market and educate financial advisors and other personnel about the Fund. These payments, reimbursements and activities may provide additional access to financial advisors at these Dealers, which may increase purchases and/or reduce repurchases of Fund Shares.

The Distributor and/or its affiliates also may pay Dealers for certain services including technology, operations, tax, audit or data consulting services, and may pay such Dealers for the Distributor's attendance at investment forums sponsored by such Dealers or for various studies, surveys, or access to databases.

If investment advisers, distributors or affiliates of investment companies make payments and provide other incentives in differing amounts, Dealers and their financial advisors may have financial incentives for recommending a particular fund over other funds. In addition, depending on the arrangements in place at any particular time, a Dealer and its financial advisors may also have a financial incentive for recommending a particular share class over other share classes, to the extent applicable. A shareholder who holds Shares through a Dealer should consult with the shareholder's financial advisor and review carefully any disclosure by the Dealer as to its compensation received by the financial advisor.

Although the Fund may use Dealers that sell Shares to effect transactions for its portfolio, the Fund, the Adviser and the Sub-Advisers will not consider the sale of Shares as a factor when choosing Dealers to effect those transactions.

For further details about payments made by the Distributor to Dealers, please see the Statement of Additional Information.

**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 212-649-6804. 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 240 Greenwich 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.

BNY Mellon Investment Servicing (US) Inc., whose principal business address is 103 Bellevue Parkway, Wilmington, Delaware 19809, serves as the Fund's transfer agent with respect to the Shares.

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**ADMINISTRATION AND ACCOUNTING SERVICES** 

The Administrator provides certain administration and accounting services to the Fund pursuant to an Administration and Accounting Services Agreement (the "***Administration Agreement***"). Pursuant to the Administration Agreement, the Administrator will provide, or oversee the performance of, administrative and compliance services, including, but not limited to, overseeing the calculation of NAV, and generally managing the administrative affairs of the Fund. In consideration for its administrative services, the Fund will reimburse the Administrator for costs and expenses incurred in performing its obligations and providing personnel and facilities under the Administration Agreement, including the costs and expenses charged by The Bank of New York Mellon for sub-administrator services.

The Bank of New York Mellon serves as the sub-administrator for the Fund (the "***Sub-Administrator***") pursuant to a sub-administration agreement with the Administrator. For these services it provides to the Fund, the Sub-Administrator is paid a fee indirectly from the Fund by the Administrator based on the average monthly NAV of the Fund, subject to a minimum annual fee, as well as certain other fixed, per-account or transactional fees (the "***Sub-Administration Fees***"). The Sub-Administration Fees are paid to the Sub-Administrator indirectly out of the assets of the Fund and therefore decrease the net profits or increase the net losses of the Fund. The Fund also indirectly reimburses the Sub-Administrator for certain out-of-pocket expenses, such as, but not limited to, fair valuation services, travel and expenses for attendance at board or special meetings, external legal or consulting costs and other expenses unique to a country in which the Fund is investing.

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**LEGAL MATTERS** 

Simpson Thacher & Bartlett LLP, 900 G Street NW, Washington, DC 20001, serves as counsel to the Fund.

Certain legal matters in connection with the Shares have been passed upon for the Fund by Richards, Layton & Finger, PA, 920 N King St, Wilmington, DE 19801.

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**PRIVACY PRINCIPLES OF THE FUND** 

The Fund is committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help shareholders understand what personal information the Fund collects, how the Fund protects that information, and why in certain cases the Fund may share such information with select other parties.

The Fund will seek to limit its collection of non-public personal information to that which is reasonably necessary for legitimate business purposes. The Fund will not disclose non-public personal information except in accordance with its policies and procedures, as permitted or required by law, or as authorized in writing by the client or investor. The Fund will never sell non-public personal information.

With respect to non-public personal information, the Fund will strive to: (a) ensure the security and confidentiality of the information; (b) protect against anticipated threats and hazards to the security and integrity of the information; and (c) protect against unauthorized access to, or improper use of, or loss, destruction or damage to the information. The Firm's Head of Compliance Americas (the "***Privacy Officer***") or designee is responsible for overseeing the administration these policies and procedures. The Privacy Officer is notified promptly of any threats to, or improper disclosure of, non-public personal information.

Non-public personal information will be restricted to employees who have a need to know such information. The Fund maintains physical, electronic and procedural safeguards designed to protect the non-public personal information of its shareholders.

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## Man Alternative Income Fund
**Class A Shares** 

**Class I Shares** 

**PROSPECTUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2025** 

All dealers that buy, sell or trade Shares, whether or not participating in this offer, may be required to deliver a prospectus when acting on behalf of the Distributor.

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**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 SEPTEMBER 26, 2025** 

## Man Alternative Income Fund
**STATEMENT OF ADDITIONAL INFORMATION** 

Man Alternative Income 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 "***Shares***") does not constitute a prospectus, but should be read in conjunction with the prospectus relating thereto dated , 2025 (the "***Prospectus***"). This SAI, which is not a prospectus, 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 212-649-6804. Investors may also obtain a copy of the Prospectus on the Securities and Exchange Commission's (the "***SEC***") website (<u>http://www.sec.gov</u>). 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 , 2025.** 

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**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [Investment Objective and Policies](#addtx891459_1) | 1 |
|  [Additional Risk Factors](#addtx891459_2) | 3 |
|  [Management of the Fund](#addtx891459_3) | 42 |
|  [Distribution of Fund Shares](#addtx891459_4) | 50 |
|  [Portfolio Transactions and Brokerage](#addtx891459_5) | 54 |
|  [Description of Shares](#addtx891459_6) | 55 |
|  [Tax Matters](#addtx891459_7) | 56 |
|  [Custodian and Transfer Agent](#addtx891459_8) | 68 |
|  [Independent Registered Public Accounting Firm](#addtx891459_9) | 69 |
|  [Control Persons and Principal Holders of Securities](#addtx891459_10) | 70 |
|  [FINANCIAL STATEMENTS](#addtx891459_11) | F-1 |
|  [APPENDIX A-1 SUMMARY PROXY VOTING POLICIES AND PROCEDURES OF MAN GLG US, MAN GLG UK, MAN GPM AND MSL](#addtx891459_11a) | A-1-1 |
|  [APPENDIX A-2 PROXY VOTING POLICIES AND PROCEDURES OF MAN VARAGON](#addtx891459_11b) | A-2-1 |
|  [APPENDIX B FINANCIAL STATEMENTS](#addtx891459_12) | B-1 |

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**INVESTMENT OBJECTIVE AND POLICIES** 

The fundamental policies of the Man Alternative Income Fund (the "***Fund***"), which are listed below, may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund. No other policy is a fundamental policy of the Fund, except as expressly stated. At the present time the Fund's common shares of beneficial interest (the "***Shares***") are the only outstanding voting securities of the Fund. As defined by the Investment Company Act of 1940, as amended (the "***Investment Company Act***"), the vote of a "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of the shareholders of the Fund, duly called, (i) of 67% or more of the Shares represented at such meeting, if the holders of more than 50% of the outstanding Shares are present in person or represented by proxy or (ii) of more than 50% of the outstanding Shares, whichever is less. Within the limits of the fundamental policies of the Fund, the management of the Fund has reserved freedom of action.

*Fundamental Policies:* 

The Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. borrow money and issue senior securities (as defined under the Investment Company Act), except as prohibited
under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the Securities and Exchange Commission
("  ***SEC***") from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. underwrite securities issued by other persons, except as prohibited under the Investment Company Act, the rules
and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. make loans, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except
as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. purchase or sell commodities or real estate, except as prohibited under the Investment Company Act, the rules
and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. not concentrate investments in a particular industry or group of industries, as concentration is defined under
the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in securities
issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities or tax-exempt obligations of state or municipal governments and their
political subdivisions.

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. With respect to the Fund's investments in structured products and pooled investment vehicles, the Fund generally does not consider the issuers of such investments to be part of an industry or group of industries for purposes of determining compliance with the Fund's concentration policy; however, for purposes of determining compliance with the policy, the Fund may consider such an investment to be part of a particular industry or group of industries to the extent that the underlying or reference securities, instruments or assets are focused within a specific industry or group of industries. The Fund will not "look through" its investment in a joint venture for purposes of determining compliance with the Fund's concentration policy. The Fund treats joint venture interests as interests in a separate portfolio company and determines compliance with its industry concentration policy on that basis. It is possible that interpretations of concentration could change in the future. A fund that invests a significant

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percentage of its total assets in a single industry may be particularly susceptible to adverse events affecting that industry and may be riskier than a fund that does not concentrate in an industry.

With respect to these investment restrictions and other policies described in the Prospectus or SAI, if a percentage restriction is adhered to at the time of an investment or transaction, a later change in percentage resulting from a change in the values of investments or the value of the Fund's total assets, unless otherwise stated, will not constitute a violation of such restriction or policy.

In addition to the above, the Fund has adopted the following additional fundamental policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it will make quarterly repurchase offers for no less than for 5% and not more than 25% (except as permitted by
Rule 23c-3 under the Investment Company Act ("  ***Rule 23c-3***") of the Shares outstanding at per-class net
asset value ("  ***NAV***") per Share (measured on the repurchase request deadline) less any repurchase fee, unless suspended or postponed in accordance with regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each repurchase pricing date 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.

**THE FUND MAY CHANGE ITS INVESTMENT OBJECTIVES, POLICIES, RESTRICTIONS, STRATEGIES, AND TECHNIQUES.** 

Except as otherwise indicated, the Board of Trustees (the "***Board***," and each of the trustees on the Board, a "***Trustee***") may change the Fund's investment objectives and any of its investment policies, restrictions, strategies, and techniques without shareholder approval. The investment objectives of the Fund are not a fundamental policy of the Fund and may be changed by the Fund's Board without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify shareholders of any changes to its investment objectives or any of its investment policies, restrictions or strategies.

The following investment limitations of the Fund are non-fundamental and may be changed by the Board without shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund may purchase or sell financial and physical commodities, commodity contracts based on (or relating to)
physical commodities or financial commodities and securities and derivative instruments whose values are derived from (in whole or in part) physical commodities or financial commodities.

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**ADDITIONAL RISK FACTORS** 

The following information supplements the discussion of the Fund's investment objective, policies, techniques and 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.

***Reliance on the Investment Adviser and Sub-Advisers to Employ the Fund's Strategies.*** In pursuing its investment objectives and employing the strategies described in the Prospectus, Man Solutions LLC ("***Man Solutions"* **or the "***Adviser***"), the Fund's Adviser, employs a dynamic, multi-asset credit strategy, allocating capital across investment opportunities within the public, private and structured credit markets that are managed by affiliated Sub-Advisers (as such term is defined below). Allocation decisions are made by the Adviser across investment "sleeves" within the Fund's portfolio. Each sleeve focuses on a specific credit asset class and/or investment style and is managed by a specialist investment team within one or more of the Fund's Sub-Advisers. The asset classes of each investment sleeve within the portfolio are expected to primarily fall within three general categories: "Private Credit", "Structured Credit" and "Public Credit". Each of these investment sleeves will be managed by a specialist investment team within an affiliated sub-adviser (each, a "***Sub-Adviser"* **and, together, the "***Sub-Advisers***") ****with expertise in implementing that specific sleeve. The Fund's Sub-Advisers are GLG LLC ("***Man GLG US***"), ****GLG Partners LP ("***Man GLG UK***"), Varagon Capital Partners L.P. ("***Man Varagon***"), Man Global Private Markets (USA) Inc. ("***Man GPM***") ****and Man Solutions Limited ("***MSL***"). ****The Adviser maintains primary responsibility for allocating Fund assets to the investment sleeves managed by the Sub-Advisers and will select and determine the percentage of Fund assets to allocate to each sleeve. The Fund's assets will be allocated among various investment sleeves managed by the Sub-Advisers in percentages determined at the discretion of the Adviser with inputs and recommendations to the Adviser regarding such allocations by MSL. There can be no assurances that the decisions made by the Adviser to allocate assets to certain investment sleeves will produce the desired results or expected returns for the Fund, which may cause the Fund to not meet its investment objective. The Adviser seeks to make allocation decisions that are intended to capture the best available investment opportunities across Private Credit, Structured Credit and Public Credit, but there can be no assurances that the Adviser's assessments of the relative attractiveness of various investment opportunities will be correct, or that the Adviser will be able to identify the most attractive investment opportunities in a given time period. Even though the Sub-Advisers are subject to certain constraints, the Sub-Advisers may change certain aspects of their investment strategies or techniques. The investment strategies, techniques, and risk analyses employed by the Sub-Advisers, while designed to enhance potential returns, may not produce the desired results or expected returns, which may cause the Fund to not meet its investment objective, or underperform its benchmark index or funds with similar investment objectives and strategies. The Sub-Advisers may be incorrect in their assessments of the values of securities or instruments in which they invest or in their assessments of market trends, which can result in losses to the Fund.

***Debt and Fixed-Income Securities Risk***. As further described herein and/or in the Prospectus, the debt or fixed-income securities in which the Fund may invest are subject to certain risks, including issuer and spread risk, credit risk, call risk, prepayment risk, reinvestment risk and duration and maturity risk. Each of these risks could negatively impact the value of the Fund's debt or fixed-income securities investments.

***U.S. Government Securities Risk***. ****Certain U.S. government securities, such as U.S. Treasury bills, notes, bonds, and mortgage-related securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks ("***FHLBs***") or the Federal Home Loan Mortgage Corporation ("***FHLMC***"), are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association ("***FNMA***"), are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others are supported only by the credit of the agency, instrumentality or corporation. U.S. government securities are subject to market risk, interest rate risk and credit risk. Although legislation has been

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enacted to support certain government sponsored entities, including the FHLBs, FHLMC and FNMA, there is no assurance that the obligations of such entities will be satisfied in full, or that such obligations will not decrease in value or default. It is difficult, if not impossible, to predict the future political, regulatory or economic changes that could impact the government sponsored entities and the values of their related securities or obligations. In addition, certain governmental entities, including FNMA and FHLMC, have been subject to regulatory scrutiny regarding their accounting policies and practices and other concerns that may result in legislation, changes in regulatory oversight and/or other consequences that could adversely affect the credit quality, availability or investment character of securities issued by these entities. Yields available from U.S. government debt securities are generally lower than the yields available from other debt securities. The values of U.S. government securities change as interest rates fluctuate.

U.S. government debt securities generally involve lower levels of credit risk than other types of fixed income securities of similar maturities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from such other securities. Like other fixed income securities, the values of U.S. debt securities change as interest rates fluctuate. Any downgrades by rating agencies could increase volatility in both stock and bond markets, result in higher interest rates and higher Treasury yields and increase borrowing costs generally. These events could have significant adverse effects on the economy generally and could result in significant adverse impacts on securities issuers and the Fund. The Adviser and/or Sub-Advisers cannot predict the effects of these or similar events in the future on the U.S. economy and securities markets or on the Fund's portfolio.

Periodically, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities, cause the credit rating of the U.S. government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury and other securities, and/or increase the costs of various kinds of debt. If a government-sponsored entity is negatively impacted by legislative or regulatory action (or lack thereof), is unable to meet its obligations, or its creditworthiness declines, the performance of a fund that holds securities of the entity will be adversely impacted.

***Foreign (Non-U.S.) Government Securities Risk***. The Fund's investments in debt obligations of foreign (non-U.S.) governments or their sub-divisions, agencies and government sponsored enterprises and obligations of international agencies and supranational entities (together "***Foreign Government Securities***") can involve a high degree of risk. The foreign governmental entity that controls the repayment of debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. A governmental entity's willingness or ability to repay principal and interest due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental entity's policy towards the International Monetary Fund and the political constraints to which a governmental entity may be subject. Foreign governmental entities also may be dependent on expected disbursements from other governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on the implementation of economic reforms and/or economic performance and the timely service of such debtor's obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds to the foreign governmental entity, which may further impair such debtor's ability or willingness to timely service its debts. Consequently, foreign governmental entities may default on their debt. Holders of Foreign Government Securities may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective legal remedies for collecting on such debt. These risks are particularly severe with respect to the Fund's investments in Foreign Government Securities of emerging market countries. Among other risks, if the Fund's investments in Foreign Government Securities issued by an emerging market country need to be liquidated quickly, the Fund could sustain significant transaction costs. Also,

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governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth, and which may in turn diminish the value of the Fund's holdings in emerging market Foreign Government Securities and the currencies in which they are denominated and/or pay revenues.

***Sovereign Government and Supranational Debt Risk.*** Investments in sovereign debt, including supranational debt, involve special risks. Foreign governmental issuers of debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or pay interest when due. In the event of default, there may be limited or no legal recourse in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Political conditions, especially a sovereign entity's willingness to meet the terms of its debt obligations, are of considerable significance. The ability of a foreign sovereign issuer, especially an emerging market country, to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer's balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves.

A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. If a sovereign issuer cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks, and multinational organizations. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Foreign investment in certain sovereign debt is restricted or controlled to varying degrees, including requiring governmental approval for the repatriation of income, capital or proceeds of sales by foreign investors. There are no bankruptcy proceedings similar to those in the U.S. by which defaulted sovereign debt may be collected.

***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. Corporate bonds of below investment grade quality are subject to the risks described in the Prospectus.

***Foreign Currency Risks***. The Fund may hold assets and make borrowings denominated in foreign currencies and may acquire assets or make borrowings denominated in other foreign currencies, which exposes the Fund to foreign currency risk. As a result, a change in foreign currency exchange rates may have an adverse impact on the valuation of the Fund's assets or liabilities, as well as the Fund's income and cash flows. As a result of foreign currency fluctuations, the value of the Fund's liabilities and expenses may increase or the value of the Fund's assets and income may decrease due to factors outside of the Fund's control, which can have a negative effect on the Fund's NAV and cash available for distribution. Any such changes in foreign currency exchange rates may impact the measurement of such assets or liabilities for purposes of maintaining the Fund's ability to comply with the requirements needed to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "***Code***") or the requirements under the Investment Company Act. The Fund may seek to hedge against currency exchange rate fluctuations by using financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the Investment Company Act, but there is no guarantee such efforts will be successful and such hedging strategies create additional costs.

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***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 and/or Sub-Advisers will consider such an event in determining whether the Fund should continue to hold the security.

***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. The Fund may, from time to time or over time, focus its private credit investments in a particular industry or sector or select industries or sectors. Investment performance of such industries or sectors may thus at times have an out-sized impact on the performance of the Fund. The Fund's investments are also subject to the risks associated with investing in private securities. 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. 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. The Fund's portfolio companies may be leveraged, often as a result of leveraged buyouts or other recapitalization transactions, and often will not be rated by national credit rating agencies.

***Competition Risk.*** The Fund competes for investments with other investment funds and a variety of other investors (including private credit funds, mezzanine funds, performing and other credit funds, funds that invest in CLOs, structured notes, derivatives and other types of collateralized securities and structured products, specialty finance companies, real estate investment trusts), as well as traditional financial services companies such as commercial banks and other sources of funding. These other investment funds and other investors might be reasonable investment alternatives to the Fund and may be less costly or complex with fewer and/or different risks than the Fund has. Some of the Fund's competitors may have a lower cost of funds and access to funding sources that are not available to the Fund, such as the U.S. government. As a result of these new competitors entering the financing markets in which the Fund operates, competition for investment opportunities in U.S. private companies may intensify. The Fund may lose investment opportunities if it does not match its competitors' pricing, terms or structure. If the Fund is forced to match its competitors' pricing, terms or structure, it may not be able to achieve acceptable returns on its investments or may bear substantial risk of capital loss. With respect to corporate direct lending, a significant part of the Fund's competitive advantage stems from the fact that the market for investments in U.S. private companies is underserved by traditional commercial banks and other financial sources. A significant increase in the number and/or the size of the Fund's competitors in this target market could force the Fund to accept less attractive investment terms. Furthermore, many of the Fund's competitors have greater experience operating under, or are not subject to, the regulatory restrictions that the Investment Company Act imposes on the Fund as an investment company.

***Privately-held Companies and the Lack of Available Information About These Companies Risk.*** The Fund expects to invest a substantial portion of its assets in privately-held companies. Investments in private companies pose significantly 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. 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 the Fund's investments and, in turn, on the Fund. Third, the investments themselves tend to be less liquid. As such, the Fund may have difficulty exiting an investment promptly or at a desired price prior to

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maturity or outside of a normal amortization schedule. As a result, the relative lack of liquidity and the potential diminished capital resources of the Fund's target portfolio companies may affect the Fund's investment returns. Fourth, these companies frequently have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tends to render them more vulnerable to competitors' actions and changing market conditions, as well as general economic downturns. Fifth, these companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. Sixth, limited public information generally exists about private companies. Seventh, these companies may not have third-party debt ratings or audited financial statements. The Fund must therefore rely on the ability of the Adviser and/or Sub-Advisers to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. The Adviser and/or Sub-Advisers 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 things, and these estimates may be based on limited information and may otherwise be inaccurate, causing the Adviser and/or Sub-Advisers to make different investment decisions than it may have made with more complete information. These private companies and their financial information are not subject to the Sarbanes-Oxley Act and other rules that govern public companies. If the Fund is unable to uncover all material information about these companies, the Fund may not make a fully informed investment decision, and it may lose money on its investments.

***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.

Various state licensing requirements could apply to the Fund with respect to investments in, or the origination and servicing of, loans and similar assets. The licensing requirements could apply depending on the location of the borrower, the location of the collateral securing the loan, or the location where the Fund, Adviser or Sub-Advisers operate or have offices. In states in which it is licensed, the Fund, Adviser or Sub-Advisers will be required to comply with applicable laws and regulations, including consumer protection and anti-fraud laws,

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which could impose restrictions on the Fund's or Adviser's ability to take certain actions to protect the value of its investments in such assets and impose compliance costs. Failure to comply with such laws and regulations could lead to, among other penalties, a loss of the Fund's, Adviser's or Sub-Advisers' license, which in turn could require the Fund to divest assets located in or secured by real property located in that state. These risks will also apply to issuers and entities in which the Fund invests that hold similar assets, as well as any origination company or servicer in which the Fund owns an interest.

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.

***Loans Risk.*** The loans that the Fund may invest in include loans that are first lien, second lien, third lien or that are unsecured. In addition, the loans the Fund invests in may be rated below investment grade or may also be unrated. Loans are subject to a number of risks described elsewhere in the prospectus, including credit risk, liquidity risk, below investment grade instruments risk and management risk.

Although certain loans in which the Fund may invest will be secured by collateral, there can be no assurance that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal. In the event of the bankruptcy or insolvency of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan. In the event of a decline in the value of the already pledged collateral, if the terms of a loan do not require the borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower's obligations under the loans. To the extent that a loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the borrower. Those loans that are under-collateralized involve a greater risk of loss.

Loans are not registered with the SEC, or any state securities commission, and are not listed on any national securities exchange. There is less readily available or reliable information about most loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act of 1933, as amended (the "***Securities Act***") or registered under the Exchange Act. No active trading market may exist for some loans, and some loans may be subject to restrictions on resale. A secondary market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to realize full value and thus cause a material decline in the Fund's NAV. In addition, the Fund may not be able to readily dispose of its loans at prices that approximate those at which the Fund could sell such loans if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. During periods of limited supply and liquidity of loans, the Fund's yield may be lower.

Some loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of loans.

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If legislation of state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default.

If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the loan may be adversely affected.

The Fund may acquire loans through assignments or participations. The Fund will typically acquire loans through assignment. 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, the purchaser's rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral.

A participation typically results in a contractual relationship only with the institution selling the participation interest, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. Certain participation agreements also include the option to convert the participation to a full assignment under agreed upon circumstances. The Adviser and Sub-Advisers have adopted best execution procedures and guidelines to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a loan through a participation.

In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement 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. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the borrower or the quality of the loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the loan than the Fund expected when initially purchasing the participation.

The Fund also may originate loans or acquire loans by participating in the initial issuance of the loan as part of a syndicate of banks and financial institutions, or receive its interest in a loan directly from the borrower.

***Senior Secured Loans and Senior Secured Bonds Risk.*** There is a risk that any collateral pledged by portfolio companies in which the Fund has taken a security interest may decrease in value over time or lose its entire value, 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. Such risks have become more pronounced due to interest rate and market volatility. To the extent the Fund's debt investment is collateralized by the securities of a portfolio company's subsidiaries, such securities may lose some or all of their value in the event of the bankruptcy or insolvency of the portfolio company. Also, in some circumstances, the Fund's security interest may be contractually or structurally subordinated to claims of other creditors. In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied by deterioration in the value of the collateral for the debt. Secured debt that is under-collateralized involves a greater risk of loss. In addition, second lien debt is granted a second priority security interest in collateral, which means that any realization of collateral will generally be applied to pay senior secured debt in full before second lien debt is paid. 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

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unitranche loan with respect to payment of principal, interest and other amounts. Consequently, the fact that debt is secured does not guarantee that the Fund will receive principal and interest payments according to the debt's terms, or at all, or that the Fund will be able to collect on the debt should it be forced to enforce its remedies.

***Junior and Subordinated Debt Risk.*** The Fund may invest in loans or debt instruments that are subordinated or otherwise junior in an issuer's capital structure. Investments in subordinate debt securities may be unsecured and subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured and/or subject the Fund to a "first loss" subordinate holder position relative to other lenders. The ability of the Fund to influence a company'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 terms of subordinated intercreditor agreements, senior creditors will typically be able to block the acceleration of the mezzanine debt or other exercises by the Fund of its rights as a creditor. Accordingly, the Fund may not be able to take the steps necessary to protect its investments in a timely manner or at all. Further, the ability of a borrower to make payments on the loan underlying these securities is dependent primarily upon the successful operation of the property rather than upon the existence of independent income or assets of the borrower. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit and any classes of securities junior to those in which the Fund invests, it will not be able to recover all of its investment in the securities purchased. Investments in subordinate securities have a higher risk of loss and credit default than investments in more senior securities and subordinated tranches absorb losses from default before other more senior tranches are put at risk. Mezzanine debt securities (as well as other more senior securities) are also subject to other creditor risks, including (i) the possible invalidation of an investment transaction as a "fraudulent conveyance" under relevant creditors' rights laws, (ii) so-called lender liability claims by the issuer of the obligations, and (iii) environmental liabilities that may arise with respect to collateral securing the obligations. The securities the Fund invests in may be subject to early redemption features, refinancing options, pre-payment options, or similar provisions which, in each case, could result in the issuer repaying the principal on an obligation held by the Fund earlier than expected, resulting in a lower return to the Fund than estimated. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity securities may become worthless.

The Fund may invest in subordinated debt or "mezzanine" debt investments, and such investments and the Fund's remedies with respect thereto, including the ability to foreclose on any collateral securing such investments, will be subject to the rights of holders of more senior tranches in an issuer's capital structure and, to the extent applicable, contractual inter-creditor, co-lender and participation agreement provisions.

Investments in subordinated debt involve greater credit risk of default and loss than the more senior classes or tranches of debt in an issuer's capital structure. Subordinated tranches of debt instruments (including mortgage-backed securities) absorb losses from default before other more senior tranches of such instruments, which creates a risk particularly if such instruments (or securities) have been issued with little or no credit enhancement or equity. To the extent the Fund invests in subordinate debt instruments (including mortgage-backed securities), the Fund would likely receive payments or interest distributions after, and must bear the effects of losses or defaults on, the senior debt (including underlying mortgage loans, senior mezzanine debt or senior commercial mortgage-backed securities ("***CMBS***") bonds) before, the holders of other more senior tranches of debt instruments with respect to such issuer. The Fund's investments will be affected, where applicable, by (i) the relative payment priorities of the respective classes of instruments or securities issued by portfolio companies (or affiliates thereof), (ii) the order in which the principal balances of such respective classes with balances will be reduced in connection with losses and default-related shortfalls, and (iii) the characteristics and quality of the underlying loans in the Fund.

***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

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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 and Sub-Advisers 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 and Sub-Advisers may, in accordance with their 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 and Sub-Advisers 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.

***Real Estate-Related Investments***. All real estate-related investments are subject to some degree of risk. The loans in which the Fund and/or the Subsidiaries intend to invest are secured by various types of properties (income-producing and otherwise), and there are certain risks that are generally applicable to loans secured by all of those property types. The repayment of a real estate loan is typically dependent upon the ability of the applicable property to produce cash flow if tenanted or will be dependent on prevailing real estate values in specific markets if expected to be sold vacant. The liquidation value of a cash-flowing property is determined, in substantial part, by the amount of the property's cash flow (or its potential to generate cash flow). However, net operating income and cash flow can be volatile and may be insufficient to cover debt service on the loan at any given time.

With residential real estate, there is a risk of house price depreciation, which could affect the borrower's ability to repay a loan.

The risks associated with real estate investment and real estate finance include, but are not limited to: (a) declines in the value of real estate, in re-letting success, rental levels or occupancy/vacancy rates; (b) risks related to the financial stability of any tenants with respect to an investment; (c) risks related to general and local economic conditions; (d) dependency on management skills of the borrower or third-party property management firm; (e) risk depending on the timing of cash flows from the underlying mortgage properties; (f) possible lack of available mortgage funds to refinance the mortgage loans at maturity; (g) overbuilding; (h) increases in property taxes and operating expenses, including energy costs; (i) changes in zoning laws and other governmental rules, regulation and fiscal policies; compliance with existing legal and regulatory requirements, including environmental controls and regulations; (j) ability of a property owner to pay leasing commissions, provide adequate maintenance and insurance, pay tenant improvement costs and make other tenant concessions; (k) expenses incurred in the clean-up of environmental problems; (l) costs and delays involved in enforcing rights of a property owner against tenants that default under the terms of leases or seek protection of bankruptcy laws; (m) casualty or condemnation losses, including where liability and casualty insurance does not provide full protection; (n) changes in interest rates and the availability of credit to refinance such loans at or prior to maturity; (o) risks related to disputes over the interpretation or enforceability of loan documents adding to costs and delays as well as claims by third parties (either public or private), including legal action arising out of investments, including for third party losses; (p) market liquidity risks, including refinancing risk at maturity, or legal or other restrictions on transfer; (q) risks and costs associated with workout negotiations with respect to non-performing investments; (r) terrorist threats and attacks; (s) social unrest and civil disturbances; and (t) weather and other acts of God.

It is expected that the properties that are the subject of the investment loans will be located in the United States. Geographic concentration may exacerbate the risks described herein.

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***Insured Losses; Uninsurable Losses****.* The Adviser and/or Sub-Advisers expect to require, prior to lending on a given real estate asset, that the owner or property manager of the real estate that will be collateral for an investment obtain suitable comprehensive liability, fire and extended coverage insurance for the property of the types and in the amounts customarily obtained for similar properties. Some losses (e.g., terrorism or acts of God), however, may be either uninsurable or not economically insurable. Should an uninsured or underinsured loss occur, the Fund or the Subsidiaries, as applicable, could suffer losses, including loss of interest income and repayment of principal.

***Recourse on the Investment Loans is Limited to the Mortgaged Properties and Other Collateral Securing the investment loans****.* The investment loans are not anticipated to be insured or guaranteed by any governmental agency or instrumentality or, except as provided below, any other person or entity. All of the investment loans are non-recourse to the related borrowers (which have no material assets other than the related mortgaged property) and its principals. Each investment loan is expected to have the benefit of a non-recourse carve out guaranty from a creditworthy affiliate of the borrower which covers various "bad acts" by the borrower and its affiliates, including generally, fraud, misappropriation of funds, transfer violations and bankruptcy filings by the borrower. In addition, each investment loan is expected to have the benefit of an environmental indemnity from the borrower and a creditworthy affiliate of the borrower which covers violations of environmental laws and other related environmental liabilities. There may be other guarantees, including completion guarantees, in connection with investment loans depending on the type of loan that is being made, but there can be no assurance that any such guarantees will cover all potential liabilities and whether the guarantors will be creditworthy at the time the guaranty is enforced.

Investors should assume that recourse in the case of a default on investment loan will be limited to the related mortgaged property or mortgaged properties and any other assets, if any, that were pledged to secure repayment of such investment loan. ****

***Collateral Risk****.* Although obtaining collateral from counterparties and any collateral management system implemented is intended to help mitigate the Fund's and the Subsidiaries potential exposure to a default by or the insolvency of a counterparty, such risks cannot be completely removed. The collateral provided may not be sufficient to meet the counterparty's obligations for a number of reasons. In addition, the value of the underlying real estate provided as collateral will not have a live quoted price.

There is no guarantee that the collateral will be correctly and accurately valued. To the extent that the collateral is not correctly valued, the Fund may suffer a loss. Even if the collateral is correctly valued, the collateral may decrease in value between the time of default or insolvency of the counterparty and the time at which title to the collateral is obtained. The risk of a decrease in the value of collateral may be greater for illiquid assets (specifically real estate), due to the length of time it may take to obtain title to such assets, and such assets may comprise all or a significant portion of the collateral provided.

***Collateral Operational Risk****.* While the collateral management process will be monitored by the Sub-Adviser, to the extent that the management process is not correctly adhered to and implemented the Fund may suffer a loss in the event of default or insolvency of the counterparty.

***Collateral Arrangements Generally****.* The Fund and/or the Subsidiaries may be required to implement certain collateral arrangements, including in accordance with applicable laws and regulations to which either the Fund, the Subsidiaries or counterparties with whom the Fund and/or the Subsidiaries trade may be subject.

The Fund and/or the Subsidiaries may also be required to post collateral for the benefit of counterparties. In such circumstances, less of the Fund's and/or the Subsidiaries portfolios will be available for the investment objective of the Fund than may have otherwise been the case. As such, the overall return to the Fund may be

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reduced by the collateral arrangements. The Sub-Adviser does not believe the Fund or the Subsidiaries are required to post any collateral under the current regulatory circumstances.

A collateral management agent may be appointed to assist with the management of collateral and in the case of such appointments the fees of such agent would be payable out of the assets of the Fund or the relevant Subsidiary or as otherwise agreed.

***Risks Particular to Office Properties****.* Certain of the mortgaged properties securing the investment loans may be mixed use properties with an office component.

A large number of factors may adversely affect the value of office properties, including (i) the quality of an office building's tenants; (ii) an economic decline in the business operated by the tenants; (iii) the physical attributes of the building in relation to competing buildings (e.g., age, condition, design, appearance, location, access to transportation and ability to offer certain amenities, such as sophisticated building systems and/or business wiring requirements); (iv) the physical attributes of the building with respect to the technological needs of the tenants, including the adaptability of the building to changes in the technological needs of the tenants; (v) the diversity of an office building's tenants (or reliance on a single or dominant tenant); (vi) the desirability of the area as a business location; (vii) the strength and nature of the local economy, including labour costs and quality, tax environment and quality of life for employees; and (viii) an adverse change in population, patterns of telecommuting or sharing of office space, and employment growth (all of which affect the demand for office space).

Various factors affect the viability of office properties, including location, local, regional and national economic conditions and increased competition. The success of an office property is dependent to a certain extent on the quality of the location of the property, which affects the accessibility of the property to potential customers and population centers. In addition, adverse developments in the local, regional and national economies can affect the ability of a landlord to incur the cost of providing services at an office property, and the ability of a landlord to provide services to an office property can have a significant effect on the success of the property. Increased competition in the market of an office property through the addition of competing properties nearby or otherwise can adversely impact the success of an office property, even if (and possibly because) the local, regional and national economies are doing well. Further, technological developments can affect the viability of office properties by rendering facilities obsolete or by reducing the size of the workforce necessary to perform office tasks, thus reducing demand for office space.

***Risks Particular to Retail Properties****.* Certain of the mortgaged properties securing the investment loans may be mixed use properties with a retail component.

Various factors affect viability of retail properties, including location, local, regional and national economic conditions and increased competition. The success of a retail property is dependent to a certain extent on the quality of the location of the property, including the accessibility of the property to potential customers and the volume of consumer traffic at the property. In addition, adverse developments in the local, regional and national economies affect consumer spending and can have a significant effect on the success of a retail property. Further, increased competition in the market of a retail property through the addition of competing properties nearby can adversely impact the success of a retail operation, even if the local, regional and national economies are doing well.

Certain tenants at the mortgaged property may be paying rent but are not yet in occupancy or have signed leases but have not yet started paying rent and/or are not yet in occupancy. There can be no assurance that the rate of occupancy at the stores will remain at the current levels or that the net operating income contributed by the mortgaged property will remain at its current or past levels.

Borrowers and property managers of mortgaged properties may currently own, and in the future property managers of mortgaged properties and affiliates of borrowers may develop or acquire, additional properties and

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lease space in other properties in the same market areas where a mortgaged property is located. The property managers at a mortgaged property also may manage competing properties. None of the property managers or any other party has any duty to favour the leasing of space in the mortgaged property over the leasing of space in other properties, one or more of which may be adjacent to, or near the mortgaged property.

Retail properties also face competition from sources outside a given real estate market. Factory outlet centres, discount shopping centres and clubs, video shopping networks, catalogue retailers, home shopping networks, direct mail, Internet selling and telemarketing all compete with more traditional retail properties for consumer dollars. Continued growth of these and other alternative retail outlets could adversely affect the rents collectible at the mortgaged property secured by retail properties. Increased competition could adversely affect income from and market value of such mortgaged property.

***Risks Related to Ground Leases.*** Leasehold interests are subject to certain risks not associated with mortgage loans secured by a lien on the fee estate of the borrower. The most significant of these risks is that if the related borrower's leasehold were to be terminated upon a lease default, the Fund and/or the Subsidiary would lose its security in the leasehold interest. 

***The Borrowers' Forms of Entity May Cause Special Risks.*** Special purpose entities ("***SPEs***") are generally used in commercial loan transactions to address certain requirements of institutional lenders. In order to reduce the possibility that an SPE will be the subject of bankruptcy proceedings, an SPE's organisational documents and/or the applicable loan documentation include certain SPE covenants that are intended to limit the entity's exposure to claims of outside creditors other than those contemplated by the loan transaction. The loan documentation and governing organisational documents generally require that each of the borrowers maintain themselves as single purpose entities limited in their activities to the ownership or leasing of only the related mortgaged property or mortgaged properties and limited in their ability to incur additional indebtedness or liability for the obligations of other entities. Each borrower is required to observe additional covenants and conditions that are typically required in order for them to be viewed under rating agency criteria as "special purpose entities". The requirements generally include the appointment of one or more independent directors, managers or other similar persons whose vote is required before the applicable borrower files a voluntary bankruptcy or insolvency petition or otherwise institutes insolvency proceedings, and may only be replaced by certain other independent successors. Single purpose and special purpose covenants and conditions are intended to lessen the possibility that a borrower's financial condition would be adversely impacted by factors unrelated to the mortgaged properties and the investment loan. However, certain borrowers have owned or leased other properties or assets that could expose them to additional risk and otherwise may not comply with such covenants. Also, although a borrower may currently be a single purpose entity, in certain cases the borrowers were not originally formed as single purpose entities, but at origination of the related investment loan their organisational documents were amended. Any such borrower may have previously owned property other than the related mortgaged property and may not have observed all covenants that typically are required to consider a borrower a "single purpose entity." Furthermore, the bankruptcy of a borrower or a general partner or managing member of a borrower may impair the ability of the Fund to enforce its rights and remedies under the related mortgage. No assurance can be given that the borrowers have complied or will comply with these special purpose requirements, and even if all or most of such restrictions have been and will be complied with by the borrowers, there can be no assurance that the borrowers will not become subject to voluntary or involuntary bankruptcy proceedings, whether on the basis of circumstances related to the mortgaged properties and the investment loan or otherwise.

The terms of the borrowers' organisational documents and the terms of the loan documentation limit the borrowers' activities to the ownership of only the related mortgaged property or mortgaged properties or equity interests, as applicable, and performance of their obligations under the loan documentation and limit the borrowers' ability to incur additional indebtedness other than certain trade debt, equipment financing and other unsecured debt relating to its operations. Such provisions are designed to mitigate the possibility that a borrower's financial condition would be adversely impacted by factors unrelated to the mortgaged property and the investment loan. However, there can be no assurance that the borrowers will comply with such requirements.

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Any borrower, even an entity structured as a special purpose entity, as an owner of real estate, will be subject to certain potential liabilities and risks. No assurance can be given that any borrower will not become subject to a voluntary or involuntary bankruptcy proceeding, or that a bankruptcy proceeding involving any borrower or any of its affiliates will not have an adverse effect on the performance or NAV of the Shares.

***Bankruptcy Considerations****.* Numerous statutory provisions, including federal bankruptcy law and state laws affording relief to debtors could interfere with and delay the ability of the Servicer to obtain payments on the related investment loan, to realise on the mortgaged properties and/or enforce a deficiency judgment against the borrower.

Although the organisational documents of each of the borrowers will contain provisions designed to mitigate the risk of a bankruptcy filing by such party, risks associated with a borrower's or its affiliate's bankruptcy cannot be eliminated.

Although the requirement of having independent directors, managers or trustees is designed to mitigate the risk of a voluntary bankruptcy filing by solvent borrowers, the independent directors, managers or trustees may determine that a bankruptcy filing is an appropriate course of action to be taken by such borrowers. Such determination might take into account the interests and financial condition of such borrowers' parent entities, the sponsors or the sponsors' affiliates in addition to the interests and financial condition of the borrowers, such that the financial distress of the sponsors or another affiliate of a borrower might increase the likelihood of a bankruptcy filing by a borrower. There can be no assurance that a borrower will not file for bankruptcy protection, that creditors of a borrower will not initiate a bankruptcy or similar proceeding against such borrower or that, if initiated, a bankruptcy case of the borrower would be dismissed.

***Risks Relating to Assumption of the Investment Loans****.* Pursuant to each loan agreement, the borrowers may have the right, subject to the satisfaction of certain conditions, to transfer any or all of the mortgaged property securing the related investment loan to a qualified transferee that would assume the obligations of the borrower under the related investment loan. The value of a mortgaged property may be strongly affected by the management skills, quality and judgment of their owner. There can be no assurance that the management skills, quality or judgment of any qualified transferee and their equity holders will be equivalent to that of the related borrower and their equity holders and that the value of the related mortgaged property will be maintained at the same level by any qualified successor borrower.

***Limitations on Real Estate Lenders Imposed by State and Other Laws; Risks Associated with Foreclosure****.* The investment loans will be secured by the mortgages on the related borrowers' fee or leasehold interest in the mortgaged properties.

Each investment loan, subject to certain limited exceptions set forth in the real estate loan documentation, consists of obligations of the borrowers, whose only assets are the mortgaged properties and related assets. Accordingly, in the event that funds generated by the operations of the mortgaged properties are not sufficient to pay debt service on the related investment loan or in the event that the remaining principal cannot be paid on the

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scheduled maturity date of the investment loan, or upon any other event of default under the real estate loan documentation, recourse is available only to the mortgaged properties and such other assets that have been pledged to secure the investment loan. The borrowers will not have, and should not be expected in the future to have, any significant assets other than the mortgaged properties. If the collateral securing an investment loan is insufficient to make payments on such investment loan, the timing and amount of payments on the investment loan and the NAV of the Shares will be adversely affected.

In the event of a foreclosure, or other enforcement action, any management agreement then in place is expected to be subordinated to the related investment loan and the Fund and/or the relevant Subsidiary will generally have the right to terminate the manager of the property, in some cases following the expiration of a transition period during which a replacement property manager is installed and operations of the related mortgaged property are transferred to such replacement property manager. During such transition period, if any, the manager of the related mortgaged property will be required to stay in place and manage the related mortgaged property so long as the Fund and/or the Subsidiary (or the new owner of the related mortgaged property) is reasonably pursuing a new management arrangement for the related mortgaged property and the manager is compensated for its services. There is a high risk of a disruption in operations and possible lapse in quality when the related mortgaged property experiences a change in ownership, operators, or key leadership personnel, particularly in the transition period immediately following such changes.

Foreclosure or other enforcement action in respect of any of the mortgages could be an expensive and lengthy process and could lead to an indefinite delay in recovery of amounts owed under the related investment loan. The liquidation value of the mortgaged properties may be adversely affected by risks generally incident to interests in the real property and other factors which are beyond the control of the Servicer, including the risks of decreases in prevailing real property values in the local market. Delays in the liquidation of a defaulted loan may extend the final repayment of principal of that loan. In the case of defaults, recovery of proceeds may be delayed or impaired by, among other things, adverse conditions in the local market generally or the market for the types of properties specifically. There can be no assurance that the Fund and/or a Subsidiary would recover all amounts owed under the related investment loan or upon a foreclosure and subsequent sale of the mortgaged properties.

State laws may interfere with the ability of the Servicer to accelerate an investment loan upon an event of default, and of the Servicer, on behalf of the Fund and/or a Subsidiary, to enforce the mortgages, the assignments of leases and rents and the other collateral agreements. Such laws also may limit any deficiency judgment following a foreclosure to the excess of the outstanding debt over the fair market value of the property foreclosed upon. Deficiency, subject to limitations, may be sought in power of sale proceedings. In addition, several jurisdictions (including the state of California) have laws that prohibit more than one "judicial action" to enforce a mortgage obligation, and some courts have construed the term "judicial action" broadly. Accordingly, the Servicer will generally be required to obtain advice of counsel prior to enforcing any of the Fund's and/or the Subsidiary's rights under the investment loans that include properties where the rule could be applicable. Because of various state laws governing foreclosure, judicial sale or a power of sale and because, in general, foreclosure and judicial sale actions are brought in state court and the courts of one state cannot exercise jurisdiction over property in another state, it may be necessary during an event of default to foreclose the mortgages against the related mortgaged properties in states where such "one action" rules apply (and where non judicial foreclosure is permitted) before foreclosing on properties located in states where judicial foreclosure is the only permitted method of foreclosure. In addition, certain state laws may limit the recovery from a particular property located within that state, after the foreclosure of one or more other properties, to the difference between the amount of the outstanding indebtedness and the "value" of the property or properties previously foreclosed, as opposed to the actual amounts recovered in such foreclosure or foreclosures. Foreclosure or other enforcement actions of the mortgages would be an expensive and lengthy process and could lead to an indefinite delay in recovery of amounts owed under the investment loans. Such delays are likely to be increased with respect to certain of the investment loans due to the fact that (i) the mortgaged properties are located in several states jurisdictions and (ii) a separate foreclosure action or other enforcement action will need to be brought within each state. Separate actions may also be required within a particular state because certain mortgaged properties

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are located in different counties within that state. The liquidation value of the mortgaged properties may be adversely affected by the federal income tax requirements for qualification as "foreclosure property" and by risks generally incident to interests in real property. There can be no assurance that the Servicer would recover all amounts owed under the investment loans upon a foreclosure or other enforcement action and subsequent sale of the related mortgaged properties.

***Prepayments****.* Generally, prepayments on the investment loans will be influenced by the prepayment provisions of the related mortgage notes and may also be affected by a variety of economic, geographic and other factors, including the difference between the rates of interest on the investment loans (giving consideration to the cost of refinancing) and prevailing mortgage rates and the availability of refinancing. In general, if prevailing spreads to common indices fall significantly below the spreads on the investment loans, the rate of prepayment on the investment loans would be expected to increase. A declining trend in fixed interest rates offered for new mortgages could also lead borrowers to refinance their floating rate investment loans to lock in relatively low fixed rates. Rising rates on floating rate mortgage loans could lead to high levels of prepayments and defaults.

In certain instances, the investment loans require the payment of prepayment premiums or other prepayment charges ("***Prepayment Charges***") upon a principal prepayment. The obligation to pay a Prepayment Charge in connection with any prepayment of an investment loan could act as a deterrent to a borrower's desire or ability to so prepay or repay its investment loan. In certain states, there are or may be specific limitations upon the late charges which the Fund and/or a Subsidiary may collect from a borrower for delinquent payments. Certain states also limit the amounts that the Fund and/or a Subsidiary may collect from a borrower as an additional charge if the loan is prepaid. The enforceability, under the laws of a number of states of provisions providing for Prepayment Charges upon, or prohibition of, an involuntary prepayment is unclear, and no assurance can be given that, at the time a prepayment charge is required to be made on the investment loan in connection with an involuntary prepayment, the obligation to make such payment, or the provisions of any such prohibition, will be enforceable under applicable state law. The absence of a restraint on prepayment, particularly with respect to investment loans having higher interest rates, may increase the likelihood of refinancing or other early retirements of the investment loan.

None of the Fund, the Subsidiaries or the Sub-Adviser are aware of any relevant publicly available or authoritative statistics with respect to the historical prepayment experiences of commercial mortgage loans. However, the rate at which voluntary prepayments occur on a mortgage loan will be affected by a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the terms of the mortgage loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the length of any prepayment lockout period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the level of prevailing interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the availability of mortgage credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any applicable Prepayment Charges and the extent to which the mortgage loan terms may be practically enforced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the related lender's ability to enforce those charges or premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the failure to meet certain requirements for the release of escrows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the occurrence of casualties or natural disasters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) economic, demographic, tax, legal or other factors.

Provisions requiring yield maintenance premiums may not be enforceable in some states and under federal bankruptcy law. Those provisions also may be interpreted as constituting the collection of interest for usury purposes. Accordingly, there can be no assurance that the obligation to pay a Prepayment Charge will be enforceable. Also, there can be no assurance that foreclosure proceeds will be sufficient to pay an enforceable Prepayment Charge.

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The NAV of the Shares could also be adversely affected if investment loans with higher spreads to floating interest rates pay faster than investment loans with lower spreads to floating interests rates.

Delays in liquidations of defaulted investment loans, and modifications, and the exercise of options to extend the maturity of the investment loans will extend the timing of receipt of principal of the investment loans. Because certain of the investment loans are expected to have balloon payments and because the ability of the related borrower to pay the entire principal balance of such an investment loan at maturity typically will depend upon its ability either to refinance the investment loan or to sell the related mortgaged property, there is a risk that such investment loan will default at maturity, and that, following such a default, the Servicer may extend the maturity of one or more investment loans in connection with an investment loan workout. In the case of defaults, recovery of proceeds may be delayed by, among other things, bankruptcy of the borrower or adverse conditions in the market where the mortgaged property is located. None of the Servicer or the Fund and/or a Subsidiary or any other person will have any obligation to advance balloon payments on investment loans.

Certain of the investment loans may provide that the related borrower may extend its initial schedule maturity date if certain conditions set forth in the applicable loan documentation are met. Such conditions generally require that no event of default exist under the investment loan and that the related borrower give written notice of its intention to extend the scheduled maturity date. In addition, in all such cases where the related investment loan is a floating rate loan (unless the interest rate swap was initially purchased for the entire term of the loan assuming the exercise of the applicable extension options), the related borrower must also cause its interest rate swap to be extended to (or obtain a new interest rate swap expires no earlier than) the extended scheduled maturity date.

***Other Risks Associated with Investment Loans****.* Other risks associated with investment in investment loans include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) redevelopment and renovation of mortgaged properties may negatively affect net operating income and payment of
an investment loan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) cash receipts from mortgaged properties that are not required to be deposited directly into lockbox accounts
could be diverted by property managers or borrowers or such funds could become subject to a bankruptcy of such property managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) environmental issues may adversely affect investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) a borrower's obligation to make a balloon payment could increase the risks of a default at maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) other additional indebtedness payable from cashflow from the mortgaged properties may increase risks relating
to investment in the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) zoning compliance issues could adversely affect the mortgaged properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) appraisals and inspections are not guarantees of the value or condition of the mortgaged properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) debt acceleration clauses, permitting the Fund and/or a Subsidiary to accelerate the debt upon a default of the
borrower, may be subject to limitations on enforceability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) terrorist attacks and US military action could adversely affect a mortgaged property's revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) yield maintenance charges, prepayment premiums or spread maintenance payments may not be enforceable in certain
states or under federal bankruptcy law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) the investment loan sellers are subject to bankruptcy or insolvency laws that may affect the Fund's
and/or a Subsidiary's ownership of the investment loans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) litigation against borrowers may adversely affect property performance.

***Due Diligence Risk****.* Before the Fund or a Subsidiary makes an investment, the Adviser and/or the relevant Sub-Adviser will arrange for such due diligence to be conducted that it deems reasonable and appropriate based

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on the facts and circumstances applicable to each investment. The objective of the due diligence process will be to identify attractive investment opportunities based on the facts and circumstances surrounding an investment. There can be no assurance that the due diligence process carried out with respect to any investment opportunity will reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity or that such investigation will result in an investment being successful.

***Issues Around Security Arrangements.*** The security arrangements under a loan in which the Fund and/or an Subsidiary has invested may not have been properly created or perfected, or may be subject to other legal or regulatory restrictions. While the Fund and the Subsidiaries will invest in secured loans, the security arrangements in relation to such loans will be subject to such security having been correctly created and perfected and any applicable legal or regulatory requirements which may restrict the giving of security by a borrower under a loan, such as, for example, thin capitalisation, over-indebtedness, financial assistance and corporate benefit requirements. If the loans in which the Fund and/or the Subsidiaries invest do not benefit from the expected security arrangements this may affect the value of the investments.

***Fraud***. In purchasing loans and debt securities there is the possibility of material misrepresentation or omission on the part of the borrower. Such inaccuracy or incompleteness may adversely affect the valuation of the collateral underlying a debt security or may adversely affect the likelihood that a lien on such collateral has been properly created and perfected. Unless it has actual knowledge of such fraud or misrepresentation, the Adviser and/or Sub-Advisers rely upon the accuracy and completeness of representations made by borrowers but cannot guarantee such accuracy or completeness. Under certain circumstances, payments to the Fund and/or the Subsidiaries may be reclaimed if any such payment or distribution is later determined to have been made with an intent to defraud creditors, a fraudulent conveyance or a preferential payment. ****

***Certain Collateral Arrangements Could Be Challenged as Fraudulent Transfers***. Although no investment loan is expected to be cross-collateralized with any other investment loans, one or more investment loans may be secured by multiple properties with multiple borrowers. Cross-collateralization arrangements involving more than one borrower could be challenged as fraudulent conveyances by creditors of the related borrower in an action brought outside a bankruptcy case or, if the borrower were to become a debtor in a bankruptcy case, by the borrower's representative.

A lien granted by a borrower could be avoided if a court were to determine that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the borrower was insolvent when it granted the lien, was rendered insolvent by the granting of the lien, was
left with inadequate capital when it allowed its mortgaged property or properties to be encumbered by a lien securing the entire indebtedness, or was not able to pay its debts as they matured when it granted the lien; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the borrower did not receive fair consideration or reasonably equivalent value when it allowed its mortgaged
property or properties to be encumbered by a lien securing the entire indebtedness.

Among other things, a legal challenge to the granting of the liens may focus on the benefits realised by that borrower from the respective investment loan proceeds, as well as the overall cross-collateralization. If a court were to conclude that the granting of the liens was an avoidable fraudulent conveyance, that court could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subordinate all or part of the pertinent mortgage loan to existing or future indebtedness of that borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) recover prior payments made under that investment loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take other actions detrimental to the Fund, including, under certain circumstances, invalidating the investment
loan.

In addition, when multiple real properties secure a mortgage loan, the amount of the mortgage encumbering any particular one of those properties may be less than the full amount of the related aggregate mortgage loan

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indebtedness, to minimise recording tax. This mortgage amount is generally established at 100% to 150% of the appraised value or allocated loan amount for the mortgaged property and will limit the extent to which proceeds from the property will be available to offset declines in value of the other properties securing the same mortgage loan.

***Lender Licensing****.* Neither the Fund nor the Subsidiaries intend to become a licensed lender in any of the jurisdictions in which they make loans. To the extent that it is determined that the Fund or any subsidiary is required to become licensed as a lender in any such jurisdiction, the Fund or such subsidiary may be subject to certain penalties which could adversely affect the vehicle.

***End Borrower Risk****.* A borrower's liquidity profile and ability to complete a project with the required equity may also impact loan payments and the eventual outcome of a loan.

***Originator Risk.*** Whole loans are purchased from originators who may be serving in an asset management function with the borrowers. Originators either self-service loans or use a third party servicer approved by the Adviser and/or Sub-Advisers. The financial health of an originator/servicer could deteriorate, requiring a servicing transfer or the Adviser and/or Sub-Advisers to become more directly involved with end borrowers, which may create a disruption.

***Variable Rate Loans****.* The Fund and/or the Subsidiaries may acquire debt investments that provide for adjustments in the interest rate associated with such debt investment at various monthly, annual or other intervals. With respect to debt that is based on variable interest rates, the Fund and the Subsidiaries are subject to the risk that such interest rates may decline which would reduce the amounts payable to the Fund and/or the applicable Subsidiary with respect to such variable rate loans and in turn reduce the amounts available for repayment to the Fund and/or the Subsidiaries under the investments.

***Secondary Market Sales.*** In the event of substantial redemptions from the Fund, the Adviser and/or Sub-Advisers may be forced to sell the remaining assets of the Fund and/or the Subsidiaries on the secondary market and the relevant Subsidiary may be forced to accept a discount from a purchaser willing to provide immediate liquidity and relieve the Subsidiary from holding the assets being sold to maturity. This may result in assets being sold at "fire-sale" prices and material losses to the Shareholders. Furthermore, any such sale may require the consent of the applicable borrower, which may delay such sale and the return of proceeds to the Shareholders. Alternatively, in order to avoid selling assets at "fire-sale prices" and incurring material losses, the liquidation of the remaining assets of the Fund and/or the Subsidiaries may take a significant amount of time.

***Negotiation of Loan Purchase Agreements****.* The nature of the loan documentation entered into by the Fund and/or the Subsidiaries may involve a high degree of complexity and negotiation, including in relation to negotiation of secondary market purchase or sales. There can be no assurance that the Fund and/or the Subsidiaries will be able to set the terms of the loan purchase documentation it enters into.

***Lack of Diversification****.* The Fund and the Subsidiaries are expected to invest in a limited number of debt investments and may, during a ramp up period, invest substantially all of their respective assets into a single debt investment and/or lend substantially all of their respective assets to a single borrower. As a result, the Fund and the Subsidiaries may not hold a diversified portfolio of debt investments. Since the Fund's and the Subsidiaries' capital may be concentrated into a few, or even a single, debt investment(s), adverse events or conditions affecting the borrower(s), the underlying collateral or the particular market may have a more pronounced negative effect on the financial performance and operations of the Fund and the Subsidiaries than if the Fund and the Subsidiaries had made more debt investments and held a more diversified portfolio of loans. For example, if the Fund and Subsidiaries only make a single debt investment and the borrower defaults, then the returns to the Fund and the Subsidiaries will be limited to the net amount (i.e., less costs and expenses related thereto) that is able to be recovered through a workout, restructure, foreclosure, deed-in-lieu or other similar process, which net amount may be less than the aggregate principal amount of the loan.

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***Credit Risk and Synthetic Structures***. The return on, and ultimate repayment of, each investment will be conditional upon, inter alia, (i) the performance of the individual financial assets which comprise the portfolios in which a synthetic risk transfer ("***SRT***") represents an undivided interest in (each asset, a "***Reference Obligation***" and, each such portfolio, a "***Reference Portfolio***"), which may have been originated, underwritten and/or serviced by the sponsoring financial institution, and the Fund may have no control over those operational factors and, generally, limited rights to manage or enforce any Reference Obligation; (ii) the risk characteristics of the Reference Portfolio, with respect to such factors such as diversification; (iii) the structure of the investment; and (iv) in many cases, the creditworthiness of financial institutions holding Fund collateral, whether in trust or as an institutional deposit. Accordingly, the Fund will have credit exposure to all such Reference Obligations, as well as exposure to the competence and integrity of the sponsoring financial institution as well as credit risk to any banks acting as trustee or depositee, and to the structural features of the investment. Defaults, valuations and actual or potential losses in respect of any such Reference Obligations may affect the extent of any losses that, in turn, can reduce the return or cause a loss on the investment. Investments may also involve credit exposure via credit derivative transactions (as in the case of credit-linked notes or synthetic collateralized debt obligations) that may involve risks that are additional to those which would occur if the Fund had a direct holding of, or ownership interest in, such Reference Obligations. The terms of any such credit derivative transactions would likely include, in particular, credit events defined therein and a loss calculation methodology which may result in a different (and potentially greater) risk of loss and (if the measure of loss cannot initially be measured by reference to ultimate recoveries) a different (and potentially greater) measure of loss as compared to the risk of actual default and ultimate recovery applicable to an actual holding in the relevant Reference Obligations. Under such circumstances, a reduction of the outstanding principal balance of the investment may apply automatically and without any commensurate payment to the Fund. Any such occurrences may, therefore, lead to a reduction of the outstanding principal balance of the investment in question and thereby a reduction in the amount of principal and interest payable to the Fund; and the Fund will be exposed to the risk of loss upon a credit event occurring in respect of any Reference Obligation and, should the cumulative amount of such losses occurring in respect of any Reference Portfolio be sufficient, to the risk of total loss of the particular investment.

***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

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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.

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

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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, Sub-Advisers or their affiliates, and as a result, the Securitization 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.

The Fund's investment strategies with respect to certain types of investments may be based, in part, upon the premise that certain investments (either held directly or through an asset backed security) that are otherwise performing may from time to time be available for purchase by the Fund at "undervalued" prices. Purchasing interests at what may appear to be "undervalued" or "discounted" 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 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 and/or Sub-Advisers.

***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, and may include assets or properties owned directly or indirectly by one or more other Man Group PLC ("***Man Group***") clients. 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 objectives 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.

***Liquidity Risk.*** Liquidity relates to the ability of the Adviser and/or Sub-Advisers to sell an investment in a timely manner for the account of the Fund and/or the Subsidiaries. The market for relatively illiquid securities tends to be more volatile than the market for more liquid securities. Investment of the assets of the Fund and/or the Subsidiaries in relatively illiquid securities may restrict the ability of the Adviser and/or Sub-Advisers to dispose of the investments of the Fund and/or the Subsidiaries at a price and time that it wishes to do so. The Adviser and/or Sub-Advisers may not be able to promptly liquidate unfavourable positions which may subject the investments of the Fund and/or the Subsidiaries to losses. Investment in non-marketable securities carries liquidity risk. In addition, such securities are difficult to value and the issuers are not subject to the rules of a regulated market for the protection of investors.

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***Inflation Risk*.** Inflation may adversely affect the business, results of operations and financial condition of the portfolio companies in which the Investment Funds may invest.

Inflationary pressures may increase the costs of labor, energy and raw materials, and may adversely affect consumer spending, economic growth, and the portfolio companies' operations. If portfolio companies are unable to pass increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on their loans, particularly as interest rates rise in response to inflation. In addition, any decreases in the portfolio companies' operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of those investments could result in future realized or unrealized losses and therefore reduce the Fund's NAV.

Inflation may affect the Fund's investments adversely in a number of ways, including those noted above. During periods of rising inflation, interest and dividend rates of any instruments the Fund or entities related to portfolio investments may have issued could increase, which would tend to reduce returns to investors in the Fund. Inflationary expectations or periods of rising inflation could also be accompanied by the rising prices of commodities which may be critical to the operation of certain portfolio companies. Portfolio companies may have fixed income streams and, therefore, be unable to pay higher dividends. The market value of such investments may decline in times of higher inflation. Some of the Fund's investments may have income linked to inflation through contractual rights or other means. However, as inflation may affect both income and expenses, any increase in income may not be sufficient to cover increases in expenses.

Governmental efforts to curb inflation often have negative effects on the level of economic activity. In an attempt to stabilize inflation, certain countries have imposed wage and price controls at times. Past governmental efforts to curb inflation have also involved more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries where such measures were employed. There can be no assurance that continued and more wide-spread inflation in the U.S. and/or other economies will not become a serious problem in the future and have a material adverse impact on the Fund's returns.

***Changes in U.S. Trade Policy and Other Government Policies***. The U.S. government has recently 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. For example, the U.S. government has imposed, and it is possible in the future will further increase, tariffs on certain foreign goods, including from China, such as steel and aluminum, and the Trump administration has imposed and indicated its intention to impose additional tariffs on imports of certain products into the United States, including from Canada and Mexico. Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods and have indicated a willingness to impose additional tariffs on U.S. products.

There is uncertainty as to the actions that will be taken under the Trump administration with respect to U.S. trade policy, including with China, and while the Fund intends to comply with applicable laws, rapid changes in laws and/or uncertain interpretation and implementation thereof, could affect their capacity to comply. New trade policy could also create a legal burden for and negatively impact the Fund and its investments, including by increasing costs and necessity to exit certain investments. Further governmental actions related to the imposition of tariffs or other trade barriers or changes to international trade agreements or policies could further increase costs, decrease margins, reduce the competitiveness of products and services offered by current and future portfolio companies and adversely affect the revenues and profitability of companies whose businesses rely on the importing of goods into, and the exporting of goods out of, the United States.

The Trump administration has further signaled its intention to implement significant changes to the size of the federal government and to various other government policies. The potential downsizing of the federal government workforce and shutting down or defunding of certain government agencies (or offices thereof), including of federal agencies tasked with protecting investors, along with the changes in U.S. trade policy

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discussed above, could introduce market instability, reduce investor confidence, and weaken investor protection. For example, substantial reductions in government spending and personnel could negatively affect certain of the Fund's portfolio companies that rely on or benefit from government subsidies or contracts, destabilize the U.S. government contracting market, impede portfolio companies' ability to implement their business plans, and impede the Sponsor's and the Partnership's ability to achieve expected returns. Moreover, the Trump administration's signaled changes to government policy with respect to tax, immigration, labor, infrastructure, energy, education, business regulations (including U.S. anti-corruption policies), international relations, and international economic development could create uncertainty and volatility for the Fund and its portfolio companies. In light of these developments, there can be no assurances that political and regulatory conditions will not worsen and/or adversely affect the Fund, its portfolio companies, or their respective financial performance.

***Defaulted Debt Securities and Other Securities of Distressed Companies Risk*.** The Fund may invest in low grade or unrated debt securities (i.e., "high yield" or "junk" bonds or leveraged loans) or investments in securities of distressed companies. These securities may present a substantial risk of default, including the loss of the entire investment, or may be in default. For example, high yield bonds are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Issuers of high yield debt may be highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risks associated with acquiring the securities of such issuers generally are greater than is the case with higher rated securities. In addition, the risk of loss due to default by the issuer is significantly greater for the holders of high yield bonds because such securities may be unsecured and may be subordinated to other creditors of the issuer. Similar risks apply to other private debt securities.

In certain periods, there may be little or no liquidity in the markets for distressed securities meaning that the Fund may be unable to exit its position. Successful investing in distressed companies involves substantial time, effort and expertise, as compared to other types of investments. Information necessary to properly evaluate a distress situation may be difficult to obtain or be unavailable and the risks attendant to a restructuring or reorganization may not necessarily be identifiable or susceptible to considered analysis at the time of investment.

The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any investment opportunity involving any such type, there exists the risk that the contemplated transaction either will be unsuccessful, will take considerable time or will result in a distribution of cash or new securities, the value of which may be less than the purchase price paid by the Fund for the securities or other financial instruments in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell its investment at a loss. The consummation of such transactions can be prevented or delayed by a variety of factors, including, but not limited to: (i) intervention of a regulatory agency; (ii) market conditions resulting in material changes in securities prices; (iii) compliance with any applicable bankruptcy, insolvency or securities laws; and/or (iv) the inability to obtain adequate financing. Because there is substantial uncertainty concerning the outcome of transactions involving financially troubled companies in which the Fund invests, there is a potential risk of loss by the Fund of its entire investment in such companies.

***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 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

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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.

***Private Investments in Public Equity Risk.*** Securities issued in private investments in public equity transactions, are commonly referred to as "PIPEs." A PIPE investment involves the sale of equity securities, or securities convertible into equity securities, in a private placement transaction by an issuer that already has outstanding, publicly traded equity securities of the same class.

Shares acquired in PIPEs are commonly sold at a discount to the current market value per share of the issuer's publicly traded securities. Securities acquired in PIPEs generally are not registered with the SEC until after a certain period of time from the date the private sale is completed, which may be months and perhaps longer. PIPEs may contain provisions that require the issuer to pay penalties to the holder if the securities are not registered within a specified period. Until the public registration process is completed, securities acquired in PIPEs are restricted and, like investments in other types of restricted securities, may be illiquid. Any number of factors may prevent or delay a proposed registration. Prior to or in the absence of registration, it may be possible for securities acquired in PIPEs to be resold in transactions exempt from registration under the Securities Act. There is no guarantee, however, that an active trading market for such securities will exist at the time of disposition, and the lack of such a market could hurt the market value of the Fund's investments. Even if the securities acquired in PIPEs become registered, or the Fund is able to sell the securities through an exempt transaction, the Fund may not be able to sell all the securities it holds on short notice and the sale could impact the market price of the 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

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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 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.

***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

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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.

***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. 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

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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 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.

***Securities of Other Investment Companies Risk.*** Under Section 12(d)(1) of the Investment Company Act, subject to the Fund's own more restrictive limitations, if any, the Fund's investment in securities issued by other investment companies (including business development companies ("***BDCs***")), subject to certain exceptions, currently is limited to: (1) 3% of the total voting stock of any one investment company; (2) 5% of the Fund's total assets with respect to any one investment company; and (3) 10% of the Fund's total assets in the aggregate (such limits do not apply to investments in money market funds). Exemptions in the Investment Company Act or the rules thereunder may allow the Fund to invest in another investment company in excess of these limits. In particular, Rule 12d1-4 under the Investment Company Act allows the Fund to acquire the securities of another investment company, excess of the limitations imposed by Section 12 of the Investment Company Act, subject to certain limitations and conditions on the Fund and the Adviser, including limits on control and voting of acquired funds' shares, evaluations and findings by the Adviser and/or Sub-Advisers and limits on most three-tier fund structures. Investments by the Fund in the Investments Funds that are private funds that are excluded from the definition of "investment company" pursuant to Sections 3(c)(1) or 3(c)(7) of the Investment Company Act generally are not subject to the Section 12(d)(1) limits described above.

When investing in the securities of other investment companies, the Fund will be indirectly exposed to all the risks of such investment companies' portfolio securities. In addition, as a shareholder in an investment company, the Fund would indirectly bear its pro rata share of that investment company's advisory fees and other operating expenses. Fees and expenses incurred indirectly by the Fund as a result of its investment in shares of one or more other investment companies generally are referred to as "acquired fund fees and expenses" and may appear as a separate line item in the Fund's Prospectus fee table. For certain investment companies, such as BDCs, these expenses may be significant. In addition, the shares of closed-end management companies may involve the payment of substantial premiums above, while the sale of such securities may be made at substantial discounts from, the value of such issuer's portfolio securities. Historically, shares of closed-end funds, including BDCs, have frequently traded at a discount to their NAV, which discounts have, on occasion, been substantial and lasted for sustained periods of time.

Certain money market funds that operate in accordance with Rule 2a-7 under the Investment Company Act float their NAV while others seek to reserve the value of investments at a stable NAV (typically $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable NAV per share, is not guaranteed, and it is possible for the Fund to lose money by investing in these and other types of money market funds. Certain money market funds are subject to mandatory liquidity fees if daily net redemptions exceed 5% of their net assets and may also impose a discretionary liquidity fee of up to 2% on redemptions if that fee is determined to be in the best interests of the money market fund. Such fees, if imposed, will reduce the amount the Fund receives on redemptions.

***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 and/or Sub-Advisers 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, EU or some other governmental entity does

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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 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 and/or Sub-Advisers intend 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

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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 and/or Sub-Advisers 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, Sub-Advisers or Man Group 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 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, Sub-Advisers or the Fund will be able successfully to defend against them. To the extent that the Adviser, Sub-Advisers 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.

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***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. Department of Treasury (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase agreements, which involve purchases of debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 and/or Sub-Advisers 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.

***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

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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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal risk, which is the risk of insufficient documentation, insufficient capacity or authority of counterparty,
or legality or enforceability of a contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational risk, which is the risk related to potential operational issues, including documentation issues,
settlement issues, systems failures, inadequate controls and human error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 may rely on certain exemptions in Rule 18f-4 to enter into derivatives transactions and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the Investment Company Act. Under Rule 18f-4, "derivatives transactions" include the following: (1) any swap, security-based swap, futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; and (3) if the Fund relies on the exemption in Rule 18f-4(d)(1)(ii), reverse repurchase agreements and similar financing transactions. The Fund may rely on a separate exemption in Rule 18f-4(e) when entering into unfunded commitment agreements (e.g., capital commitments to invest equity in Investment Funds that can be drawn at the discretion of the Investment Fund's general partner). To rely on the unfunded commitment agreements exemption, the Fund must reasonably believe, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as they come due. The Fund may rely on another exemption in Rule 18f-4(f) when purchasing when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("***TBA***") commitments, and dollar rolls) and non-standard settlement cycle securities, if certain conditions are met.

Subject to certain exceptions, the Fund is required to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions if the Fund has elected to treat them as borrowings) subject to a limit on notional derivatives exposure as a limited derivatives user or subject to a value-at-risk leverage limit and certain derivatives risk management program and testing requirements and requirements related to board reporting. These requirements may limit the ability of the Fund to invest in derivatives, short sales and similar financing transactions, limit the Fund's ability to employ certain strategies that use these instruments and/or adversely affect the Fund's efficiency in implementing its strategy, liquidity and/or ability to pursue its investment objectives.

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<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.

<u>Futures Contracts</u>. The Fund will not enter into futures contracts that are prohibited under the Commodity Exchange Act, as amended (the "***CEA***"), and will, to the extent required by regulatory authorities, enter only 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

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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 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 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.

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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.

***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. 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 by the Fund may decline. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experiences insolvency, the Fund may be adversely affected. 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.

***Bridge Financings***. From time to time, the Fund may lend to portfolio companies on a short-term, unsecured basis or otherwise invest on an interim basis in portfolio companies in anticipation of a future issuance of equity or long-term debt securities or other refinancing or syndication. Such bridge loans would typically be convertible into a more permanent, long-term security; however, for reasons not always in the Fund's control, such long-term securities issuance or other refinancing or syndication may not occur and such bridge loans and interim investments may remain outstanding. In such event, the interest rate on such loans or the terms of such interim investments may not adequately reflect the risk associated with the position taken by the Fund.

***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 or an Investment 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 or an Investment 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.

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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 or the Investment Fund's performance. If there is a default by the other party to such a transaction, the Investment 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 and/or Sub-Advisers with respect to the Fund intend 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, Sub-Advisers and the Fund expect not to be subject to regulation as a commodity pool or commodity pool operator under the CEA. If the Adviser, Sub-Advisers or the Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.

***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. To the extent the Fund complies with the applicable requirements of Rule 18f-4 under the Investment Company Act ("***Rule 18f-4***"), the leverage incurred through TRS will not be considered a borrowing for purposes of the Fund's overall leverage limitation.

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.

***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

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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.

***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.

The Fund may have limited knowledge about the underlying loans and is dependent upon the platform for information regarding underlying loans. Although the Fund conducts diligence on the platforms, the Fund generally does not have the ability to independently verify the information provided by the platforms, other than payment information regarding loans and other alternative lending-related securities owned by the Fund, which the Fund observes directly as payments are received. Some investors, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments, as described above. As a result, the Fund is dependent on the platforms' ability to collect, verify and provide information to the Fund about each loan and borrower.

The Fund relies on the borrower's credit information, which is provided by the platforms. However, such information may be out of date, incomplete or inaccurate and may, therefore, not accurately reflect the borrower's actual creditworthiness. Platforms may not have an obligation to update borrower information, and, therefore, the Fund may not be aware of any impairment in a borrower's creditworthiness subsequent to the making of a particular loan. Although the Fund conducts diligence on the credit scoring methodology used by platforms from which the Fund purchases alternative lending-related securities, the Fund typically does not have access to all of the data that platforms utilize to assign credit scores to particular loans purchased directly or indirectly by the Fund, and does not independently diligence or confirm the truthfulness of such information or otherwise evaluate the basis for the platform's credit score of those loans. As a result, the Fund may make investments based on outdated, inaccurate or incomplete information. In addition, the platforms' credit decisions and scoring models are based on algorithms that could potentially contain programming or other errors or prove to be ineffective or otherwise flawed. This could adversely affect loan pricing data and approval processes and could cause loans to be mispriced or misclassified, which could ultimately have a negative impact on the Fund's performance.

In addition, the underlying loans, in some cases, may be affected by the success of the platforms through which they are facilitated. Therefore, disruptions in the businesses of such platforms may also negatively impact the value of the Fund's investments. In addition, disruption in the business of a platform could limit or eliminate the ability of the Fund to invest in loans originated by that platform, and therefore the Fund could lose some or all of the benefit of its diligence effort with respect to that platform.

Direct or indirect investments in public or private equity securities of alternative lending platforms or enter into other financial transactions, including derivative transactions, provide exposure to such investments. The performance of equity instruments issued by a platform or derivatives thereon depends on the success of the platform's business and operations. As described above, shares, certificates, notes or other securities represent the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans.

Platforms are for-profit businesses that, as a general matter, generate revenue by collecting fees on funded loans from borrowers and by assessing a loan servicing fee on investors, which may be a fixed annual amount or

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a percentage of the loan or amounts collected. This business could be disrupted in multiple ways; for example, a platform could file for bankruptcy or a platform might suffer reputational harm from negative publicity about the platform or alternative lending more generally and the loss of investor confidence in the event that a loan facilitated through the platform is not repaid and the investor loses money on its investment. Many platforms and/or their affiliates have incurred operating losses since their inception and may continue to incur net losses in the future, particularly as their businesses grow and they incur additional operating expenses.

Investments could be adversely impacted if a platform that services the Fund's investments becomes unable or unwilling to fulfill its obligations to do so. In order to mitigate this risk, the Fund would seek to rely on a backup servicer provided through the platform or through an unaffiliated backup servicer. To the extent that it is not possible to collect on defaulted loans or to the extent borrowers prepay loans, a platform that services loans may no longer be able to collect a servicing fee, which would negatively impact its business operations. These or other similar negative events could adversely affect the platforms' businesses and/or investor participation in a platform's marketplace and, in turn, the business of the platforms, which creates a risk of loss for the Fund's investments in securities issued by a platform or derivatives thereon.

Platforms may have a higher risk profile than companies engaged in lines of business with a longer, more established operating history and such investments should be viewed as longer-term investments. They have met with and will continue to meet with challenges, including navigating evolving regulatory and competitive environments; increasing the number of borrowers and investors utilizing their marketplace; increasing the volume of loans facilitated through their marketplace and transaction fees received for matching borrowers and investors through their marketplace; entering into new markets and introducing new loan products; continuing to revise the marketplace's proprietary credit decisions and scoring models; continuing to develop, maintain and scale their platforms; effectively maintaining and scaling financial and risk management controls and procedures; maintaining the security of the platform and the confidentiality of the information provided and utilized across the platform; and attracting, integrating and retaining an appropriate number of qualified employees. If platforms are not successful in addressing these issues, the platforms' businesses and their results of operations may be harmed, which may reduce the possible available investments for the Fund or negatively impact the value of the Fund's investments in platforms or in alternative lending-related securities more generally.

Platforms may rely on debt facilities and other forms of borrowing in order to finance many of the borrower loans they facilitate. However, these financing sources may become unavailable after their current maturity dates or the terms may become less favorable to the borrowing platforms. As the volume of loans that a platform facilitates increases, the platform may need to expand its borrowing capacity on its existing debt arrangements or may need to seek new sources of capital. Platforms may also default on or breach their existing debt agreements, which could diminish or eliminate their access to funding at all or on terms acceptable to the platforms. Such events could cause the Fund to incur losses on its investments that are dependent upon the performance of the platforms.

Investments in the equity securities of platforms, including common stock, preferred stock, warrants or convertible stock, are subject to equity securities risk. Equity securities risk is the risk that the value of equity securities to which the Fund is exposed will fall due to general market or economic conditions; overall market changes; local, regional or global political, social or economic instability; currency, interest rate and commodity price fluctuations; perceptions regarding the industries in which the issuers participate and the particular circumstances and performance of the issuers. The prices of equities are also sensitive to rising interest rates, as the costs of capital rise and borrowing costs increase. The equity securities of smaller, less seasoned companies, such as platforms or their affiliates, are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk. The Fund invests in unlisted equity securities, which generally involve a higher degree of valuation and performance uncertainty and greater liquidity risk than investments in listed securities. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, preferred securities generally pay a dividend and rank ahead of common stocks and behind debt securities in claims for dividends and for assets of the issuer in a liquidation or bankruptcy. For this reason,

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the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred securities may also be sensitive to changes in interest rates. When interest rates rise, the fixed dividend on preferred securities may be less attractive, causing the price of preferred stocks to decline. Convertible securities are subject to the risks applicable generally to debt securities, including credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. In the event of a liquidation of the issuing company, holders of convertible securities typically would be paid before the company's common stockholders but after holders of any senior debt obligations of the company.

Investments in shares, certificates, notes or other securities issued by a platform, its affiliates or a special purpose entity sponsored by a platform or its affiliates that represent the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans may expose the Fund to the credit risk of the issuer. Generally, such securities are unsecured obligations of the issuer; an issuer that becomes subject to bankruptcy proceedings may be unable to make full and timely payments on its obligations to the Fund, even if the payments on the underlying loan or loans continue to be made timely and in full. In addition, when the Fund owns such fractional loans or other securities, the Fund and its custodian generally does not have a contractual relationship with, or personally identifiable information regarding, individual borrowers, so the Fund will not be able to enforce underlying loans directly against borrowers and may not be able to appoint an alternative servicing agent in the event that a platform or third-party servicer, as applicable, ceases to service the underlying loans. Therefore, the Fund is more dependent on the platform for servicing than in the case in which the Fund owns whole loans. Where such interests are secured, the Fund relies on the platform to perfect the Fund's security interest. In addition, there may be a delay between the time the Fund commits to purchase a security issued by a platform, its affiliate or a special purpose entity sponsored by the platform or its affiliate and the issuance of such security and, during such delay, the funds committed to such an investment will not earn interest on the investment nor will they be available for investment in other alternative lending-related securities, which will reduce the effective rate of return on the investment. The Fund invests primarily in whole loans, and does not expect to invest a material portion of its portfolio in such fractional loans or other securities.

***Servicer Risk.*** Direct and indirect investments in loans originated by alternative lending platforms are typically serviced by that platform or a third-party servicer. In the event that the servicer is unable to service the loan, there can be no guarantee that a backup servicer will be able to assume responsibility for servicing the loans in a timely or cost-effective manner; any resulting disruption or delay could jeopardize payments due to the Fund in respect of its investments or increase the costs associated with the Fund's investments. If the servicer becomes subject to a bankruptcy or similar proceeding, there is some risk that the Fund's investments could be recharacterized as a secured loan from the Fund to the platform, which could result in uncertainty, costs and delays from having the Fund's investment deemed part of the bankruptcy estate of the platform, rather than an asset owned outright by the Fund.

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**MANAGEMENT OF THE FUND** 

**Investment Management Agreement** 

Man Solutions serves as the investment adviser to the Fund. The Adviser is located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105 and is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended. 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 management agreement between the Adviser and the Fund (the "***Investment Management Agreement***").

The Investment Management Agreement became effective as of [ ] and will continue in effect for an initial two-year term. Thereafter, the Investment Management 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 Management Agreement, the Fund pays to the Adviser a management fee (the "***Investment Management Fee***") in consideration of the advisory and other services provided by the Adviser to the Fund. Pursuant to the Investment Management Agreement, the Fund pays the Adviser a monthly Investment Management Fee equal to 1.25% on an annualized basis of the average daily value of the Fund's "Managed Assets". "***Managed Assets***" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes). This means that during periods in which the Fund is using leverage, the fee paid to the Adviser will be higher than if the Fund did not use leverage because the fee is calculated as a percentage of the Fund's Managed Assets, which include those assets purchased with leverage. The Investment Management Fee will be paid to the Adviser before giving effect to any repurchase of 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. "***Net assets***" means the total assets of the Fund minus the sum of the Fund's accrued debts, liabilities and obligations; provided that for purposes of determining the Investment Management Fee payable to the Adviser for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Adviser for that month. The Investment Management Fee will be accrued daily and will be due and payable monthly in arrears. The Adviser has contractually agreed to reduce its Investment Management Fee to an annual rate of 0.00% until the first anniversary of the Fund's commencement of operations (the "***Investment Management Fee Waiver Agreement***"). The reduction of the Investment Management Fee under the Investment Management Fee Waiver Agreement is not subject to recoupment by the Adviser under the Expense Limitation and Reimbursement Agreement.

The Adviser has entered into the Expense Limitation and Reimbursement Agreement with the Fund, whereby the Adviser has agreed to a Waiver of the Investment Management Fee and/or to assume or reimburse expenses of the Fund, if required to ensure the Total Annual Expenses (excluding 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) do not exceed the Expense Limit. Because 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, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 0.50% for Class A Shares and 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,

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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. The Expense Limitation and Reimbursement Agreement has an initial one-year term ending one (1) year from the date of this Prospectus. The Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms thereafter unless terminated. Neither the Fund nor the Adviser may terminate the Expense Limitation and Reimbursement Agreement during the initial term. After the initial term, either the Fund or the Adviser may terminate the Expense Limitation and Reimbursement Agreement upon 30 days' written notice.

**Sub-Advisory Agreements** 

Pursuant to separate sub-advisory agreements among the Adviser and each Sub-Adviser (each, a "***Sub-Advisory Agreement***" and, collectively, the "***Sub-Advisory Agreements***"), each Sub-Adviser receives a sub-advisory fee based on the Fund's assets managed by such Sub-Adviser. The Sub-Advisers' fees are paid by the Adviser out of the Investment Management Fee it receives from the Fund.

The Sub-Advisers are delegated the management of the Fund's portfolio. In managing the Fund, the Adviser employs a "multi-asset credit strategy" whereby the Adviser allocates capital across investment sleeves dedicated to specific credit asset classes and/or investment styles, and each of these sleeves will be managed by specialist investment team within an affiliated Sub-Adviser with expertise in implementing that specific sleeve. The allocations to these investment sleeves will be in percentages initially determined at the discretion of the Adviser. The Adviser has entered into a Sub-Advisory Agreement with MSL, a limited company organized under the laws of England and Wales, pursuant to which MSL serves as a Sub-Adviser to the Fund. Under the Sub-Advisory Agreement with MSL, MSL provides inputs and recommendations to assist the Adviser in making determinations regarding the allocations to be made to each of the investment sleeves to be managed by the Fund's Sub-Advisers. The Adviser has entered into separate Sub-Advisory Agreements with each of Man GLG US, a Delaware limited liability company, Man GLG UK, a partnership registered under the Limited Partnership Act of 1907 of England and Wales, and Man Varagon, a Delaware limited partnership. Under these agreements, each of Man GLG US, Man GLG UK and Man Varagon will be primarily responsible for its respective investment mandate and the day-to-day management of the Fund's assets allocated to the investment sleeves it manages by the Adviser, subject to the supervision of the Board and the Adviser. Each current Sub-Adviser is an affiliate of the Adviser. The engagement of each current Sub-Adviser has been approved by the Board and the initial shareholder of the Fund.

MSL's principal place of business is located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom. MSL is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $29.3 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man GLG US's principal place of business is located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105. Man GLG US is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $4.6 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man GLG UK's principal place of business is located at Riverbank House, 2 Swan Lane, City of London, London EC4R 3AD, United Kingdom. Man GLG UK is registered as an investment adviser with the SEC under the Advisers Act. As of June 30th, 2025, it had over $50.1 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

Man Varagon's principal place of business is located at 151 West 42nd Street, 53rd Floor, New York, NY 10036. Man Varagon is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $10.0 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

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Man GPM's principal place of business is located at 1345 Avenue of the Americas, 21st Floor, New York, NY 10105. Man GPM is registered as an investment adviser with the SEC under the Advisers Act. As of June 30, 2025, it had over $1.4 billion in assets under management and advisement (including discretionary and non-discretionary accounts).

**Information on Trustees and Officers** 

The Fund's business and affairs are managed under the direction of the Board. The Board currently consists of four members, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the Investment Company Act. The Fund refers to these individuals as its independent trustees (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. References herein to the "Board" or the "Board of Trustees" refer to the Board of Trustees of the Fund.

The Investment Company Act requires that at least 40% of the trustees be independent trustees. Certain exemptive rules promulgated under the Investment Company Act require that at least 50% of the Trustees be Independent Trustees. Currently, three of the four Trustees (75%) 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.

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 Shawn Hessing, Russell Emery and Michael Crinieri, each of whom is an Independent Trustee. Shawn Hessing 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 Shawn Hessing, Russell Emery and Michael Crinieri, each of whom is an Independent Trustee. Russell Emery 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.

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The table 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.

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| | |
|:---|:---|
| **Trustees** | **Experience, Qualifications and Skills** |
| Samuel Thompson | Samuel Thompson is a Managing Director and Head of Business Strategy for Man Solutions. He is responsible for developing new business areas and growth opportunities within Man Solutions alongside the management team. Prior to this, Mr. Thompson was Head of Business Management and Head of Man's Managed Account Platform. Mr. Thompson has also held a number of senior roles within the managed account team primarily focused on developing client relationships in North America and on-boarding new managers to the Man FRM platform. Before joining Man in 2008, Mr. Thompson worked for Standard Chartered in their wholesale banking division focusing on FX and commodity options. Prior to this, he worked for American Express Private Bank as a middle office analyst for the Financial Institutions Group. Mr. Thompson holds a First Class BSc (Hons) degree from the University of Sheffield. He is also a Financial Risk Manager (FRM) certified by the Global Association of Risk Professionals and a Chartered Alternative Investment Analyst (CAIA). The Board believes Mr. Thompson's experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Fund. |
| Shawn Hessing | Mr. Shawn Hessing is a Strategic Advisor and Chief Compliance Officer at Tailwind Advisors since March 2018 where he is responsible for all aspects of financial control and the compliance operations across the firm. Prior to joining Tailwind, Mr. Hessing served as a member of the business development team at Blue River Partners, LLC, a premier service provider to the alternative asset industry. Prior to Blue River, he served as the Chief Financial Officer of Oak Hill Capital Partners before retiring in December 2015. At Oak Hill, Mr. Hessing was responsible for managing financial operations and implementing and transitioning new funds and management company accounting systems. Prior to joining Oak Hill, Mr. Hessing spent over 32 years at KPMG, most recently as the National Managing Partner of Private Equity, splitting time in KPMG's New York and Fort Worth offices. Mr. Hessing also held multiple other leadership roles including the Audit Partner-in-Charge US of Private Equity, Managing Partner in the firm's Fort Worth, TX office, and Lead Partner-Real Estate in the Southwest Region. He retired from KPMG in June 2011. Mr. Hessing earned a Bachelor of Business Administration ("BBA") degree in Accounting from Midwestern State University, where he served on the Board of Regents and is past Chairman. He is also a Certified Public Accountant (Retired). The Board believes Mr. Hessing's experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Fund. |
| Russell Emery | Russell Emery currently serves as an independent trustee on the board of the Advisor Managed Portfolios ("AMP") – Milwaukee, WI. He has served in this capacity from 2023 to present. Prior to becoming an independent trustee, Mr. Emery worked for SEI Investments ("SEI") for 22 years, the last 16 of which he served as Chief Compliance Officer for SEI's U.S. mutual fund complex. There, he oversaw the compliance programs of over 170 investment advisory firms and 230 mutual funds with assets exceeding $200 billion in a diversified mix of equity and fixed income investments. Prior to SEI, he worked in senior management roles for Rhone Poulenc Rorer and PepsiCo, Inc., after beginning his career at Arthur Andersen & Co. Through his roles at these world-class companies Mr. Emery gained invaluable experience in compliance, accounting, investment management and corporate finance. He possesses a deep understanding of regulatory, accounting, operational |

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| | |
|:---|:---|
| **Trustees** | **Experience, Qualifications and Skills** |
|  | and governance requirements. With such broad experience, he brings significant expertise to the Board. Mr. Emery received his B.S. in Accounting from New York Institute of Technology, holds the Chartered Financial Analyst (CFA) designation and previously practiced as a Certified Public Accountant (CPA). The Board believes Mr. Emery's experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Fund. |
| Michael Crinieri | Michael Crinieri is a Senior Adviser at Optiver, a global market maker. Prior to this, Mr. Hessing was a Managing Director at Goldman Sachs. He has served as the global head of ETFs for Goldman Sachs Asset Management, L.P. and the Vice President of the Goldman Sachs ETF Series Trusts. The Board believes Mr. Crinieri's experience, qualifications, attributes and skills on an individual basis and in combination with those of the other Trustees lead to the conclusion that he possesses the requisite skills and attributes as a Trustee to carry out oversight responsibilities with respect to the Fund. |

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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 Man Group-advised funds and any currently held public company and other investment company directorships.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address(1)<br>and**<br>**Year of Birth** | **Position(s)<br>with the Fund** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of<br>Investment<br>Companies and<br>Investment Portfolios<br>in Fund Complex<br>Overseen by Trustee** | **Other Directorships**<br> **Held by Trustee During the<br>Past Five Years** |
|  **INTERESTED TRUSTEES\*:** |  |  |  |  |  |
| Samuel Thompson, Born 1984 | Trustee, President and Chief Executive Officer | Since<br> Inception | Managing Director, Man Solutions LLC | 1 |  |
|  **INDEPENDENT TRUSTEES:** |  |  |  |  |  |
| Shawn Hessing, Born 1957 | Trustee and Member of Nominating and Governance Committee and Audit Committee | Since Inception | Strategic Advisor, Tailwind Advisors LLC (since 2018) | 2 | Director of Crestline Portfolio Financing Funds (since 2018); Director of Varagon Capital Corporation (since 2021); Director of Crestline Lending Solutions, LLC (since 2025) |
| Russell Emery, Born 1962 | Trustee and Member of Nominating and Governance Committee and Audit Committee | Since Inception | Chief Compliance Officer, The SEI Mutual Funds (2006-2022); Chief Compliance Officer, Advisors' Inner Circle Fund I, II, and III (2006-2022) | 1 | Trustee of Advisor Managed Portfolios (since 2023) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address(1)<br>and**<br>**Year of Birth** | **Position(s)<br>with the Fund** | **Term of Office<br>and Length of<br>Time Served** | **Principal Occupation(s)<br>During the Past Five Years** | **Number of<br>Investment<br>Companies and<br>Investment Portfolios<br>in Fund Complex<br>Overseen by Trustee** | **Other Directorships**<br> **Held by Trustee During the<br>Past Five Years** |
| Michael Crinieri, Born 1965 | Trustee, Chair of the Board and Member of Nominating and Governance Committee and Audit Committee | Since Inception | Senior Advisor, Optiver (since 2025); Managing Director, Goldman Sachs Asset Management, L.P. (global head of ETFs) (2000-2024); Vice President, Goldman Sachs ETF Series Trusts (2015-2024) | 3 | Trustee of Man ETF Series Trust |

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\* Mr. Thompson is an "interested person" as defined in the Investment Company Act because he is an officer of the Manager and certain of its affiliates.

(1) Unless otherwise indicated, the business address of the persons listed above is c/o Man Solutions LLC, 1345
Avenue of the Americas, 21st Floor, New York, New York, 10105.

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 Chief Compliance Officer, executive officers receive no compensation from the Fund. The Fund compensates the Chief Compliance Officer for his services as its Chief Compliance Officer.

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 Man Group or its affiliates described in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)<br>with the Fund** | **Term of Office and<br>Length of Time<br>Served** | **Principal Occupation(s) During the<br>Past Five Years** |
| Samuel Thompson<br> 1345 Avenue of the Americas,<br> 21st Floor, New York,<br> New York, 10105<br> Born 1984 | Trustee, President and Chief Executive Officer | Since Inception | Managing Director, Man Solutions LLC |
| Robert Bourgeois<br> 301 Commerce Street, Suite 1900, Fort Worth, Texas, 76102<br> Born 1983 | Principal Financial Officer, Principal Accounting Officer and Treasurer | Since Inception | Chief Financial Officer of Varagon Capital Partners, L.P.; Chief Financial Officer and Chief Compliance Officer of Varagon Capital Partners, L.P. |
| Mark Dignard<br> 5th floor, 200 Pier Four Boulevard, Boston, Massachusetts, 02210<br> Born 1984 | Chief Compliance Officer | Since Inception | Head of Compliance, Numeric Investors LLC; Chief Compliance Officer, Varagon Capital Corporation; Global Co-Head of Portfolio Risk, Man Group plc |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and**<br> **Year of Birth** | **Position(s)<br>with the Fund** | **Term of Office and<br>Length of Time<br>Served** | **Principal Occupation(s) During the<br>Past Five Years** |
| Lisa Muñoz<br> 1345 Avenue of the Americas,<br> 21st Floor, New York,<br> New York, 10105<br> Born 1985 | Secretary | Since Inception | Global Co-Head of Product Legal and Deputy General Counsel, US, Man Investments USA Holdings Inc.; Global Head of Solutions, Product Legal and Deputy General Counsel, US, Man Investments USA Holdings Inc. |
| Kaitlin Carroll<br> 1345 Avenue of the Americas,<br> 21st Floor, New York,<br> New York, 10105<br> Born 1988 | Assistant Secretary | Since Inception | Head of Private Markets, Real Estate and Strategy, Discretionary Product Legal, Man Investments USA Holdings Inc.; Head of GPM Product Legal, Man Investments USA Holdings Inc. |

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**Trustee Beneficial Ownership of Shares** 

As the Fund is newly-offered, as of September 26, 2025, none of the Trustees or officers of the Fund, as a group, owned any 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** 

The Independent Trustees are paid an annual retainer of $65,000. The Chair of the Board of Trustees is paid an additional annual fee of $15,000, the Chair of the Audit Committee is paid an additional annual fee of $10,000 and the Chair of the Nominating and Governance Committee is paid an additional annual fee of $10,000. All Trustees are reimbursed for their reasonable out-of-pocket expenses. The Trustees do not receive any pension or retirement benefits from the Fund.

The following table shows information regarding the estimated compensation to be earned by the Trustees, none of whom is an employee of the Fund, for services as a Trustee for the fiscal year ended December 31, 2026. The Trustee who is an "interested person," as defined in the 1940 Act, of the Fund and the Fund's officers does not receive compensation from the Fund.

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| | |
|:---|:---|
| **Name of Trustee** | **Aggregate Compensation<br>from the Fund** |
|  **Interested Trustee** |  |
|  Samuel Thompson |  |
|  **Independent Trustees** |  |
|  Russell Emery | $75000 |
|  Michael Crinieri | $80000 |
|  Shawn Hessing | $75000 |

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**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** 

[To come in a future amendment.]

***Portfolio Manager Compensation Overview***

The portfolio managers receive a base pay and an annual bonus incentive based on performance against individual and organizational unit objectives, as well as overall Sub-Advisers' results. The plan is designed to align manager compensation with investors' goals by rewarding portfolio managers who obtain results consistent with the objectives of the products under the individual's management. In addition, these employees also participate in a long-term incentive program. The long-term incentive plan is eligible to senior level employees and is designed to reward profitable growth in company value. An employee's total compensation package is reviewed periodically to ensure that they are competitive relative to the external marketplace.

***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 Adviser will vote such proxies in accordance with its proxy policies and procedures. The Investment Adviser has delegated the responsibility for determining how to vote proxies with respect to each investment sleeve to the relevant Sub-Adviser. Copies of the Adviser's and the Sub-Advisers' proxy policies and procedures are included as Appendix A to this SAI.

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 (212) 649-6600 or (ii) by visiting the SEC's website at <u>www.sec.gov</u>.

**Codes of Ethics** 

The Fund, the Adviser and the Sub-Advisers each 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 <u>www.sec.gov</u>. Copies of the Codes of Ethics may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: <u>publicinfo@sec.gov</u>.

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**DISTRIBUTION OF FUND SHARES** 

ACA Foreside, located at Three Canal Plaza, Suite 100, Portland, ME 04101, acts as the distributor of the Fund's Shares, pursuant to the distribution agreement (the "***Distribution Agreement***"), on a reasonable best efforts basis, subject to various conditions.

The Distribution Agreement will continue in effect with respect to the Fund for a two year period, with successive one-year periods, provided that each such continuance is specifically approved: (i) by the vote of a majority of the Trustees who are not interested persons of the Fund (as defined in the Investment Company Act) and who have no direct or indirect financial interest in the Distribution Agreement or the Investment Management Agreement; and (ii) by the vote of a majority of the entire Board cast in person at a meeting called for that purpose.

The Fund has received exemptive relief from the SEC 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***"). Accordingly, 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, 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 (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 Fund's distributor, ACA Foreside (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 0.50%. For Class A Shares, 0.25% of the shareholder servicing and distribution fee is a shareholder servicing fee and the remaining portion is a distribution fee.

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 ("***Service Organizations***")). Distribution services include some or all of the following services and facilities in connection with direct purchases by shareholders or in connection with products, programs or accounts offered by such Service Organizations: (i) facilities for placing orders directly for the purchase of a Fund's shares; (ii) advertising with respect to Class A Shares; (iii) providing information about the

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Fund; (iv) providing facilities to answer questions from prospective investors about the Fund; (v) receiving and answering correspondence, including requests for prospectuses and statements of additional information; (vi) preparing, printing and delivering prospectuses and shareholder reports to prospective shareholders; (vii) assisting investors in applying to purchase Class A Shares and selecting dividend and other account options.

Shareholder services may include, but are not limited to, the following functions: (i) answering shareholder inquiries regarding account status and history, the manner in which purchases, exchanges and repurchases of Shares may be effected and certain other matters pertaining to the shareholders' investments; (ii) receiving, aggregating and processing shareholder orders; (iii) furnishing shareholder sub-accounting; (iv) providing and maintaining elective shareholder services such as check writing and wire transfer services; (v) providing and maintaining pre-authorized investment plans; (vi) communicating periodically with shareholders; (vii) acting as the sole shareholder of record and nominee for shareholders; (viii) maintaining accounting records for shareholders; (ix) answering questions and handling correspondence from shareholders about their accounts; (x) issuing confirmations for transactions by shareholders; (xi) performing similar account administrative services; (xii) providing such shareholder communications and recordkeeping services as may be required for any program for which a Service Organization is a sponsor that relies on Rule 3a-4 under the Investment Company Act (i.e., a "wrap fee" program); and (xiii) providing such other similar services as may reasonably be requested to the extent a Service Organization is permitted to do so under applicable statutes, rules, or regulations. The Distribution and/or Servicing Fee may be spent by the Distributor for the services rendered to holders of Class A Shares as set forth above, but will generally not be spent by the Distributor on recordkeeping charges, accounting expenses, transfer costs or custodian fees.

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 Trustees who are not "interested persons" of the Fund (as defined in the Investment Company Act) and 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. 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 each of the outstanding Class A Shares, as applicable. Pursuant to the Distribution and Service Plan, the Board will be provided 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.

*Additional Payments to Dealers* 

The Distributor and/or its affiliates may from time to time make payments and provide other incentives to Dealers as compensation for services such as providing the Fund with "shelf space" or a higher profile for the Dealers' financial advisers and their customers, placing the Fund on the Dealers' preferred or recommended fund

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list or otherwise identifying the Fund as being part of a complex to be accorded a higher degree of marketing support than complexes not making such payments, granting the Distributor access to the Dealers' financial advisers (including through the firms' intranet websites) in order to promote the Fund, promotions in communications with Dealers' customers such as in the firms' internet websites or in customer newsletters, providing assistance in training and educating the Dealers' personnel, and furnishing marketing support and other specified services. The actual services provided, and any payments made for such services, may vary from firm to firm. These payments may be significant to the Dealers.

A number of factors will be considered in determining the amount of these additional payments to Dealers. On some occasions, such payments may be conditioned upon levels of sales, including the sale of a specified minimum dollar amount of the shares of the Fund and/or other funds sponsored by the Distributor together or a particular class of shares, during a specified period of time. The Distributor and/or its affiliates also may make payments to one or more Dealers based upon factors such as the amount of assets a Dealer's clients have invested in the Fund and the quality of the Dealer's relationship with the Distributor, the Adviser, Sub-Advisers and/or their affiliates.

To the extent the additional payments described above are made, such additional payments would be made from the assets of the Distributor or an affiliate of the Distributor (and sometimes, therefore referred to as "revenue sharing") pursuant to agreements with Dealers and would not change the price paid by investors for the purchase of Shares or the amount the Fund will receive as proceeds from such sales. These payments may be made to Dealers (as selected by the Distributor) that have sold significant amounts of Shares.

In addition to revenue sharing payments, the Distributor and/or its affiliates may also make payments to Dealers in connection with certain transaction fees (also referred to as "ticket charges") incurred by the Dealers.

The additional payments described above may be made to a Dealer as a fixed dollar amount or may be calculated on another basis.

In addition to the payments described above, the Distributor, the Adviser, the Sub-Advisers and/or their respective affiliates may make payments in connection with or reimburse Dealers' sponsorship and/or attendance at conferences, seminars or informational meetings ("event support"), provide Dealers or their personnel with occasional tickets to events or other entertainment, meals and small gifts ("other non-cash compensation") to the extent permitted by applicable law, rules and regulations.

In addition, wholesale representatives of the Distributor and employees of the Adviser, Sub-Advisers or their affiliates visit Dealers on a regular basis to educate financial advisers and other personnel about the Fund and to encourage the sale or recommendation of Fund Shares to their clients. The Distributor, Adviser and/or the Sub-Advisers may also provide (or compensate consultants or other third parties to provide) other relevant training and education to a Dealer's financial advisers and other personnel. Although the Fund may use Dealers that sell Shares to effect transactions for the Fund's portfolio, neither the Fund, Adviser nor the Sub-Advisers will consider the sale of Fund shares as a factor when choosing Dealers to effect those transactions.

The Distributor and/or its affiliates also may make payments or reimbursements to Dealers or their affiliated companies, which may be used for the development, maintenance and availability of certain services including, but not limited to, platform education and communications, relationship management support, development to support new or changing products, trading platforms and related infrastructure/technology and/or legal risk management and regulatory compliance infrastructure in support of investment-related products, programs and services (collectively, "platform support") or for various studies, surveys, industry data, research and access to information about, and contact information for, particular financial advisers who have sold, or may in the future sell, Shares of the Fund (i.e., "leads"). In addition, the Distributor and/or its affiliates may pay investment consultants or their affiliated companies for certain services including technology, operations, tax, or audit consulting services and may pay such firms for the Distributor's attendance at investment forums sponsored by such firms (collectively, "consultant services").

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Payments for items including event support, platform support, leads and consultant services (but not including certain account services, discussed below), as well as revenue sharing, may be bundled and allocated among these categories in the Distributor's discretion. The Dealers receiving such bundled payments may characterize or allocate the payments differently from the Distributor's internal allocation.

In addition to the payments, reimbursements and incentives described above, further amounts may be paid to Dealers for providing services with respect to shareholders holding Fund Shares in nominee or street name, including, but not limited to, the following services: providing explanations and answering inquiries regarding the Fund and their accounts; providing recordkeeping and other administrative services, including preparing record date shareholder lists for proxy solicitation; maintaining records of and facilitating shareholder purchases and repurchases; processing and mailing transaction confirmations, periodic statements, prospectuses, shareholder reports, shareholder notices and other SEC-required communications to shareholders; providing periodic statements to certain benefit plans and participants in such plans of the Fund held for the benefit of each participant in the plan; processing, collecting and posting distributions to their accounts; issuing and mailing dividend checks to shareholders who have selected cash distributions; assisting in the establishment and maintenance of shareholder accounts; providing account designations and other information; capturing and processing tax data; establishing and maintaining automatic withdrawals and automated investment plans and shareholder account registrations; providing sub-accounting services; providing recordkeeping services related to purchase and repurchase transactions, including providing such information as may be necessary to assure compliance with applicable blue sky requirements; and performing similar administrative services as requested by the Adviser and/or the Sub-Advisers to the extent that the firm is permitted by applicable statute, rule or regulation to provide such information or services. The actual services provided, and the payments made for such services, vary from firm to firm.

These payments, taken together in the aggregate, may be material to Dealers relative to other compensation paid by the Fund, Adviser and/or the Sub-Advisers and may be in addition to any (i) marketing support, revenue sharing or "shelf space" fees; and (ii) event support and other non-cash compensation. The additional servicing payments and set-up fees described above may vary from amounts paid to the Fund's transfer agent for providing similar services to other accounts.

If investment advisers, distributors or affiliated persons of registered investment companies make payments and provide other incentives in differing amounts, Dealers and their financial advisers may have financial incentives for recommending a particular fund over other funds. In addition, depending on the arrangements in place at any particular time, a Dealer and its financial advisers also may have a financial incentive for recommending a particular share class, to the extent applicable, over other share classes. Because Dealers and plan recordkeepers may be paid varying amounts per class for sub-accounting and related recordkeeping services, the service requirements of which also may vary by class, this may create an additional incentive for Dealers and their financial advisers to favor one fund complex over another or one fund share class over another, to the extent applicable. Shareholders should review carefully any disclosure by the Dealers or plan recordkeepers as to their compensation.

In certain circumstances, the Distributor and/or its affiliates may pay or reimburse Dealers for distribution and/or shareholder services out of the Distributor's or its affiliates' own assets. Such activities by the Distributor or its affiliates may provide incentives to Dealers to purchase or market Shares of the Fund. Additionally, these activities may give the Distributor and/or its affiliates additional access to sales representatives of such Dealers, which may increase sales of Fund Shares. The payments described in this paragraph may be significant to payors and payees.

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**PORTFOLIO TRANSACTIONS AND BROKERAGE** 

In following the Fund's investment strategy, the Adviser and Sub-Advisers expect 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, the Adviser and/or Sub-Advisers 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 equitable 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 the Adviser and/or Sub-Advisers that the advantages of combined orders outweigh the possible disadvantages of separate transactions. The Adviser and Sub-Advisers believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund.

The Adviser and/or Sub-Advisers 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, Adviser or Sub-Advisers, even if the specific services are not directly useful to the Fund and may be useful to the Adviser and/or Sub-Advisers in advising other clients. When one or more brokers is believed capable of providing the best combination of price and execution, the Adviser and/or Sub-Advisers may select a broker based upon brokerage or research services provided to the Adviser and/or Sub-Advisers. 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 the Adviser and/or Sub-Advisers 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 the Adviser's and Sub-Advisers' overall responsibilities to the Fund.

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**DESCRIPTION OF SHARES** 

**Other Shares** 

The Board (subject to applicable law and the Fund's Amended and Restated Declaration of Trust) may authorize an offering, without the approval of the holders of 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 Shares.

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**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 Fund's 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 shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold the Fund's shares as capital assets. A U.S. shareholder is an individual who is, for U.S. federal income tax purposes, 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 Fund's 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 Fund's 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, and disposition of the Fund's 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) elect to be treated and qualify as a registered management company under the Investment Company Act at all times during the taxable year; (2) 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; (3) 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 (4) 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. 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 through the Investment Funds, that require income to be included in investment company taxable income in a year prior to the year in which the Fund (or the Investment Funds) actually receive a corresponding amount of cash in respect of such income. For example, if the Investment Funds hold, 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 through the Investment Funds, 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 by the Investment Funds 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 taxable year. However, the Fund is not permitted to carry forward net operating losses to subsequent 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 "***Excise Tax Distribution Requirements***"). In order to meet the Excise Tax Distribution Requirement for a particular year, the Fund will need to receive certain information from the Investment Funds, 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. Investment Funds 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 Investment Funds, the Fund risks failing to satisfy the Subchapter M qualification tests and/or incurring an excise tax on undistributed income.

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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 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), such as the Investment Funds, 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 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 investment 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 or 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 (including as the Fund ramps up its portfolio), 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

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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.

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 Fund's 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 dividend reinvestment plan. 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 dividend reinvestment plan 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 shares by an amount equal to the deemed distribution less the tax credit.

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The Internal Revenue Service currently requires that a RIC that has two or more classes of shares 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, and shareholders receiving distributions in the form of additional shares will receive a report as to the NAV of those shares.

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 IRS 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 the Fund's 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 NAV, 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, exchange or other disposition of the Fund's 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, exchange or other disposition of shares if the owner acquires (including pursuant to the dividend reinvestment plan) or enters into a contract or option to acquire securities that are

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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, exchange or other disposition 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 NAV. 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 Fund's Shares should be treated as a sale or exchange of the Shares by a U.S. shareholder if the receipt of cash:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Fund's 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

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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. 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.

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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 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 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. Under current law, such expenses are not deductible by any such shareholder.

**Nature of the Fund's Investments** 

Certain of the Fund's 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 may 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.

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**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. 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, including PFICs and CFCs** 

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

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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 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 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.

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**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.

**Tax Exempt Shareholders** 

Under current law, the Fund generally serves to prevent the attribution to shareholders of unrelated business taxable income ("***UBTI***") from being realized by its tax-exempt shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities). Notwithstanding the foregoing, a tax-exempt Shareholder could realize UBTI by virtue of its investment in Shares if such tax-exempt Shareholder borrows to acquire its Shares.

**Foreign Shareholders** 

U.S. taxation of a shareholder who is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "foreign 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 foreign shareholder, distributions of investment company taxable income will be subject to a U.S. tax of 30% (or lower treaty rate), 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 foreign shareholder, and that satisfy certain other requirements. Nevertheless, in the case the Fund's 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 foreign 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 foreign 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 foreign 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 or exchange of shares will be subject to U.S. federal income tax at the graduated rates applicable to U.S. citizens, residents or domestic corporations. Foreign corporate shareholders may also be subject to the branch profits tax imposed by the Code.

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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) unless the foreign shareholder certifies his or her foreign status under penalties of perjury or otherwise establishes an exemption.

The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein.

Foreign shareholders are advised to consult their own tax advisers with respect to the particular tax consequences to them of an investment in the Fund.

**Additional Withholding Requirements** 

Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "***FATCA***"), a 30% United States 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 United States "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 United States owners or provides the name, address and taxpayer identification number of each such substantial United States 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 Fund's 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 foreign 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 240 Greenwich, 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.

BNY Mellon Investment Servicing (US) Inc. serves as the Fund's transfer agent with respect to the Shares.

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**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

[TO COME BY PRE-EFFECTIVE AMENDMENT]

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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 September 26, 2025, the Fund had not commenced investment operations and the only Shares of the Fund were owned by an affiliate of the Adviser.

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**FINANCIAL STATEMENTS** 

[Appendix B to this SAI provides financial information regarding the Fund. The Fund's financial statements have been audited by .]

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**APPENDIX A-1** 

**SUMMARY PROXY VOTING POLICIES AND PROCEDURES OF MAN GLG US, MAN GLG UK, MAN GPM AND MSL** 

The Sub-Advisers have adopted policies and procedures to ensure that any proxy voted on behalf of clients (the "Proxy Client(s)") is voted in a manner which is in the best interests of such clients.

Proxy votes that may be voted at the Sub-Advisers' discretion, or where the Sub-Advisers have been specifically instructed by a client to vote proxies, will be evaluated and the Sub-Advisers will seek to vote in the best interest of the relevant Proxy Client(s). It should be noted that there may be times whereby the Sub-Advisers invest in the same securities/assets while managing different investment strategies and/or clients. Accordingly, it may be appropriate in certain cases that such securities/assets are voted differently across different investment strategies and/or clients, based on their respective investment thesis and other portfolio considerations.

It should be noted that the Sub-Advisers will only vote proxies on securities and other portfolio assets currently held by clients or in which clients have an economic interest. Proxies received for securities that are loaned out or are on contract for difference/swap will generally not be voted.<sup>1</sup> In addition, from time to time clients may hold equity positions purely for financing purposes. The net result of these holdings is that the client has no economic interest in the issuer and as such the Sub-Advisers will refrain from voting. Furthermore, the Sub-Advisers may refrain from voting a proxy when it is determined that the cost of voting the proxy exceeds the expected benefit to the client.

In addition, on an on-going basis the Sub-Advisers will endeavor to identify material conflicts of interest, if any, which may arise between the Sub-Advisers and one or more issuers of clients' portfolio securities, with respect to votes proposed by and/or affecting such issuer(s), in order to ensure that all votes are voted in the overall best interest of clients.

The Sub-Advisers have established Stewardship and Proxy Voting Committees that are responsible for resolving proxy voting issues when deemed necessary; making proxy voting decisions where a material conflict of interest may exist; monitoring compliance with The Global Proxy Voting Policy (the "Policy"); and setting new and/or modifying existing policies. Compliance will undertake monitoring of the Stewardship team's conflict resolution process (such as the proxy watch list) where potential conflicts of interest may exist.

The Sub-Advisers have appointed, and will appoint from time to time, one or more proxy voting service companies, to provide it with proxy voting services for certain Proxy Clients. Where applicable, the Sub-Advisers will generally vote proxies for the relevant Proxy Clients in accordance with the Sub-Advisers' Proxy Voting Policy guidelines, unless otherwise specifically instructed to vote otherwise by the portfolio manager or such Proxy Client.

The Sub-Advisers maintain documentation memorializing the decision to vote a proxy in a manner different from what is stated in the relevant proxy voting guidelines. Documentation is also maintained for all proxies that are not voted for Proxy Clients and the reasons therefore where the Sub-Advisers have been instructed by the Proxy Client to vote.

The Sub-Advisers' Proxy Voting Policy (the "Policy") is active uniformly firm-wide across all relevant investment capabilities.

The Policy uses the Glass Lewis standard policy as the base but applies a number of additional guidelines that target specific areas where we believe higher standards should be promoted.

The Glass Lewis standard proxy voting guidelines can be found on Glass Lewis' website at: <u>https://www.glasslewis.com/voting-policies-current/.</u>

<sup>1</sup> On a case by case basis, stock may be recalled in order to vote. 

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The Man Group Global Proxy Voting Policy guidelines are summarized in the table below:

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| | |
|:---|:---|
| Key Areas | Man Group Global Proxy Voting Policy Guidelines<br>|
| Merit, fairness and equality<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; US, Canada, UK, Australia, Europe:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At companies included in standard market indices, we will generally vote against the nomination committee chair and/or members when the board of directors is not at least one-third gender diverse.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At all other companies listed in other market indices in the above countries, we will generally vote against the nomination committee chair and/or members when there is not at least one woman on the board of directors.<br>Japan:<br>At companies included in standard market indices, we will generally vote against the nomination committee chair and/or members when the board of directors is not at least 10% gender diverse.<br>|
| Human Rights | We will generally vote against the ESG committee or equivalent when the Human Rights Policy does not align with the Universal Declaration of Human Rights (UDHR).<br>|
| Climate Change | &nbsp;&nbsp;&nbsp;&nbsp; For transition laggards operating in energy intensive sectors<sup>3</sup><sup>,</sup><sup>4</sup>, we will generally vote against the ESG committee or equivalent if:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company lacks board oversight of climate<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company has not set a net zero target<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The company does not report their disclosures in line with the Task Force on Climate-Related Financial Disclosures (TCFD) or the Sustainability Accounting Standards Board (SASB)<br>|
| Executive Compensation | We will generally vote against executive compensation policies if there is insufficient disclosure, significant disconnect between pay and performance, lack of sufficiently stretching targets, excessive discretion, ex gratia, non-contractual payments or guaranteed bonuses, excessive quantum, excessive and unjustified increases in base salary, or lack of structural safeguarding mechanisms such as clawback and malus policies.<br>For transition laggards operating in energy intensive sectors<sup>2,3</sup>, we will generally vote against executive compensation policies if remuneration awards are not linked to climate indicators.<br>|
| Board Tenure and Refreshment | We will generally vote against members of the nomination and/or governance committees wherein the board has an average tenure of greater than 10 years and there have been no new nominees in the last 5 years.<br>|
| Shareholder Proposals | We will generally support shareholder initiatives that request additional disclosure on behalf of a company or are otherwise environmentally or socially positive, and not conversely aimed at limiting disclosure or consideration of key issues. |

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<sup>2</sup> Vote decisions are reviewed on a case-by-case basis based on factors including, but not limited to, local laws, regulations and market standards. 

<sup>3</sup> As defined by Man Group's proprietary transition score.

<sup>4</sup> The climate guidelines mainly apply to executive compensation and director elections; they take into account a company's size and sector to ensure that shareholders execute votes that make sense from a financial perspective in the context of a company's operations. Using our internal data capabilities, we have developed a proprietary transition score to identify a list of transition laggards operating in energy intensive sectors that receive the highest degree of focus. 

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Upon request, clients may receive a copy of Man Group's Global Proxy Voting Policy and/or information regarding the manner in which securities held in their account were voted by contacting their Man Group representative at <u>globalproxyvotingclientservices@man.com</u>.

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**APPENDIX A-2** 

**PROXY VOTING POLICIES AND PROCEDURES OF MAN VARAGON** 

A. POLICY STATEMENT

Man Varagon's clients' portfolios will be primarily lenders to or investors in private companies which typically do not issue proxies. However, from time to time, Man Varagon may receive proxies in connection with publicly traded portfolio companies in which it may hold equity, or Man Varagon may be asked to exercise consent rights in connection with a loan or other debt instrument. It is Man Varagon's policy to make decisions with respect to client proxies and consents in its clients' best interests consistent with its fiduciary duties, taking into account all relevant factors, including without limitation, acting in a manner that will maximize the economic benefits to the client.

B. PROCEDURES

Copies of proxy voting materials received by Man Varagon shall be forwarded to Finance and Operations to ensure that proxies are voted and submitted in a timely manner and in accordance with these policies and procedures.

Finance and Operations will maintain a record as to the name of the company to which the proxy materials relate, the date the proxy materials are received and the date by which the proxy needs to be voted. Finance and Operations will review the list of clients and compare the record date of the proxies with a security holdings list for the security or company soliciting the proxy vote.

Upon completion of a reconciliation process, Finance and Operations forward the proxy materials to the ECC for voting. The ECC shall vote all proxies in the best interests of Man Varagon's clients pursuant to and in accordance with the investment strategy of each client. For any client who has provided specific voting instructions, that client's proxy shall be voted in accordance with the client's written instructions.

Prior to exercising voting authority on any other matter, the ECC shall review the proxy materials and undertake a reasonable investigation to determine whether any of the matters to be voted on present a material conflict of interest between Man Varagon and the interests of its clients. Where the ECC determines that no material conflict of interest exists, the matter shall be analyzed based on its specific facts and circumstances and the ECC shall vote on the matter in the best interests of its clients.

Under the terms of the Senior Direct Lending Program, LLC ("SDLP"), any exercise of consent rights or proxy votes will be undertaken by the SDLP Investment Committee and the SDLP Investment Committee will take those actions which they determine are in the overall best interest of the SDLP. Man Varagon, with respect to the voting rights it is entitled to through its representation on the SDLP Investment Committee, will use the policies and procedures described above in determining what proxy or consent actions that it will vote to take on behalf of the SDLP.

Abstentions and Non Votes

Man Varagon is not required to vote every client proxy and abstaining or otherwise refraining from voting may be in the client's best interest, such as when an analysis of a particular client proxy reveals that the cost of voting the proxy may exceed the expected benefit to the client or where voting would have the effect of limiting a client's ability to take other actions on an investment (e.g., selling). Compliance shall maintain documentation of any cost/benefit and other analysis with respect to client proxies that were not voted by Man Varagon.

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##### [**Table of Contents**](#toc)
Conflicts of Interest

All conflicts of interest will be resolved in the interests of Man Varagon's clients.

Where the ECC determines that a material conflict of interest may exist between Man Varagon and the interests of its clients, the ECC shall take reasonable steps to ensure that the conflict does not influence the

ECC to vote a proxy in a manner that is not in the best interests of its clients. These steps may include, but are not limited to any one or a combination of the following: (i) disclosing the conflict to the relevant client and obtaining such client's informed consent as to the fact that a material conflict exists in voting the client's proxy in the manner favored by Man Varagon, (ii) deferring to the voting recommendation of the client or those of another independent third party provider of proxy services (e.g., such as Institutional Shareholder Services, an independent proxy voting advisory and research firm), (iii) sending the proxy directly to the client for a voting decision, (iv) implementing information barriers around conflicted personnel to ensure that they do not influence the voting decision, or (vi) taking such other action in good faith that would protect the interest of the client.

The ECC shall make and maintain a record describing any steps taken to prevent a potential material conflict of interest from causing a proxy to be voted in a manner that is not in the best economic interest of its clients.

Client Request to Review Votes

Any request, whether written (including e-mail) or oral, by a client to review proxies voted on its behalf, must be promptly reported to Compliance. All requests should be maintained or memorialized along with Man Varagon's response to such request.

C. RECORDKEEPING

Documents to be Retained

The following documents should be maintained for five years from the end of the relevant fiscal year for which the date the document was created or last altered (whichever is more recent), the first two in an appropriate office of Man Varagon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy voting policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proxy statements received regarding client securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Records of votes cast on behalf of clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Records of client requests for proxy voting information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any documents prepared by Man Varagon that were material to making a decision on how to vote, or that
memorialized the basis for the decision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, information and/or analysis related to any potential conflict of interest in the voting process.

In lieu of maintaining its own copies of proxy statements as noted above, Man Varagon may rely on proxy statements filed on the SEC's EDGAR system. Additionally, Man Varagon may rely on proxy statements and records of proxy votes cast by Man Varagon that are maintained with a third party such as a proxy voting service (if Man Varagon determines to use such a service), provided that Man Varagon has obtained an undertaking from the third party to provide a copy of the documents promptly upon request.

Information to be Retained

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##### [**Table of Contents**](#toc)
The following information will be maintained for each proxy vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of the issuer of the portfolio security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exchange ticker symbol of the portfolio security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The CUSIP number for the portfolio security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The shareholder meeting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number of shares (or other interests) Man Varagon is voting on a firm-wide basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A brief identification of the matter voted on;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the matter was proposed by the issuer or by a security holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether or not Man Varagon cast its votes on the matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How Man Varagon cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of
directors), including details of how votes were split if Man Varagon determined that the clients' best interests are served by voting differently for different clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether Man Varagon cast its vote with or against management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether any client requested an alternative vote on its proxy; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event that Man Varagon votes the same proxy in two directions, it shall maintain documentation to support
its voting (this may occur if a client requires Man Varagon to vote a certain way on an issue, while Man Varagon deems it beneficial to vote in the opposite direction for its other clients) in the permanent file.

D. CONFIDENTIALITY

All reports and any other information filed with Man Varagon pursuant to this Proxy Policy shall be treated as confidential, except that the information may be disclosed to employees on a "need to know" basis, any regulatory or self-regulatory organization or agency upon its request, to clients/investors consistent with this Policy.

E. REVIEW

The Proxy Policy will be reviewed periodically, including upon any material changes to Man Varagon's business or operations and upon any other change in circumstances that may have a material impact upon this Proxy Policy.

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**APPENDIX B** 

**FINANCIAL STATEMENTS** 

[TO COME BY PRE-EFFECTIVE AMENDMENT]

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##### [**Table of Contents**](#toc)
**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: Audited Financial Statements – to be included in SAI<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm – to be included in SAI |
| (2) | Exhibits: |
| (a) | (1) [Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1997906/000110465923120743/tm2330734d1_ex99-xax1.htm) |
|  | (2) [Declaration of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/2070029/000119312525143712/d948690dex99a2.htm) |
|  | (3) [Amended and Restated Declaration of Trust<sup>(2)</sup>](d891459dex99a3.htm) |
|  | (4) [Certificate of Amendment to Certificate of Trust<sup>(2)</sup>](d891459dex99a4.htm) |
| (b) | [Bylaws<sup>(2)</sup>](d891459dex99b.htm) |
| (c) | Not applicable. |
| (d) | [Multiple Class Plan<sup>(2)</sup>](d891459dex99d.htm) |
| (e) | [Dividend Reinvestment Plan<sup>(2)</sup>](d891459dex99e.htm) |
| (f) | Not applicable. |
| (g) | (1) [Investment Management Agreement<sup>(2)</sup>](d891459dex99g1.htm) |
|  | (2) [Investment Management Fee Waiver Agreement<sup>(2)</sup>](d891459dex99g2.htm) |
|  | (3) [Sub-Advisory Agreement with GLG LLC<sup>(2)</sup>](d891459dex99g3.htm) |
|  | (4) [Sub-Advisory Agreement with GLG Partners LP<sup>(2)</sup>](d891459dex99g4.htm) |
|  | (5) [Sub-Advisory Agreement with Varagon Capital Partners, L.P.<sup>(2)</sup>](d891459dex99g5.htm) |
|  | (6) [Sub-Advisory Agreement with Man Global Private Markets (USA) Inc.<sup>(2)</sup>](d891459dex99g6.htm) |
|  | (7) [Sub-Advisory Agreement with Man Solutions Limited<sup>(2)</sup>](d891459dex99g7.htm) |

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| | | | |
|:---|:---|:---|:---|
|  | (h) | (1) | [Distribution Agreement<sup>(2)</sup>](d891459dex99h1.htm) |
|  |  | (2) | [Form of Selected Intermediary Agreement<sup>(2)</sup>](d891459dex99h2.htm) |
|  |  | (3) | [Distribution and Service Plan<sup>(2)</sup>](d891459dex99h3.htm) |
|  | (i) | Not applicable. | Not applicable. |
|  | (j) | [Custody Agreement<sup>(2)</sup>](d891459dex99j.htm) | [Custody Agreement<sup>(2)</sup>](d891459dex99j.htm) |
|  | (k) | (1) | [Administration Agreement<sup>(2)</sup>](d891459dex99k1.htm) |
|  |  | (2) | [Transfer Agency and Service Agreement<sup>(2)</sup>](d891459dex99k2.htm) |
|  |  | (3) | [Expense Limitation and Reimbursement Agreement<sup>(2)</sup>](d891459dex99k3.htm) |
|  | (l) | Opinion and Consent of Delaware Counsel<sup>(3)</sup> | Opinion and Consent of Delaware Counsel<sup>(3)</sup> |
|  | (m) | Not applicable. | Not applicable. |
|  | (n) | Consent of Independent Registered Public Accounting Firm<sup>(3)</sup> | Consent of Independent Registered Public Accounting Firm<sup>(3)</sup> |
|  | (o) | Not applicable. | Not applicable. |
|  | (p) | [Initial Subscription Agreement<sup>(2)</sup>](d891459dex99p.htm) | [Initial Subscription Agreement<sup>(2)</sup>](d891459dex99p.htm) |
|  | (q) | Not applicable. | Not applicable. |
|  | (r) | (1) | Code of Ethics of Registrant<sup>(3)</sup> |
|  |  | (2) | Code of Ethics of Man Solutions LLC<sup>(3)</sup> |
|  |  | (3) | Code of Ethics of GLG LLC<sup>(3)</sup> |
|  |  | (4) | Code of Ethics of GLG Partners LP<sup>(3)</sup> |
|  |  | (5) | Code of Ethics of Varagon Capital Partners, L.P.<sup>(3)</sup> |
|  |  | (6) | Code of Ethics of Man Global Private Markets (USA) Inc.<sup>(3)</sup> |
|  |  | (7) | Code of Ethics of Man Solutions Limited<sup>(3)</sup> |
|  |  | (8) | Code of Ethics of Distributor<sup>(3)</sup> |
|  | (s) | Not applicable. | Not applicable. |
|  | (t) | [Power of Attorney<sup>(2)</sup>](d891459dex99t.htm) | [Power of Attorney<sup>(2)</sup>](d891459dex99t.htm) |
| (1) | Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on [Form N-2](http://www.sec.gov/Archives/edgar/data/2070029/000119312525143712/d948690dn2.htm) (File No. 333-288204), filed on June 20, 2025. | Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on [Form N-2](http://www.sec.gov/Archives/edgar/data/2070029/000119312525143712/d948690dn2.htm) (File No. 333-288204), filed on June 20, 2025. | Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on [Form N-2](http://www.sec.gov/Archives/edgar/data/2070029/000119312525143712/d948690dn2.htm) (File No. 333-288204), filed on June 20, 2025. |
| (2) | Filed herewith. | Filed herewith. | Filed herewith. |
| (3) | To be filed by amendment | To be filed by amendment | To be filed by amendment |

---

**Item 26. Marketing Arrangements** 

[To be provided by amendment.]

**Item 27. Other Expenses Of Issuance And Distribution** 

Not applicable.

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**Item 28. Persons Controlled By Or Under Common Control With The Registrant** 

Immediately prior to this offering, Man Investments Finance Inc., a Delaware corporation, will own 100% of the outstanding common shares of the Registrant due to the contribution of seed capital. See "Control Persons and Principal Shareholders" 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 September 3, 2025:

---

| | | |
|:---|:---|:---|
| **Title Of Class** | **Number of<br>Record Holders** | **Number of<br>Record Holders** |
|  Class A Shares |  | 0 |
|  Class I Shares |  | 1 |

---

**Item 30. Indemnification** 

The Registrant is organized as a Delaware statutory trust and is operated pursuant to its Amended and Restated Declaration of Trust that permits the Registrant to indemnify its trustees and officers under certain circumstances. Such indemnification, however, is subject to the limitations imposed by the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"). Article V, Section 5.3 of the Registrant's Amended and Restated Declaration of Trust provides that officers and trustees of the Trust shall be indemnified by the Trust against liabilities and expenses of defense in proceedings against them by reason of the fact that they each serve as an officer or trustee of the Registrant.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, trustees, officers and controlling persons of the Registrant and the principal underwriter pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, trustee, officer, or controlling person of the Registrant and the principal underwriter in connection with the successful defense of any action, suit or proceeding) is asserted against the Registrant by such director, trustee, officer or controlling person or principal underwriter in connection with the shares being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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

Man Solutions LLC ("***Man Solutions***") serves as the investment adviser to the Registrant. Man Solutions is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which Man Solutions 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 Man Solutions' Form ADV (File No. 801-72402), as filed with the SEC and incorporated herein by reference.

GLG LLC ("***Man GLG US***") serves as an investment sub-adviser to the Registrant. Man GLG US is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which Man GLG US 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 Man GLG US's Form ADV (File No. 801-65571), as filed with the SEC and incorporated herein by reference.

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GLG Partners LP ("***Man GLG UK***") serves as an investment sub-adviser to the Registrant. Man GLG UK is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which Man GLG UK 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 Man GLG UK's Form ADV (File No. 801-78835), as filed with the SEC and incorporated herein by reference.

Varagon Capital Partners, L.P. ("***Man Varagon***") serves as an investment sub-adviser to the Registrant. Man Varagon is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which Man Varagon 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 Man Varagon's Form ADV (File No. 801-107473), as filed with the SEC and incorporated herein by reference.

Man Global Private Markets (USA) Inc. ("***Man GPM***") serves as an investment sub-adviser to the Registrant. MSL is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which Man GPM 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 Man GPM's Form ADV (File No. 801-108173), as filed with the SEC and incorporated herein by reference.

Man Solutions Limited ("***MSL***") serves as an investment sub-adviser to the Registrant. MSL is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which MSL 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 MSL's Form ADV (File No. 801-57108), as filed with the SEC and incorporated herein by reference.

**Item 32. Location Of Accounts And Records** 

All accounts, books and other documents of the Registrant 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 (1) the Registrant's custodian, The Bank of New York Mellon, (2) the Registrant's investment adviser and administrator, Man Solutions LLC, and/or (3) the Registrant's sub-advisers. The address of each is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Man Solutions LLC

1345 Avenue of the Americas, 21<sup>st</sup> Floor

New York, NY 10105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. GLG LLC

1345 Avenue of the Americas, 21<sup>st</sup> Floor

New York, NY 10105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. GLG Partners LP

Riverbank House, 2 Swan Lane

City of London, London EC4R 3 AD

United Kingdom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Varagon Capital Partners, L.P.

151 West 42nd Street, 53<sup>rd</sup> Floor

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New York, NY 10036

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Man Global Private Markets (USA) Inc.

1345 Avenue of the Americas, 21<sup>st</sup> Floor

New York, NY 10105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Man Solutions Limited

Riverbank House, 2 Swan Lane

City of London, London EC4R 3 AD

United Kingdom

**Item 33. Management Services** 

Not Applicable

**Item 34. Undertakings** 

1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the
registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the
registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in
the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be
filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used
or referred to by the undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

4. The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

##### [**Table of Contents**](#toc)
**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 26<sup>th</sup> day of September 2025.

---

| | |
|:---|:---|
|  **MAN ALTERNATIVE INCOME FUND** | **MAN ALTERNATIVE INCOME FUND** |
| By: | /s/ Samuel J. Thompson |
| Name: | Samuel J. Thompson |
| Title: | Trustee, President and Chief Executive Officer |

---

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 26<sup>th</sup> day of September 2025.

---

| | |
|:---|:---|
| **Signature** | **Capacity** |
| /s/ Samuel J. Thompson<br> Samuel J. Thompson | Trustee, President and Chief Executive Officer (Principal Executive Officer) |
| /s/ Robert Bourgeois<br> Robert Bourgeois | Principal Financial Officer, Principal Accounting Officer and Treasurer (Principal Financial and Accounting Officer) |
| /s/ Russell A. Emery\*<br> Russell A. Emery | Trustee |
| /s/ Shawn Hessing\*<br> Shawn Hessing | Trustee |
| /s/ Michael J. Crinieri\*<br> Michael J. Crinieri | Trustee |

---

---

| | |
|:---|:---|
| \*By: | /s/ Lisa Muñoz |
|  | Lisa Muñoz |
|  | As Attorney-in-Fact |

---

------

##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
|  (a)(3) | [Amended and Restated Declaration of Trust](d891459dex99a3.htm) |
|  (a)(4) | [Certificate of Amendment to Certificate of Trust](d891459dex99a4.htm) |
| (b) | [Bylaws](d891459dex99b.htm) |
| (d) | [Multiple Class Plan](d891459dex99d.htm) |
| (e) | [Dividend Reinvestment Plan](d891459dex99e.htm) |
|  (g)(1) | [Investment Management Agreement](d891459dex99g1.htm) |
|  (g)(2) | [Investment Management Fee Waiver Agreement](d891459dex99g2.htm) |
|  (g)(3) | [Sub-Advisory Agreement with GLG LLC](d891459dex99g3.htm) |
|  (g)(4) | [Sub-Advisory Agreement with GLG Partners LP](d891459dex99g4.htm) |
|  (g)(5) | [Sub-Advisory Agreement with Varagon Capital Partners, L.P.](d891459dex99g5.htm) |
|  (g)(6) | [Sub-Advisory Agreement with Man Global Private Markets (USA) Inc.](d891459dex99g6.htm) |
|  (g)(7) | [Sub-Advisory Agreement with Man Solutions Limited](d891459dex99g7.htm) |
|  (h)(1) | [Distribution Agreement](d891459dex99h1.htm) |
|  (h)(2) | [Form of Selected Intermediary Agreement](d891459dex99h2.htm) |
|  (h)(3) | [Distribution and Service Plan](d891459dex99h3.htm) |
| (j) | [Custody Agreement](d891459dex99j.htm) |
|  (k)(1) | [Administration Agreement](d891459dex99k1.htm) |
|  (k)(2) | [Transfer Agency and Service Agreement](d891459dex99k2.htm) |
|  (k)(3) | [Expense Limitation and Reimbursement Agreement](d891459dex99k3.htm) |
| (p) | [Initial Subscription Agreement](d891459dex99p.htm) |
| (t) | [Power of Attorney](d891459dex99t.htm) |

---

## Ex-99.A3

**Exhibit (a)(3)** 

**MAN ALTERNATIVE INCOME FUND** 

**AMENDED AND RESTATED DECLARATION OF TRUST** 

**September 3, 2025** 

------

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

---

| | |
|:---|:---|
|  | **Page** |
|  Article I NAME AND DEFINITIONS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 Name | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 Definitions | 3 |
|  Article II PURPOSE | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 Purpose | 4 |
|  Article III TRUSTEES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 Powers | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 Legal Title | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 Number of Trustees; Term of Office | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 Election of Trustees | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 Resignation and Removal | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6 Vacancies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7 Committees; Delegation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8 Quorum; Voting | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.9 Action Without a Meeting; Participation by Video Conference, Conference Telephone or Otherwise | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 By-Laws | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 No Bond Required | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.12 Reliance on Experts, Etc. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.13 Fiduciary Duty | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.1 General | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.2 Limitation of Liability | 10 |
|  Article IV CONTRACTS | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 Distribution Contract | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 Advisory or Management Contracts | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 Affiliations of Trustees or Officers, Etc. | 11 |
|  Article V LIMITATION OF LIABILITY; INDEMNIFICATION | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 No Personal Liability of Shareholders, Trustees, Etc. | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 Execution of Documents; Notice; Apparent Authority | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 Indemnification of Trustees, Officers, Etc. | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 Limitations, Settlements | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 Insurance, Rights Not Exclusive | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 Advance of Expenses | 12 |
|  Article VI SHARES OF BENEFICIAL INTEREST | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 Beneficial Interest | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 Other Securities | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 Initial Designation of Classes | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 Rights of Shareholders | 13 |

---

i

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5 Trust Only | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6 Issuance of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 General | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 On Merger or Consolidation | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3 Fractional Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7 Register of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8 Share Certificates | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9 Transfer of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10 Voting Powers | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11 Meetings of Shareholders | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.12 Action Without a Meeting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.13 Quorum and Required Vote | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.14 Delivery by Electronic Transmission or Otherwise | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.15 Additional Provisions | 16 |
|  Article VII REPURCHASE AND REDEMPTION OF COMMON SHARES | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 Repurchase of Shares | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 Price | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 Repurchase by Agreement | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 Involuntary Repurchase; Disclosure of Ownership | 17 |
|  Article VIII DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 By Whom Determined | 18 |
|  Article IX DURATION; DISSOLUTION AND TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC. | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 Duration and Termination | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 Amendment Procedure | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 Merger and Consolidation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4 Conversion to Other Business Entities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5 Incorporation | 20 |
|  Article X MISCELLANEOUS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 Registered Agent; Registered Office | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 Governing Law | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 Counterparts | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4 Reliance by Third Parties | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5 Provisions in Conflict with Law or Regulations | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6 Derivative Actions | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7 General Direct Actions | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.1 General | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7.2 Required Conditions | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8 Inspection of Records and Reports | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9 Exclusive Delaware Jurisdiction | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10 Waiver of Jury Trial | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.11 Conversion | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.12 Section Headings; Interpretation | 23 |

---

ii

------

**AMENDED AND RESTATED DECLARATION OF TRUST OF MAN ALTERNATIVE INCOME FUND** 

AMENDED AND RESTATED DECLARATION OF TRUST made on September 3, 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, the Trustees desire to amend and restate the Declaration of Trust of the Trust (the "Original Declaration") made on March 13, 2025; and

WHEREAS, the Trustees desire that the beneficial interest in the trust assets be divided into transferable shares of beneficial interest, as hereinafter provided;

NOW THEREFORE, this Declaration shall amend and restate the Original Declaration and the Trustees hereby declare that all money and property contributed to the trust established hereunder and all proceeds thereof shall be held and managed in trust for the pro rata benefit of the holders, from time to time, of the shares of beneficial interest issued hereunder and subject to the provisions hereof.

**ARTICLE I** 

**<u>NAME AND DEFINITIONS</u>**

Section 1.1 <u>Name</u>. The name of the trust governed hereby is "Man Alternative Income Fund," in which name, or other name from time to time as the Trustees may determine, the Trustees shall conduct the business and activities of the Trust and execute all documents and take all actions authorized herein. The Trustees may, without Shareholder approval, change the name of the Trust or any Class and adopt such other name as they deem proper.

Section 1.2 <u>Definitions</u>. Wherever they are used herein, the following terms have the following meanings:

"1940 Act" shall mean the Investment Company Act of 1940, as amended from time to time and the rules and regulations thereunder, and any order or orders thereunder which may from time to time be applicable to the Trust. References herein to specific sections of the 1940 Act shall be deemed to include such rules and regulations as are applicable to such sections as determined by the Trustees or their designees.

"Affiliate" shall have the meaning of "Affiliated Person" set forth in Section 2(a)(3) of the 1940 Act.

"By-Laws" shall mean the By-Laws of the Trust as amended from time to time.

"Class" or "Class of Shares" shall refer to the division of Shares into two or more Classes as provided in Article VI hereof.

"Code" shall mean the Internal Revenue Code of 1986, as amended.

"Commission" shall mean the Securities and Exchange Commission.

"Common Shares" 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.

"Declaration" shall mean this Amended and Restated Declaration of Trust as amended from time to time. This Declaration and any By- Laws of the Trust shall constitute the governing instrument of the Trust.

"Delaware Act" shall mean Chapter 38 of Title 12 of the Delaware Code entitled "Treatment of Delaware Statutory Trusts," as it may be amended from time to time.

"Distributor" shall have the meaning set forth in Section 4.1.

------

"General Direct Action" shall mean an action, suit or other proceeding asserting a direct claim of any nature whatsoever (regardless of whether such claim sounds in contract, tort, fraud or otherwise or is based on common law, statutory, equitable, legal or other grounds) where the harm alleged falls upon all Shareholders or all Shareholders of a Series or Class (and not an individual harm only to the Shareholder or Shareholders bringing such action, suit or other proceeding) on a pro rata basis and/or proportionally based on their holdings of Shares.

"Investment Adviser" shall have the meaning set forth in Section 4.2.

"Majority Shareholder Vote" when used as a defined term in this Declaration shall mean (i) with respect to matters voted upon by all Shareholders voting as a single Class, as required by the 1940 Act the meaning of "majority of the outstanding voting securities of a company" set forth in section 2(a)(42) of the 1940 Act; and (ii) with respect to any other matter required to be submitted to the outstanding voting Shares as required by the 1940 Act, each Class shall have exclusive or separate voting rights, as applicable, consistent with the requirements of Rule 18f-3(a) under the 1940 Act.

"Person" shall mean an individual, a company, a corporation, partnership, trust (statutory or common law), or association, a joint venture, an organization, a business, a firm or other entity, whether or not a legal entity, or a country, a state, municipality or other political subdivision or any governmental agency or instrumentality.

"Principal Underwriter" shall have the meaning set forth in Section 2(a)(29) of the 1940 Act.

"Series" means shall refer to the division of Shares into two or more Series as provided in Article VI hereof.

"Shareholder" shall mean a record owner of Shares.

"Shares" shall mean the units of interest into which the beneficial interest in the Trust (or, if more than one Series or Class is authorized, each Series or Class thereof) shall be divided from time to time and includes fractions of Shares as well as whole Shares.

"Trust" shall mean the Delaware statutory trust established under the Delaware Act by this Declaration, as from time to time amended. All provisions herein relating to the Trust shall apply equally to each Series or Class of Shares except as the context otherwise requires.

"Trustees" 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 III 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.

"Trust Property" shall mean any and all property, real or personal, tangible or intangible, which is owned or held by or for the account of the Trust or the Trustees.

**ARTICLE II** 

**<u>PURPOSE</u>**

Section 2.1 <u>Purpose</u>. The purpose of the Trust is to provide investors a managed investment primarily in securities and other instruments and rights of a financial character and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration.

------

**ARTICLE III** 

**<u>TRUSTEES</u>**

Section 3.1 <u>Powers</u>. The Trustees, subject only to the specific limitations contained in this Declaration, shall have exclusive and absolute power, control and authority over the Trust Property and over the conduct of the affairs of the Trust as set forth in this Declaration, including such power, control and authority to do all such acts and things as in their sole judgment and discretion are necessary, incidental, convenient or desirable for the carrying out of or conducting of the business of the Trust or in order to promote the interests of the Trust, but with such powers of delegation as may be permitted by the Delaware Act. The enumeration of any specific power, control or authority herein shall not be construed as limiting the aforesaid power, control and authority or any other specific power, control or authority. The Trustees shall have all powers necessary or convenient to conduct and carry on the business of the Trust, or any part thereof, to have one or more offices and to exercise any or all of its trust powers and rights, in the State of Delaware, in any other states, territories, districts, colonies and dependencies of the United States and in any foreign countries. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. Such powers of the Trustees may be exercised without order of or resort to any court.

Without limiting the foregoing, the Trustees shall have the power:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To operate as and carry out the business of an investment company, and exercise all the powers necessary or appropriate to the conduct of such operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, assign, transfer, exchange, distribute, purchase or write options on, lend, enter into contracts for the future acquisition or delivery of, or otherwise deal in or dispose of, securities, indices, currencies, commodities or other property of every nature and kind, including, without limitation, all types of bonds, debentures, stocks, limited partnership interests (or similar securities), negotiable or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers acceptances, and other securities, commodities or contracts of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including, without limitation, states, territories, and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality thereof, the U.S. Government or any foreign government or any political subdivision of the U.S. Government or any foreign government, or any domestic or international instrumentality, or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state, territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in "when issued" contracts for any such securities; to change the investments of the assets of the Trust; and to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers, and privileges in respect of any of said instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, or write options (including options on futures contracts) with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust or any Series or Class thereof.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To set record dates for the determination of Shareholders with respect to various matters, which, for purposes of determining the Shareholders of any Series (or Class) who are entitled to receive payment of any dividend or of any other distribution shall be on or before the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series (or Class) having the right to receive such dividend or distribution; without fixing a record date, the Trustees may for distribution purposes close the register or transfer books for one or more Series (or Classes) at any time prior to the payment of a distribution; nothing in this subsection shall be construed as precluding the Trustees from setting different record dates for different Series (or Classes).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities or other property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or a nominee or nominees or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer of any security or property which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security or property held in the Trust.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To borrow funds or other property in the name of the Trust exclusively for Trust purposes and in connection therewith issue notes or other evidences of indebtedness; and to mortgage and pledge the Trust Property or any part thereof to secure any or all of such indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust Property or any part thereof to secure any of or all of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust or payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers, principal underwriters, or independent contractors of the Trust, individually against all claims and liabilities of every nature arising by reason of holding Shares, holding, being in or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such Person as Trustee, officer, employee, agent, investment adviser, principal underwriter, or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such Person against liability.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To enter into contracts of any kind and description.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To establish a registered office and have a registered agent in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To invest part or all of the Trust Property, or to dispose of part or all of the Trust Property and invest the proceeds of such disposition, in securities issued by one or more other investment companies registered under the 1940 Act or issuers excluded from the definition of investment company in the 1940 Act ("Section 3(c) Issuers") (including investment by means of transfer or part of all of the Trust Property in exchange for an interest or interests in such one or more investment companies or Section 3(c) Issuers) all without any requirement of approval by Shareholders unless required by the 1940 Act. Any such other investment company may (but need not) be a trust or other form of business organization (formed under the laws of the State of Delaware or of any other state) which is classified as a partnership or corporation for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Subject to the 1940 Act, to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) In general to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power hereinbefore set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust and not an action in an individual capacity.

The Trustees have the power to construe and interpret this Declaration and to act upon any such construction or interpretation. To the fullest extent permitted by law, 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 Trustees shall not be limited by any law now or hereafter in effect limiting the investments which may be made or retained by fiduciaries, but they shall have full power and authority to make any and all investments within the limitation of this Declaration that they, in their sole and absolute discretion, shall determine, and without liability for loss even though such investments do not or may not produce income or are of a character or in an amount not considered proper for the investment of trust funds. Unless otherwise expressly provided herein or required by federal law including the 1940 Act, the Trustees shall act in their sole discretion and may take any action or exercise any power without any vote or consent of the Shareholders.

Section 3.2 <u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trust as a separate legal entity under the Delaware Act, provided 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 with suitable reference to their trustee status, or in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of a custodian or subcustodian or a nominee or nominees or otherwise. No creditor of any Trustee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, any Trust Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Trust. To the extent title to the Trust Property has been vested in the Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, retirement, removal, declination to serve, incapacity, or death of a Trustee, he or she 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.

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Section 3.3 <u>Number of Trustees; Term of Office</u>. The initial Trustees shall be the persons initially signing this Declaration. The number of Trustees shall be the number of persons so signing until changed by the Trustees, and the Trustees may fix the number of Trustees from time to time; provided that the number of Trustees shall at all times be at least one (1) but not more than 15. Each of the Trustees executing this Declaration and each Trustee thereafter appointed or elected (whenever such election occurs) shall hold office until his or her successor is appointed or elected and qualified or until the earlier occurrence of any of the events specified in the first sentence of Section 3.6 hereof.

Section 3.4 <u>Election of Trustees</u>. Trustees may succeed themselves in office. Trustees may be elected at a Shareholders' meeting. Shareholders shall not be entitled to elect Trustees except as required by the 1940 Act. To the extent required by the 1940 Act, the Shareholders shall elect the Trustees on such dates as the Trustees may fix from time to time. The Shareholders may elect Trustees at any meeting of Shareholders called by the Trustees for that purpose. The election of any Trustee (other than an individual who was serving as a Trustee immediately prior thereto) shall not become effective, however, until the individual named shall have accepted in writing such election and agreed in writing to be bound by the terms of this Declaration. The Trustees may determine by resolution those Trustees, if any, that shall be elected by Shareholders of a particular Class of Shares (e.g., by a Class of preferred Shares issued by the Trust) prior to the initial offering of such Class of Shares. Trustees need not own Shares.

Section 3.5 <u>Resignation and Removal</u>. Any Trustee may resign his or her trust (without need for prior or subsequent accounting) by an instrument in writing signed by him or her and delivered to the Chair of the Board of Trustees, or the Secretary or any Assistant Secretary, and such resignation shall be effective upon such delivery, or at any later date specified in the instrument. Any Trustee may be removed 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.

Section 3.6 <u>Vacancies</u>. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, retirement, resignation or removal (whether pursuant to Section 3.5 hereof or otherwise), bankruptcy, adjudication of incompetence or other incapacity to perform the duties of the office of a Trustee. A vacancy shall also occur upon an increase in the number of Trustees in accordance with Section 3.3 hereof. No vacancy shall operate to annul this Declaration or to revoke any existing agency created pursuant to the terms of the Declaration. In the case of an existing vacancy, including a vacancy existing by reason of an increase in the authorized number of Trustees, the remaining Trustees shall fill such vacancy by the appointment of such individual as they in their sole and absolute discretion shall see fit, made by a written instrument signed by a majority of the Trustees then in office, provided that such power of appointment shall be subject to and limited by all applicable provisions of the 1940 Act. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided in Section 3.4 or this Section 3.6, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by the Declaration.

Section 3.7 <u>Committees; Delegation</u>. The Trustees shall have the power to appoint from their own number, and terminate, any one or more committees consisting of one or more Trustees, which may exercise some or all of the power and authority of the Trustees as the Trustees may determine (including but not limited to the power to determine net asset value and net income and the power to declare a dividend or other distribution on the Shares of any Series or Class), subject to any limitations contained in the By-Laws, and in general to delegate from time to time to one or more of their number or to one or more officers, employees or agents of the Trust any or all of their powers, authorities, duties and the doing of such things and the execution of such instruments, either in the name of the Trust or the names of the Trustees or otherwise, as the Trustees may deem expedient (including but not limited to the power to declare a dividend or other distribution on the Shares of any Series or Class).

Section 3.8 <u>Quorum; Voting</u>. At all meetings of the Trustees, the presence of a majority of the total number of Trustees then in office, but not less than two, shall constitute a quorum for the transaction of business. When a quorum is present at any meeting, a majority of Trustees present may take any action, except when a larger vote is required by this Declaration, the By-Laws or the 1940 Act.

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Section 3.9 <u>Action Without a Meeting; Participation by Video Conference, Conference Telephone or Otherwise</u>. Unless the 1940 Act requires that a particular action must be taken only at a meeting of Trustees, any action required or permitted to be taken at any meeting of the Trustees (or of any committee of the Trustees) may be taken without a meeting if written consents thereto are signed by a majority of the Trustees then in office (or by a majority of the members of such committee) and such written consents are filed with the records of the meetings. Unless the 1940 Act requires that Trustees must be present in person at a meeting of Trustees, Trustees may participate in a meeting of the Trustees (or of any committee of the Trustees) by means of a video conference, conference telephone or other means if all individuals participating can hear each other at the same time. For the avoidance of doubt, participation in a meeting by these means shall constitute presence in-person at the meeting.

Section 3.10 <u>By-Laws</u>. The Trustees shall have the exclusive power to adopt By-Laws not inconsistent with this Declaration or law to provide for the conduct of the business of the Trust, and shall have the exclusive power to amend or repeal such By-Laws. If there is any inconsistency between this Declaration and the By-Laws, the Declaration shall control.

Section 3.11 <u>No Bond Required</u>. No Trustee shall be obliged to give any bond or other security for the performance of any of his or her duties hereunder.

Section 3.12 <u>Reliance on Experts, Etc</u>. Each Trustee, officer, agent and employee of the Trust shall, in the performance of his or her duties, be fully and completely justified and protected by relying in good faith upon the books of account or other records of the Trust, or upon reports made to the Trustees (a) by any of the officers or employees of the Trust, (b) by the Investment Adviser, the Distributor, the custodian or the transfer agent, or (c) by any accountants, selected dealers or appraisers or other agents, experts or consultants selected with reasonable care by the Trustees, regardless of whether such agent, expert or consultant may also be a Trustee. The Trustees, officers, agents and employees of the Trust may take advice of counsel with respect to the meaning and operation of this Declaration and with respect to other legal matters or questions, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice.

Section 3.13 <u>Fiduciary Duty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.1 <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent modified in (b) below, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of private corporations for profit to such corporations and their stockholders under the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that, at law or in equity, a Trustee has duties (including fiduciary duties, if any) and liabilities relating thereto to the Trust, the Shareholders or to any other Person, a Trustee acting under this Declaration of Trust shall not be liable to the Trust, the Shareholders or to any other Person for its good faith reliance on the provisions of this Declaration of Trust. The provisions of this Declaration of Trust, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of Trustees otherwise existing under this Declaration or at law or in equity, are agreed to replace such other duties (including fiduciary duties) and liabilities of such Trustee. To the fullest extent permitted by law, only the Trustees shall have any fiduciary duties (or liability therefor) to the Trust or any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise expressly provided herein:

&nbsp;&nbsp;&nbsp;&nbsp;&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) whenever a conflict of interest exists or arises between any Trustee, on the one hand, and the Trust or any Shareholders or any other Person, on the other hand; 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) whenever this Declaration or any other agreement contemplated herein or therein provides that a Trustee shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholders or any other Person, a Trustee shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by a Trustee, the resolution, action or terms so made, taken or provided by a Trustee shall not constitute a breach of this Declaration or any other agreement contemplated herein or of any duty or obligation of a Trustee at law or in equity or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by law and notwithstanding any other provision of this Declaration or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Declaration any Trustee is permitted or required to make a decision (i) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, the Trustee shall be entitled to consider only such interests and factors as they desire, including their own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust, the Shareholders or any other Person; or (ii) in its "good faith" or under another express standard, the Trustee shall act under such express standard and shall not be subject to any other or different standard. The term "good faith" as used in this Declaration of Trust shall mean subjective good faith as such term is understood and interpreted under Delaware law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Trustee 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, shall not apply to any Trustee. No Trustee who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust shall have any duty to communicate or offer such opportunity to the Trust, and such Trustee shall not be liable to the Trust, Shareholders or any other person for breach of any fiduciary or other duty by reason of the fact that such Trustee pursues or acquires such opportunity, directs such opportunity to another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholders 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. Any Trustee may engage or be interested in any financial or other transaction with the Trust, the Shareholders or any affiliate of the Trust or the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13.2 <u>Limitation of Liability</u>. A Trustee, any officer, agent or employee of the Trust (including former Trustees, officers, agents or employees of the Trust) shall have no liability to the Trust or the Shareholders except for his or her own willful misfeasance (within the meaning of Section 17(h) of the 1940 Act), bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, and shall not be liable for errors of judgment or mistakes of fact or law. A Trustee, any officer, agent or employee of the Trust (including former Trustees, officers, agents or employees of the Trust) will not be liable to the Trust or Shareholders for monetary damages for breach of fiduciary duty as Trustee, any officer, agent or employee of the Trust to the extent permitted by Delaware law.

**ARTICLE IV** 

**<u>CONTRACTS</u>**

Section 4.1 <u>Distribution Contract</u>. The Trust may from time to time enter into a distribution contract with another Person (the "Distributor") providing for the sale of Shares, pursuant to which the Trust may agree to sell Shares of one or more Series or Class to the Distributor or appoint the Distributor its sales agent for the Shares. Such contract may provide that the Distributor may enter into contracts with other persons to sell the Shares on behalf of the Distributor and the Trust. Such contract may also provide for the repurchase of Shares by the Distributor as agent of the Trust and shall contain such terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with the provisions of this Article IV or of the By-Laws as the Trustees may in their discretion determine.

Section 4.2 <u>Advisory or Management Contracts</u>. Subject to approval by a Majority Shareholder Vote to the extent required by the 1940 Act, the Trust may from time to time enter into investment advisory or management contracts with one or more other Persons (the "Investment Advisers") pursuant to which the Investment Adviser or Advisers shall agree to furnish to the Trust management, investment advisory, statistical and research facilities or other services. Such contract shall contain such other terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with the provisions of this Article IV, the By-Laws or applicable law as the Trustees may in their discretion determine, including the grant of authority to the Investment Adviser to determine what securities shall be purchased or sold by the Trust and what portion of its assets shall be uninvested and to implement such determinations by making changes in the Trust's investments.

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Section 4.3 <u>Affiliations of Trustees or Officers, Etc</u>. The fact that any Shareholder, Trustee, officer, agent or employee of the Trust is a shareholder, member, director, officer, partner, trustee, employee, manager, adviser or distributor of or for any Person or of or for any parent or affiliate of any Person with which an investment advisory or management contract, principal underwriter or distributor contract or custodian, transfer agent, disbursing agent or similar agency contract may have been or may hereafter be made, or that any such Person, or any parent or affiliate thereof, is a Shareholder of or has any other interest in the Trust, or that any such Person also has any one or more similar contracts with one or more other such Persons, or has other businesses or interests, shall not affect the validity of any such contract made or that may hereafter be made with the Trust or disqualify any Shareholder, Trustee, officer, agent or employee of the Trust from voting upon or executing the same or create any liability or accountability to the Trustees, the Trust, or the Shareholders.

**ARTICLE V** 

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

Section 5.1 <u>No Personal Liability of Shareholders, Trustees, Etc</u>. No Shareholder shall be subject to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. No Trustee shall have any power to bind personally any Shareholder or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay by way of subscription for any Shares or otherwise. All Persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Trust for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor. No Trustee shall be subject to any personal liability whatsoever to any person other than the Trust or the Shareholders in connection with the Trust Property or the acts, obligations or affairs of the Trust. The Trustees shall not be responsible or liable to the Trust or the Shareholders for any neglect or wrongdoing of any officer, employee or agent (including, without limitation, the Investment Advisers, the Distributor, the custodian and the transfer agent) of the Trust, nor shall any Trustee be responsible or liable for the act or omission of any other Trustee.

Section 5.2<u> </u><u>Execution of Documents; Notice; Apparent Authority</u>. Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon. Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or officer shall recite that the obligations of such instruments are not binding upon any of the Trustees, Shareholders, officers, employees or agents of the Trust individually but are binding only upon the assets and property of the Trust, but the omission thereof shall not operate to bind any Trustees, Shareholders or officers, employees and agents of the Trust individually. No purchaser, lender, transfer agent or other Person dealing with the Trustees or 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 such officer, employee or agent of the Trust or make inquiry concerning or be liable for the application of money or property paid, loaned or delivered to or on the order of the Trustees or of such officer, employee or agent of the Trust.

Section 5.3 <u>Indemnification of Trustees, Officers, Etc</u>. For the purpose of this Article V, "agent" means any person who is or was a Trustee, officer, employee or other agent of the Trust or is or was serving at the request of the Trust as a trustee, director, officer, employee or agent of another organization in which the Trust has any interest as a Shareholder, creditor or otherwise: "proceeding" means any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative (including appeals); and "expenses" includes, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and all other liabilities whatsoever.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.1 <u>Limitations, Settlements</u>. Subject to the exceptions and limitations contained below, every agent shall be indemnified by the Trust to the fullest extent permitted by law against all liabilities and against all expenses reasonably incurred or paid by him or her in connection with any proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been an agent. No indemnification shall be provided hereunder to an agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) who shall have been adjudicated by the court or other body before which the proceeding was brought to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (collectively, "disabling conduct"); or

&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 proceeding disposed of (whether by settlement, pursuant to a consent decree or otherwise) without an adjudication by the court or other body before which the proceeding was brought that such agent was liable to the Trust or its Shareholders by reason of disabling conduct, unless there has been a determination that such agent did not engage in disabling conduct:

&nbsp;&nbsp;&nbsp;&nbsp;&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) by the court or other body before which the proceeding was brought;

&nbsp;&nbsp;&nbsp;&nbsp;&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) by at least a majority of those Trustees who are neither Interested Persons (within the meaning of the 1940 Act) of the Trust nor are parties to the proceeding based upon a review of readily available facts (as opposed to a full trial-type inquiry); 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;(iii) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry); provided, however, that indemnification shall be provided hereunder to an agent with respect to any proceeding in the event of (1) a final decision on the merits by the court or other body before which the proceeding was brought that the agent was not liable by reason of disabling conduct, or (2) the dismissal of the proceeding by the court or other body before which it was brought for insufficiency of evidence of any disabling conduct with which such agent has been charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2 <u>Insurance, Rights Not Exclusive</u>. The rights of indemnification herein provided may be insured against by policies maintained by the Trust on behalf of any agent, shall be severable, shall not be exclusive of or affect any other rights to which any agent may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of any agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.3 <u>Advance of Expenses</u>. Expenses incurred by an agent in connection with the preparation and presentation of a defense to any proceeding may be paid by the Trust from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such agent that such amount will be paid over by him or her to the Trust if it is ultimately determined that he or she is not entitled to indemnification under this Article V; provided, however, that (a) such agent shall have provided appropriate security for such undertaking, (b) the Trust is insured against losses arising out of any such advance payments or (c) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the proceeding, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a trial-type inquiry or full investigation), that there is reason to believe that such agent will be found entitled to indemnification under this Article V.

**ARTICLE VI** 

**<u>SHARES OF BENEFICIAL INTEREST</u>**

Section 6.1 <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest, par value $0.01 per share ("Shares"). Such shares of beneficial interest 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

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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 Common 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 Common Shares or any Series or Classes into a greater or lesser number, to classify or reclassify any issued Common Shares or any Series or Classes into one or more Series or Classes of Common Shares, and to take such other action with respect to the Common 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 date hereof as to the initial Classes designated in Section 6.3 hereof or upon the adoption of a resolution by the Trustees setting forth such establishment and designation and the preferences, powers, rights and privileges of the Common 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 any number of Common Shares of each Series or Class and are not required to issue certificates for any Common Shares.

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 shares, 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 the Trust's governing instrument 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 the Trust's governing instrument. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of the Trust's governing instrument (prior to giving effect to such supplement or amendment) with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. 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>Initial Designation of Classes</u>. Subject to the designation of additional Classes pursuant to Section 6.1, there shall be two Classes of Common Shares, hereby designated as Class S and Class I Shares of the Trust.

Section 6.4 <u>Rights of Shareholders</u>. Shares shall be deemed to be personal property giving only the rights provided in this Declaration. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The right to conduct any business hereinbefore described are vested exclusively in the Trustees, 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 death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust nor to entitle the legal representative of such Shareholder to an accounting or to take any action in any court or otherwise against other Shareholders or the Trustees or the Trust Property, but only to the rights of such Shareholder hereunder. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may otherwise approve, including pursuant to Section 6.2. To the fullest extent permitted by applicable law, ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by, or with respect to, the Trust.

Section 6.5 <u>Trust Only</u>. The Trust shall be a Delaware statutory trust organized under the Delaware Act. It is the intention of the Trustees to create only the relationship of Trustees 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 trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

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Section 6.6 <u>Issuance of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 <u>General</u>. The Trustees may from time to time without vote of the Shareholders issue and sell or cause to be issued and sold Shares. All such Shares, when issued in accordance with the terms of this Section 6.6, shall be fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 <u>On Merger or Consolidation</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) or such stock at the market value (as determined by the Trustees) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3 <u>Fractional Shares</u>. The Trustees may issue and sell fractions of Shares having pro rata all the rights of full Shares, including, without limitation, the right to vote and to receive dividends and distributions.

Section 6.7 <u>Register of Shares</u>. A register shall be kept at the principal office of the Trust or an office of the transfer agent of the Trust which shall contain the names and addresses of the Shareholders of each Series or Class, the number of Shares of each such Series or Class held by them respectively, a record of all transfers thereof and any other information required by the Code, United States Treasury Regulations or any other taxing authority with respect to regulated investment companies. Such register shall be conclusive as to who are the holders of the Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders of each Series or Class. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him or her as herein or in the By-Laws provided, until he or she has given his or her address to the transfer agent or such other officer or agent of the Trust as shall keep the said register for entry thereon.

Section 6.8 <u>Share Certificates</u>. No certificates certifying ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time.

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 Trustees, 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 Trustees or their delegate (which may be withheld in the Trustees' or their delegate's sole and absolute discretion). If a Shareholder transfers Shares with the approval of the Trustees or their delegate, the Trustees or their delegate 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,

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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.

Section 6.10 <u>Voting Powers</u>. (a) Notwithstanding any other provision of this Declaration of Trust, on any matters submitted to a vote of the Shareholders, all outstanding Shares of the Trust then entitled to vote shall, subject to applicable law, be voted as a single Class, in the aggregate, and not by individual Series or Class, except:

&nbsp;&nbsp;&nbsp;&nbsp;&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) when required by the 1940 Act, Shares shall be voted by individual Series or Class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Series, then only the Shareholders of such Series shall be entitled to vote thereon; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders shall have power to vote only: (a) for the election of Trustees as provided in Section 3.4 hereof; (b) with respect to any amendment of this Declaration to the extent and as provided in Section 9.2 hereof; and (c) with respect to such additional matters relating to the Trust as the Trustees may consider necessary or desirable. On any matter submitted to a vote of Shareholders, all Shares issued and outstanding shall, subject to applicable law, be voted as a single Class in the aggregate and not by Series or Class, except with respect to (i) any matter determined by the Trustees to affect Shareholders of any particular Series or Class in a material respect different from the Shareholders of one or more other Series or Classes; and (ii) such matters as the Trustees may consider necessary or desirable. With respect to such matters, Shareholders of each affected Series or Class shall have the power to vote as a separate Series or Class, as determined by the Trustees, and Shareholders that are not so affected shall not be entitled to vote. Each whole Share shall be entitled to one vote as to any matter on which Shareholders are entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise required by law, each whole Share shall be entitled to one vote as to any matter on which Shareholders are entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Until Shares are issued, the Trustees may exercise all rights of Shareholders (including, without limitation, the right to amend this Declaration) and may take any action required by law, the By-Laws or this Declaration to be taken by Shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The By-Laws may include further provisions for Shareholders' votes and related matters.

Section 6.11 <u>Meetings of Shareholders</u>. Meetings of the Shareholders may be called at any time by the Chair of the Board of Trustees, the Chief Executive Officer, the President or any Vice President of the Trust, or by a majority of the Trustees for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders as herein provided or upon any other matters deemed to be necessary or desirable.

Section 6.12 <u>Action Without a Meeting</u>. The Trustees may, but shall not be required, to permit any action required or permitted to be taken at any meeting of the Shareholders to be taken by Shareholders without a meeting if such proportion of Shareholders as is required to vote for approval of the matter by law, this Declaration or the By-Laws consents to the action in writing and the written consents are filed with the records of Shareholders' meetings. Such consents shall be treated for all purposes as a vote taken at a Shareholders' meeting.

Section 6.13 <u>Quorum and Required Vote</u>. One-third (33 1/3%) of the outstanding Shares shall be a quorum for the transaction of business at a Shareholders' meeting, except that where any provision of law or this Declaration permits or requires that holders of any Series or Class shall vote as a Series or Class, then one-third (33 1/3%) of the aggregate number of Shares of that Series or Class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that Series or Class unless otherwise provided in this Declaration, the By-Laws, or a resolution of the Trustees. Any lesser number, however, shall be sufficient for adjournment and any adjourned session or sessions may be held within twelve months after the date set for the original meeting without the necessity of further notice. Except when a larger vote is required by any provision of this Declaration, the By-Laws or a resolution of the Trustees and subject to any applicable requirements of law, (a) a majority of the Shares voted shall decide any question, (b) where any provision of law or of this Declaration permits or requires that the holders of any Series or Class shall vote as a Series or Class, then a majority of the Shares of that Series or Class voted on the matter shall decide that matter insofar as that Series or Class is concerned, and (c) the election of Trustees which shall be decided by a plurality of the votes cast in person or by proxy, except that in a contested election of Trustees a nominee must receive a majority of the votes entitled to be cast in person or by proxy to be elected as a Trustee.

Section 6.14 <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, 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 Act), including via the internet, or in any other manner permitted by applicable law, and can include electronic signatures (within the meaning of the Delaware Statutory Trust Act).

Section 6.15 <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders' votes and meetings and related matters.

**ARTICLE VII** 

**<u>REPURCHASE AND REDEMPTION OF COMMON SHARES</u>**

Section 7.1 <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, 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.

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Section 7.2 <u>Price</u>. To the extent permitted by Section 7.1 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 VIII 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 7.3 <u>Repurchase by Agreement</u>. The Trust may repurchase Common Shares directly, or through the Distributor 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 VIII hereof as of the time specified in the prospectus of the Trust at the time in effect.

Section 7.4 <u>Involuntary Repurchase; Disclosure of Ownership</u>. (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 opinion 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 opinion of the Trustees result in such disqualification or treatment.

Any repurchase pursuant to this Section 7.4 shall be effected at net asset value determined in accordance with Section 8.1 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, United States Treasury regulations, or with the requirements of any other taxing 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 8.1 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.

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**ARTICLE VIII** 

**<u>DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS</u>**

Section 8.1 <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 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.

&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, allocate or distribute to Shareholders such income and capital gains, accrued or realized, or returns of capital as the Trustees may determine, 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.

**ARTICLE IX** 

**<u>DURATION; DISSOLUTION AND TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC.</u>**

Section 9.1 <u>Duration and Termination</u>. (a) Unless dissolved and terminated as provided herein, the Trust shall continue without limitation of time. The Board of Trustees may, without approval of the Shareholders, determine to liquidate and terminate the Trust. Upon the termination of the Trust,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 9.3 hereof shall receive the approval so required.

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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) 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 termination of the Trust and distribution to the Shareholders as herein provided, 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. 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 9.2 <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) Except as specifically provided herein, the Trustees may, without Shareholder vote, amend this Declaration by an instrument in writing or an amended and restated Declaration signed or approved by a majority of the Trustees. Such an amendment shall be authorized by a vote of the Shareholders pursuant to Section 6.13 if it would limit the right of a Shareholder to vote under Section 6.10 or amend this Section 9.2 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 6.10 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 6.10 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 instrument in writing signed or approved by a majority of the Trustees, setting forth the amendment or an amended and restated Declaration, shall be conclusive evidence of such amendment when lodged among the records of the Trust. Subject to the foregoing, any such amendment shall be effective as provided in the instrument containing the terms of such amendment or, if there is no provision therein with respect to effectiveness, upon the execution or approval of such instrument by a majority of the Trustees (or in the case of execution, by an officer of the Trust pursuant to a vote of a majority of the Trustees).

Section 9.3 <u>Merger and Consolidation</u>. Pursuant to an agreement of merger or consolidation, the Trust, may, by act of a majority of the Trustees, without the vote or consent of the Shareholders, merge or consolidate with or into one or more statutory trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state of the United States or any foreign country or other foreign jurisdiction. Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration that would otherwise require the approval of such Shareholders. In accordance with Section 3815(f) of the Delaware Act, an agreement of merger or consolidation may affect any amendment to this Declaration or the By-Laws or effect the adoption of a new declaration of trust or bylaws of the Trust if the Trust is the surviving or resulting statutory trust. Upon completion of the merger or consolidation, the Trustees shall file a certificate of merger or consolidation in accordance with Section 3810 of the Delaware Act.

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of all outstanding obligations, taxes and other liabilities, accrued or contingent of the Trust, and which may include shares of beneficial interest, stock or other ownership interest of such trust, partnership, limited liability company, association, corporation or other business entity (or series thereof). Approval of any agreement or applicable certificate of merger, reorganization, consolidation or conversion or certificate may be signed by a majority of the Board of Trustees or an authorized officer of the Trust. In accordance with Section 3815(f) of the Delaware Statutory Trust Act, such approval and approval from the Board of Trustees will affect an amendment to this Declaration and/or effect the adoption of a new declaration of trust of the Trust or change the name of the Trust if the Trust is the surviving or resulting entity in the merger or consolidation.

Section 9.5 <u>Incorporation</u>. Notwithstanding anything else contained herein, the Trustees may, without prior Shareholder approval, cause to be organized or assist in organizing under the laws of any jurisdiction a corporation or corporations or any other trust, partnership, association or other organization to take over all or less than all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and may sell, convey and transfer Trust Property to any such corporation, trust, partnership, association or other organization in exchange for the shares or securities thereof or otherwise, and may lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, partnership, association or other organization, or any corporation, partnership, trust, association or other organization in which the Trust holds or is about to acquire shares or any other interest.

**ARTICLE X** 

**<u>MISCELLANEOUS</u>**

Section 10.1 <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 The Corporation Trust Company, 1209 North Orange Street, Wilmington, Delaware 19801, 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 10.2 <u>Governing Law</u>. 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 Act and the laws of the State of Delaware; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Section 3540 and Section 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 Act) 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 Act, 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.

Section 10.3 <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.

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Section 10.4 <u>Reliance by Third Parties</u>. Any certificate executed by an officer of the Trust or a Trustee certifying to: (a) the number or identity of Trustees or Shareholders, (b) the due authorization of the execution of any instrument or writing, (c) the form of any vote passed at a meeting of Trustees or Shareholders, (d) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (e) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees or (f) 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 10.5 <u>Provisions in Conflict with Law or Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 requirements of the 1940 Act, would be inconsistent with any of the conditions necessary for qualification of the Trust as a regulated investment company under the Code or is inconsistent with other applicable laws and regulations, such provision shall be deemed never to have constituted a part of this Declaration, <u>provided</u> 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.

&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 10.6 <u>Derivative Actions</u>. In addition to the requirements set forth in Section 3816 of the Delaware Act, a Shareholder may bring a derivative action on behalf of the Trust 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 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. For purposes of this Section 10.6(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;

&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 paragraph (a) of this Section 10.6, Shareholders eligible to bring such derivative action under the Delaware Act who hold at least ten percent (10%) of the outstanding Shares of the Trust or ten percent (10%) of the outstanding Shares of the Series or Class to which such action relates, shall join in the request for the Trustees to commence such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a demand is not required under paragraph (a) of this Section 10.6, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim. The Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and shall require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisor in the event the Trustees determine not to take action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For purposes of this Section 10.6, the Board of Trustees may designate a committee of one Trustee to consider a Shareholder demand if necessary to create a committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any decision by the Trustees to bring, maintain, or compromise (or not to bring, maintain, or compromise) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made by the Trustees in good faith and shall be binding upon the Shareholders. Where demand is not required under this Section 10.6, a Shareholder may only bring a derivative action if Shareholders owning not less than ten percent (10%) of the then outstanding Shares of the Trust or such Series or Class joins in the bringing of such court action, proceeding or claim.

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Notwithstanding the foregoing, however, no provision of this Section 10.6 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.

Section 10.7 <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;10.7.1 <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 Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then Section 10.7.2 shall apply. Notwithstanding the foregoing, however, no provision of this Section 10.7 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;10.7.2 <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 10.7.2(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 10.8 <u>Inspection of Records and Reports</u>. To the fullest extent permitted by law, every Trustee shall have the right at any reasonable time to inspect all books, records, and documents of every kind and the physical properties of the Trust. This inspection by a Trustee may be made in person or by an agent or attorney and the right of inspection includes the right to copy and make extracts of documents. 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 may from time to time determine, except as otherwise required by law.

Section 10.9 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and 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 Act, (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 Act, this Declaration or the By-Laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the By-Laws, 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 Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware

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Act, this Declaration or the By-Laws 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 and (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. Notwithstanding the foregoing, however, no provision of this Section 10.9 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.

Section 10.10 <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 10.11 <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.

Section 10.12 <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.

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IN WITNESS WHEREOF, the undersigned has executed this instrument this 3rd day of September, 2025.

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| |
|:---|
| /s/ Russell Emery |
|  Name: Russell Emery<br> Title: Trustee |
| /s/ Shawn Hessing |
|  Name: Shawn Hessing |
|  Title: Trustee |
| /s/ Michael Crinieri |
|  Name: Michael Crinieri<br> Title: Trustee |
| /s/ Samuel Thompson |
|  Name: Samuel Thompson<br> Title: Trustee |

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## Ex-99.A4

**Exhibit (a)(4)** 

**CERTIFICATE OF AMENDMENT** 

**TO** 

**CERTIFICATE OF TRUST** 

**OF** 

**MAN DIVERSIFIED INCOME FUND** 

This Certificate of Amendment of Man Diversified Income Fund (the "Trust"), is being duly executed and filed by the undersigned trustee to amend the certificate of trust of a statutory trust formed under the Delaware Statutory Trust Act (12 <u>Del. C.</u> § 3801 <u>et</u> <u>seq</u>.) (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the statutory trust amended hereby is Man Diversified Income Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment of Trust</u>. The Certificate of Trust of the Trust is hereby amended by changing the name of the Trust to Man Alternative Income Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date</u>. This Certificate of Amendment shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned trustee of the Trust has executed this Certificate of Amendment in accordance with Section 3811(a)(2) of the Act.

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| |
|:---|
|  /s/ Lisa Muñoz |
|  Name: Lisa Muñoz |
|  Title: Initial Trustee |

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## Ex-99.B

**Exhibit (b)** 

**BY-LAWS** 

**OF** 

**MAN ALTERNATIVE INCOME FUND** 

**(a Delaware Statutory Trust)** 

**adopted September 3, 2025** 

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**TABLE OF CONTENTS** 

<u>Page</u> 

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| | |
|:---|:---|
|  ARTICLE I. AGREEMENT AND DECLARATION OF TRUST; DEFINITIONS | 1 |
|  ARTICLE II. OFFICES AND SEAL | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1. Principal Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2. Delaware Officer | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3. Other Offices | 1 |
|  ARTICLE III. SHAREHOLDERS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. Meetings | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2. Place of Meeting | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3. Notice of Meetings | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4. Shareholders Entitled to Vote | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5. Quorum | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6. Adjournment | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7. Proxies | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8. Inspection of List of Shareholders | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.9. Record Dates | 2 |
|  ARTICLE IV. MEETINGS OF TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. Regular Meetings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2. Special Meetings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3. Notice | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4. Waiver of Notice | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5. Adjournment and Voting | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6. Compensation | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7. Quorum | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.8. Action Without a Meeting | 3 |
|  ARTICLE V. COMMITTEES | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. Committees of Trustees | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. Meetings and Action of Committees | 4 |
|  ARTICLE VI. CHAIR OF THE BOARD; OFFICERS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1. General | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2. Election, Term of Office and Qualifications | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3. Resignations and Removals | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4. Vacancies and Newly Created Offices | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5. Chair of the Board | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6. Chief Executive Officer | 5 |

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i

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7. President and Vice Presidents | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8. Chief Financial Officer, Treasurer and Assistant Treasurers | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9. Chief Compliance Officer | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10. Secretary and Assistant Secretaries | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11. Subordinate Officers | 6 |
|  ARTICLE VII. EXECUTION OF INSTRUMENTS; VOTING OF SECURITIES | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1. Execution of Instruments | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2. Voting of Securities | 6 |
|  ARTICLE VIII. FISCAL YEAR; ACCOUNTANTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1. Fiscal Year | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2. Accountants | 7 |
|  ARTICLE IX. AMENDMENTS; COMPLIANCE WITH 1940 ACT; ENFORCEABILITY | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1. Amendments | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2. Compliance with 1940 Act | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3. Enforceability | 7 |

---

ii

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**ARTICLE I.** 

**AGREEMENT AND DECLARATION OF TRUST; DEFINITIONS** 

The terms "By-Laws," "1940 Act," "Delaware Act," "Shareholder," "Shares," "Trust," "Trustees," and "Trust Property," have the meanings given them in the Amended and Restated Declaration of Trust (the "Declaration") of Man Alternative Income Fund dated September 3, 2025, as amended from time to time. These By-Laws shall be subject to the Declaration.

**ARTICLE II.** 

**OFFICES AND SEAL** 

Section 2.1. <u>Principal Office</u>. The principal office of the Trust shall be located in 1345 Avenue of the Americas, 21<u><sup>st</sup></u> Floor, New York, New York, 10105. The Trustees shall fix and, from time to time, may change the location of the principal executive office of the Trust at any place within or outside the State of Delaware.

Section 2.2. <u>Delaware Officer</u>. The Trustees shall establish a registered office in the State of Delaware and shall appoint as the Trust's registered agent for service of process in the State of Delaware an individual resident of the State of Delaware or a Delaware corporation or a corporation authorized to transact business in the State of Delaware; in each case the business office of such registered agent for service of process shall be identical with the registered Delaware office of the Trust.

Section 2.3. <u>Other Offices</u>. The Trust may establish and maintain such other offices and places of business within or without the State of New York as the Trustees may from time to time determine. The Trustees may at any time establish branch or subordinate offices at any place or places where the Trust intends to do business.

**ARTICLE III.** 

**SHAREHOLDERS** 

Section 3.1. <u>Meetings</u>. No annual meetings of the Shareholders are required to be held. A Shareholders' meeting for the election of Trustees and the transaction of other proper business may be held when authorized or required by the Declaration.

Section 3.2. <u>Place of Meeting</u>. All Shareholders' meetings shall be held at such place within or without the State of New York, or virtually, as the Trustees shall designate. Meetings of Shareholders shall be held at any place designated by the Trustees. In the absence of any such designation, Shareholders' meetings shall be held at the principal executive office of the Trust.

Section 3.3. <u>Notice of Meetings</u>. Notice of all Shareholders' meetings, stating the time, place and purpose of the meeting, shall be given by the Secretary or an Assistant Secretary of the Trust by mail or, to the extent permitted by law, by electronic mail ("e-mail") or other electronic transmission, as defined in the Delaware Act, to each Shareholder entitled to notice of and to vote at such meeting at his or her address of record on the register of the Trust or e-mail address or other address for electronic transmissions, if available. If no such address appears on the Trust's books or is given, notice shall be deemed to have been given if sent to that Shareholder by mail or, to the extent permitted by law, by e-mail or other electronic transmission, as defined in the Delaware Act, to the Trust's principal office. Such notice shall be given at least ten (10) days and not more than one hundred and twenty (120) days before the meeting. Such notice shall be deemed to be given when deposited in the United States mail, with postage thereon prepaid, or sent by e-mail or other electronic transmission, as applicable. Any adjourned meeting may be held as adjourned without further notice. No notice need be given (a) to any Shareholder if a written waiver of notice, executed before or after the meeting by such Shareholder or his or her attorney thereunto duly authorized, is filed with the records of the meeting, or (b) to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. A waiver of notice need not specify the purposes of the meeting.

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Section 3.4. <u>Shareholders Entitled to Vote</u>. If, pursuant to Section 3.9 hereof, a record date has been fixed for the determination of Shareholders entitled to notice of and to vote at any Shareholders' meeting, each Shareholder of the Trust entitled to vote in accordance with the applicable provisions of the Declaration, shall be entitled to vote, in person or by proxy, each Share or fraction thereof standing in his or her name on the register of the Trust at the time of determining net asset value on such record date. If the Declaration or the 1940 Act requires that Shares be voted by series or class, each Shareholder shall only be entitled to vote, in person or by proxy, each Share or fraction thereof of such series or class standing in his or her name on the register of the Trust at the time of determining net asset value on such record date. If no record date has been fixed for the determination of Shareholders entitled to notice of and to vote at a Shareholders' meeting, such record date shall be at the close of business on the day on which notice of the meeting is mailed or sent by e-mail or other electronic transmission, as applicable, or, if notice is waived by all Shareholders, at the close of business on the tenth day next preceding the day on which the meeting is held.

Section 3.5. <u>Quorum</u>. Except as otherwise provided in the Declaration, these By-Laws, or by resolution of the Trustees, the presence at any Shareholders' meeting, in person or by proxy, of Shareholders entitled to cast one-third (33 1/3%) of the votes thereat shall be a quorum for the transaction of business, unless applicable law requires a larger number.

Section 3.6. <u>Adjournment</u>. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by a majority of the votes properly cast upon the question of adjourning a meeting to another date and time provided that no meeting shall be adjourned for more than twelve (12) months beyond the originally scheduled meeting date. In addition, any meeting of Shareholders, whether or not a quorum is present, may be adjourned or postponed by, or upon the authority of, the chair of the meeting or the Trustees to another date and time provided that no meeting shall be adjourned or postponed for more than twelve (12) months beyond the originally scheduled meeting date. Any adjourned or postponed session or sessions may be held, within a reasonable time after the date set for the original meeting as determined by, or upon the authority of, the Trustees in their sole discretion without the necessity of further notice.

Section 3.7. <u>Proxies</u>. Shares may be voted in person or by proxy. Any Shareholder may give authorization by telephone, facsimile, or by electronic transmission for another person to execute his or her proxy. 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 unless at or prior to exercise of the vote, the Trustees receive a specific written notice to the contrary from any one of them. If more than one such joint owners 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 cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed 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. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment of a meeting.

Section 3.8. <u>Inspection of List of Shareholders</u>. Subject to such reasonable standards as may be established by the Trustees from time to time (including at whose expense), a current list of the Trust's Shareholders shall be open to inspection upon the written request of any Shareholder at any reasonable time during usual business hours for a purpose reasonably related to the holder's interests as a Shareholder. The foregoing shall be the only right a Shareholder has with respect to the access to books and records, or other information regarding the affairs, of the Trust and shall replace and restrict any default rights that a Shareholder might otherwise be entitled to under Section 3819 of the Delaware Act or otherwise.

Section 3.9. <u>Record Dates</u>. The Trustees may fix in advance a date as a record date for the purpose of determining the Shareholders who are entitled to notice of and to vote at any meeting or any adjournment thereof, or to express consent in writing (including by electronic transmission) without a meeting to any action of the Trustees, or who shall receive payment of any dividend or of any other distribution, or for the purpose of any other lawful action, provided that such record date shall be not more than 120 days before the date on which the particular action requiring such determination of Shareholders is to be taken. In such case, subject to the provisions of Section 3.4, each eligible Shareholder of record on such record date shall be entitled to notice of, and to vote at, such meeting or adjournment, or to express such consent, or to receive payment of such dividend or distribution or to take such other action, as the case may be, notwithstanding any transfer of Shares on the register of the Trust after the record date.

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**ARTICLE IV.** 

**MEETINGS OF TRUSTEES** 

Section 4.1. <u>Regular Meetings</u>. The Trustees from time to time shall provide by resolution for the holding of regular meetings for the election of officers and the transaction of other proper business and shall fix the place and time for such meetings to be held within or without the State of New York or by means of a video conference, conference telephone or other means if all individuals participating can hear each other at the same time.

Section 4.2. <u>Special Meetings</u>. Special meetings of the Trustees shall be held whenever called by the Chair of the Board of Trustees of the Trust (the "Board"), the Chief Executive Officer (or, in the absence or disability of the Chief Executive Officer, by the President or any Vice President), the President (or, in the absence or disability of the President, by any Vice President), the Chief Financial Officer, the Secretary or two or more Trustees, at the time and place within or without the State of New York, or by means of a video conference, conference telephone or other means if all individuals participating can hear each other at the same time, as specified in the respective notices or waivers of notice of such meetings.

Section 4.3. <u>Notice</u>. No notice of regular meetings of the Trustees shall be required except as required by the 1940 Act. Notice of each special meeting shall be mailed to each Trustee, at the Trustee's residence or usual place of business, at least two (2) days before the day of the meeting, or shall be directed to the Trustee at such place by telegraph, telecopy or cable, or shall be sent to the Trustee's usual or last known e-mail address or other address for electronic transmissions by e-mail or other electronic transmission, as applicable, or be delivered to the Trustee personally, at least twenty-four hours before the meeting. Every such notice shall state the time and place of the meeting but need not state the purposes thereof, except as otherwise expressly provided by these By-Laws or by statute. No notice of adjournment of a meeting of the Trustees to another time or place need be given if such time and place are announced at such meeting.

Section 4.4. <u>Waiver of Notice</u>. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her. A waiver of notice need not specify the purposes of the meeting.

Section 4.5. <u>Adjournment and Voting</u>. At all meetings of the Trustees, a majority of the Trustees present, whether or not constituting a quorum, may adjourn the meeting, from time to time. The action of a majority of the Trustees present at a meeting at which a quorum is present shall be the action of the Trustees unless the concurrence of a greater proportion is required for such action by law, by the Declaration or by these By-Laws.

Section 4.6. <u>Compensation</u>. Each Trustee may receive such remuneration for his or her services as such as shall be fixed from time to time by resolution of the Trustees.

Section 4.7. <u>Quorum</u>. A majority of the Trustees present at a meeting shall constitute a quorum for the transaction of business, but in no case shall a quorum be less than two Trustees.

Section 4.8. <u>Action Without a Meeting</u>. Pursuant to the applicable provisions of the Declaration and Section 3806 of the Delaware Act, the Trustees may take any action required or permitted to be taken at any meeting of the Trustees or by any committee thereof without a meeting, if (i) a consent thereto is given in writing (including by electronic transmission) by a majority of the Trustees or Members of such committee, as the case may be, and (ii) such consent is filed with the records of the meetings. Consistent with the Declaration and Section 3806 of the Delaware Act, a consent given by electronic transmission by a Trustee or by a person or persons authorized to act for a Trustee shall be deemed to be written and signed.

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**ARTICLE V.** 

**COMMITTEES** 

Section 5.1. <u>Committees of Trustees</u>. The Trustees may by resolution designate one or more committees, each consisting of two (2) or more Trustees, to serve at the pleasure of the Trustees. The Trustees may designate one or more Trustees as alternate members of any committee who may replace any absent member at any meeting of the committee. Any committee to the extent provided in the resolution of the Trustee, shall have the authority of the Trustees, except with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of any action which under applicable law requires approval by a majority of the entire authorized number of Trustees or certain Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the filling of vacancies of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fixing of compensation of the Trustees for services generally or as a member of any committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amendment or termination of the Declaration or any Series or Class or amendment of the By-Laws or the adoption of new By-Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amendment or repeal of any resolution of the Trustees which by its express terms is not so amendable or repealable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a distribution to the Shareholders of the Trust, except at a rate or in a periodic amount or within a designated range determined by the Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the appointment of any other committees of the Trustees or the members of such new committees.

Section 5.2. <u>Meetings and Action of Committees</u>. Meetings and action of committees shall be governed by and held and taken in accordance with the provisions of Article IV of these By-Laws, with such changes in the context thereof as are necessary to substitute the committee and its members for the Trustees generally, except that the time of regular meetings of committees may be determined either by resolution of the Trustees or by resolution of the committee. Special meetings of committees may also be called by resolution of the Trustees. Alternate members shall be given notice of meetings of committees and shall have the right to attend all meetings of committees. The Trustees may adopt rules for the governance of any committee not inconsistent with the provisions of these By-Laws.

**ARTICLE VI.** 

**CHAIR OF THE BOARD; OFFICERS** 

Section 6.1. <u>General</u>. The Board shall designate a Chair of the Board. The position of Chair of the Board shall not be that of an officer of the Trust. The designated officers of the Trust shall be a Chief Executive Officer, a President, a Secretary, a Treasurer and may include one or more Vice Presidents (one or more of whom may be Executive Vice Presidents), one or more Assistant Secretaries, one or more Assistant Treasurers, and such other officers as may be appointed in accordance with the provisions of Section 6.11 of this Article VI.

Section 6.2. <u>Election, Term of Office and Qualifications</u>. The Chair of the Board and the designated officers of the Trust (except those appointed pursuant to Section 6.11) shall be elected by the Trustees at any regular or special meeting of the Trustees. Except as provided in Sections 6.3 and 6.4 of this Article VI, the Chair of the Board and the officers elected by the Trustees each shall hold office until their respective successors shall have been chosen and qualified. Any two such positions, except those of the Chief Executive Officer, the President and a Vice President, may be held by the same person, but no officer shall execute, acknowledge or verify any instrument in more than one capacity if such instrument be required by law, the Declaration or these By- Laws to be executed, acknowledged or verified by any two or more officers. The Chair of the Board and the Chief Executive Officer shall be selected from among the Trustees and may hold such positions only so long as they continue to be Trustees. Any Trustee or officer may be but need not be a Shareholder of the Trust.

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Section 6.3. <u>Resignations and Removals</u>. The Chair of the Board or any officer may resign his or her position at any time by delivering a written resignation to the Trustees, the Chief Executive Officer, President, the Secretary or any Assistant Secretary. Unless otherwise specified therein, such resignation shall take effect upon delivery. Any person may be removed from such position with or without cause by the vote of a majority of the Trustees at any regular meeting or any special meeting. Except to the extent expressly provided in a written agreement with the Trust, no person resigning and no person removed shall have any right to any compensation for any period following his or her resignation or removal or any right to damages on account of such removal.

Section 6.4. <u>Vacancies and Newly Created Offices</u>. If any vacancy shall occur in any office by reason of death, resignation, removal, disqualification or other cause, or if any new office shall be created, such vacancies or newly created offices may be filled by the Trustees at any regular or special meeting or, in the case of any office created pursuant to Section 6.11 of this Article VI, by any officer upon whom such power shall have been conferred by the Trustees.

Section 6.5. <u>Chair of the Board</u>. The Chair of the Board (or, in the absence of the Chair of the Board any other Trustee) shall preside at all meetings of the Trustees and shall be ex officio a member of all committees of the Trustees, except the Audit Committee, on which he or she may serve as a member if appointed. The Chair of the Board may be the chief executive officer of the Trust. Subject to the supervision of the Trustees, he or she shall have general charge of the business of the Trust, the Trust Property and the officers, employees and agents of the Trust. He or she shall have such other powers and perform such other duties as may be assigned to him or her from time to time by the Trustees.

Section 6.6. <u>Chief Executive Officer</u>. The Trustees shall designate a Chief Executive Officer, which shall serve as the principal executive officer of the Trust. In the event of a vacancy, the President shall be the Chief Executive Officer of the Trust. The Chief Executive Officer shall have general responsibility for implementation of the policies of the Trust, as determined by the Trustees, and for the management of the business and affairs of the Trust. The Chief Executive Officer shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these By-Laws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of Chief Executive Officer and such other duties as may be prescribed by the Trustees from time to time.

Section 6.7. <u>President and Vice Presidents</u>. In the absence of a Chief Executive Officer, 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. If the Trust has a Chief Executive Officer, the President shall have the following responsibilities, as well as any responsibilities of the Chief Executive Officer delegated to the President. Subject to direction of the Trustees, the President shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. 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 Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, 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. Subject to the direction of the Trustees, and of the President, each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the President.

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Section 6.8. <u>Chief Financial Officer, Treasurer and Assistant Treasurers</u>. The Chief Financial Officer shall be the principal financial and accounting officer of the Trust and shall have general charge of the finances and books of account of the Trust. Except as otherwise provided by the Trustees, he or she shall have general supervision of the funds and property of the Trust and of the performance by the custodian of its functions. The Chief Financial Officer shall render a statement of condition of the finances of the Trust to the Trustees as often as they shall require the same and he or she shall in general perform all the duties incident to the office of the Chief Financial Officer and such other duties as from time to time may be assigned to him or her by the Trustees.

The Treasurer or any Assistant Treasurer may perform such duties of the Chief Financial Officer as the Chief Financial Officer or the Trustees may assign. In the absence of the Chief Financial Officer, the Treasurer may perform all duties of the Chief Financial Officer. In the absence of the Chief Financial Officer and the Treasurer, any Assistant Treasurer may perform all duties of the Chief Financial Officer.

Section 6.9. <u>Chief Compliance Officer</u>. Subject to the ultimate control of the Trust by the Trustees, the Chief Compliance Officer of the Trust shall be responsible for the design, oversight and periodic review of the Trust's procedures for compliance with applicable Federal securities laws. The designation, compensation and removal of the Chief Compliance Officer shall be subject to approval by the Trustees as contemplated by Rule 38a-1 under the Investment Company Act of 1940. The Chief Compliance Officer shall have other powers and perform such other duties as may be prescribed by the Trustees (collectively or by the Chair), the Chief Executive Officer or by these By-Laws.

Section 6.10. <u>Secretary and Assistant Secretaries</u>. The Secretary shall attend to the giving and serving of all notices of the Trust and shall record all proceedings of the meetings of the Shareholders and Trustees in one or more books to be kept for that purpose. He or she shall keep in safe custody the seal of the Trust, and shall have charge of the records of the Trust, including the register of Shares and such other books and papers as the Trustees may direct and such books, reports, certificates and other documents required by law to be kept, all of which shall at all reasonable times be open to inspection by any Trustee. He or she shall perform such other duties as appertain to his or her office or as may be required by the Trustees.

Any Assistant Secretary may perform such duties of the Secretary as the Secretary or the Trustees may assign, and, in the absence of the Secretary, he or she may perform all the duties of the Secretary.

Section 6.11. <u>Subordinate Officers</u>. The Trustees from time to time may appoint such other subordinate officers or agents as they may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Trustees may determine. The Trustees from time to time may delegate to one or more of the Chair of the Board, officers or agents the power to appoint any such subordinate officers or agents and to prescribe their respective rights, terms of office, authorities and duties.

**ARTICLE VII.** 

**EXECUTION OF INSTRUMENTS; VOTING OF SECURITIES** 

Section 7.1. <u>Execution of Instruments</u>. All deeds, documents, transfers, contracts, agreements, requisitions, orders, promissory notes, assignments, endorsements, checks and drafts for the payment of money by the Trust, and any other instruments requiring execution either in the name of the Trust or the names of the Trustees or otherwise may be signed by the Chair, the Chief Executive Officer, the President, a Vice President, the Secretary, the Chief Financial Officer, the Treasurer or an Assistant Treasurer, or as the Trustees may otherwise, from time to time, authorize, provided that instructions in connection with the execution of portfolio securities transactions may be signed by one such person. Any such authorization may be general or confined to specific instances.

Section 7.2. <u>Voting of Securities</u>. Unless otherwise ordered by the Trustees, the Chair, the Chief Executive Officer, the President or any Vice President shall have full power and authority on behalf of the Trustees to attend and to act and to vote, or in the name of the Trustees to execute proxies to vote, at any meeting of stockholders of any company in which the Trust may hold stock. At any such meeting such person shall possess and may exercise (in person or by proxy) any and all rights, powers and privileges incident to the ownership of such stock. The Trustees may by resolution from time to time confer like powers upon any other person or persons.

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**ARTICLE VIII.** 

**FISCAL YEAR; ACCOUNTANTS** 

Section 8.1. <u>Fiscal Year</u>. The fiscal year of the Trust shall be established, re-established or changed from time- to-time by resolution of the Trustees.

Section 8.2. <u>Accountants</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 employ a public accountant or a firm of independent public accountants as their accountant to examine the accounts of the Trust and to sign and certify at least annually financial statements filed by the Trust. The accountant's certificates and reports shall be addressed both to the Trustees and to the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any vacancy occurring due to the death or resignation of the accountant may be filled at a meeting called for the purpose by the vote, cast in person, of a majority of those Trustees who are not Interested Persons of the Trust.

**ARTICLE IX.** 

**AMENDMENTS; COMPLIANCE WITH 1940 ACT; ENFORCEABILITY** 

Section 9.1. <u>Amendments</u>. These By-Laws may be amended or repealed, in whole or in part, by a majority of the Trustees then in office at any meeting of the Trustees, or by one or more writings signed by such a majority.

Section 9.2. <u>Compliance with 1940 Act</u>. No provision of these By-Laws shall be given effect to the extent inconsistent with the requirements of the 1940 Act.

Section 9.3. <u>Enforceability</u>. If any provision of these By-Laws is found by a court of competent jurisdiction to be invalid or unenforceable for any reason, it is the intent and agreement of the Trustees that the invalidity or unenforceability of any provision of these By-Laws shall not affect the validity or enforceability of any other provision of these By-Laws, and any invalid or unenforceable provision of these By-Laws shall be modified so as to be enforced to the maximum extent of its validity or enforceability.

## Ex-99.D

**Exhibit (d)** 

**MAN ALTERNATIVE INCOME FUND** 

**MULTIPLE CLASS PLAN** 

**September 3, 2025** 

WHEREAS, Man Alternative Income 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"); 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 18f-3 ("Rule 18f-3") under the 1940 Act, as if it were an open-end management investment company.

NOW, THEREFORE, the Fund hereby adopts this 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 0.50% of the average daily net assets attributable to Class A Shares under the 12b-1 Plan. Class A Shares require a minimum initial investment of $2,500 and a minimum subsequent investment of $1,000.

&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. Class I Shares require a minimum initial investment of $250,000 and a minimum subsequent investment
of $1,000.

**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).

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

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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>** 

Man Solutions LLC, the Fund's investment manager, or Foreside Financial Services, LLC, 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.

**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.

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**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)** 

**DIVIDEND REINVESTMENT PLAN** 

**OF** 

**MAN ALTERNATIVE INCOME FUND** 

Man Alternative Income Fund, a Delaware statutory trust (the "**Fund**"), hereby adopts the following Dividend Reinvestment Plan (the "**Plan**") with respect to distributions declared by its Board of Trustees (the "**Board**") on its shares of beneficial interest (the "**Shares**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Participation; Agent</u>. The Fund's Plan is available to shareholders of record of the Shares. BNY
Mellon Investment Servicing (US) Inc. ()"**BNYM**") acting as agent for each participant in the Plan, will apply the Fund's 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 of the same class for such participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Eligibility and Election to Participate</u>. Participation in the Plan is limited to shareholders whose
Shares are registered in its own name. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Share Purchases</u>. When the Fund declares a Distribution, BNYM, on the shareholder's behalf, will
receive additional authorized shares from the Fund either newly issued or repurchased from shareholders by the Fund and held as treasury stock. The number of shares to be received when Distributions are reinvested will be determined by dividing the
amount of the Distribution by the Fund's net asset value per share. There will be no sales load charged on Shares issued to a shareholder under 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, BNYM 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Timing of Purchases</u>. The Fund expects to issue Shares pursuant to the Plan, immediately following each
Distribution payment date and BNYM 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Account Statements</u>. BNYM will maintain all shareholder accounts and furnish written confirmations of all
transactions in the accounts, including information needed by shareholders for personal and tax records. BNYM 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. Each participant, nevertheless, has the right to request certificates for whole and fractional shares owned. The Fund will issue
certificates in its sole discretion. BNYM will confirm to each participant each acquisition made pursuant to the Plan as soon as practicable but not later than 10 business days after the date thereof. No less frequently than quarterly, BNYM 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. All fees associated with the Plan will be paid by the
Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Absence of Liability</u>. Neither the Fund nor BNYM 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 BNYM shall be liable hereunder 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <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 BNYM. Such written instructions must be received by BNYM thirty (30) days prior to the record date of the Distribution or the shareholder
will receive such Distribution in Shares through the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Amendment, Supplement, Termination, and Suspension of Plan</u>. This Plan may be amended, supplemented, or
terminated by the Fund at any time in its sole and absolute discretion. 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, BNYM receives written notice of termination of the participant's account. Amendment may include an appointment by the Fund or BNYM with the approval of the Fund of a
successor agent, in which event such successor shall have all of the rights and obligations of BNYM under this Plan. The Fund may suspend the Plan at any time without notice to the participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <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 Delaware.

## Ex-99.G1

**Exhibit (g)(1)** 

**THIS INVESTMENT ADVISORY AGREEMENT** (this "**Agreement**") is entered into on [ ], 2025 by and between:

(1) **MAN ALTERNATIVE INCOME FUND**, a Delaware statutory trust (the "**Fund**"); and

(2) **MAN SOLUTIONS LLC**, a Delaware limited liability company (the "**Adviser**");

(each, a "**Party**"; and, together, the "**Parties**").

**<u>RECITALS</u>**

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

WHEREAS, the Adviser is an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the **"Advisers Act**"); and

WHEREAS, the Fund desires to retain the Adviser to furnish investment advisory services to the Fund on the terms and conditions hereinafter set forth, and the Adviser wishes to be retained to provide such services.

**<u>AGREEMENT</u>**

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for such other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:

&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exercising voting rights in respect of portfolio securities and other investments for the Fund;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;(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;(ii) reasonably assisting the Board of Trustees and the Fund's other service providers with the valuation of the Fund's assets; and

&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, a subsidiary or other entity, 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, enter into contracts with one or more sub-advisers, including, without limitation, affiliates of the Adviser, in which the Adviser delegates to such sub-adviser, any of the Adviser's duties under this Agreement, on such terms as the Adviser will determine to be necessary, desirable or appropriate, provided that in each case the Adviser shall supervise the activities of each such sub-adviser and further provided that such contracts impose on any sub-adviser bound thereby all the conditions to which the Adviser is subject hereunder. 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.

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&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fund's allocable portion of compensation, overhead (including rent, IT assistance, office equipment and utilities) and other expenses incurred by Man Solutions LLC (the "**Administrator**") in performing its administrative obligations under the administration agreement between the Fund and the Administrator (the "**Administration Agreement**"), including but not limited to: the Fund's chief compliance officer, chief financial officer and their respective teams (including any third party staff leveraged by such personnel to perform services for the Fund), investor relations personnel, legal personnel, operations personnel and other non-investment professionals who spend time on Fund services (based on the percentage of time those individuals devote, on a reasonable estimated basis, to the Fund's business and affairs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other expenses of the Fund's operations, administrations and transactions, as identified in the Administration Agreement.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. The Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator 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 banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Best Execution; Research Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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,

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the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. Consistent with this policy, the Adviser may 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;&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>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Management Fee shall be in an amount equal to an annual rate of 1.25%, payable monthly in arrears, accrued daily based upon the average daily value of the Fund's "Managed Assets". "**Managed Assets**" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes). Fees for any partial month shall be appropriately prorated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;6. <u>Representations and Warranties</u>. The Adviser represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly formed and validly existing in its jurisdiction of organization and has full capacity and legal right to enter into this Agreement and to perform its obligations and duties hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement has been duly and validly authorized, executed and delivered on behalf of it and is a valid and binding Agreement of it enforceable in accordance with its terms, except to the extent such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, receivership, fraudulent conveyance or similar laws affecting or relating to the enforcement of creditors' rights generally, and by equitable principles (regardless of whether such enforcement is sought in a proceeding in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it shall materially comply with any material requirements imposed by Applicable Law and the Fund's Registration Statement relating to the provision of investment advisory services to the Fund, except to the extent that such non-compliance does not have a materially adverse impact on the Fund; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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 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

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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;&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;&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, fraud 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 Independent Trustees who are not 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 upon 60 days' written notice by: (i) the vote of a majority of the outstanding voting securities of the Fund; (ii) the vote of the Board of Trustees; or (iii) 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) by the Adviser and shall not be assignable by the Fund without the consent of the Adviser.

&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 or the Administrator 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 or the Administrator 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 the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

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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:

Man Alternative Income Fund

1345 Avenue of the Americas, 21<sup>st</sup> Floor

New York, NY 10105

Attn: Mark Dignard

If to the Adviser:

Man Solutions LLC

1345 Avenue of the Americas, 21<sup>st</sup> Floor

New York, NY 10105

Attn: Legal US

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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| |
|:---|
|  MAN ALTERNATIVE INCOME FUND |
| By: |
|  Name: |
|  Title: |
|  MAN SOLUTIONS LLC |
| By: |
|  Name: |
|  Title: |

---

[*Signature page to the Investment Advisory Agreement*]

## Ex-99.G2

**Exhibit (g)(2)** 

**INVESTMENT MANAGEMENT FEE WAIVER AGREEMENT** 

MAN ALTERNATIVE INCOME FUND

1345 Avenue of the Americas, 21<sup>st</sup> Floor

New York, New York 10105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2025

Man Solutions LLC

1345 Avenue of the Americas, 21<sup>st</sup> Floor

New York, New York 10105

Ladies and Gentlemen:

Man Solutions LLC (the "Adviser") hereby agrees, that for the period beginning on the date of Man Alternative Income Fund's (the "Fund") prospectus, dated<u> </u> , 2025 (the "Commencement Date") until the one-year anniversary thereof ("Limitation Period"), to reduce the annual rate of its Management Fee payable under the Investment Advisory Agreement, between the Adviser and the Fund (the "Advisory Agreement"), from 1.25% to 0.00% (the "Fee Waiver"). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Advisory Agreement.

This agreement (the "Agreement") will be governed by, construed under and interpreted and enforced in accordance with the laws of the State of New York, without regard to principles of conflicts of laws of any jurisdiction to the contrary and the applicable provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), if any. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto, for the purpose of any action, suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Any amendment to this Agreement shall be in writing signed by the parties hereto, and requires the approval of the Board of Trustees of the Fund (the "Board"), including a majority of the Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) of the Fund (the "Independent Trustees"). This Agreement may not be terminated by the Adviser prior to the expiration of the Limitation Period. This Agreement supersedes any prior agreement with respect to the subject matter hereof.

The Adviser may extend or otherwise amend the terms of this Agreement, subject to approval of the Board, including a majority of the Independent Trustees, after the initial term of this Agreement.

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

*[Signature page follows]* 

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| |
|:---|
|  Very truly yours, |
| **MAN ALTERNATIVE INCOME FUND** |
|  By: |
|  Name: |
|  Title: |

---

---

| |
|:---|
| **MAN SOLUTIONS LLC** |
|  By: |
|  Name: |
|  Title: |

---

*[Signature Page to Management Fee Waiver Agreement Agreement]*

## Ex-99.G3

**Exhibit (g)(3)** 

**SUB-ADVISORY AGREEMENT** 

This SUB-ADVISORY AGREEMENT ("Agreement") is made this 1<sup>st</sup> day of October, 2025, by and among Man Solutions LLC, a Delaware limited liability company (the "Adviser"), GLG LLC, a Delaware limited liability company (the "Sub-Adviser") and, solely for purposes of Section 9, Man Alternative Income Fund, a Delaware statutory trust (the "Fund").

WHEREAS, the Adviser has been retained by the Fund, a registered management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") to provide investment advisory, management, and administrative services to the Fund; and

WHEREAS, the Adviser wishes to engage the Sub-Adviser to provide certain investment advisory services to the Fund, and the Sub-Adviser is willing to furnish such services on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with and subject to the Investment Advisory Agreement between the Fund and the Adviser (the "Advisory Agreement"), the Adviser hereby appoints the Sub-Adviser to act as sub-adviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall cause the Sub-Adviser to be kept fully informed at all times with regard to the securities owned by the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. The Adviser shall furnish the Sub-Adviser with such other documents and information with regard to the Fund's affairs as the Sub-Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the supervision of the Fund's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall regularly provide the Fund with respect to such portion of the Fund's assets as shall be allocated to the Sub-Adviser by the Adviser from time to time (the "Allocated Assets") with investment research, advice, management and supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's then-current Prospectus and Statement of Additional Information and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("SEC") applicable to the Fund and any SEC staff no-action letters applicable to the Fund. The Sub-Adviser shall, with respect to the Allocated Assets, determine in its discretion from time to time what securities and other investments will be purchased, retained, reinvested, sold or exchanged by the Fund, and is authorized to enter into, make and perform all contracts, agreements, arrangements and other undertakings to implement those decisions (including the execution of investment documentation), all subject to the provisions of the Fund's Amended and Restated Declaration of Trust and Bylaws (collectively, the "Governing Documents"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies adopted by the Board and disclosed to the Sub-Adviser. The Sub-Adviser is authorized as the agent of the Fund to give instructions with respect to the Allocated Assets to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the

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account of the Fund. The Sub-Adviser will place orders pursuant to its investment determinations for the Fund either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts over which the Sub-Adviser or its affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Sub-Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein. The Sub-Adviser shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Allocated Assets subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Sub-Adviser may delegate to any other one or more companies that the Sub-Adviser controls, is controlled by, or is under common control with, or to specified employees of any such companies, certain of the Sub-Adviser's duties under this Agreement, provided in each case the Sub-Adviser will supervise the activities of each such entity or employees thereof, that such delegation will not relieve the Sub-Adviser of any of its duties or obligations under this Agreement and provided further that any such arrangements are entered into in accordance with all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Sub-Adviser agrees that it will keep records relating to its services hereunder in accordance with all applicable laws, and in compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Sub-Adviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Sub-Adviser, at its expense, shall supply the Board, the officers of the Fund, and the Adviser with all information and reports reasonably required by them and reasonably available to the Sub-Adviser relating to the services provided by the Sub-Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Adviser and Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for it to perform its duties under this Agreement; provided, for the avoidance of doubt, that (i) any expenses attributable to administrative services under that separate Administration Agreement, dated ____________, 2025, by and between the Fund and the Adviser and (ii) all other costs and expenses of the Fund's operations, shall, in each case, be deemed to be an expense of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such member of the Board, officer or employee while he is at the same time a director, officer, or employee of the Sub-Adviser or any affiliated company of the Sub-Adviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Sub-Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, an annual advisory fee, payable monthly in arrears, as specified in <u>Schedule A</u> hereto. The Sub-Adviser may waive a portion of its fee, as permitted by law and agreed by the Sub-Adviser and the Adviser. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Sub-Adviser and each of the Sub-Adviser's officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (including any individual who serves at the Sub-Adviser's request as director, manager, partner, agent, employee, member or the like of another entity) (each such person being an "Indemnitee") 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 Sub-Adviser shall not be protected against any liability to the Fund or its shareholders to which the Sub-Adviser would otherwise be subject by reason of willful misfeasance, bad faith, fraud 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 Indemnitee 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 Indemnitees 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 Sub-Adviser's services under this Agreement or otherwise as sub-adviser for the Fund. The Indemnitees 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 Sub-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 Sub-Adviser had reasonable cause to believe its conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Indemnitee 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 Indemnitee 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 (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees") or (b) an independent legal counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Indemnitee 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 Indemnitee 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

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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 Indemnitee 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 Indemnitee will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Sub-Adviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Sub-Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities consistent with the investment policies of the Fund or one or more other accounts of the Sub-Adviser is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by the Sub-Adviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Sub-Adviser's policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall continue in effect for two years as of the date first written above, and shall continue automatically for successive annual periods thereafter, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, 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 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 or parties to this Agreement, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement is terminable with respect to the Fund without penalty by the Adviser, the Board or by vote of a majority of the outstanding voting securities of the Fund, in each case upon 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser upon 60 days' written notice to the Fund and the Adviser, and will be terminated upon the mutual written consent of the Adviser and the Sub-Adviser. This Agreement shall terminate automatically in the event of its assignment by the Sub-Adviser and shall not be assignable by the Adviser without the consent of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Sub-Adviser agrees that for any claim by it against the Fund in connection with this Agreement or the services rendered under this Agreement, it shall look only to assets of the Fund for satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved, if so required by the 1940 Act, by vote of the holders of a majority of the Fund's outstanding voting securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York.

[signature page to follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

---

| |
|:---|
|  MAN SOLUTIONS LLC |
|  By: |
|  Name: |
|  Title: |
|  GLG LLC |
|  By: |
|  Name: |
|  Title: |
|  MAN ALTERNATIVE INCOME FUND |
|  (Solely for purposes of Section 9) |
|  By: |
|  Name: |
|  Title: |

---

[Signature Page to Sub-Advisory Agreement with GLG LLC]

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**SCHEDULE A** 

**Man Alternative Income Fund** 

**Date:** 

____________, 2025

**Fee:** 

In consideration for the Sub-Adviser's provision of services pursuant this Agreement with respect to the portion of the Fund's assets allocated to the Sub-Adviser (the "Allocated Assets"), the Adviser shall pay the Sub-Adviser at an annual rate of 1.25% of the average daily value of Allocated Assets and if the weighted average annual fee rate of all of the sub-advisers of the Fund exceeds 1.25%, then the amount payable to the Sub-Adviser shall be reduced in accordance with the Adviser's internal fee allocation methodologies.

The Adviser and the Sub-Adviser may, from time to time and as mutually agreed, reduce any portion of the compensation due to the Sub-Adviser pursuant to this Agreement in accordance with the Adviser's internal fee allocation methodologies. Any such reduction shall be applicable only to such specific reduction and shall not constitute an agreement to reduce any future compensation due to the Sub-Adviser hereunder. For the avoidance of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Allocated Assets equals zero.

## Ex-99.G4

**Exhibit (g)(4)** 

**SUB-ADVISORY AGREEMENT** 

This SUB-ADVISORY AGREEMENT ("Agreement") is made this ____ day of ___________, 2025, by and among Man Solutions LLC, a Delaware limited liability company (the "Adviser"), GLG Partners LP, a partnership registered under the Limited Partnership Act of 1907 of England and Wales (the "Sub-Adviser") and, solely for purposes of Section 9, Man Alternative Income Fund, a Delaware statutory trust (the "Fund").

WHEREAS, the Adviser has been retained by the Fund, a registered management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") to provide investment advisory, management, and administrative services to the Fund; and

WHEREAS, the Adviser wishes to engage the Sub-Adviser to provide certain investment advisory services to the Fund, and the Sub-Adviser is willing to furnish such services on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with and subject to the Investment Advisory Agreement between the Fund and the Adviser (the "Advisory Agreement"), the Adviser hereby appoints the Sub-Adviser to act as sub-adviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall cause the Sub-Adviser to be kept fully informed at all times with regard to the securities owned by the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. The Adviser shall furnish the Sub-Adviser with such other documents and information with regard to the Fund's affairs as the Sub-Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the supervision of the Fund's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall regularly provide the Fund with respect to such portion of the Fund's assets as shall be allocated to the Sub-Adviser by the Adviser from time to time (the "Allocated Assets") with investment research, advice, management and supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's then-current Prospectus and Statement of Additional Information and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("SEC") applicable to the Fund and any SEC staff no-action letters applicable to the Fund. The Sub-Adviser shall, with respect to the Allocated Assets, determine in its discretion from time to time what securities and other investments will be purchased, retained, reinvested, sold or exchanged by the Fund, and is authorized to enter into, make and perform all contracts, agreements, arrangements and other undertakings to implement those decisions (including the execution of investment documentation), all subject to the provisions of the Fund's Amended and Restated Declaration of Trust and Bylaws (collectively, the "Governing Documents"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies adopted by the Board and disclosed to the Sub-Adviser. The Sub-Adviser is authorized as the agent of the Fund to give instructions with respect to the Allocated Assets to the

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custodian of the Fund as to deliveries of securities and other investments and payments of cash for the account of the Fund. The Sub-Adviser will place orders pursuant to its investment determinations for the Fund either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts over which the Sub-Adviser or its affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Sub-Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein. The Sub-Adviser shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Allocated Assets subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Sub-Adviser may delegate to any other one or more companies that the Sub-Adviser controls, is controlled by, or is under common control with, or to specified employees of any such companies, certain of the Sub-Adviser's duties under this Agreement, provided in each case the Sub-Adviser will supervise the activities of each such entity or employees thereof, that such delegation will not relieve the Sub-Adviser of any of its duties or obligations under this Agreement and provided further that any such arrangements are entered into in accordance with all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Sub-Adviser agrees that it will keep records relating to its services hereunder in accordance with all applicable laws, and in compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Sub-Adviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Sub-Adviser, at its expense, shall supply the Board, the officers of the Fund, and the Adviser with all information and reports reasonably required by them and reasonably available to the Sub-Adviser relating to the services provided by the Sub-Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Adviser and Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for it to perform its duties under this Agreement; provided, for the avoidance of doubt, that (i) any expenses attributable to administrative services under that separate Administration Agreement, dated ____________, 2025, by and between the Fund and the Adviser and (ii) all other costs and expenses of the Fund's operations, shall, in each case, be deemed to be an expense of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such member of the Board, officer or employee while he is at the same time a director, officer, or employee of the Sub-Adviser or any affiliated company of the Sub-Adviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Sub-Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, an annual advisory fee, payable monthly in arrears, as specified in <u>Schedule A</u> hereto. The Sub-Adviser may waive a portion of its fee, as permitted by law and agreed by the Sub-Adviser and the Adviser. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Sub-Adviser and each of the Sub-Adviser's officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (including any individual who serves at the Sub-Adviser's request as director, manager, partner, agent, employee, member or the like of another entity) (each such person being an "Indemnitee") 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 Sub-Adviser shall not be protected against any liability to the Fund or its shareholders to which the Sub-Adviser would otherwise be subject by reason of willful misfeasance, bad faith, fraud 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 Indemnitee 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 Indemnitees 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 Sub-Adviser's services under this Agreement or otherwise as sub-adviser for the Fund. The Indemnitees 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 Sub-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 Sub-Adviser had reasonable cause to believe its conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Indemnitee 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 Indemnitee 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 (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees") or (b) an independent legal counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Indemnitee 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

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to any such advance, the Indemnitee 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 Indemnitee 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 Indemnitee will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Sub-Adviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Sub-Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities consistent with the investment policies of the Fund or one or more other accounts of the Sub-Adviser is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by the Sub-Adviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Sub-Adviser's policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall continue in effect for two years as of the date first written above, and shall continue automatically for successive annual periods thereafter, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, 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 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 or parties to this Agreement, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement is terminable with respect to the Fund without penalty by the Adviser, the Board or by vote of a majority of the outstanding voting securities of the Fund, in each case upon 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser upon 60 days' written notice to the Fund and the Adviser, and will be terminated upon the mutual written consent of the Adviser and the Sub-Adviser. This Agreement shall terminate automatically in the event of its assignment by the Sub-Adviser and shall not be assignable by the Adviser without the consent of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Sub-Adviser agrees that for any claim by it against the Fund in connection with this Agreement or the services rendered under this Agreement, it shall look only to assets of the Fund for satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved, if so required by the 1940 Act, by vote of the holders of a majority of the Fund's outstanding voting securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York.

[signature page to follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

---

| |
|:---|
|  MAN SOLUTIONS LLC |
|  By: |
|  Name: |
|  Title: |
|  GLG PARTNERS LP |
|  By: |
|  Name: |
|  Title: |
|  MAN ALTERNATIVE INCOME FUND |
|  (Solely for purposes of Section 9) |
|  By: |
|  Name: |
|  Title: |

---

[Signature Page to Sub-Advisory Agreement with GLG Partners LP]

------

**SCHEDULE A** 

**Man Alternative Income Fund** 

**Date:** 

____________, 2025

**Fee:** 

In consideration for the Sub-Adviser's provision of services pursuant this Agreement with respect to the portion of the Fund's assets allocated to the Sub-Adviser (the "Allocated Assets"), the Adviser shall pay the Sub-Adviser at an annual rate of 1.25% of the average daily value of Allocated Assets and if the weighted average annual fee rate of all of the sub-advisers of the Fund exceeds 1.25%, then the amount payable to the Sub-Adviser shall be reduced in accordance with the Adviser's internal fee allocation methodologies.

The Adviser and the Sub-Adviser may, from time to time and as mutually agreed, reduce any portion of the compensation due to the Sub-Adviser pursuant to this Agreement in accordance with the Adviser's internal fee allocation methodologies. Any such reduction shall be applicable only to such specific reduction and shall not constitute an agreement to reduce any future compensation due to the Sub-Adviser hereunder. For the avoidance of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Allocated Assets equals zero.

## Ex-99.G5

**Exhibit (g)(5)** 

**SUB-ADVISORY AGREEMENT** 

This SUB-ADVISORY AGREEMENT ("Agreement") is made this ____ day of ___________, 2025, by and among Man Solutions LLC, a Delaware limited liability company (the "Adviser"), Varagon Capital Partners, L.P., a Delaware limited partnership (the "Sub-Adviser") and, solely for purposes of Section 9, Man Alternative Income Fund, a Delaware statutory trust (the "Fund").

WHEREAS, the Adviser has been retained by the Fund, a registered management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") to provide investment advisory, management, and administrative services to the Fund; and

WHEREAS, the Adviser wishes to engage the Sub-Adviser to provide certain investment advisory services to the Fund, and the Sub-Adviser is willing to furnish such services on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with and subject to the Investment Advisory Agreement between the Fund and the Adviser (the "Advisory Agreement"), the Adviser hereby appoints the Sub-Adviser to act as sub-adviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall cause the Sub-Adviser to be kept fully informed at all times with regard to the securities owned by the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. The Adviser shall furnish the Sub-Adviser with such other documents and information with regard to the Fund's affairs as the Sub-Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the supervision of the Fund's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall regularly provide the Fund with respect to such portion of the Fund's assets as shall be allocated to the Sub-Adviser by the Adviser from time to time (the "Allocated Assets") with investment research, advice, management and supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's then-current Prospectus and Statement of Additional Information and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("SEC") applicable to the Fund and any SEC staff no-action letters applicable to the Fund. The Sub-Adviser shall, with respect to the Allocated Assets, determine in its discretion from time to time what securities and other investments will be purchased, retained, reinvested, sold or exchanged by the Fund, and is authorized to enter into, make and perform all contracts, agreements, arrangements and other undertakings to implement those decisions (including the execution of investment documentation), all subject to the provisions of the Fund's Amended and Restated Declaration of Trust and Bylaws (collectively, the "Governing Documents"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies adopted by the Board and disclosed to the Sub-Adviser. The Sub-Adviser is authorized as the agent of the Fund to give instructions with respect to the Allocated Assets to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the

------

account of the Fund. The Sub-Adviser will place orders pursuant to its investment determinations for the Fund either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts over which the Sub-Adviser or its affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Sub-Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein. The Sub-Adviser shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Allocated Assets subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Sub-Adviser may delegate to any other one or more companies that the Sub-Adviser controls, is controlled by, or is under common control with, or to specified employees of any such companies, certain of the Sub-Adviser's duties under this Agreement, provided in each case the Sub-Adviser will supervise the activities of each such entity or employees thereof, that such delegation will not relieve the Sub-Adviser of any of its duties or obligations under this Agreement and provided further that any such arrangements are entered into in accordance with all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Sub-Adviser agrees that it will keep records relating to its services hereunder in accordance with all applicable laws, and in compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Sub-Adviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Sub-Adviser, at its expense, shall supply the Board, the officers of the Fund, and the Adviser with all information and reports reasonably required by them and reasonably available to the Sub-Adviser relating to the services provided by the Sub-Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Adviser and Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for it to perform its duties under this Agreement; provided, for the avoidance of doubt, that (i) any expenses attributable to administrative services under that separate Administration Agreement, dated ____________, 2025, by and between the Fund and the Adviser and (ii) all other costs and expenses of the Fund's operations, shall, in each case, be deemed to be an expense of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such member of the Board, officer or employee while he is at the same time a director, officer, or employee of the Sub-Adviser or any affiliated company of the Sub-Adviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Sub-Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, an annual advisory fee, payable monthly in arrears, as specified in <u>Schedule A</u> hereto. The Sub-Adviser may waive a portion of its fee, as permitted by law and agreed by the Sub-Adviser and the Adviser. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Sub-Adviser and each of the Sub-Adviser's officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (including any individual who serves at the Sub-Adviser's request as director, manager, partner, agent, employee, member or the like of another entity) (each such person being an "Indemnitee") 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 Sub-Adviser shall not be protected against any liability to the Fund or its shareholders to which the Sub-Adviser would otherwise be subject by reason of willful misfeasance, bad faith, fraud 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 Indemnitee 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 Indemnitees 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 Sub-Adviser's services under this Agreement or otherwise as sub-adviser for the Fund. The Indemnitees 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 Sub-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 Sub-Adviser had reasonable cause to believe its conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Indemnitee 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 Indemnitee 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 (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees") or (b) an independent legal counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Indemnitee 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 Indemnitee 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 Indemnitee 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 Indemnitee will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Sub-Adviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Sub-Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities consistent with the investment policies of the Fund or one or more other accounts of the Sub-Adviser is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by the Sub-Adviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Sub-Adviser's policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall continue in effect for two years as of the date first written above, and shall continue automatically for successive annual periods thereafter, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, 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 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 or parties to this Agreement, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement is terminable with respect to the Fund without penalty by the Adviser, the Board or by vote of a majority of the outstanding voting securities of the Fund, in each case upon 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser upon 60 days' written notice to the Fund and the Adviser, and will be terminated upon the mutual written consent of the Adviser and the Sub-Adviser. This Agreement shall terminate automatically in the event of its assignment by the Sub-Adviser and shall not be assignable by the Adviser without the consent of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Sub-Adviser agrees that for any claim by it against the Fund in connection with this Agreement or the services rendered under this Agreement, it shall look only to assets of the Fund for satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved, if so required by the 1940 Act, by vote of the holders of a majority of the Fund's outstanding voting securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York.

[signature page to follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

---

| |
|:---|
|  MAN SOLUTIONS LLC |
|  By: |
|  Name: |
|  Title: |
|  VARAGON CAPITAL PARTNERS, L.P. |
|  By: |
|  Name: |
|  Title: |
|  MAN ALTERNATIVE INCOME FUND |
|  (Solely for purposes of Section 9) |
|  By: |
|  Name: |
|  Title: |

---

[Signature Page to Sub-Advisory Agreement with Varagon Capital Partners, L.P.]

------

**SCHEDULE A** 

**Man Alternative Income Fund** 

**Date:** 

____________, 2025

**Fee:** 

In consideration for the Sub-Adviser's provision of services pursuant this Agreement with respect to the portion of the Fund's assets allocated to the Sub-Adviser (the "Allocated Assets"), the Adviser shall pay the Sub-Adviser at an annual rate of 1.60% of the average daily value of Allocated Assets and if the weighted average annual fee rate of all of the sub-advisers of the Fund exceeds 1.25%, then the amount payable to the Sub-Adviser shall be reduced in accordance with the Adviser's internal fee allocation methodologies.

The Adviser and the Sub-Adviser may, from time to time and as mutually agreed, reduce any portion of the compensation due to the Sub-Adviser pursuant to this Agreement in accordance with the Adviser's internal fee allocation methodologies. Any such reduction shall be applicable only to such specific reduction and shall not constitute an agreement to reduce any future compensation due to the Sub-Adviser hereunder. For the avoidance of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Allocated Assets equals zero.

## Ex-99.G6

**Exhibit (g)(6)** 

**SUB-ADVISORY AGREEMENT** 

This SUB-ADVISORY AGREEMENT ("Agreement") is made this ____ day of ___________, 2025, by and among Man Solutions LLC, a Delaware limited liability company (the "Adviser"), Man Global Private Markets (USA) Inc., a Delaware corporation (the "Sub-Adviser") and, solely for purposes of Section 9, Man Alternative Income Fund, a Delaware statutory trust (the "Fund").

WHEREAS, the Adviser has been retained by the Fund, a registered management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") to provide investment advisory, management, and administrative services to the Fund; and

WHEREAS, the Adviser wishes to engage the Sub-Adviser to provide certain investment advisory services to the Fund, and the Sub-Adviser is willing to furnish such services on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with and subject to the Investment Advisory Agreement between the Fund and the Adviser (the "Advisory Agreement"), the Adviser hereby appoints the Sub-Adviser to act as sub-adviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall cause the Sub-Adviser to be kept fully informed at all times with regard to the securities owned by the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. The Adviser shall furnish the Sub-Adviser with such other documents and information with regard to the Fund's affairs as the Sub-Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the supervision of the Fund's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall regularly provide the Fund with respect to such portion of the Fund's assets as shall be allocated to the Sub-Adviser by the Adviser from time to time (the "Allocated Assets") with investment research, advice, management and supervision and shall furnish a continuous investment program for the Allocated Assets consistent with the Fund's investment objectives, policies and restrictions, as stated in the Fund's then-current Prospectus and Statement of Additional Information and in accordance with any exemptive orders issued by the Securities and Exchange Commission ("SEC") applicable to the Fund and any SEC staff no-action letters applicable to the Fund. The Sub-Adviser shall, with respect to the Allocated Assets, determine in its discretion from time to time what securities and other investments will be purchased, retained, reinvested, sold or exchanged by the Fund, and is authorized to enter into, make and perform all contracts, agreements, arrangements and other undertakings to implement those decisions (including the execution of investment documentation), all subject to the provisions of the Fund's Amended and Restated Declaration of Trust and Bylaws (collectively, the "Governing Documents"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the SEC and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies adopted by the Board and disclosed to the Sub-Adviser. The Sub-Adviser is authorized as the agent of the Fund to give instructions with respect to the Allocated Assets to the custodian of the Fund as to deliveries of securities and other investments and payments of cash for the

------

account of the Fund. The Sub-Adviser will place orders pursuant to its investment determinations for the Fund either directly with the issuer or with any broker or dealer, foreign currency dealer, futures commission merchant or others selected by it. In connection with the selection of such brokers or dealers and the placing of such orders, subject to applicable law, brokers or dealers may be selected who also provide brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) to the Fund and/or the other accounts over which the Sub-Adviser or its affiliates exercise investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage and research services provided by such broker or dealer. This determination may be viewed in terms of either that particular transaction or the overall responsibilities which the Sub-Adviser and its affiliates have with respect to accounts over which they exercise investment discretion. The Board may adopt policies and procedures that modify and restrict the Sub-Adviser's authority regarding the execution of the Fund's portfolio transactions provided herein. The Sub-Adviser shall exercise voting rights, rights to consent to corporate action and any other rights pertaining to the Allocated Assets subject to such direction as the Board may provide, and shall perform such other functions of investment management and supervision as may be directed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Sub-Adviser may delegate to any other one or more companies that the Sub-Adviser controls, is controlled by, or is under common control with, or to specified employees of any such companies, certain of the Sub-Adviser's duties under this Agreement, provided in each case the Sub-Adviser will supervise the activities of each such entity or employees thereof, that such delegation will not relieve the Sub-Adviser of any of its duties or obligations under this Agreement and provided further that any such arrangements are entered into in accordance with all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Sub-Adviser agrees that it will keep records relating to its services hereunder in accordance with all applicable laws, and in compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Sub-Adviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Sub-Adviser, at its expense, shall supply the Board, the officers of the Fund, and the Adviser with all information and reports reasonably required by them and reasonably available to the Sub-Adviser relating to the services provided by the Sub-Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Adviser and Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for it to perform its duties under this Agreement; provided, for the avoidance of doubt, that (i) any expenses attributable to administrative services under that separate Administration Agreement, dated ____________, 2025, by and between the Fund and the Adviser and (ii) all other costs and expenses of the Fund's operations, shall, in each case, be deemed to be an expense of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such member of the Board, officer or employee while he is at the same time a director, officer, or employee of the Sub-Adviser or any affiliated company of the Sub-Adviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Sub-Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, an annual advisory fee, payable monthly in arrears, as specified in <u>Schedule A</u> hereto. The Sub-Adviser may waive a portion of its fee, as permitted by law and agreed by the Sub-Adviser and the Adviser. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Sub-Adviser and each of the Sub-Adviser's officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (including any individual who serves at the Sub-Adviser's request as director, manager, partner, agent, employee, member or the like of another entity) (each such person being an "Indemnitee") 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 Sub-Adviser shall not be protected against any liability to the Fund or its shareholders to which the Sub-Adviser would otherwise be subject by reason of willful misfeasance, bad faith, fraud 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 Indemnitee 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 Indemnitees 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 Sub-Adviser's services under this Agreement or otherwise as sub-adviser for the Fund. The Indemnitees 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 Sub-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 Sub-Adviser had reasonable cause to believe its conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Indemnitee 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 Indemnitee 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 (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees") or (b) an independent legal counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Indemnitee 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 Indemnitee 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

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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 Indemnitee 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 Indemnitee will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Sub-Adviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Sub-Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities consistent with the investment policies of the Fund or one or more other accounts of the Sub-Adviser is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by the Sub-Adviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Sub-Adviser's policies and procedures as presented to the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall continue in effect for two years as of the date first written above, and shall continue automatically for successive annual periods thereafter, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, 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 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 or parties to this Agreement, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement is terminable with respect to the Fund without penalty by the Adviser, the Board or by vote of a majority of the outstanding voting securities of the Fund, in each case upon 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser upon 60 days' written notice to the Fund and the Adviser, and will be terminated upon the mutual written consent of the Adviser and the Sub-Adviser. This Agreement shall terminate automatically in the event of its assignment by the Sub-Adviser and shall not be assignable by the Adviser without the consent of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Sub-Adviser agrees that for any claim by it against the Fund in connection with this Agreement or the services rendered under this Agreement, it shall look only to assets of the Fund for satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved, if so required by the 1940 Act, by vote of the holders of a majority of the Fund's outstanding voting securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York.

[signature page to follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

---

| |
|:---|
|  MAN SOLUTIONS LLC |
|  By: |
|  Name: |
|  Title: |
|  MAN GLOBAL PRIVATE MARKETS (USA) INC. |
|  By: |
|  Name: |
|  Title: |
|  MAN ALTERNATIVE INCOME FUND |
|  (Solely for purposes of Section 9) |
|  By: |
|  Name: |
|  Title: |

---

[Signature Page to Sub-Advisory Agreement with Man Global Private Markets (USA) Inc.]

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**SCHEDULE A** 

**Man Alternative Income Fund** 

**Date:** 

____________, 2025

**Fee:** 

In consideration for the Sub-Adviser's provision of services pursuant this Agreement with respect to the portion of the Fund's assets allocated to the Sub-Adviser (the "Allocated Assets"), the Adviser shall pay the Sub-Adviser at an annual rate of 1.25% of the average daily value of Allocated Assets and if the weighted average annual fee rate of all of the sub-advisers of the Fund exceeds 1.25%, then the amount payable to the Sub-Adviser shall be reduced in accordance with the Adviser's internal fee allocation methodologies.

The Adviser and the Sub-Adviser may, from time to time and as mutually agreed, reduce any portion of the compensation due to the Sub-Adviser pursuant to this Agreement in accordance with the Adviser's internal fee allocation methodologies. Any such reduction shall be applicable only to such specific reduction and shall not constitute an agreement to reduce any future compensation due to the Sub-Adviser hereunder. For the avoidance of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Allocated Assets equals zero.

## Ex-99.G7

**Exhibit (g)(7)** 

**SUB-ADVISORY AGREEMENT** 

This SUB-ADVISORY AGREEMENT ("Agreement") is made this ___ day of ____________, 2025, by and among Man Solutions LLC, a Delaware limited liability company (the "Adviser"), Man Solutions Limited, a limited company organized under the laws of England and Wales (the "Sub-Adviser") and, solely for purposes of Section 9, Man Alternative Income Fund, a Delaware statutory trust (the "<u>Fund</u>").

WHEREAS, the Adviser has been retained by the Fund, a registered management investment company under the Investment Company Act of 1940, as amended (the "1940 Act") to provide investment advisory, management, and administrative services to the Fund; and

WHEREAS, the Adviser wishes to engage the Sub-Adviser to provide certain investment advisory services to the Fund, and the Sub-Adviser is willing to furnish such services on the terms and conditions hereinafter set forth;

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In accordance with and subject to the Investment Advisory Agreement between the Fund and the Adviser (the "Advisory Agreement"), the Adviser hereby appoints the Sub-Adviser to act as sub-adviser with respect to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser shall cause the Sub-Adviser to be kept fully informed at all times with regard to the securities owned by the Fund, its funds available, or to become available, for investment, and generally as to the condition of the Fund's affairs. The Adviser shall furnish the Sub-Adviser with such other documents and information with regard to the Fund's affairs as the Sub-Adviser may from time to time reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the supervision of the Fund's Board of Trustees (the "Board") and the Adviser, the Sub-Adviser shall regularly provide the Fund with investment research, advice, inputs and recommendations to assist the Adviser in making determinations regarding the allocation of assets to each of the Fund's other investment sub-advisers ("Investment Sub-Advisers"), and shall provide those inputs and recommendations all subject to the provisions of the Fund's Amended and Restated Declaration of Trust and Bylaws (collectively, the "Governing Documents"), the 1940 Act, and the applicable rules and regulations promulgated thereunder by the Securities and Exchange Commission (the "SEC") and interpretive guidance issued thereunder by the SEC staff and any other applicable federal and state law, as well as the investment objectives, policies and restrictions of the Fund as stated in the Fund's then-current Prospectus and Statement of Additional Information and any exemptive orders and SEC staff no-action letters applicable to the Fund referred to above, and any other specific policies adopted by the Board and disclosed to the Sub-Adviser. The Parties agree that the Investment Sub-Advisers of the Fund that are affiliated with the Adviser shall be responsible for placing orders or otherwise communicating trade instructions with brokers and counterparties on behalf of the Fund. The Sub-Adviser shall have no authority, responsibility or obligation with respect to the custody of securities or other assets of the Fund and, except as otherwise provided in this Agreement, shall not be responsible or liable for any act or omission of any custodian, sub-custodian or prime broker of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Sub-Adviser may delegate to any other one or more companies that the Sub-Adviser controls, is controlled by, or is under common control with, or to specified employees of any such companies, certain of the Sub-Adviser's duties under this Agreement, provided in each case the Sub-Adviser will supervise the activities of each such entity or employees thereof, that such delegation will not relieve the Sub-Adviser of any of its duties or obligations under this Agreement and provided further that any such arrangements are entered into in accordance with all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Sub-Adviser agrees that it will keep records relating to its services hereunder in accordance with all applicable laws, and in compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that any records that it maintains for the Fund are the property of the Fund, and further agrees to surrender promptly to the Fund any of such records upon the Fund's request. The Sub-Adviser further agrees to arrange for the preservation of the records required to be maintained by Rule 31a-1 under the 1940 Act for the periods prescribed by Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The Sub-Adviser, at its expense, shall supply the Board, the officers of the Fund, and the Adviser with all information and reports reasonably required by them and reasonably available to the Sub-Adviser relating to the services provided by the Sub-Adviser hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Adviser and Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including salaries, expenses and fees of any personnel required for it to perform its duties under this Agreement; provided, for the avoidance of doubt, that (i) any expenses attributable to administrative services under that separate Administration Agreement, dated ____________, 2025, by and between the Fund and the Adviser and (ii) all other costs and expenses of the Fund's operations, shall, in each case, be deemed to be an expense of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. No member of the Board, officer or employee of the Fund shall receive from the Fund any salary or other compensation as such member of the Board, officer or employee while he is at the same time a director, officer, or employee of the Sub-Adviser or any affiliated company of the Sub-Adviser, except as the Board may decide. This paragraph shall not apply to Board members, executive committee members, consultants and other persons who are not regular members of the Sub-Adviser's or any affiliated company's staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. For the services to be provided by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefor, an annual advisory fee, payable monthly in arrears, as specified in <u>Schedule A</u> hereto. The Sub-Adviser may waive a portion of its fee, as permitted by law and agreed by the Sub-Adviser and the Adviser. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. (a) The Sub-Adviser and each of the Sub-Adviser's officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (including any individual who serves at the Sub-Adviser's request as director, manager, partner, agent, employee, member or the like of another entity) (each such person being an "Indemnitee") 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 Sub-Adviser shall not be protected against any liability to the Fund or its shareholders to which the Sub-Adviser would otherwise

------

be subject by reason of willful misfeasance, bad faith, fraud 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 Indemnitee 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 Indemnitees 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 Sub-Adviser's services under this Agreement or otherwise as sub-adviser for the Fund. The Indemnitees 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 Sub-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 Sub-Adviser had reasonable cause to believe its conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 Indemnitee 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 Indemnitee 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 (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding ("Disinterested Non-Party Trustees") or (b) an independent legal counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Indemnitee 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 Indemnitee 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 Indemnitee 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 Indemnitee will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Nothing in this Agreement shall limit or restrict the right of any director, officer, or employee of the Sub-Adviser who may also be a Board member, officer, or employee of the Fund, to engage in any other business or to devote his time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Sub-Adviser to engage in any other business or to render services of any kind, including investment advisory and management services, to any other fund, firm, individual or association. If the purchase or sale of securities consistent with the investment policies of the Fund or one or more other accounts of the Sub-Adviser is considered at or about the same time, transactions in such securities will be allocated among the accounts in a manner deemed equitable by the Sub-Adviser. Such transactions may be combined, in accordance with applicable laws and regulations, and consistent with the Sub-Adviser's policies and procedures as presented to the Board from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. For the purposes of this Agreement, the terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the meanings given to them by Section 2(a) of the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement shall continue in effect for two years as of the date first written above, and shall continue automatically for successive annual periods thereafter, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, 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 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 or parties to this Agreement, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement is terminable with respect to the Fund without penalty by the Adviser, the Board or by vote of a majority of the outstanding voting securities of the Fund, in each case upon 60 days' written notice to the Sub-Adviser, or by the Sub-Adviser upon 60 days' written notice to the Fund and the Adviser, and will be terminated upon the mutual written consent of the Adviser and the Sub-Adviser. This Agreement shall terminate automatically in the event of its assignment by the Sub-Adviser and shall not be assignable by the Adviser without the consent of the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Sub-Adviser agrees that for any claim by it against the Fund in connection with this Agreement or the services rendered under this Agreement, it shall look only to assets of the Fund for satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of the Agreement shall be effective until approved, if so required by the 1940 Act, by vote of the holders of a majority of the Fund's outstanding voting securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to the subject matter hereof. Should any part of this Agreement be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding on and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York.

[signature page to follow]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers thereunto duly authorized.

---

| |
|:---|
| MAN SOLUTIONS LLC |
| By: |
| Name: |
| Title: |
| MAN SOLUTIONS LIMITED |
| By: |
| Name: |
| Title: |
| MAN ALTERNATIVE INCOME FUND |
| (Solely for purposes of Section 9) |
| By: |
| Name: |
| Title: |

---

[Signature Page to Sub-Advisory Agreement with Man Solutions Limited]

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**SCHEDULE A** 

**Man Alternative Income Fund** 

**Date:** 

____________, 2025

**Fee:** 

In consideration for the Sub-Adviser's provision of services pursuant this Agreement with respect to the portion of the Fund's assets allocated to the Sub-Adviser (the "Allocated Assets"), the Adviser shall pay the Sub-Adviser at an annual rate of 1.25% of the average daily value of Allocated Assets and if the weighted average annual fee rate of all of the sub-advisers of the Fund exceeds 1.25%, then the amount payable to the Sub-Adviser shall be reduced in accordance with the Adviser's internal fee allocation methodologies.

The Adviser and the Sub-Adviser may, from time to time and as mutually agreed, reduce any portion of the compensation due to the Sub-Adviser pursuant to this Agreement in accordance with the Adviser's internal fee allocation methodologies. Any such reduction shall be applicable only to such specific reduction and shall not constitute an agreement to reduce any future compensation due to the Sub-Adviser hereunder. For the avoidance of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Allocated Assets equals zero.

## Ex-99.H1

**Exhibit (h)(1)** 

**DISTRIBUTION AGREEMENT** 

THIS AGREEMENT is made and entered into as of this 18<sup>th</sup> day of September, 2025, by and between Man Alternative Income Fund, a Delaware statutory trust (the "Fund") and Foreside Financial Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified closed-end management investment company and operates as an interval fund, and is authorized to issue Shares of beneficial interest ("Shares");

WHEREAS, the Fund desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares of the Fund;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Fund's board of trustees (the "Board"), including a majority of the trustees that are not "interested persons" as defined in Section 2(a)(19) of the 1940 Act (the "Independent Trustees"), in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of Distributor.** The Fund hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Fund, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

**2. Services and Duties of the Distributor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Fund for the distribution of Shares of the Fund upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean each current prospectus, including the statement of additional information, as amended or supplemented, relating to the Fund and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Fund under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the public offering of Shares of the Fund, the Distributor shall use commercially reasonable efforts to distribute the Shares. All purchase orders for Shares shall be made through financial intermediaries or submitted directly to the Fund, or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Fund or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through FundSERV. The Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Prospectus and any marketing materials specifically approved by the Fund or Man Solutions LLC, the investment adviser to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials provided by the Fund for compliance with applicable FINRA and SEC advertising rules and regulations, and shall file with FINRA those marketing materials that it believes are in compliance with such applicable laws and regulations. The Distributor agrees to furnish to the Fund any comments provided by regulators with respect to such marketing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund agrees to repurchase Shares tendered by shareholders of the Fund in accordance with the Fund's obligations in the Prospectus and the Registration Statement. The Fund reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. At the request, or upon prior written consent, of the Fund, the Distributor may enter into the Standard Dealer Agreement (as defined below), and may enter into non-standard dealer agreements with qualified broker-dealers and other financial intermediaries as the Fund may select (the "Financial Intermediaries") in order that such Financial Intermediaries may sell Shares of the Fund. The form of any dealer agreement shall be approved by the Fund ("Standard Dealer Agreement"). The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) Distributor has received a payment from the Fund pursuant to such Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor agrees to make available, at the Fund's request, one or more members of its staff to attend, either via telephone or in person, Board meetings of the Fund in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board. The Distributor shall 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 12b-1 payments received by the Distributor, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

**3. Representations, Warranties and Covenants of the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and in good standing under the laws of its jurisdiction of incorporation/organization and
is registered as a closed-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Fund and, when executed and delivered,
will constitute a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of
creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws/operating agreement
or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Shares are validly authorized and, when issued in accordance with the description in the Prospectus, will
be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Registration Statement and Prospectus included therein have been prepared in conformity with the
requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Registration Statement and Prospectus and any marketing material prepared by the Fund or its agents do not
and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to the
Distributor pursuant to this Agreement shall be true and correct in all material respects;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Fund owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and
service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, "Intellectual
Property") necessary for or used in the conduct of the Fund's business and for the offer, issuance, distribution and sale of the Fund Shares in accordance with the terms of the Prospectus and this Agreement, and such Intellectual
Property does not and will not breach or infringe the terms of any Intellectual Property owned, held or licensed by any third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all necessary approvals, authorizations, consents or orders of or filings with any federal, state, local or
foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Fund in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, the filing
with FINRA's corporate financing department through its Public Offering System or ongoing compliance with an exemption from filing, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the
Shares are being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund agrees to advise the Distributor promptly in writing, upon becoming actually aware of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material correspondence or other communication by the Securities and Exchange Commission
("SEC") or its staff relating to the offering of Shares or the Distributor, including requests by the SEC for amendments to the Registration Statement or Prospectus (for the avoidance of doubt, this provision does not require notice of a
risk targeted or sweep inspection that does not relate to distribution matters);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration
Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event which makes untrue any statement of a material fact made in the Prospectus or
which requires the making of a change in such Prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of all actions taken by the SEC with respect to any amendments to any Registration Statement or Prospectus
which may from time to time be filed with the SEC;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the event that it determines to suspend the sale of Shares at any time in response to conditions in the
securities markets or otherwise or to suspend the redemption of Shares of any Fund at any time as permitted by the 1940 Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of the commencement of any material litigation or proceedings against the Fund or any of its officers or
directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund shall cooperate in good faith in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Fund shall keep the Distributor fully informed of its affairs related to the services and activities contemplated by this Agreement and shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Fund by its independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may reasonably request. The Fund shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Fund represents that it will not use or authorize the use of any Fund marketing materials unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund shall provide and cause each other agent or service provider to the Fund, including the Fund's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Fund shall not file any amendment to the Registration Statement or Prospectus that materially amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Fund has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Shares.

**4. Representations, Warranties and Covenants of the Distributor.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized, in good standing and existing under the laws of the jurisdiction of its organization,
with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Agreement has been duly authorized, executed and delivered by the Distributor and, when executed and
delivered, will constitute a valid and legally binding obligation of the Distributor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights
and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, operating agreement or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is not disqualified under Section 9 of the 1940 Act from serving as principal underwriter to the Fund;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA. The
Distributor will promptly (to the extent permitted) notify the Fund of any regulatory action instituted against the Distributor by the SEC, any state or FINRA that could reasonably be expected to have a material adverse effect on the
Distributor's ability to act as the principal underwriter of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Fund in writing of the commencement of any litigation or proceedings against the Distributor, or any of their managers, officers or directors in connection with the issue and sale of any of the Shares.

**5. Compensation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of Distributor's services in connection with the distribution of Shares of the Fund, Distributor shall receive the compensation set forth in Exhibit A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 5A, Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement. Distributor may receive compensation from the Fund's investment adviser related to its services hereunder or for additional services all as may be agreed to between the investment adviser and Distributor.

**6. Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Fund; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

**7. Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement and in accordance with its obligations under this Agreement; (ii) the Fund's

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material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund are sold, provided, however, that the Fund's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing for use in such Registration Statement, Prospectus, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the Distributor's duties under this Agreement or by reason of the Distributor's reckless disregard of its obligations under this Agreement.

The Fund's agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter addressed to the Fund's President, but the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Fund's indemnity agreement contained in this Section 7(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any such suit, or in case the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the reasonable documented fees and expenses of any counsel retained by Distributor and them. The Fund's indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the Distributor's benefit, to the benefit of each Distributor Indemnitee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund shall advance attorney's fees and other expenses incurred by a Distributor Indemnitee in defending any claim, demand, action or suit which is the subject of a claim for indemnification pursuant to this Section 7 to the maximum extent permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall indemnify, defend and hold the Fund, their affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively, the "Fund Indemnitees"), free and harmless from and against any and all Losses that any Fund Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by the Distributor in writing for use in such Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund. In no event shall anything contained herein be so construed as to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Distributor's agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor's being notified of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter addressed to the Distributor's President, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, otherwise than on account of the Distributor's indemnity agreement contained in this Section 7(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such suit shall bear the fees and expenses of any additional

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counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the reasonable documented fees and expenses of any counsel retained by the Fund and them. The Distributor's indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Fund Indemnitee(s), and shall survive the delivery of any Shares and the termination of this Agreement. This Agreement of indemnity will inure exclusively to the Fund's benefit, to the benefit of each Fund Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. No person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 7 to the maximum extent so permissible.

**8. Dealer Agreement Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Both parties acknowledge and agree that certain large and significant broker-dealers, such as (without limitation) Merrill Lynch, UBS and Morgan Stanley (all such brokers referred to herein as the "Brokers"), require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings and indemnification that are not included in the Standard Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent that Distributor enters into any Non-Standard Dealer Agreement, after review and approval by the Fund, the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by Distributor in any Non-Standard Dealer Agreement to the extent that Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

**9. Limitations on Damages.** Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

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**10. Force Majeure.** Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

**11. Duration and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Fund's Board or (ii) the vote of a majority of the outstanding voting securities of the Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, by the Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Fund through a vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor.

&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 in the 1940 Act and the rules thereunder.

**12. Anti-Money Laundering Compliance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and the Fund agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Fund and the Fund's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor. Distributor's obligation to provide the Fund with reasonable access to any books and records maintained by Distributor which pertains to the Fund and Distributor's services to the Fund hereunder shall survive the termination of this Agreement.

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**13. Privacy.** In accordance with Regulation S-P, the Distributor will not disclose any non-public personal information, as defined in Regulation S-P, received from the Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Fund.

The Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by SEC Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

**14. Confidentiality.** During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means non-public or proprietary information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement. Confidential Information does not include: (i) information that was known to the receiving Party before receipt thereof from or on behalf of the Disclosing Party; (ii) information that is disclosed to the Receiving Party by a third person who has a right to make such disclosure without any obligation of confidentiality to the Party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the Receiving Party; or (iv) information that is independently developed by the Receiving Party or its employees or affiliates without reference to the Disclosing Party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any regulatory or self-regulatory agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure.

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**15. Notices.** 

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, electronic mail, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| |
|:---|
| **(i) To Distributor:** |
| Foreside Financial Services, LLC<br> Attn: Legal Department<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> Email: legal@foreside.com<br> Man Alternative Income Fund<br> Attn: Legal US<br> 1345 Avenue of the Americas, 21<sup>st</sup> Floor<br> New York, NY 10105<br> Telephone: (212) 649-6600<br> Email: LegalUS@man.com |

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**16. Modifications.** The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the Fund's Board, including a majority of the Fund's Independent Trustees, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

**17. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof.

**18. Entire Agreement.** This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

**19. Survival.** The provisions of Sections 5, 6, 7, 8, 9, 13, 14, 17, and 19 of this Agreement shall survive any termination of this Agreement.

**20. Miscellaneous.** The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both the Distributor and the Fund and no presumptions shall arise in favor of any party by virtue of authorship of any provision of this Agreement. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**21. Counterparts.** This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first above written.

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| | |
|:---|:---|
| MAN ALTERNATIVE INCOME FUND | MAN ALTERNATIVE INCOME FUND |
| By: | /s/ Kaitlin Carroll |
|  | Name: Kaitlin Carroll |
|  | Title: Assistant Secretary |
| FORESIDE FINANCIAL SERVICES, LLC | FORESIDE FINANCIAL SERVICES, LLC |
| By: | /s/ Teresa Cowan |
|  | Name: Teresa Cowan |
|  | Title: President |

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EXHIBIT A

<u>Compensation</u> 

<u>SALES LOADS</u>:

Any and all upfront commissions on sales of Shares notified by the Fund in writing to the Distributor in respect of a particular Financial Intermediary up to the maximum such upfront commission rate set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Shares. Such commissions shall not exceed the percentages of the applicable sale amount set forth in the Registration Statement and shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the Fund.

<u>DISTRIBUTION FEE</u>:

The Fund will pay the Distributor an ongoing quarterly fee at the annualized rate set forth in the Registration Statement and such fee shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such fee from the Fund.

## Ex-99.H2

**Exhibit (h)(2)** 

**FORESIDE FINANCIAL SERVICES, LLC** 

**SELLING GROUP MEMBER AGREEMENT** 

**MAN ALTERNATIVE INCOME FUND** 

This agreement is made and effective as of this _____ day of _________________, 20__, by and among Foreside Financial Services, LLC ("<u>Distributor</u>"), [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>") and, solely for purposes of Section 8, Man Alternative Income Fund (the "<u>Fund</u> and, together with Distributor and Intermediary, the "<u>Parties</u>");

**WHEREAS**, the Fund is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as a closed-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>");

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Intermediary desires to serve as a selling group member of the Fund.

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. **Selling Group Member.** Intermediary represents that it is properly qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement. In addition, Intermediary agrees to comply with the rules of the Financial Industry Regulatory Authority ("<u>FINRA</u>") as if they were applicable to Intermediary in connection with its activities under this agreement. Intermediary agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Intermediary shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Intermediary's transactions in Shares. Intermediary shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of the Fund's registration statement and prospectus (the "<u>Prospectus</u>", which for purposes of this agreement includes the Statement of Additional Information incorporated therein).

2. **Qualification of Shares.** The Fund will make available to Intermediary a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Intermediary will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Intermediary submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Intermediary will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the Fund's Prospectus. As agent for its customers, Intermediary shall not withhold placing customers' orders for any Shares so as to profit Intermediary or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Intermediary is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Intermediary submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Intermediary is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Intermediary with respect to the Fund. All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, as described in the Prospectus.

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4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Intermediary is authorized to distribute to Intermediary's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Intermediary is not authorized to distribute, furnish or display any other sales or promotional material relating to the Fund without Distributor's prior written approval, but Intermediary may identify the Fund in a listing of closed-end funds available through Intermediary to its customers. Unless otherwise mutually agreed in writing, Intermediary shall deliver or cause to be delivered to each customer who purchases Shares from or through Intermediary, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to the Fund and prepared by or on behalf of the Fund or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Intermediary shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor acknowledges and agrees that Intermediary may deliver Broker-Supplied Fund Materials (as defined below) to customers and/or otherwise use such materials with customers for marketing or other purposes. As used herein, the term "<u>Broker-Supplied Fund Materials</u>" shall include any materials prepared by Intermediary or its affiliates that (i) relate to the Fund, (ii) are not Research Reports (as defined in Section 4(c)<u> </u>of this agreement) and (iii) either only contain the name of the Fund or have been approved in writing by Distributor. For the avoidance of doubt, any description of the Fund contained in Broker-Supplied Fund Materials other than the name of the Fund must be approved in writing by Distributor in advance of its use. Intermediary agrees that it will not use in connection with the offer or sale of Shares any materials or writings which have not been previously approved by the Distributor or the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Distributor acknowledges that Intermediary may prepare research reports relating to the Fund that are not to be used for marketing purposes ("<u>Research Reports</u>"). Distributor hereby authorizes Intermediary to use the names of the Fund, Distributor and the Fund's investment adviser and investment sub-advisers in Research Reports. Intermediary agrees to provide such Research Reports to Distributor upon Distributor's request.

5. **Representations and Warranties**. In addition to the representations and warranties found elsewhere in this agreement, Intermediary represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing and in good standing under the laws of the state, commonwealth or other jurisdiction in which Intermediary is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is empowered under applicable laws and by its organizational documents to enter into this agreement and perform all activities and services of Intermediary provided for herein and that there are no impediments, prior or existing, or regulatory, self-regulatory, administrative, civil or criminal matters affecting Intermediary's ability to perform under this agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery, and performance of this agreement; the incurrence of the obligations set forth herein; and the consummation of the transactions contemplated herein and in the Fund's Prospectus, including the issuance and sale of the Shares, will not constitute a breach of, or default under, any agreement or instrument by which Intermediary is bound, or to which any of its assets are subject, or any order, rule, or regulation applicable to it of any court, governmental body, or administrative agency having jurisdiction over it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All requisite actions have been taken to authorize Intermediary to enter into and perform this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All litigation and regulatory actions involving Intermediary and its affiliates that are material to Intermediary's provision of the services described herein have been disclosed to Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent permissible by law, it shall notify Distributor, promptly in writing, of any written claim or complaint or any enforcement action or other proceeding with respect to Shares offered hereunder against Intermediary or its principals, affiliates, officers, directors, employees or agents, or any person who controls Intermediary, within the meaning of Section 15 of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) As of the date hereof and at any time during the term of this agreement, Intermediary shall take reasonable steps to ensure that all Broker-Supplied Fund Materials do not and will not contain any untrue statement of a material fact, or omit to state any material fact required to be stated therein or necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Intermediary represents that it is a broker-dealer registered with FINRA and subject to FINRA Rule 2030 (the "<u>Rule</u>"). Intermediary represents that it has policies and procedures to ensure compliance with the Rule and is currently in compliance with the Rule. Moreover, Intermediary represents that neither it nor any of its "Covered Associates" (i.e., any (i) general partner, managing member or executive officer of Intermediary, as well as any person with a similar status or function, (ii) any associated person of Intermediary who engages in distribution or solicitation activities with a government entity, (iii) any associated person of Intermediary who supervises, directly or indirectly, the government entity distribution or solicitation activities of a person in (ii) above, and (iv) any political action committee controlled by Intermediary or one of its Covered Associates) has made, directly or indirectly, any contributions that prohibit Intermediary from engaging in solicitation activities for compensation under the Rule (a "<u>Triggering Contribution</u>"). Intermediary hereby agrees that neither it nor its Covered Associates will make a Triggering Contribution or violate the Rule while engaged hereunder. If Intermediary breaches this provision and becomes aware of a Triggering Contribution or a violation of the Rule, it shall promptly provide written notice to Distributor of the nature of the ban or violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All solicitations and other activities by Intermediary will be conducted in accordance with applicable laws, rules, and regulations of each jurisdiction in which it offers to sell or sells Shares, including those of any non-U.S. jurisdictions if Intermediary offers to sell or sells Shares in such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any instruction to the contrary, Intermediary shall comply with all applicable abandoned property, escheat or similar laws, and none of the Distributor, the Fund or its investment adviser or investment sub-adviser shall be liable to any party or any shareholder for any funds from the account(s) of any such shareholder's Shares pursuant to this agreement or any applicable abandoned property, escheat or similar law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Intermediary acknowledges and agrees that none of the Distributor, the Fund or any of their respective affiliates are: (A) providing any advice or recommendations to any persons who purchase and/or hold Shares through the Intermediary pursuant to this agreement; (B) providing any custody services to any person, including any customers or clients of the Intermediary; and/or (C) acting as broker-of-record and/or intermediary-of-record for any persons who purchase and/or hold Shares through the Intermediary pursuant to this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If any of the representations set forth in this Section 5 at any time cease to be true, Intermediary shall promptly notify Distributor in writing of this fact.

6. **Transactions in Shares.** With respect to all orders Intermediary places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Fund within one (1) business day after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Intermediary cancels the trade for any reason, Intermediary shall be responsible for any loss resulting to the Fund or to Distributor from Intermediary's failure to make payments as aforesaid. Intermediary shall not be entitled to any gains generated thereby. Intermediary also assumes responsibility for any loss to the Fund caused by any order placed by Intermediary on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Fund and shall be subject to the Fund's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Fund's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Intermediary shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Intermediary shall guarantee the signatures of its customers when such guarantee is required by the Fund, and Intermediary shall indemnify and hold harmless all persons, including Distributor and the Fund's transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Intermediary shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Intermediary of any provision of this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Distributor will indemnify, hold harmless, and defend Intermediary, its affiliates and their respective officers, directors, partners, members, shareholders, employees and agents (the "<u>Covered Persons</u>") from and against any losses, claims, damages or liabilities (or actions in respect thereof) ("<u>Covered Claims</u>") arising directly out of or relating to, (i) any willful misconduct, fraud or gross negligence by Distributor in the performance of, or failure to perform, its obligations under this agreement; provided that Distributor will not be liable to and will not have any indemnification obligation to any Covered Person for the portion of any Covered Claim that is the result of any Covered Person's material breach of this agreement, bad faith, fraud, willful misconduct or gross negligence (the "<u>Disabling Conduct</u>"); provided further that any amounts for reimbursement of expenses advanced to a Covered Person resulting from this Section 8(a) will be repaid to Distributor in the event that such expenses resulted from Disabling Conduct.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intermediary will indemnify, hold harmless, and defend the Fund, Distributor, their affiliates and their respective officers, directors, partners, members, shareholders, employees and agents (the "<u>Man Covered Persons</u>") from and against any losses, claims, damages or liabilities (or actions in respect thereof) ("<u>Man Covered Claims</u>") arising directly out of or relating to (i) any untrue statement of material fact or any omission of a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in any information furnished by Intermediary or any representative of Intermediary, including, but not limited to, statements in any Research Report or Broker-Supplied Fund Information (other than untrue statements or alleged untrue statements in, or omissions or alleged omissions from, information related to a Man Covered Person furnished in writing by or on behalf of such Man Covered Person for use in materials furnished or made available to customers), (ii) any breach by Intermediary or any representative of Intermediary of any representation, warranty or agreement contained in this agreement, or (iii) any willful misconduct, fraud or gross negligence by Intermediary, a Representative of Intermediary or any of their respective affiliates in the performance of, or failure to perform, its obligations under this agreement; provided that in the case of any of (i)-(iii), Intermediary will not be liable to and will not have any indemnification obligation to the Man Covered Person for the portion of any Man Covered Claim that is the result of such Man Covered Person's material breach of this agreement, bad faith, fraud, willful misconduct or gross negligence (the "<u>Man Disabling Conduct</u>"); provided further that any amounts for reimbursement of expenses advanced to such Man Covered Person resulting from this Section 8(b) will be repaid to Intermediary in the event that such expenses resulted from Man Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Promptly after receipt of notice of any claim or complaint or the commencement of any action or proceeding with respect to which an indemnified party is entitled to seek indemnification hereunder, the indemnified party will notify the indemnifying party in writing of such claim or complaint or the commencement of such action or proceeding, but failure to notify the indemnifying party will not relieve the indemnifying party from any liability that it may have hereunder or otherwise, except to the extent that such failure materially prejudices the indemnifying party's rights with respect to such claim. The indemnifying party will be entitled to participate at its own expense in the defense or, if it so elects within a reasonable time after receipt of such notice, to assume the defense of any suit so brought, which defense will be conducted by counsel chosen by it and reasonably satisfactory to the indemnified party or parties. The parties hereto agree that if the indemnifying party shall fail to notify the indemnified party that it shall undertake to defend any claim within a reasonable time after its receipt of written notice of such claim, the indemnified party will have the right to undertake the defense of such claim on behalf of, and for the account and at the risk of, the indemnifying party. In the event that the indemnifying party elects to assume the defense of any such suit and retain such counsel, the indemnified party or parties will bear the fees and expenses of any additional counsel thereafter retained by it or them. In the event that (i) the indemnifying party elects to assume the defense of such an action or proceeding and the indemnified party reasonably determines in its judgment that having common counsel would present such counsel with a conflict of interest or (ii) the indemnifying party chooses not to assume the defense of the action or proceeding, then the indemnified party may engage separate counsel reasonably satisfactory to the indemnifying party to represent or defend such indemnified party in any such action or proceeding and the indemnifying party will pay the fees and disbursements of such counsel; provided, however, that the indemnifying party will not be required to pay the fees and disbursements of more than one separate counsel for all indemnified parties in each jurisdiction in any single action or proceeding. Subject to the preceding sentence, in any action or proceeding the defense of which the indemnifying party assumes, the indemnified party will have the right to participate in such litigation and to retain its own counsel at such indemnified party's own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the indemnifying party nor the indemnified party will, without the prior written consent of the other party (which consent will not be unreasonably withheld or delayed), settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (a "Judgment"), whether or not the indemnifying party or the indemnified party is an actual or potential party to such claim, action, suit or proceeding; provided, however, each indemnifying party shall have the right to settle or compromise or consent to the entry of

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any Judgment if such settlement, compromise or consent (i) shall include an unconditional release of the indemnified party and each other indemnified party hereunder from all liability arising out of such claim, action, suit or proceeding, (ii) shall not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of the indemnified party or any other indemnified party, and (iii) shall not impose any continuing obligations or restrictions on the indemnified party or any other indemnified party. The indemnifying party shall not be liable for any settlement of any action effected without its prior written consent (which consent will not be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The foregoing indemnity will be in addition to any rights that the parties may have at common law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) IN NO EVENT WILL ANY PARTY BE LIABLE TO ANY THIRD PARTY FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES (INCLUDING BUT NOT LIMITED TO LOST PROFITS), EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSSES

9. **Anti-Money Laundering and Sanctions Compliance.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Distributor represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Intermediary shall cooperate with Distributor to satisfy AML due diligence policies of the Fund and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Fund to ensure compliance with AML Laws. Intermediary also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Intermediary represents and warrants that it has policies, procedures and internal controls in place that are reasonably designed to comply with anti-money laundering and anti-terrorist laws and regulations applicable to it, including, but not limited to, applicable provisions of the USA PATRIOT Act, the OFAC Sanctions programs, the Bank Secrecy Act, and regulations thereunder (the "<u>AML Rules and Regulations</u>"). Such anti-money laundering program includes: (i) Anti-Money Laundering / "Know Your Customer" and "Enhanced Due Diligence" policies and procedures; (ii) the designation of an Anti-Money Laundering Compliance Officer; (iii) a Customer Identification Program ("<u>CIP</u>") reasonably designed to comply with applicable law and regulation; (iv) reporting of suspicious activity to government authorities in accordance with applicable laws and regulations; (v) anti-money laundering training of appropriate employees; (vi) independent testing for compliance with such Intermediary's anti-money laundering program and applicable laws and regulations; (vii) enhanced scrutiny with respect to accounts held for senior political figures (as defined and set forth under Section 312 of the USA PATRIOT Act) reasonably designed to detect and report transactions that may involve proceeds of foreign corruption; and (viii) policies and procedures reasonably designed to achieve compliance with OFAC Sanctions, as well as sanction programs administered by other relevant sanctions authorities, and Anti-Corruption Laws. Additionally, Intermediary represents and warrants that it has policies, procedures and internal controls reasonably designed to ensure that it does not, directly or indirectly, accept investments in the Fund from or make investments in the Fund for or on behalf of a person, government, organization or entity who is the subject of OFAC Sanctions or sanctions administered or enforced by the European Union, United Kingdom, or United Nations (collectively with OFAC Sanctions, "<u>Sanctions</u>"). Intermediary acknowledges that the Distributor is relying on Intermediary to apply the above-described policies, procedures, and internal controls to customers that are subscribing to become shareholders of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Intermediary acknowledges and agrees that it (i) will apply on an ongoing basis its anti-money laundering, CIP and Sanctions programs to its customers that are subscribing to become shareholders of the Fund and (ii) will not purchase Shares on behalf of for any customers (A) that appears on OFAC's Specially Designated Nationals and Blocked Persons List; (B) that is named on any list of sanctioned entities or individuals pursuant to European Union ("<u>EU</u>"), United Kingdom ("<u>UK</u>"), or United Nations ("<u>UN</u>") regulations; (C) that is operationally based or domiciled in a country or territory that is the subject of sanctions imposed by the UN, the EU, the United States and/or the UK; (D) that is otherwise the subject of sanctions imposed by the UN, the United States, the EU, and/or the UK, which may be amended from time to time ((A)-(D) collectively, a "<u>Sanctions Subject</u>") or (E) whose monies used to invest in the Fund are derived from or invested for the benefit of (1) any criminal, terrorist or other illegal activities; and/or (2) a Sanctions Subject (or are made on behalf of, or are controlled by, such persons).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Intermediary represents and warrants that it has policies, procedures and internal controls in place that are reasonably designed to comply with the applicable provisions of the UK Bribery Act, the U.S. Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>"), and, where applicable, legislation enacted by member States and signatories implementing the OECD Convention Combating Bribery of Foreign Officials, or any similar statute, rule or policy applicable in any jurisdiction in which Intermediary engages in any activity hereunder (collectively, the "<u>Anti-Corruption Laws</u>"). Intermediary represents and warrants that it has, and will maintain at all times during the term of this agreement, policies, procedures, and internal controls in place that are reasonably designed to comply with applicable Anti-Corruption Laws, including applicable provisions of the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Intermediary will not solicit as an investor in the Fund any retirement, pension, or similar plan or trust (collectively, a "<u>Pension Plan</u>") which is established by a state, or a municipality of such state, that prohibits the use of placement agents or finders in connection with investments by such state's or municipality's Pension Plans.

10. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

11. **Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Service and/or Distribution Fees</u>. Subject to and in accordance with the terms of the Prospectus and the Distribution and Service Plan, if any, adopted by resolution of the Fund's board (the "<u>Board</u>") which operates in a manner consistent with Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix A, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for shareholder or administrative services, as described therein. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on

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Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent. Intermediary hereby represents that Intermediary is permitted under Applicable Laws to receive all payments for shareholder services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>FINRA 2341</u>. Intermediary will comply with FINRA Rule 2341, or any successor rule thereof. In accordance with FINRA Rule 2341, the Parties understand and agree that, pursuant to limitations imposed by FINRA, no payments will be made to Intermediary under this agreement to the extent payments made to Intermediary and any other FINRA member in respect of distribution or sales services exceed, in the aggregate, (a) with respect to the front-end sales charge (as defined under FINRA Rule 2341) in connection with the sale of Shares pursuant to this agreement, [ ]% of the total proceeds received by the Fund in respect of sales of Shares registered under the Fund's current registration statement on Form N-2 and (b) with respect to any asset-based, front end, and deferred sales charge (as defined under FINRA Rule 2341), 6.25% of the total proceeds received by the Fund in respect of sales of Shares registered under the Fund's current registration statement on Form N-2; provided, however, that Distributor agrees that it will not take any action that would cause Intermediary to receive, in respect of any customer of Intermediary, less than the Maximum Compensation in respect of such investor. For purposes hereof, "Maximum Compensation" means, in respect of any customer of Intermediary, the cumulative amount of asset-based, front end and deferred distribution fees payable hereunder for so long as the customer remains an investor in the Fund, not to exceed in the aggregate the product of 6.25% multiplied by the aggregate offering price of the Shares received by the Fund in respect of such investor, in accordance with FINRA Rule 2341.

12. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

13. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

14. **Assignment.** This agreement be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Fund without obtaining Intermediary's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

15. **Notices.** All notices and other communications to Distributor shall be sent to it at Three Canal Plaza, Suite 100, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Intermediary shall be sent to it at the address set forth below or at such other address as Intermediary may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

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16. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

17. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Intermediary for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Intermediary in contravention of Rule 12b-1(h) of the 1940 Act.

18. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

19. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| |
|:---|
| **FORESIDE FINANCIAL SERVICES, LLC** |
| By: |
| Name: |
| Title: |
| **[INTERMEDIARY NAME]** |
| By: |
| Name: |
| Title: |
| Address of Intermediary: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |
| **MAN ALTERNATIVE INCOME FUND** |
| (Solely for purposes of Section 8) |
| By: |
| Name: |
| Title: |

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**APPENDIX A** 

**FORESIDE FINANCIAL SERVICES, LLC** 

**SERVICE AND DISTRIBUTION FEE AGREEMENT** 

**MAN ALTERNATIVE INCOME FUND** 

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Foreside Financial Services, LLC "<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Intermediary have entered into a selling group member agreement dated as of ____________ ("<u>Selling Group Member Agreement</u>"), which entitles Intermediary to serve as a selling group member of the Man Alternative Income Fund for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Intermediary wish to confirm Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement.

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Intermediary's understanding and agreement with respect to Rule 12b-1 payments to be made to Intermediary in accordance with the Selling Group Member Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Selling Group Member Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Intermediary pursuant to the distribution and service plan (the "<u>Plan</u>") adopted by the Fund which operate(s) in a manner consistent with Rule 12b-1 under the 1940 Act. Intermediary shall furnish sales and marketing services and/or shareholder services to Intermediary's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services not otherwise provided by the Fund's transfer agent. For the avoidance of doubt, any compensation payable to Intermediary under the Plan in consideration for distribution or sales and marketing services shall be paid only from that portion of 12b-1 fees under the Rule 12b-1 Plan designated for distribution services. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such Rule 12b-1 Plan payments or other compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's Clearing Agent such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent.

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3. Any such fee payments shall reflect the amounts described in the Fund's Prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Intermediary whose records, as maintained by the Fund or the transfer agent, designate Intermediary's firm as the customer's intermediary of record. No such fee payments will be payable to Intermediary with respect to Shares purchased by or through Intermediary and repurchased by the Fund within seven (7) business days after the date of confirmation of such purchase. Intermediary represents that Intermediary is eligible to receive any such payments made to Intermediary under the Plan.

4. Intermediary agrees that all activities conducted under this Agreement will be conducted in accordance with the Plan, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Intermediary shall furnish Distributor with a written report describing the amounts payable to Intermediary pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plan and the purposes for which such expenditures were made. Intermediary shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Intermediary pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plan or in Rule 12b-1. This Agreement may be terminated, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated upon a termination of the relevant Plan or the Selling Group Member Agreement, if the Fund closes to new investments, or if Distributor's Distribution Agreement with the Fund terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Selling Group Member Agreement.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

---

| | |
|:---|:---|
|  **FORESIDE FINANCIAL SERVICES, LLC** | **[INTERMEDIARY NAME]** |
|  By: | By: |
|  Name: | Name: |
|  Title: | Title: |
|  | [Intermediary address] |

---

## Ex-99.H3

**Exhibit (h)(3)** 

**MAN ALTERNATIVE INCOME FUND** 

**DISTRIBUTION AND SERVICE PLAN** 

WHEREAS, Man Alternative Income 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 Foreside Financial Services, LLC 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 0.50% of the Fund's average daily net assets attributable to Class A shares, 0.25% of which shall be a "shareholder service fee". 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)**![LOGO](g891459g0926175308893.jpg)

**CUSTODY AGREEMENT** 

**By and Between** 

**THE BANK OF NEW YORK MELLON** 

**And** 

**MAN ALTERNATIVE INCOME FUND** 

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**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
| **1.** | **DEFINITIONS** | **DEFINITIONS** | **1** |
| **2.** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **3** |
|  | 2.1 | Appointment of Custodian | 3 |
|  | 2.2 | Establishment of Accounts | 4 |
| **3.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **4** |
|  | 3.1 | Authorized Persons | 4 |
|  | 3.2 | Instructions | 4 |
|  | 3.3 | BNY Actions Without Instructions | 5 |
|  | 3.4 | Funds Transfers | 6 |
|  | 3.5 | Electronic Access | 7 |
| **4.** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **7** |
|  | 4.1 | Use of Subcustodians and Depositories | 7 |
|  | 4.2 | Liability for Subcustodians | 8 |
|  | 4.3 | Liability for Depositories | 8 |
|  | 4.4 | Use of Agents | 8 |
| **5.** | **CORPORATE ACTIONS** | **CORPORATE ACTIONS** | **8** |
|  | 5.1 | Notification | 8 |
|  | 5.2 | Exercise of Rights | 9 |
|  | 5.3 | Partial Redemptions, Payments, Etc. | 9 |
| **6.** | **SETTLEMENT** | **SETTLEMENT** | **9** |
|  | 6.1 | Settlement Instructions | 9 |
|  | 6.2 | Settlement Funds | 9 |
|  | 6.3 | Settlement Practices | 9 |
| **7.** | **TAX MATTERS** | **TAX MATTERS** | **10** |
|  | 7.1 | Tax Obligations | 10 |
|  | 7.2 | Payments | 11 |
| **8.** | **CREDITS AND ADVANCES** | **CREDITS AND ADVANCES** | **11** |
|  | 8.1 | Contractual Settlement and Income | 11 |
|  | 8.2 | Advances | 11 |
|  | 8.3 | Payment | 11 |
|  | 8.4 | Securing Payment | 11 |
|  | 8.5 | Setoff | 12 |
|  | 8.6 | Currency Conversion | 12 |
| **9.** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **13** |
|  | 9.1 | Statements | 13 |
|  | 9.2 | Books and Records | 13 |
|  | 9.3 | Third Party Data | 13 |
| **10.** | **DISCLOSURES** | **DISCLOSURES** | **14** |
|  | 10.1 | Required Disclosure | 14 |
|  | 10.2 | Foreign Exchange Transactions | 14 |
|  | 10.3 | Investment of Cash | 14 |

---

i

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| | | | |
|:---|:---|:---|:---|
| **11.** | **REGULATORY MATTERS** | **REGULATORY MATTERS** | **15** |
|  | 11.1 | USA PATRIOT Act | 15 |
|  | 11.2 | Sanctions; Anti-Money Laundering | 15 |
| **12.** | **COMPENSATION** | **COMPENSATION** | **16** |
|  | 12.1 | Fees and Expenses | 16 |
|  | 12.2 | Other Compensation | 16 |
| **13.** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **17** |
|  | 13.1 | BNY | 17 |
|  | 13.2 | Customer | 17 |
| **14.** | **LIABILITY** | **LIABILITY** | **18** |
|  | 14.1 | Standard of Care | 18 |
|  | 14.2 | Limitation of Liability | 18 |
|  | 14.3 | Force Majeure | 19 |
|  | 14.4 | Indemnification | 20 |
| **15.** | **CONFIDENTIALITY** | **CONFIDENTIALITY** | **20** |
|  | 15.1 | Confidentiality Obligations | 20 |
|  | 15.2 | Exceptions | 20 |
| **16.** | **TERM AND TERMINATION** | **TERM AND TERMINATION** | **21** |
|  | 16.1 | Term | 21 |
|  | 16.2 | Termination | 21 |
|  | 16.3 | Effect of Termination | 21 |
|  | 16.4 | Survival | 21 |
| **17.** | **GENERAL** | **GENERAL** | **21** |
|  | 17.1 | Non-Custody Assets | 21 |
|  | 17.2 | Assignment | 22 |
|  | 17.3 | Amendment | 22 |
|  | 17.4 | Governing Law/Forum | 22 |
|  | 17.5 | Business Continuity/Disaster Recovery | 23 |
|  | 17.6 | Non-Fiduciary Status | 23 |
|  | 17.7 | Notices | 23 |
|  | 17.8 | Entire Agreement | 23 |
|  | 17.9 | No Third Party Beneficiaries | 23 |
|  | 17.10 | Counterparts | 23 |
|  | 17.11 | Interpretation | 24 |
|  | 17.12 | No Waiver | 24 |
|  | 17.13 | Headings | 24 |
|  | 17.14 | Severability | 24 |

---

ii

------

**CUSTODY AGREEMENT** 

This Custody Agreement is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and **MAN ALTERNATIVE INCOME 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 10.1(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Affiliate Securities**" has the meaning set forth in Section 8.4.

"**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 *http://www.bny.com/products/assetservicing/vendoragreement.pdf* 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.

"**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.

"**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.

"**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 17.1.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY and reasonably believed by BNY to be from an Authorized Person.

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"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY and Customer and which are from time to time delivered to or received by BNY and/or any Subcustodian for deposit in an Account.

"**Standard of Care**" has the meaning set forth in Section 14.1.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY or a BNY Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of, any of the foregoing. A list of Subcustodians will be made available to Customer upon request.

"**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 9.3(a).

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY as custodian of all Securities and Cash to be held under, and in accordance with
the terms of, this Agreement (collectively, "**Assets** "), 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 until they are actually received in an Account;

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&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 in the Accounts to determine whether Customer complies with limitations on ownership
or any restrictions on investors provided for by local law, regulations or market practice, or provisions in the issuer's articles of incorporation or by-laws;

&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 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; or
the offer, sale or distribution of the shares of, or interests in, Customer.

&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 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.

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&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.

&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;&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 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. However, 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," if
the Foreign Custody Manager is not BNY, (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 14.2(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) BNY shall maintain an appropriate level of monitoring over Subcustodians and make appropriate enquiries,
periodically, to confirm that the obligations of such Subcustodians continue to be competently discharged in light of prevailing settlement and securities handling practices, procedures and controls in the relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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(c)(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. BNY shall

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endeavor to require such Subcustodian, Depository or third party vendor to promptly provide all information regarding rights and discretionary corporate actions to BNY as applicable. Without actual receipt of such notice by BNY, BNY will have no responsibility or liability for failing to so notify Customer.

**5.2** **Exercise of Rights** 

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible and shall have sole authority for making any decisions relating thereto and for instructing BNY to act. In order for BNY to act, Customer must issue Instructions using, or directly referencing, the BNY-issued corporate actions instruction form, and include all the required information fields therein. Such Instructions must be addressed as BNY may request, by the deadline specified by BNY in its sole discretion from time to time, together with any amount which is required to be paid in carrying out any such action. In the event BNY does not receive such Instructions together with any required amount prior to its specified deadlines, BNY will not be liable for failure to take any action relating to, or to exercise any rights conferred by, such Securities.

**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 8.1, 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 capacity, and not as the payor, for tax information reporting and withholding purposes.

**8.** **CREDITS AND ADVANCES** 

**8.1** **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, or interest, dividends or other distributions payable on 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.

**8.2** **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.

**8.3** **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.

**8.4** **Securing Payment** 

In order to secure payment of Customer's obligations and liabilities (whether or not matured)to BNY or any BNY Affiliate, 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

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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 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 such Customer; provided that Customer does not hereby grant a security interest in any Securities issues 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)). 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.

**8.5** **Setoff** 

BNY has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations (whether or not matured) of Customer to BNY or any BNY Affiliate, 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 such 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.

**8.6** **Currency Conversion** 

BNY is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 8 at BNY's own rate of exchange then prevailing.

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**9.** **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** 

**9.1** **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.

**9.2** **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 with respect 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.

**9.3** **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 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.

&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 held pursuant to this Agreement, BNY does not undertake any duty or responsibility under this Agreement to report such values or pricing information.

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&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.

**10.** **DISCLOSURES** 

**10.1** **Required Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Securities that are registered under the U.S. Securities Exchange Act of 1934, as amended, or
that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder Communications Act of 1985 (the "**Act**") requires BNY 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 10, Customer agrees to supply BNY with any
required information.

**10.2** **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 through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any terms, rules or limitations that 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 which may retain any profits from such foreign exchange transactions, and is not acting as a fiduciary or agent for, or on behalf of, Customer, an investment manager or any Account.

**10.3** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation

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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.

**11.** **REGULATORY MATTERS** 

**11.1** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY 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.

**11.2** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies and
procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant data with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or
outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors, officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that
is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions and (iii) will not,
directly or indirectly, use the Accounts in any manner that would result in a violation by Customer or BNY of Sanctions.

&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.

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&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 11.2, including, to the extent required for BNY to fulfil their compliance requirements and obligations under Anti-Money Laundering Laws or Sanction, 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). Except as otherwise prohibited by applicable law or official
request, 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 to comply with applicable Anti-Money Laundering Laws or Sanctions, in connection with the matters referenced in this Section 11.2. 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 11.2(a) and Section 11.2(b),
it is noted that certain duties relating to such matters may be delegated by Customer to its transfer agent service provider or another third party.

**12.** **COMPENSATION** 

**12.1** **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 ninety (90) days' prior written notice to Customer) and (b) reimburse BNY for any reasonable out-of-pocket and incidental expenses incurred by BNY in connection therewith which shall be detailed in an invoice. 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.

**12.2** **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.

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&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.

**13.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**13.1** **BNY** 

BNY represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized, validly existing and in good standing in its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated
by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that it is conducting its business in compliance with all applicable statutes, laws, rules and regulations
applicable to it.

**13.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing in
its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; and (iii) the individual executing this Agreement on its behalf has
the requisite authority to bind Customer to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

&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.

**14.** **LIABILITY** 

**14.1** **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 taking into account the prevailing rules, practices, procedures and circumstances in the relevant market and shall act without bad faith, negligence, willful misconduct or fraud ("**Standard of Care**").

**14.2** **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).

&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 in any particular
country, including any losses or damages arising out of or relating to: (A) the financial infrastructure of a country; (B) a country's prevailing custody and settlement practices; (C) nationalization, expropriation or other
governmental actions; (D) a country's regulation of the banking or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations, fluctuations or asset freezes; (F) laws, rules, regulations
or orders that at any time prohibit or impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (G) market conditions which affect the orderly execution of securities transactions or affect the value of
securities;

&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 (or Securities which are
otherwise not freely transferable or deliverable without encumbrance in any relevant market);

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&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 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.

&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.

**14.3** **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 will use commercially reasonable efforts to minimize the effect of any such events, and shall give Customer prompt written notice describing the Force Majeure Event <u>as soon as reasonably practicable under the relevant circumstances</u>, the effect of the Force Majeure Event on BNY's ability to perform the Force Majeure Event, the effect of the Force Majeure Event on BNY's ability to perform its obligations under this Agreement, and given regular updates regarding the action it is taking to restore performance of its obligations and the actions it has taken to mitigate the impact of the Force Majeure Event.

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**14.4** **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.

**15.** **CONFIDENTIALITY** 

**15.1** **Confidentiality Obligations** 

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY 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.

**15.2** **Exceptions** 

The Parties' respective obligations under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.

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**16.** **TERM AND TERMINATION** 

**16.1** **Term** 

The term of this Agreement will commence on the Effective Date and will continue in effect until terminated in accordance with the provisions herein.

**16.2** **Termination** 

Each Party may terminate this Agreement by giving to the counter-Party a notice in writing specifying the date of such termination, which will be not less than ninety (90) days after the date of such notice.

**16.3** **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 are to be transferred. BNY will follow such reasonable Instructions as Customer issues concerning the transfer of custody of records, Assets 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 remain in any Account after termination, BNY may deliver to Customer such Assets. 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 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 are to be transferred.

**16.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 13 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15 (Confidentiality); Section 16.3 (Effect of Termination); Section 16.4 (Survival) and Section 17.4 (Governing Law/Forum).

**17.** **GENERAL** 

**17.1** **Non-Custody Assets** 

At Customer's request pursuant to Instructions, subject to BNY'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

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as "assets not held in custody" or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY 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.

**17.2** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY 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.

**17.3** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**17.4** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New York (without regard to its conflicts of law provisions) will govern
all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.

&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.

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**17.5** **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.

**17.6** **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.

**17.7** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY 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) delivered either (i) by hand delivery, by certified mail, or by overnight delivery service, in each case with receipt acknowledged and postage or charges prepaid, or (ii) by email (as a signed attachment). All notices given in accordance with this Section will be effective upon receipt.

**17.8** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**17.9** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

**17.10** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

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**17.11** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**17.12** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**17.13** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**17.14** **Severability** 

The invalidity, illegality or unenforceability of any provision of this Agreement will not affect the validity, legality or enforceability of any other provision, and if any provision is held to be unenforceable as a matter of law, the other provisions will remain in full force and effect. 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.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **MAN ALTERNATIVE INCOME FUND** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

---

| | |
|:---|:---|
| **Address for Notice:** | **Address for Notice:** |
| The Bank of New York Mellon | Man Alternative Income Fund |
|  | Attention: |
| Attention: | Attention: |

---

&nbsp;&nbsp;&nbsp; Pursuant to Section 10.1(a):<br> [ ]as beneficial owner, Customer OBJECTS to disclosure<br> [ ]as beneficial owner, Customer DOES NOT OBJECT to disclosure<br> [ ]BNY will CONTACT THE RELEVANT INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it objects to disclosure<br> IF NO BOX IS CHECKED, BNY <u>WILL RELEASE</u> SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.<br>

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**APPENDIX I** 

Man Alternative Income Fund

## Ex-99.K1

**Exhibit (k)(1)** 

**ADMINISTRATION AGREEMENT** 

This ADMINISTRATION AGREEMENT (this "***Agreemen***t") made as of [ ], 2025 by and between Man Alternative Income Fund, a Delaware statutory trust (the "***Fund***"), and Man Solutions LLC, a Delaware limited liability company (the "***Administrator***").

**WITNESSETH:** 

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

WHEREAS, the Fund desires to retain the Administrator to provide administrative services to the Fund in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Fund on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Fund and the Administrator hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Definitions</u>.** Capitalized terms used without definition in this Agreement have the respective meanings specified in the Fund's declaration of trust (the "***Declaration***") and the Fund's bylaws (the "***Bylaws***"), each as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Duties of the Administrator</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) <u>Engagement of Administrator</u>*.* The Fund hereby engages the Administrator to act as administrator of the Fund, and to furnish, or arrange for others to furnish, the administrative services, personnel, and facilities described below, subject to review by and the overall control of the Fund's board of trustees (the "***Board***"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such engagement and retention and agrees during such period to render, or arrange for the rendering of, those services and to assume the obligations set forth in this Agreement subject to the reimbursement of costs and expenses as provided for below. The Administrator and any others with whom the Administrator subcontracts to provide the services set forth in this Agreement shall for all purposes under this Agreement be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized in this Agreement, have no authority to act for or represent the Fund in any way or otherwise be deemed agents of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Services</u>*.* The Administrator shall perform (or oversee or arrange for the performance of) the administrative services necessary for the operation of the Fund. Without limiting the generality of the foregoing sentence, the Administrator shall provide the Fund with office facilities, equipment, clerical, compliance, bookkeeping, and record keeping services at such office facilities and such other services as the Administrator, subject to review by the Fund, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Fund, arrange for the services of, and oversee, custodians, depositories, private placement agents, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make reports to the Fund of its

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performance of obligations under this Agreement and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be desirable; *provided* that nothing in this Agreement shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator, provide any advice or recommendation relating to the securities and other assets that the Fund should purchase, retain, or sell or any other investment advisory services to the Fund. The Administrator shall be responsible for the financial and other records that the Fund is required to maintain under the 1940 Act and shall prepare, print and disseminate reports to shareholders, and reports and other materials filed with the U.S. Securities and Exchange Commission (the "***SEC***") or any other regulatory authority. The Administrator shall oversee the maintenance of the Fund's financial records and otherwise assist the Fund's compliance with the rules and regulations applicable to a registered closed-end management investment company and regulated investment company ("***RIC***"). In addition, the Administrator will assist the Fund in determining and publishing the Fund's net asset value, overseeing the preparation and filing of the Fund's tax returns, and the printing and dissemination of reports to the Shareholders, and generally overseeing the payment of the Fund's expenses and the performance of administrative and professional services rendered to the Fund by others. The Administrator may engage one or more third parties (including sub-administrators) to perform all or a portion of the foregoing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Records</u>*.*** The Administrator agrees to maintain and keep all books, accounts, and other records of the Fund that relate to activities performed by the Administrator under this Agreement and, if required by any applicable statutes, rules, and regulations, including without limitation, the 1940 Act, will maintain and keep those books, accounts, and records in accordance with those statutes, rules, and regulations. The Administrator agrees that all records that it maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered to the Fund upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. The Administrator may engage one or more third parties (including sub-administrators) to perform all or a portion of the foregoing record maintenance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Confidentiality</u>.** The parties to this Agreement agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party to this Agreement, including nonpublic personal information of natural persons pursuant to Regulation S-P of the SEC, shall be used by the other party to this Agreement solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of the providing party. The foregoing confidentiality obligation shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority, or legal counsel of the parties to this Agreement, by judicial or administrative process or otherwise by applicable law or regulation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Compensation; Allocation of Costs and Expenses</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In full consideration of the provision of the services of the Administrator, the Fund shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities under this Agreement, including the costs and expenses charged by any sub-administrator that may be retained by the Administrator to provide services to the Fund or on the Administrator's behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund will bear all out-of-pocket costs and expenses of its operations and transactions, including, without limitation, those relating to: (i) organization and offering of the Fund's common stock (the "***Shares***" and the investors holding such Shares, "***Shareholders***") 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 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 (for the avoidance of doubt, the Fund will also be responsible for paying the shareholder servicing and distribution fees described in the Fund's Rule 12b-1 plan); (ii) the Fund's fees and expenses related to any liquidity event or the wind down and/or liquidation and dissolution of the Fund; (iii) calculating individual asset values and the Fund's net asset value (including the cost and expenses of any independent valuation firm); (iv) taxes, fees, costs and expenses, retainers and/or other payments payable to third parties, including agents, accountants, legal counsel, advisors (including tax advisors), auditors, investment bankers, administrative agents, paying agents, transfer agents, custodians, sub-custodians, trustees, consultants (including individuals consulted through expert network consulting firms), operating partners, deal sourcers (including personnel dedicated to but not employed by the Administrator or its affiliates), and other professionals; (v) fees and expenses incurred in connection with debt or other financing or derivative transactions, if any, incurred to finance the Fund's investments or operations, and payment of interest and repayment of principal on such debt; (vi) fees and expenses related to sales and repurchases of the Shares and other securities; (vii) investment advisory and management fees; (viii) administration fees, if any, payable under this Agreement; (ix) transfer agent, sub-administrator and custodial fees; (x) expenses relating to the issue, repurchase and transfer of Shares to the extent not borne by the relevant transferring Shareholders and/or assignees; (xi) federal and state registration fees; (xii) all costs associated with a public listing; (xiii) federal, state and local taxes and other governmental charges assessed against the Fund; (xiv) independent trustees' fees and expenses and the costs associated with convening a meeting of the Board or any committee thereof; (xv) fees and expenses and the costs associated with convening a meeting of the Shareholders or holders of any preferred Shares, as well as the compensation of an investor relations professional responsible for the coordination and administration of the foregoing; (xvi) costs of preparing and filing reports or other documents required by the SEC, the Financial Industry Regulatory Authority or other regulators; (xvii) costs of any reports, proxy statements or other notices to Shareholders, including printing and mailing costs; (xviii) costs and expenses related to the preparation of the Fund's financial statements and tax returns; (xix) the Fund's allocable portion of the fidelity bond, trustees and officers/errors and omissions liability insurance, and any other insurance premiums; (xx) direct costs and expenses of administration, including printing, mailing, long distance telephone, and copying; (xxi) independent auditors and outside legal costs, including legal costs associated with any requests for exemptive relief, "no-action" positions or other guidance sought from a regulator, pertaining to the Fund; (xxii) costs, expenses and fees for hours spent by its in-house attorneys and tax advisors that provide transactional legal advice and/or services to the Fund or its portfolio companies on matters related to potential or actual investments and transactions and the ongoing operations of the Fund; (xxiii) compensation of other third-party professionals to the extent they are devoted to preparing the Fund's financial statements or tax returns or providing similar "back office" financial services to the Fund; (xxiv) costs and expenses, including travel expenses (e.g., meals and accommodations)

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of the Adviser, or members of its investment team, or payable to third parties, in connection with: 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, advisory, consulting, and other professional fees, costs and expenses in connection therewith; or 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); (xxv) portfolio risk management costs; (xxvi) commissions or brokerage fees or similar charges incurred in connection with the purchase or sale of securities (including merger fees) and other assets; (xxvii) costs and expenses attributable to normal and extraordinary investment banking, commercial banking, accounting, auditing, appraisal, valuation, administrative agent activities, custodial and registration services provided to the Fund, including in each case services with respect to the proposed purchase or sale of securities by the Fund that are not reimbursed by the issuer of such securities or others (whether or not such purchase or sale is consummated); (xxviii) costs of amending, restating or modifying the Declaration, the Bylaws, the investment advisory agreement by and between the Fund and the Adviser (the "***Advisory Agreement***"), the Agreement or related documents of the Fund or related entities; (xxix) fees, costs, and expenses incurred in connection with any restructuring, initial public offering or reorganization of the Fund or related entities, the termination, liquidation or dissolution of the Fund or related entities, or the required redemption of all or substantially all outstanding Shares (including the fees and expenses associated with any such transaction); (xxx) the expense reimbursements set forth in this Agreement; (xxxi) 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; (xxxii) costs of any public or private offerings of the Shares; (xxxiii) costs of registration rights granted to certain investors, if any; costs and expenses relating to distributions paid on the Shares, if any; (xxxiv) costs incurred in connection with the creation and maintenance of legal entities to hold the Fund's assets; (xxxv) amounts payable to third parties relating to, or associated with, making or holding investments; (xxxvi) costs of derivatives and hedging; (xxxvii) fees and expenses payable under any dealer manager and selected dealer agreements, if any; (xxxviii) costs and expenses (including travel) in connection with the diligence and oversight of the Fund's service providers; (xxxix) information technology and related costs, including costs related to software, hardware and other technological systems (including specialty and custom software); (xxxx) indemnification payments; (xxxxi) fees, costs and expenses of any loan servicers and other service providers and of any custodians, lenders, investment banks and other financing sources; (xxxxii) 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; and (xxxxiii) all other properly and reasonably chargeable expenses incurred by the Fund or the Administrator in connection with administering the Fund's business, including rent and the allocable portion of the cost of the Fund's Chief Compliance Officer and Chief Financial Officer and their respective staffs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Limitation of Liability of the Administrator; Indemnification</u>*.***

The Administrator, its affiliates and their respective directors, officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with any of them shall not be liable to the Fund for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Fund, and the Fund shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity affiliated with the Administrator (collectively, the "***Indemnified Parties***"), and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or the Shareholders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Fund. Notwithstanding the preceding sentence of this Section 6 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or the Shareholders to which the Indemnified Parties would otherwise be subject by reason of criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of the Administrator's duties or by reason of the reckless disregard of the Administrator's duties and obligations under this Agreement (to the extent applicable, as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Activities of the Administrator</u>*.***

The services of the Administrator to the Fund are not to be deemed to be exclusive, and the Administrator and each other person providing services as arranged by the Administrator is free to render services to others. It is understood that the Administrator is an affiliate of the Fund and that trustees and officers of the Fund are or may become interested in the Administrator and its affiliates, as trustees, officers, members, managers, employees, partners, Shareholders, or otherwise, and that the Administrator and directors, officers, members, managers, employees, and partners of the Administrator and its affiliates are or may become similarly interested in the Fund as directors or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Duration and Termination of this Agreement</u>*.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue in effect for two (2) years from the date hereof and thereafter shall continue automatically for successive annual periods, but only so long as such continuance is specifically approved at least annually by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Fund; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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) (the "  ***Independent Trustees***") of any such party, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, upon not more than sixty (60) days' written notice, (i) (A) by the vote of a majority of the outstanding voting securities of the Fund, or (B) by the affirmative vote of a majority of the Board, including a majority of the Independent Trustees, or (ii) by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&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) This Agreement may not be assigned by a party without the consent of the other party. The provisions of Section 6 of this Agreement shall remain in full force and effect with respect to any conduct occurring prior to the termination, and the Administrator shall remain entitled to the benefits of Section 6, and the Administrator shall be entitled to any amounts owed under Section 5 through the date termination or expiration, in each case, notwithstanding any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Notices</u>.**

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at such address as such party may designate in writing and shall be deemed to have been given when personally delivered, mailed by certified mail, return receipt requested, sent by reliable overnight courier, or transmitted by electronic facsimile or electronic mail to the principal office of the Administrator or the Fund, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Waiver</u>.**

Nothing contained in this Agreement shall constitute a waiver by the Fund of any of its legal rights under the applicable U.S. federal securities laws or any other laws whose applicability is not permitted to be contractually waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Severability</u>.**

In the event that any provision or portion of this Agreement is determined to be invalid, illegal or unenforceable for any reason, in whole or in part, the remaining provisions or portion of this Agreement shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Amendment</u>.**

This Agreement may be amended or modified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<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 construed in accordance with the laws of the State of New York and in accordance with the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>Miscellaneous</u>.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Counterparts</u>.**

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

[*Signature Page Follows*]

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

---

| | |
|:---|:---|
|  **MAN ALTERNATIVE INCOME FUND** | **MAN ALTERNATIVE INCOME FUND** |
|  By: |  |
|  | Name: |
|  | Title: |
|  **MAN SOLUTIONS LLC** | **MAN SOLUTIONS LLC** |
|  By: |  |
|  | Name: |
|  | Title: |

---

[*Signature page to Man Alternative Income Fund Administration Agreement*]

## Ex-99.K2

**Exhibit (k)(2)** 

**<u>TRANSFER AGENCY AND SHAREHOLDER SERVICES AGREEMENT</u>**

This Transfer Agency and Shareholder Services Agreement is made as of _______________, 2025 ("**Effective Date**") by and between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**"), and Man Alternative Income Fund (the "**Fund**"). Capitalized terms, and certain noncapitalized terms, not otherwise defined shall have the meanings set forth in <u>Schedule A</u> (<u>Schedule A</u> also contains an index of defined terms providing the location of all defined terms). The term "**Agreement**" shall mean this Transfer Agency and Shareholder Services Agreement as constituted on the Effective Date, and thereafter as it may be amended from time to time as provided for herein.

**<u>Terms</u>**

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Fund and BNYM, intending to be legally bound, hereby agree to the statements made in the preceding paragraphs and as follows:

**1. <u>Appointment</u>.** The Fund hereby appoints BNYM to serve as transfer agent, registrar, dividend disbursing agent and shareholder servicing agent to the Fund and BNYM accepts such appointments and agrees in connection with such appointments to furnish the services expressly set forth in Section 3. BNYM shall be under no duty to provide any service to or on behalf of the Fund except as specifically set forth in Section 3 or as BNYM and the Fund may specifically agree in a written amendment hereto. BNYM shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party service providers engaged by the Fund or by any other third party service provider not engaged by BNYM.

**2. <u>Records</u>.** Data pertaining to the Fund which the Fund is obligated to keep as its books and records pursuant to Section 31(a) of the 1940 Act and which is held in the BNYM System due to the services performed hereunder by BNYM pursuant to Section 3 ("**Fund Data**") shall be the property of the Fund. Upon the reasonable request of the Fund, BNYM shall provide Authorized Persons with access to Fund Data at BNYM's facilities during BNYM's normal business hours in the format and on the equipment normally utilized by BNYM and if reasonably requested during such visit provide printed output of the Fund Data at the Fund's expense.

**3. <u>Services</u>.** BNYM shall provide the services specified in subsections (a) through (d) below commencing on the Service Effective Date, the services specified in subsection (e) below commencing on the Effective Date, and the services specified in subsection (f) as of the dates specified therein:

**(a)**  **<u>General Services</u>:** 

(1) Services to be provided on an ongoing basis to the extent applicable to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Establish new shareholder accounts and Share ownership registrations in accordance with new share ownership and
account applications received in good order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If new share ownership and account applications are not received in good order, correspond to a commercially
reasonable extent with the submitting persons to remediate such documentation into good order status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Make changes to Shareholder account information and Share ownership registrations in accordance with
Shareholder instructions received in good order;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Purchase Shares (subject to Section 3(a)(2) below), repurchase or redeem Shares (subject to
Section 3(a)(3) below), exchange Shares (subject to Section 3(a)(5) below and transfer shares in accordance with the Fund's Prospectus and instructions received in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Direct payment processing of ACH transfers and wire transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provide shareholders and potential investors with toll free telephone access to a shareholder liaison staff
having on-line access to Fund Data for telephone inquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Respond in a commercially reasonable manner and within a commercially reasonable period to written
correspondence from shareholders to the extent reasonably permitted by Fund Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Support and provide all applicable NSCC services with respect to accounts and transactions processed through
the NSCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Make available via a portal confirmations for non-NSCC trades to broker-dealers of their clients' activity, whether executed through the broker-dealer or directly with BNYM;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) As reasonably requested by the Fund: provide periodic shareholder lists and statistics to the Fund in standard
BNYM System reports and certify shareholder lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Provide standard detailed data for broker confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Notify on a timely basis the Fund's investment adviser, accounting agent, and custodian ()"**Fund Custodian**") of Share activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Perform other participating broker-dealer shareholder services as may
be agreed upon from time to time subject to availability of resources and appropriate fees as separately agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Calculate 12b-1 payments and such other fees, commissions, concessions
and intermediary payables as the Fund and BNYM shall reasonably agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Record the issuance of Shares of the Fund and maintain a record of the total number of Shares of the Fund that
are authorized, issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Remediation Services, as required and subject to additional fees as mutually agreed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Perform certain administrative and ministerial transfer agency duties relating to opening, maintaining and
processing transactions for shareholders or financial intermediaries that report transactions to the Fund through the NSCC.

(2) <u>Purchase of Shares</u>. Subject to Schedule E, BNYM shall issue and credit an account of an investor, in accordance with the Fund's Prospectus, once it receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A purchase order in good order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Confirmation of the receipt of funds by BNYM or the crediting of funds for such order to the Fund Custodian.

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(3) <u>Repurchases of Shares</u>. Subject to Schedule E, BNYM shall process instructions to redeem or transfer Shares in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All instructions given to BNYM regarding the transfer and repurchase of Shares must conform to the Fund's
Prospectus be accompanied by such documents as BNYM reasonably determines to be appropriate to the particular transaction and to the extent the Shares are certificated the Shares must be tendered in proper form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNYM is authorized to delay or reject a transfer or repurchase of Shares until it determines in good faith that
the endorsement on the instructions is valid and genuine, that the requested transfer or repurchase is legally authorized and otherwise complies with all applicable requirements in the Written Procedures, and that there is no basis to any adverse
claims that may have been made regarding the Shares or the particular transfer or repurchase, and BNYM shall incur no liability for delaying or rejecting transfers or repurchases in accordance with the foregoing authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) When Shares are redeemed, BNYM shall deliver to the Fund Custodian and the Fund or its designee a notification
setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by BNYM reflecting outstanding Shares of the Fund and Shares attributed to individual accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNYM shall, upon receipt of the monies provided to it by the Fund Custodian for the repurchase of Shares, pay
such monies as are received from the Fund Custodian, all in accordance with the Written Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Except with respect to repurchase requests received from broker-controlled accounts, BNYM shall not process or
effect any repurchase requests with respect to Shares of the Fund after receipt by BNYM or its agent of notification of the suspension of the determination of the net asset value of the Fund.

(4) <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In its role as the Fund's transfer agent, BNYM agrees to serve as the recordkeeper for the Fund's distribution reinvestment plan described in the Fund's registration statement and BNYM shall provide services in respect of the distribution reinvestment plan as may be mutually agreed upon from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Upon receipt by BNYM of Written Instructions containing all requisite information that may be reasonably requested by BNYM, including payment directions and authorization, BNYM shall issue Shares in payment of the dividend or distribution pursuant to the Fund's distribution reinvestment plan, or, upon shareholder election, pay such dividend or distribution in cash. BNYM will maintain shareholder accounts pursuant to the terms of the Fund's distribution reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) BNYM shall issue Shares or pay dividends or distributions as provided for in Section 3(a)(4)(B), and pay proceeds of Share repurchase transactions as provided for in Section 3(a)(3), after it deducts and withholds all amounts it reasonably determines to be appropriate under any applicable tax laws, rules or regulations or other laws, rules or regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) BNYM shall (i) make available via a portal to the Fund's shareholders such tax forms and other information, or permissible substitute forms or notices, relating to dividends and distributions paid by the Fund as are required to be filed and mailed by applicable law, rule or regulation; and (ii) prepare, maintain and file with the IRS and other appropriate taxing authorities reports relating to all dividends and distributions by the Fund paid to its shareholders (above threshold amounts stipulated by applicable law) as required by tax or other laws, rules or regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Notwithstanding any other provision of this Section 3(a)(4) or this Agreement, and for clarification: (i) BNYM's exclusive obligations with respect to any written statement that Section 19(a) of the 1940 Act may require to be issued with respect to the Fund ("**19(a) Statement**") shall be, upon receipt of specific Written Instructions to such effect, to receive from the Fund the text which is to be printed on the 19(a) Statement, to print such text on appropriate paper stock and to mail such document to shareholders, and (ii) BNYM's sole obligation with respect to any dividend or distribution that Section 19(a) of the 1940 Act may require be accompanied by a 19(a) Statement shall be to perform only the conduct expressly directed by Sections 3(a)(4)(A) through (D) and shall expressly exclude any duty associated with any determination of the appropriateness of, or the drafting or other preparation of the text to be printed on, a 19(a) Statement.

(5) <u>Shareholder Account Services</u>. BNYM may arrange, in accordance with the Fund's Prospectus:

(i) for issuance of Shares obtained through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any pre-authorized check plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Direct purchases through broker wire orders, ACH and applications.

(6) <u>Communications to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall make available digitally via a portal to Fund shareholders, the documents listed below and any other communications and documents that are reasonably related in the ordinary course of business to the other services performed by BNYM hereunder:

(i) Confirmations of purchases and repurchases of Fund Shares;

(ii) Monthly or quarterly statements of account, as directed by the Fund, and annual statements of account; and

(iii) Year end information necessary for federal tax filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall make available digitally via a portal to Fund shareholders such other documents or instruments as the Fund may reasonably request in Written Instructions, such as periodic reports and other shareholder materials.

(7) <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall maintain records of the accounts for each shareholder in accordance with regulatory data retention requirements showing the following information to the extent received by BNYM:

(i) Name, address and United States Tax Identification or Social Security number;

(ii) Number and class of Shares held;

(iii) Historical information regarding the account of each shareholder, including dividends and distributions paid
and the date and price for all transactions on a shareholder's account;

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(iv) Any stop or restraining order placed against a shareholder's account;

(v) Any correspondence relating to the current maintenance of a shareholder's account; and

(vi) Information with respect to tax withholdings.

(B) BNYM shall maintain the records required by Section 31(a) of the 1940 Act to be kept by the Fund with respect to the Services performed hereunder by BNYM on behalf of the Fund, and shall keep such other records in connection with performing the Services as may be specified in the Written Procedures.

(8) [Reserved.]

(9) <u>Shareholder Inspection of Stock Records</u>. Upon a request from any Fund shareholder to inspect stock records, BNYM will notify the Fund and the Fund will on a timely basis issue instructions authorizing or denying such inspection access. Absent authorizing instructions from the Fund or legal process compelling access, BNYM will deny access to Fund stock records upon such a request. Unless BNYM has acted contrary to the Fund's instructions, other than when such contrary action occurs pursuant to legal process, the Fund agrees to and does hereby release and indemnify BNYM in accordance with Section 12 from any liability for refusal of permission for a particular shareholder to inspect the Fund's records.

(10) [Reserved.]

(11) <u>SEC Rule 17Ad-17</u>.

(A) BNYM shall perform such services as are required in order to comply with Rule 17Ad-17 of the 1934 Act (the "**Rule 17Ad-17**"), including but not limited to the following:

(i) execution of required database searches for "lost securityholders", as that term is defined in Rule 17Ad-17;

(ii) sending the required written notification to each "unresponsive payee", as that term is defined in
Rule 17Ad-17;

(iii) maintain records to demonstrate compliance with the requirements of Rule 17Ad-17, including written procedures that describe BNYM's methodology for complying with Rule 17Ad-17 and records of the results of the database searches for lost
securityholders; and

(iv) retain the records required by Rule 17Ad-17 in accordance with
applicable SEC regulations.

(B) For purposes of clarification: Section 3(a)(11)(A) does not obligate BNYM to perform the services described therein for broker-controlled accounts, omnibus accounts and similar accounts with respect to which BNYM does not receive or maintain information which would permit it to determine whether the account owner is a lost securityholder or an unresponsive payee.

(12) <u>Tax Advantaged Accounts</u>.

(A) Certain definitions:

(i) "**Eligible Assets**" means shares of the Fund and such other assets as the Fund and BNYM may
mutually agree.

(ii) "**Participant**" means a beneficial owner of a Custodied Account.

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(iii) "**Custodied Account**" means a Tax Advantaged Account with respect to which the Custodian
serves as the custodian.

(iv) "**Tax Advantaged Account**" means (A) any of the following accounts: (i) a
Traditional, SEP, Roth, or SIMPLE individual retirement account within the meaning of Section 408 of the Code, and (ii) a Coverdell educational savings account within the meaning of Section 530 of the Code; (B) which is
facilitated or sponsored by the Fund (or Affiliates of the Fund's investment advisor or management company and approved by the Fund) and with respect to which the contributions of Participants are used to purchase or invest solely in Eligible
Assets.

(B) In addition to appropriate services provided to a Custodied Account and Participants in accordance with other provisions of Section 3(a), BNYM shall provide the following administrative services to the extent the particular administrative service is appropriate under the Code, subject to applicable terms and conditions of the Code, this Agreement, Written Procedures, Account Documentation and the Fund's Prospectus:

(i) Upon receipt of a properly completed application for a Custodied Account, establish a Custodied Account in the
Fund and maintain the Custodied Account thereafter in accordance with this Agreement;

(ii) Process instructions received in good order regarding contributions, including using contribution payments
actually received to purchase appropriate Eligible Assets, and keep appropriate records of contributions for tax reporting purposes;

(iii) Effect instructions for distributions received in good order and establish and maintain a record of the types
and reasons for distributions (*<u>e.g.</u>* , attainment of age 59-1/2, disability, death, return of excess contributions);

(iv) Send blank designation of beneficiary forms to Participants and process designation of beneficiary forms
completed and received from Participants in good order;

(v) Process instructions received in good order for rollovers, direct rollovers, conversions, reconversions, return
of excess contributions and transfers of assets (or the proceeds of liquidated assets) to a successor custodian or successor trustee;

(vi) Upon receipt in good order of a notification of the death of a Participant, process transfers and distributions
in accordance with instructions received in good order;

(vii) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of Tax Advantaged
Accounts, including, but not limited to, an annual fair market value report, applicable Forms 1099 and 5498; and file same with the Internal Revenue Service and provide same to the Participant or Participant's beneficiary, as applicable;

(viii) Perform applicable federal withholding and send to the Participant or Participant's beneficiary, as
applicable, an annual TEFRA notice regarding required federal tax withholding;

(ix) Upon the receipt after the Service Effective Date of a request to open a Custodied Account, BNYM shall provide
appropriate Account Documentation (as defined below) to open the Custodied Account and thereafter as necessary to maintain the Custodied Account in compliance with the Code; and

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(x) BNYM shall maintain the Account Documentation in compliance with applicable provisions of the Code.

(C) BNYM shall arrange for BNYM Trust, BNY Mellon Bank or other qualified institution (which may be an Affiliate of BNYM) to serve as custodian for the Tax Advantaged Accounts. The institution serving as custodian pursuant to the foregoing authorization is referred to herein as the "**Custodian**". In consideration for such service and the services of the Custodian, the Fund agrees as follows:

(i) The Fund will provide at least thirty (30) days' advance written notice to Participants in
connection with a Fund liquidation or any other event or circumstance or act or course of conduct involving the Fund or assets held in a Custodied Account that would result in an involuntary liquidation of any asset held in a Custodied Account or
would otherwise materially affect the Custodied Account, its operation, the rights or obligations of a Participant, any asset in a Custodied Account or the terms or provisions of a Custodied Account ()"**Material Event** "), regardless
of whether the Material Event was or was not described in an amendment to the Fund's Prospectus or statement of additional information, and reimburse BNYM and the Custodian for all reasonable costs, including costs of legal counsel, incurred
in determining, in consideration of the Material Event, an appropriate course of conduct under the law, including the Code, and under agreements with Participants and in implementing the course of conduct determined to be appropriate. The Fund
shall, in addition, provide at least sixty (60) days' advance written notice of the Material Event to BNYM, or if such notice is impractical due to circumstances beyond the Fund's control, advance written notice that in time and
detail permits BNYM a reasonable opportunity to review the circumstances of the Material Event, consult with legal counsel, and at the Fund's cost and expense, with the Fund's full authorization and consent hereby given, prepare, print
and mail materials it determines in view of its duties as Custodian under the Code and Account Documentation to be appropriate to seek to give Participants not less than 30 days' advance notice of any consequences of the Material Event on the
Custodied Accounts, but in no event shall such advance written notice be given to BNYM less than 45 days in advance.

(ii) The Fund, at its cost and expense, at the request of BNYM or the Custodian and in accordance with all
applicable provisions of the Code, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) appoint and provide for a qualified successor custodian for all Custodied Accounts in the event this Agreement
expires or is terminated or if any other event or circumstance occurs which constitutes commercially reasonable cause for the Custodian to resign as custodian of the Custodied Accounts or seek appointment of a successor custodian,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) provide for any interim custodial or transfer arrangements made appropriate by any of the circumstances
governed by clause (aa),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) cause all Custodied Accounts and all assets in the Custodied Accounts to transfer to such successor or interim
custodians; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) notify appropriate parties of custodial resignations and appointments.

(iii) The Fund, at its cost and expense, will, prior to the Service Effective Date or such later date as the Fund and
BNYM may agree upon as the "**Transfer Date**" (which is hereby defined to mean the date custody of the Tax-Advantaged Accounts is transferred from a prior custodian or trustee ()"**Prior Custodian**") to the Custodian and the conversion of the Tax-Advantaged Accounts from the system of the Prior Custodian to the BNYM System occurs), act in accordance with clause (aa), clause (bb) or a
combination of clauses (aa) and (bb), pursuant to reasonable instructions received from BNYM or the Custodian:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) where it has the right to do so, unilaterally amend account documentation of Tax-Advantaged Accounts to conform such documentation in all material respects to the BNYM Account Documentation (as defined in clause (bb) immediately below) and communicate such amendments, or furnish such
amended documentation, to account owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) require Participants and "**Related Parties**" (which is hereby defined to mean all employers,
advisors or other parties involved in any manner in the creation, sponsorship or administration of Custodied Accounts or their relevant plans or involved in any other capacity with Custodied Accounts or their relevant plans) to adopt, execute or
otherwise agree to "**BNYM Account Documentation**" (which is hereby defined to mean disclosure documents, custodial agreements, account agreements and such other forms, agreements and materials which BNYM reasonably determines to be
appropriate for the establishment and administration of the Custodied Accounts or relevant plans under applicable law, including the Code, or for performance of the services provided by BNYM or the Custodian).

(iv) BNYM shall not be obligated to convert to the BNYM System, or provide a Custodian for, any Tax-Advantaged Accounts of the Fund which BNYM determines are not bound by BNYM Account Documentation or by account documentation substantially similar in all material respects with the BNYM Account Documentation.

(v) Subsequent to the Transfer Date, at its cost and expense, the Fund will provide to persons applying to become a
Participant or a Related Party, all BNYM Account Documentation that BNYM or the Custodian has most recently designated as the current version of the BNYM Account Documentation , including without limitation all privacy notices of BNYM and the
Custodian, obtain the signature of all such persons on the appropriate BNYM Account Documentation, and, to the extent requested by BNYM, furnish a copy of the executed BNYM Account Documentation to BNYM. The performance by BNYM and the Custodian of
the respective obligations set forth in this Section 3(a)(12) subsequent to the Transfer Date shall be contingent upon the Fund's compliance with this Section 3(a)(12)(C)(v) and the Fund shall upon the reasonable request of BNYM
certify to its compliance with this Section 3(a)(12)(C)(v) or otherwise verify or provide verification of its compliance with this Section 3(a)(12)(C)(v).

(vi) Subsequent to the Transfer Date, in the event of changes to the BNYM Account Documentation or other need to
communicate in writing with Participants or Related Parties: (aa) the Custodian may directly furnish new or revised BNYM Account Documentation and any other written notifications, materials and communications which it reasonably determines to be
appropriate to its role as custodian ()"**Related Custodian Materials**") to Participants and Related Parties at the Fund's cost and expense, payable upon being invoiced for same, or (bb) in lieu of the distribution method
provided for in clause (aa) with respect to particular BNYM Account Documentation or Related Custodian Materials, the Fund will, at its cost and expense, upon the reasonable request of BNYM or the Custodian include such items in a Fund mailing of
Fund materials.

(D) In consideration for BNYM or the Custodian furnishing any one or more of the services provided for in this Section 3(a)(12), the Fund shall pay to BNYM the related Fees and Reimbursable Expenses as set forth in the Fee Agreement. The Fund may direct BNYM to collect such Fees and Reimbursable Expenses from the assets in relevant Tax Advantaged Accounts upon appropriate disclosure to Participants, but shall remain responsible for such Fees and Reimbursable Expenses to the extent it does not so direct BNYM or such amounts are not collectable from the Tax Advantaged Accounts.

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(13) <u>Print Mail</u>. The Fund hereby engages BNYM as its exclusive print/mail service provider with respect to the print/mail items listed in the Fee Agreement at the fees set forth in the Fee Agreement.

(14) <u>Legal Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In the event (i) BNYM directly receives a US Legal Process Item (defined immediately below) that has been properly served, (ii) the Fund receives a US Legal Process Item that has been properly served and delivers the US Legal Process Item to BNYM, or (iii) the Fund accepts service of a US Legal Process Item that has not been properly served and delivers the US Legal Process Item to BNYM and requests that it be serviced by BNYM, BNYM will act in accordance with the applicable Written Instructions or Written Procedures in effect between the Fund and BNYM. "**US Legal Process Item**" means a Legal Process Item (defined immediately below) which originates from and requires a response to a jurisdiction in the "**United States**", which is hereby defined to mean the states of the United States and the District of Columbia. "**Legal Process Item**" means civil and criminal subpoenas, court orders, civil or criminal seizure or restraining orders, writs of execution, IRS and state tax authority civil or criminal notices including notices of lien or levy, and other functionally equivalent legal process instruments directing the Fund, or BNYM in its capacity as transfer agent for the Fund, to take an "**Administrative Action**", which is hereby defined to mean the furnishing of information about a shareholder or a shareholder account, the production of documents within BNYM's possession or control relating to a shareholder or a shareholder account, and such other ministerial, transactional, recording, processing or administrative actions with respect to a shareholder or a shareholder account that is within the scope of services provided for in another subsection of this Section 3 or is a service ancillary to those services. For clarification: This Section 3(a)(14) requires BNYM only to perform Administrative Actions with respect to a Legal Process Item and does not require BNYM to take any other action with respect to a Legal Process Item, including without limitations, the filing of an objection, answer, claim, defense or other pleading, communication with a court, attorney or other person, involvement of any nature in a legal proceeding and actions that by law or common practice are performed by attorneys ("**Legal Response**"). Legal Responses shall be the responsibility of the Fund, including with respect to a Legal Process Item that may require both an Administrative Action and a Legal Response. Notwithstanding the foregoing sentence, BNYM may in its reasonable discretion seek to limit or reduce by any reasonable means the scope and coverage of a Legal Process Item and seek extensions of the period to respond without incurring any duty to perform any other conduct that may constitute a Legal Response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM's only obligations with respect to a Legal Process Item originating from or requiring a response to a jurisdiction other than within the United States, notwithstanding that such legal process item may be directed at BNYM as agent of the Fund, shall be (i) if received by BNYM, to forward it to the Fund, and (ii) to act in accordance with Written Instructions received from the Fund but solely to the extent the Written Instructions direct BNYM to take an Administrative Action.

(15) <u>Unclaimed Property Services</u>.

(A) Subject to the further provisions of this Section 3(a)(15) and to Sections 9(f) and 19(c), BNYM shall implement procedures on behalf of the Fund that are reasonably designed for the Fund to comply on a substantial basis with the unclaimed property laws and regulations of the States and Territories of the United States (as defined below) ("**Unclaimed Property Laws**") with respect to Eligible Property (as defined below). In connection with its performance of the foregoing services ("**Unclaimed Property Services**"), BNYM shall be entitled to implement procedures consistent with practices adopted by mutual funds and other mutual fund service providers, procedures it determines represent reasonable risk based on the reasoned analysis of counsel, procedures based on communications with the agencies enforcing

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and administering the Unclaimed Property Laws, the administrative practices of such agencies and interpretations of the Unclaimed Property Laws by such agencies and BNYM shall not be liable for reasonable conduct undertaken in accordance with any of the foregoing. For purposes of the foregoing:

(i) "**States and Territories of the United States**" means the states of the United States of
America, the District of Columbia, Guam, Puerto Rico, U.S. Virgin Islands and any territory or commonwealth of the United States of America with a formal local government substantially equivalent to a state government which subsequent to the
Effective Date adopts a statute substantially similar to the Uniform Unclaimed Property Act of 1995 (or its then current successor).

(ii) "**Eligible Property**" means property beneficially owned by a person or entity other than the
Fund and held in a bank account maintained by BNYM for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or
classification reasonably related to the services performed by BNYM under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and
(z) under the control of BNYM.

(B) BNYM shall have no liability for any Loss arising (i) with respect to Eligible Property deemed abandoned or unclaimed under an Unclaimed Property Law before the UPS Commencement Date (as defined immediately below) but which was not reported or delivered to the applicable jurisdiction as required by an Unclaimed Property Law; (ii) from any inaccuracy in, or from the absence of any data or information from, any records of the Fund relating to any period prior to the UPS Commencement Date that adversely impacts BNYM's ability to perform the Unclaimed Property Services or BNYM's ability to comply with an Unclaimed Property Law on behalf of the Fund, including without limitation absences due to the failure to record the occurrence or non-occurrence of events relevant to an Unclaimed Property Law; (iii) from any other failure of any party to comply with an Unclaimed Property Law or to perform a service required for accurate, timely and complete future compliance with an Unclaimed Property Law, other than a failure by BNYM to perform in accordance with this Section 3(a)(15) (collectively, "**Compliance Failures**"). At its election, BNYM may in good faith seek to respond to Compliance Failures of which it becomes aware or respond to a Compliance Failure only upon the request of the Fund and in accordance with a written agreement reached with the Fund regarding the response, but BNYM shall have no liability for any course of conduct undertaken in good faith in accordance with the foregoing. The Fund alone shall be exclusively liable for and shall directly pay any fines, penalties, interest or other monetary liability, payment obligations or remediation requirements that arise due to a Compliance Failure. Notwithstanding any other provision of the Agreement, the Fund shall indemnify BNYM for all Loss BNYM suffers or incurs as a result of or in connection with any Compliance Failure, including without limitation all Loss suffered or incurred as a result of seeking in good faith to respond to the Compliance Failure. In addition to any fees and reimbursement of expenses that BNYM may be entitled to under Section 3(a)(15), in the event BNYM performs any services in connection with Compliance Failures BNYM shall be entitled to be paid fees for such services at the rate set forth in the Fee Agreement, or if no applicable fee is set forth therein, at commercially reasonable rates, and to a reimbursement of all reasonable expenses incurred in connection with such services, and the Fund shall pay BNYM such fees and reimburse BNYM for such expenses upon being invoiced. "**UPS Commencement Date**" means the date the Fund was converted to the BNYM System or, if applicable, the date that individual accounts within the Fund were converted to the BNYM System, or, if later than either of the foregoing, the date BNYM commenced providing Unclaimed Property Services to the Fund or, if applicable, to an individual account within the Fund.

(C) (i) The Fund shall be the "holder" under all Unclaimed Property Laws, as that term or its equivalent is used and defined in the Unclaimed Property Laws, and BNYM acts solely as agent of the Fund in performing the Unclaimed Property Services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund hereby authorizes BNYM to sign reports, to sign letters, to communicate with government representatives, current and former shareholders and other appropriate third parties and otherwise to act in all manners on behalf of and in the name of the Fund and to utilize all tax identification numbers or other appropriate identifying numbers or data of a Fund ("**Identification Data**") in the scope and manner BNYM reasonably determines to be appropriate to perform the Unclaimed Property Services, including for clarification utilizing the Identification Data associated with each specific portfolio of the Fund (including each class, series, tier or other subdivision of a portfolio, if any) for reporting purposes if such is determined to be appropriate based on an Unclaimed Property Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In signing the abandoned property reports and other written instruments and communications appropriate to compliance with the Unclaimed Property Laws ("**Unclaimed Property Documentation**") pursuant to the authorization granted by subsection (ii) above, BNYM does so as an agent of the Fund as holder under the Unclaimed Property Laws. In the event any law, regulation, rule, regulatory order or legal process requires the Fund to sign the Unclaimed Property Documentation or prohibits BNYM from signing the Unclaimed Property Documentation as agent, or The Bank of New York Mellon Corporation adopts a formal policy applicable to all unclaimed property clients of BNYM prohibiting BNYM from signing the Unclaimed Property Documentation as agent, the Fund shall thereafter be responsible for signing the Unclaimed Property Documentation and BNYM and the Fund shall reasonably cooperate to develop and implement procedures enabling the Fund to perform the signing function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund agrees to execute and deliver to BNYM all documentation or instruments that may be reasonably requested by BNYM to evidence the authorization of subsection (ii) above but agrees that the authority of BNYM to act on behalf of and in the name of the Fund as described above and to use the Identification Data shall not be diminished or revoked by the absence of such documentation or instruments, and the Fund irrevocably releases BNYM from any and all Claims against BNYM on the grounds of absence of the authority granted by subsection (ii) above.

(D) The Fund agrees, upon the reasonable request of BNYM, to:

(i) execute and deliver to BNYM in a timely manner any reports, forms, documents and instruments reasonably
determined by BNYM to be appropriate in connection with its performance the Unclaimed Property Services;

(ii) respond in a timely manner to requests from BNYM for information and requests to review information or reports
related to the Unclaimed Property Services; and

(iii) Provide sufficient letterhead paper of the Fund or its electronic letterhead template for use by BNYM in
communications related to the Unclaimed Property Services.

(E) The Fund agrees that upon any termination of the Agreement it will cause all property held in bank accounts maintained by BNYM for or on behalf of the Fund, and all property held in Fund shareholder accounts maintained by BNYM on a Fund's behalf, to be transferred to the Fund or to a successor service provider and BNYM may condition completion of Deconversion Services on the completion of arrangements reasonably satisfactory to BNYM for such transfers.

(16) <u>Cost Basis Reporting</u>. In accordance with IRS Regulations, utilizing relevant information provided to BNYM in the ordinary course of performing the services provided for in the Agreement, report cost basis information to shareholders on an average cost basis by tax year and Shares, except when the Shareholder requests such reporting to occur on another basis permitted by the Written Procedures.

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(17) <u>FATCA Services</u>. BNYM shall implement on behalf of the Fund the "**FATCA Services**," which is hereby defined to mean processes and procedures reasonably designed for the Fund to comply on a commercially reasonable, material basis, to the extent applicable, with: (i) Chapter 4 of Subtitle A, Sections 1471 through 1474, of the Code (as defined in clause (ii) of the definition of Code in Schedule A) (the foregoing being commonly referred to as the Foreign Account Tax Compliance Act) ("**FATCA**"), all as in effect as of the Effective Date, (ii) subject to Sections 9(f) and 19(c) of the Agreement, modifications to FATCA and new Code provisions related to FATCA that become effective after the Effective Date, as agreed to by BNYM, pursuant to said Sections; and (iii) Chapter 3 of Subtitle A, Sections 1441 through 1444, and Section 1446, of the Code (as defined in clause (ii) of the definition of Code in Schedule A).

**(b) <u>Anti-Money Laundering Program Services.</u>** BNYM will perform one or more of the services described in subsections (1) through (7) of this Section 3(b) if requested by the Fund and the Fund agrees to pay the fees applicable to the service as set forth in the Fee Agreement ("**AML Services**").

(1) <u>Anti-Money Laundering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM will perform actions reasonably designed to assist the Fund in complying with Section 352 of the USA PATRIOT Act, as amended, as follows: BNYM will: (i) establish and implement written internal policies, procedures and controls reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with applicable provisions of the Bank Secrecy Act (31 U.S.C. 5311, *et seq*.) ("**Bank Secrecy Act**") and implementing regulations thereunder; (ii) provide for independent testing, by an employee who is not responsible for the operation of BNYM's anti-money laundering ("**AML**") program or by a qualified outside party, for compliance with BNYM's written AML policies and procedures; (iii) designate a person or persons responsible for implementing and monitoring the operation and internal controls of BNYM's AML program; (iv) provide ongoing training for appropriate persons, and (v) implement appropriate risk-based procedures for conducting ongoing shareholder due diligence to include but not be limited to (aa) understanding the nature and purpose of shareholder relationships for the purposes of developing a shareholder risk profile, and (bb) conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update shareholder information, including information regarding the beneficial owners of legal entity shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM will provide to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of BNYM's written AML policies and procedures, or, alternatively, access to such policies and
procedures at a BNYM website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the report prepared by independent accountants covering the independent accountants'
examination of BNYM's AML controls and control objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a summary of the training provided pursuant to clause (iv) of subsection (A) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(1) relates solely to Fund compliance with Section 352 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

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(2) <u>Foreign Account Due Diligence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a due diligence program for "foreign financial institution" accounts in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 312 of the USA PATRIOT Act, as amended ("**FFI Regulations**"), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement and operate a due diligence program that includes appropriate, specific, risk-based policies,
procedures and controls that are reasonably designed to enable the Fund to detect and report, on an ongoing basis, any known or suspected money laundering activity conducted through or involving any correspondent account established, maintained,
administered or managed by the Fund for a "foreign financial institution" (as defined in 31 CFR 1010.605(f))(" **Foreign Financial Institution** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Conduct due diligence to identify and detect any Foreign Financial Institution accounts in connection with new
accounts and account maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assess the money laundering risk presented by each such Foreign Financial Institution account, based on a
consideration of all appropriate relevant factors (as generally outlined in 31 CFR 1010.610), and assign a risk category to each such Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Apply risk-based procedures and controls to each such Foreign Financial Institution account reasonably designed
to detect and report known or suspected money laundering activity, including a periodic review of the Foreign Financial Institution account activity sufficient to determine consistency with information obtained about the type, purpose and
anticipated activity of the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Include procedures to be followed in circumstances in which the appropriate due diligence cannot be performed
with respect to a Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Adopt and operate enhanced due diligence policies for certain Foreign Financial Institution accounts in
compliance with 31 CFR 1010.610(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Record due diligence program and maintain due diligence records relating to Foreign Financial Institution
accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Report to the Fund about measures taken under (i)-(vii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Nothing in Section 3(b)(2) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the FFI Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(2) relates solely to Fund compliance with Section 312 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

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(3) <u>Customer Identification Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act ("**CIP Regulations**"), BNYM will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement procedures which require that prior to establishing a new account in the Fund BNYM obtain the name,
date of birth (for natural persons only), address and government-issued identification number (collectively, the "**Data Elements**") for the "**Customer**" (defined for purposes of this Agreement as provided in 31 CFR
1024.100(c)) associated with the new account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before
or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which BNYM may use unaffiliated information vendors to assist with such verifications) and
documentary methods (as permitted by 31 CFR 1024.220), and may include procedures under which BNYM personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the
first-level (which will typically be reliance on results obtained from an information vendor) verification process(es).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR
1024.220(a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Regularly report to the Fund about measures taken under (i)-(iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If BNYM provides services by which prospective Customers may subscribe for shares in the Fund via the Internet
or telephone, BNYM will work with the Fund to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted by the Fund in accordance with the CIP Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) To assist the Fund in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act ("**CDD Rule**"), BNYM will maintain and implement written procedures that are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Obtain information of a nature and in a manner permitted or required by the CCD Rule in order to identify each
natural person who is a "beneficial owner" (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from
the CDD Rule or an exemption provided for in the CDD Rule applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Verify the identity of each beneficial owner so identified according to risk based procedures to the extent
reasonable and practicable, in accordance with the minimum requirements of the CDD Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Nothing in Section 3(b)(3) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the CIP Regulations or CDD Rule, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the NSCC.

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(4) <u>FinCEN Requests Under USA PATRIOT Act Section</u> <u>314(a)</u>. BNYM will provide the services set forth in this Section 3(b)(4) with respect to FinCEN Section 314(a) information requests ("**Information Requests**") received by the Fund. Upon receipt by BNYM of an Information Request delivered by the Fund in full compliance with all 314(a) Procedures (as defined below), BNYM will compare appropriate information contained in the Information Request against relevant information contained in account records maintained for the Fund. Information relating to potential matches resulting from these comparisons, after review by BNYM for quality assurance purposes ("**Comparison Results**"), will be made available to the Fund in a timely manner. In addition, a potential match will be analyzed by BNYM in conjunction with other relevant activity contained in records for the particular relevant account, and if, after such analysis, BNYM determines that further investigation is warranted because the activity might constitute "suspicious activity", as that term is used in the Bank Secrecy Act and the suspicious activity reporting requirements thereunder, then BNYM will deliver a suspicious activity referral to the Fund in a timely manner, with "timely" for all purposes of Section 3(b) meaning within a commercially reasonable period following BNYM's detection of the events and circumstances reasonably suspected to be suspicious activity and BNYM's investigation of such events and circumstances, utilizing reasonably designed detection and investigative procedures which may include consultation with the Fund. BNYM shall have no responsibility for filing reports with FinCEN that may be appropriate based on the Comparison Results or a referral. Such responsibility, as between the Fund and BNYM, shall remain with the Fund exclusively. "**314(a) Procedures**" means the procedures adopted from time to time by BNYM governing the delivery and processing of Information Requests transmitted by BNYM's clients to BNYM, including without limitation requirements governing the timeliness, content, completeness, format and mode of transmissions to BNYM.

(5) <u>U.S. Government List Matching Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM will compare Appropriate List Matching Data (as defined in subsection (C) below) contained in BNYM databases which are maintained for the Fund pursuant to this Agreement ("**Fund List Data**") to "**U.S. Government Lists**", which is hereby defined to mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) data promulgated in connection with the list of Specially Designated Nationals published by the Office of
Foreign Asset Control of the U.S. Department of the Treasury ()"**OFAC**") and any other sanctions lists or programs administered by OFAC to the extent such lists or programs remain operative and applicable to the Fund ()"**OFAC Lists** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) data promulgated in connection with the published Financial Action Task Force lists ()"**FATF Lists** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) data promulgated in connection with determinations by the Director (the "**Director**") of the
Financial Crimes Enforcement Network of the U.S. Department of the Treasury that a foreign jurisdiction, institution, class of transactions, type of account or other matter is a primary money laundering concern ()"**PMLC Determination** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) data promulgated in connection with any other lists, programs or determinations (A) which BNYM determines
to be substantially similar in purpose to any of the foregoing lists, programs or determinations, or (B) which BNYM and the Fund agree in writing to add to the service described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the event that following a comparison of Fund List Data to a U.S. Government List as described in subsection (A) BNYM determines that any Fund List Data constitutes a "match" with the U.S. Government List in accordance with the criteria applicable to the particular U.S. Government List, BNYM:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will notify the Fund of such match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will send any other notifications required by applicable law or regulation by virtue of the match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a match to an OFAC List, will to the extent required by applicable law or regulation assist the Fund in
taking appropriate steps to block any transactions or attempted transactions to the extent such action may be required by applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a match to the FATF Lists or a PMLC Determination, will to the extent required by applicable law or
regulation conduct a suspicious activity review of accounts related to the match and if suspicious activity is detected will deliver a suspicious activity referral to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a match to a PMLC Determination, will assist the Fund in taking the appropriate special measures imposed by
the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) will assist the Fund in taking any other appropriate actions required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Appropriate List Matching Data**" means (A) account registration and alternate payee data, to the extent made appropriate by statutes, rules or regulations governing the U.S. Government Lists, (ii) data determined by BNYM in light of statutes, rules or regulations governing the U.S. Government Lists to be necessary to provide the services described in this Section 3(b)(5), and (iii) data the parties agree in writing to be necessary to provide the services described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) BNYM may fulfill its obligations under this Section 3(b)(5) by utilizing commercially available lists that contain the data promulgated as the U.S. Government Lists, whether such lists consist of data exclusive to one U.S. Government List or of data representing a combination of several watch lists, including several U.S. Government Lists.

(6) <u>Legal Process SAR Referral</u>. Upon the conclusion of the legal process service described in Section 3(a)(14), BNYM will review the Legal Process Item and other pertinent account records to determine whether such information reasonably indicates "suspicious activity" has occurred, and if it determines suspicious activity has occurred deliver a suspicious activity referral to the Fund in a timely manner.

(7) <u>Suspicious Activity Monitoring</u>. BNYM will maintain and implement procedures reasonably designed to assist the Fund in complying with rules promulgated by FinCEN under the Bank Secrecy Act (31. C.F.R § 1024.320) with respect to the monitoring for suspicious activity that may occur in connection with the Fund and its shareholders during BNYM's performance of transaction processing and recordkeeping services hereunder and if in the course of such monitoring it determines that any of such activities could indicate the existence of suspicious activity and that an investigation of the potential suspicious activity is warranted, then BNYM will deliver a suspicious activity referral to the Fund in a timely manner.

(8) BNYM agrees to permit governmental authorities with jurisdiction over the Fund requesting such to conduct examinations of the operations and records relating to the services performed by BNYM under this Section 3(b) upon reasonable advance request and during normal business hours and to furnish copies at the Fund's cost and expense of information reasonably requested by the Fund or such authorities and relevant to the services.

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(9) For purposes of clarification: All Written Procedures relating to the services performed by BNYM pursuant to this Section 3(b) and any information, written matters or other recorded materials relating to such services and maintained by BNYM shall constitute Confidential Information of BNYM, except to the extent, if any, such materials constitute Fund records under the Securities Laws.

(10) Notwithstanding any other term of this Section 3(b), application of specific AML Services to particular applying persons, accounts and account owners shall occur in accordance with BNYM's Written Procedures. Without limiting the generality of the foregoing, BNYM will have no obligation to provide AML Services with respect to shareholder accounts opened by financial intermediaries on behalf of their customers, or with respect to the owners of such accounts, whether opened through public or private electronic communication channels with BNYM, Internet portals or applications hosted by BNYM, the NSCC or otherwise, where such accounts do not contain sufficient information to provide the AML Services, unless expressly provided for in the Written Procedures.

(11) The Fund is solely and exclusively responsible for determining the applicability to the Fund of the Bank Secrecy Act, the USA PATRIOT Act, regulations of FinCEN, and all other laws and regulations of similar subject matter, as they may be constituted from time to time ("**Fund AML Laws**"), for complying with the Fund AML Laws, for determining the extent to which the AML Services assist the Fund in complying with the Fund AML Laws, and for furnishing any supplementation or augmentation to the AML Services it determines to be appropriate. Section 3(b) of the Agreement shall not be construed to impose on BNYM any obligation other than to engage in the specific course of conduct specified by the provisions therein, and in particular shall not be construed to impose any other obligation on BNYM to design, develop, implement, administer, or otherwise manage compliance activities of the Fund. The services provided pursuant to this Section 3(b) may be changed at any time and from time to time by BNYM in its reasonable sole discretion to include commercially reasonable provisions appropriate to the relevant requirements of the Fund AML Laws and the description of services contained in Section 3(b) shall be deemed revised accordingly without written amendment pursuant to Section 16(a). BNYM shall provide to the Fund for its review notice of the nature or content of any such changes that BNYM reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(b)(11).

**(c) <u>Red Flags Services</u>**.

(1) The provisions of this Section 3(c) (the "**Red Flags Section**") shall apply in the event the Fund elects to receive the "**Red Flags Services**", which are hereby defined to mean the following services:

(i) BNYM will maintain written controls reasonably designed to detect the occurrence of Red Flags (as defined
below) in connection with (i) account opening and other account activities and transactions conducted directly through BNYM with respect to Direct Accounts (as defined below), and (ii) transactions effected directly through BNYM by Covered
Persons (as defined below) in Covered Accounts (as defined below). Such controls, as they may be revised from time to time hereunder, are referred to herein as the "**Controls** ". Solely for purposes of the Red Flags Section, the
capitalized terms below will have the respective meaning ascribed to each:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "**Red Flag**" means a pattern, practice, or specific activity or a combination of patterns,
practices or specific activities which may indicate the possible existence of Identity Theft (as defined below) affecting a Registered Owner (as defined below) or a Covered Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "**Identity Theft**" means a fraud committed or attempted using the identifying information of
another person without authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Registered Owner**" means the owner of record of a Direct Account on the books and records of
the Fund maintained by BNYM as registrar of the Fund (the "**Fund Registry** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "**Covered Person**" means the owner of record of a Covered Account on the Fund Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) "**Direct Account**" means an Account established directly with and through BNYM as a registered
account on the Fund Registry and through which the owner of record has the ability to directly conduct account and transactional activity with and through BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "**Covered Account**" means an Account established by a financial intermediary for another as
the owner of record on the Fund Registry and through which such owner of record has the ability to conduct transactions in Fund shares directly with and through BNYM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "**Account**" means (1) an account holding Fund Shares with respect to which a natural
person is the owner of record, and (2) any other account holding Fund Shares with respect to which there is a reasonably foreseeable risk to the particular account owner's customers from identity theft, including financial, operational,
compliance, reputation, or litigation risks.

(ii) BNYM will notify the Fund of Red Flags which it detects and reasonably determines to indicate a significant
risk of Identity Theft to a Registered Owner or Covered Person ()"**Possible Identity Theft**") and assist the Fund in determining the appropriate response of the Fund to the Possible Identity Theft.

(iii) BNYM will (A) annually engage an independent auditing firm or other similar firm of independent examiners
to conduct an examination of BNYM management's assertion pertaining to the Controls and issue a report on the results of the examination (the "**Examination Report** "), and (B) furnish a copy of the Examination Report to
the Fund; and

(iv) Upon the Fund's reasonable request on not more than a quarterly basis, issue a certification in a form
determined to be appropriate by BNYM in its reasonable discretion, certifying to BNYM's continuing compliance with the Controls after the date of the most recent Examination Report.

(2) The Fund agrees it is responsible for complying with and determining the applicability to the Fund of Section 615(e) of the Fair Credit Reporting Act of 1970, as amended, and regulations promulgated thereunder by the SEC or other applicable federal agency (the "**Red Flags Requirements**"), for determining the extent to which the Red Flags Services assist the Fund in complying with the Red Flags Requirements, and for furnishing any supplementation or augmentation to the Red Flags Services it determines to be appropriate, and that BNYM has given no advice and makes no representations with respect to such matters. This Red Flags Section shall not be interpreted in any manner which imposes a duty on BNYM to act on behalf of the Fund or otherwise, including any duty to take any action upon the occurrence of a Red Flag, other than as expressly provided for in this Red Flags Section. The Controls and the Red Flags Services may be changed at any time and from time to time by BNYM in its reasonable

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sole discretion to include commercially reasonable provisions appropriate to the Red Flags Requirements, as they may be constituted from time to time. BNYM shall provide to the Fund for its review notice of the nature or content of any such change that it reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(c)(2).

**(d) <u>Access To And Use Of The BNYM System</u>.** The terms of Schedule B to this Agreement shall apply to the Fund's access to and use of any component of the BNYM System (as defined in Schedule B). Commencing on the Service Effective Date, BNYM shall provide the Fund with access to and use of those components of the BNYM System for which the Fund pays a fee in accordance with the Fee Agreement or with respect to which the Fee Agreement indicates the fee is included in the Account Fees (as such term is used in the Fee Agreement).

**(e) <u>Transition Services</u>.** BNYM shall in consultation with the Fund and with the service provider providing transfer agency services to the Fund on the Effective Date ("**Current Service Provider**") develop and implement a plan providing for the transfer from the Current Service Provider to BNYM of (i) all shareholder accounts, shareholder account information and any related materials that are required by the 1934 Act and the 1940 Act to be transferred to a successor transfer agent, and (ii) such other data, information and materials as the Fund and BNYM shall agree in their respective sole discretion ("**Transition Plan**"). The Fund shall cooperate, and to the extent practicable shall cause its Current Service Provider to cooperate, with BNYM to implement the Transition Plan, including without limitation by providing personnel and other resources reasonably required by the Transition Plan and by performing the tasks described for, as applicable, the Fund and/or the Current Service Provider in the Transition Plan. The obligations in this Section 1(e) shall terminate on the Service Effective Date.

**4. <u>Confidentiality</u>.**

(a) Each party shall implement, maintain and comply with procedures reasonably designed to keep the Confidential Information (as defined immediately below) of the other party in confidence and to allow use and disclosure of and access to Confidential Information solely in connection with the activities contemplated by this Agreement or as otherwise expressly agreed in writing. Each party acknowledges that the Confidential Information of the disclosing party will remain the sole property of such party.

(b) Subject to subsections (c) below, "**Confidential Information**" means:

(i) this Agreement and its contents, all compensation agreements, arrangements and understandings (including
waivers) respecting this Agreement, disputes pertaining to the Agreement, and information about a party's exercise of rights hereunder, performance of obligations hereunder or other conduct of a party in connection with the Agreement,

(ii) information and data of, owned by or about a disclosing party or its Affiliates, customers, or subcontractors
that may be provided to the other party or become known to the other party in the course of the relationship established by this Agreement, regardless of form or content, and regardless of whether in original or derivative form, including but not
limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) competitively sensitive material not generally known to the public, including, but not limited to, studies,
plans, reports, surveys, summaries, documentation and analyses, regardless of form, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business
plans, and internal performance results relating to the past, present or future business activities of the Fund or BNYM, their respective subsidiaries and Affiliates and the customers, clients and suppliers of any of them;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) scientific, technical or technological information, designs, processes, procedures, formulas, or improvements
that are commercially valuable and secret in the sense that its confidentiality affords the Fund or BNYM a competitive advantage over its competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a confidential or proprietary concept, documentation, report, data, specification, computer software, source
code, object code, flow chart, database, invention, know how, trade secret, whether or not patentable or copyrightable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) information related to privacy measures, compliance, physical security, information security, disaster
recovery, business continuity and any other operational plans, procedures, practices and protocols;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) information described elsewhere in Section 4(b) that is exchanged between the parties in connection with
the possible expansion of the business relationship between the parties and/or their Affiliates, including without limitation information relating to the possible execution of service agreements between the parties or Affiliates of the parties
relating to services other than those provided for in this Agreement, the possible addition of services to this Agreement and the possible addition of parties to this Agreement, including by way of illustration and not exclusion open-end management investment companies, closed-end management investment companies not traded and not intended to trade in a secondary market, other collective investment
legal entities, Portfolios, and state savings programs such as "529 plans", "ABLE plans" and "Secure Choice" plans (such Confidential Information described in this subsection (E) collectively being the
" **Transactional Information** "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) anything designated as confidential, and

(iii) to any extent not included within clause (i) or clause (ii) above: (i) with respect to BNYM, any
information within the BNYM System accessed by the Fund that is not Company Data (as defined in Schedule B) or any information provided by BNYM from within the BNYM System that is not Company Data; and (ii) with respect to the Fund, Company
Data and personal information (as defined in Section 5).

(c) Information or data that would otherwise constitute Confidential Information under subsection (b) above, except for personal information which shall always remain Confidential Information, shall not constitute Confidential Information to the extent it:

(i) is already known to the receiving party at the time it is obtained;

(ii) is or becomes publicly known or available through no wrongful act of the receiving party;

(iii) is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of
confidentiality;

(iv) is released by the protected party to a third party without restriction; or

(v) has been or is independently developed or obtained by the receiving party without reference to the Confidential
Information provided by the protected party.

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(d) Confidential Information of a disclosing party may be used or disclosed by the receiving party in the circumstances set forth below but except for such permitted use or disclosure shall remain Confidential Information subject to all applicable terms of this Agreement:

(i) in connection with activities contemplated by this Agreement;

(ii) as required by law or regulation (including without limitation filings required by the Federal Securities Laws)
or pursuant to a court order, subpoena, order or request of a governmental or regulatory or self-regulatory authority or agency, or binding discovery request in pending litigation (provided the receiving party will provide the other party written
notice of such requirement or request, to the extent such notice is permitted, and subject to proper jurisdiction, if applicable);

(iii) in connection with inquiries, examinations, audits or other reviews by a governmental, regulatory or
self-regulatory authority or agency, audits by independent auditors or accountants or requests for advice or opinions from counsel; or

(iv) the information or data is relevant and material to any claim or cause of action between the parties or the
defense of any claim or cause of action asserted against the receiving party and is disclosed in formal pleadings, confidential judicial conferences, discovery or dispute resolution proceedings.

(e) Subject to the exceptions in the foregoing subsection (d), each party agrees not to publicly disseminate, broadcast or release Confidential Information of the other party or mutual Confidential Information even if such action otherwise could be construed to be permitted by other provisions of this Section 4; <u>provided</u>, <u>however</u>, a use in strict compliance with subsection (d)(ii) through (d)(iv) shall not constitute a breach of this subsection (e). The parties acknowledge the existence and the terms of this Agreement are required to be publicly disclosed by the Fund pursuant to applicable law, however, the terms and conditions of this Agreement relating to fees shall be kept confidential.

(f) Each of BNYM and the Fund shall restrict disclosure of, access to and use of Transactional Information solely to those persons necessary to evaluate the relevant transaction and who are bound by a written or professional obligation of confidentiality with respect to the Transactional Information. Each of BNYM and the Fund shall be responsible and liable for any conduct of a person provided with Transactional Information by them that constitutes a breach of confidentiality under this Section 4 or Section 6.10 of Schedule B.

(g) Sections 4(a) through 4(e) shall survive termination of this Agreement for a period of three (3) years after such termination.

(h) To the extent any Confidential Information (including for avoidance of doubt Transactional Information) provided by BNYM constitutes Proprietary Items, or is of a nature that would constitute a Proprietary Item if part of the BNYM System, then notwithstanding and in lieu of subsections (a), (c) and (d) of Section 4, the terms of Sections 6.6 and 6.10 of Schedule B shall govern such Confidential Information, except that the return and destroy provisions of Section 6.6 shall apply upon the request of BNYM or upon a determination by the Fund or its Affiliates not to engage in the proposed transaction.

**5. Information Security.** 

(a) Each party hereto acknowledges and agrees that, subject to the reuse and re-disclosure provisions of Regulation S-P, 17 CFR Part 248.11, it shall implement procedures reasonably designed to limit disclosure of the non-public personal information of shareholders and former shareholders of the Fund obtained under this Agreement to disclosures appropriate to carrying out the activities contemplated by this Agreement or as otherwise agreed in writing or permitted by law or regulation. BNYM will comply

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with provisions of the Gramm-Leach Bliley Act of 1999 ("**GLB Act**") with respect to the personal information of shareholders and former shareholders of the Fund. Except as expressly provided otherwise in this Agreement, "personal information" for purposes of this Agreement has the meaning ascribed to that term in the GLB Act. BNYM also agrees to implement procedures reasonably designed to protect "personal information" as that term is defined in 201 CMR 17.00: Standards For The Protection Of Personal Information Of Residents Of The Commonwealth ("**Massachusetts Privacy Regulation**"), consistent with the Massachusetts Privacy Regulation and any applicable federal regulations.

(b) BNYM shall implement and maintain a comprehensive information security program with written policies and procedures reasonably designed to protect the confidentiality, security and integrity of Company Data, including the non-public personal information of the Fund's current and former shareholders. The information security program will contain administrative, technical and physical safeguards reasonably designed to: (i) protect the security, confidentiality and integrity of such data and information; (ii) protect against any anticipated threats or hazards to the security or integrity of such data and information; (iii) protect against unauthorized access to or use of such data and information that could result in substantial harm or inconvenience to the Fund or individuals, and (iv) provide for appropriate disposal of such data and information.

(c) Commencing as of the Service Effective Date, upon request by the Fund, BNYM shall no more than once per contract year: (i) upon payment of, or an agreement to pay, any applicable fee, provide the Fund with a copy of its current SOC 1, Type 2 audit report, or substantially equivalent external audit report, prepared in accordance with audit standards then prevalent in the financial industry (such as SSAE 18), for the system utilized by BNYM to provide the services hereunder, and (ii) participate in the Fund's reasonable information security due diligence questionnaire process.

**6. <u>Cooperation with Accountants</u>.** BNYM shall cooperate with the independent public accountants for the Fund and shall take commercially reasonable measures to furnish or to make available to such accountants information relating to this Agreement and BNYM's performance of the obligations hereunder as requested by such accountants and necessary for the expression of their opinion.

**7. <u>Ownership Rights</u>.** Ownership rights with respect to property utilized in connection with the parties' use of the BNYM System shall be governed by applicable provisions of Schedule B.

**8. <u>Disaster Recovery and Business Continuity</u>.** BNYM shall maintain or arrange with third parties for back-up facilities ("**Back-Up Facilities**") to the primary operations and data centers used by BNYM to provide the services ("**Primary Facilities**"). The Back-Up Facilities will be capable of providing the material services in the event an incident to the Primary Facilities significantly interrupts the delivery of a material service from that facility. BNYM shall maintain (i) a written disaster recovery plan providing for continued operation of critical components of the BNYM System in the event of an significant interruption in the performance or use of the BNYM System, and (ii) a written business continuity plan providing for the continued provision of critical services pursuant Section 3 of this Agreement in the event of a significant disruption to such services, which such plans shall provide, where appropriate to the particular plan, for BNYM (a) to maintain the Backup Facilities, (b) perform periodic disaster recovery and business continuity testing, and (c) maintain disaster recovery and business continuity capabilities and procedures that are commercially reasonable for a financial institution. In the event of an equipment failure or service disruption, BNYM shall, at no additional expense to the Fund, take reasonable steps to minimize the impact of the equipment failure or service interruptions, including implement the disaster recovery plan or business continuity plan, or both, in accordance with their terms, including using the Back-Up Facilities to the extent appropriate under such plans.

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**9. <u>Compensation; Service Accounts, Fund Custodian Matters</u>.** 

(a) As compensation for services rendered by BNYM during the term of this Agreement, the Fund will pay to BNYM such fees and charges (the "**Fees**") as may be agreed to from time to time and set forth in writing by the Fund and BNYM (the "**Fee Agreement**"). In addition, the Fund agrees to pay, and will be billed separately in arrears for, reasonable expenses incurred by BNYM in the performance of its duties hereunder ("**Reimbursable Expenses**").

(b) BNYM may establish demand deposit accounts or other accounts in its own name for the benefit of the Fund at third party financial institutions ("**Third Party Institution**"), including without limitation Third Party Institutions that may be an affiliate of BNYM ("**Affiliated Third Party Institutions**") or a client of BNYM, for the purpose of administering funds received by BNYM in the course of performing its services hereunder ("**Service Accounts**"). BNYM will issue instructions to the Fund Custodian as appropriate to administer the Service Accounts. BNYM may establish Service Accounts primarily or exclusively with Affiliated Third Party Institutions and retain funds primarily or exclusively in the Service Accounts at Affiliated Third Party Institutions. BNYM and its Affiliated Third Party Institutions may derive a benefit from the funds placed on deposit with the Affiliated Third Party Institutions in Service Accounts due to the availability of the funds for use by the Affiliated Third Party Institutions in their business operations and BNYM takes that possibility of deriving benefit from such funds into consideration when determining the Fees and other terms set forth in the Fee Agreement. As of the Effective Date, BNYM does not receive any balance credits, interest income, dividend income or other money or money-equivalent benefits ("**Monetary Benefits**") with respect to Service Accounts but reserves the right to retain any Monetary Benefits related to Service Accounts that may accrue to it or be paid to it in the future as well as the right to transfer amounts between Service Accounts for cash administration purposes.

(c) In connection with BNYM's performance of transfer agency services, the Fund acknowledges and agrees that:

(i) BNYM in its role as transfer agent may be notified of a Fund payment obligation that BNYM as transfer agent is
expected to satisfy, such as a same-day settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular payment obligation of the Fund
may exceed the amount of funds then available for transfer in the relevant Service Accounts (such excess amount if transferred by BNYM being hereinafter referred to as an "**Overdraft Amount** ");

(ii) BNYM is not obligated to transfer any funds representing Overdraft Amounts and may in its sole discretion
decline or delay settlement without liability hereunder to transfer funds representing Overdraft Amounts;

(iii) Notwithstanding the absence of an obligation to do so, BNYM may, subject to overdraft fees, elect to transfer
funds representing Overdraft Amounts (from sources other than the Service Accounts) as a courtesy to a Fund and to maintain BNYM's good standing with the NSCC and other participants in the financial services industry and that by electing to
transfer funds representing Overdraft Amounts BNYM does not, even if it has transferred such funds as part of a regular pattern of conduct, waive any rights under this Section 9(c) or assume the obligation it has expressly disclaimed in clause
(ii) above and BNYM may at any time in its sole discretion and without notice decline to continue to make such transfers;

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(iv) The Fund is at all times obligated to pay to BNYM an amount of money equal to the Overdraft Amounts that have
not been offset by credits posted to the relevant Service Account subsequent to the transfer of the Overdraft Amount and such amounts are payable, and shall be paid, together with such accrued interest as may be charged by BNY Mellon Bank in
accordance with the Custody Agreement (as defined in Schedule C), by the Fund immediately upon demand by BNYM, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest plus fees to BNY Mellon Bank pursuant to
the eighth paragraph of Schedule C, the Fund's obligation to repay that amount to BNYM pursuant to this Section 9(c)(iv) shall be deemed satisfied; and

(v) Simultaneously with the execution of this Agreement the Fund will execute the letter agreement attached hereto
as Schedule C with BNY Mellon Bank as an Affiliated Third Party Institution in which one or more Service Accounts will be established and as the Fund Custodian.

(d) The undersigned hereby represents and warrants to BNYM that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to BNYM or to the adviser or sponsor to the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, up-front payments, signing payments or periodic payments made or to be made by BNYM to such adviser or sponsor or any affiliate of the Fund relating to the Agreement have been fully disclosed to the Board and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.

(e) No termination of this Agreement shall cause, and no provision of this Agreement shall be interpreted in any manner that would cause, BNYM's right to receive payment of its fees and charges for services actually performed hereunder, and the Fund's obligation to pay such fees and charges, to be barred, limited, abridged, conditioned, reduced, abrogated, or subject to a cap or other limitation or exclusion of any nature.

(f) Provisions of this Agreement providing for BNYM to receive commercially reasonable compensation or fees and reimbursement of expenses from the Fund for services or a course of conduct it might perform supplemental to the services expressly provided for herein or in circumstances outside the ordinary course of business shall not be diminished to any degree solely due to such compensation, fees and reimbursable expenses not being expressly provided for in the Fee Agreement.

(g) In the event the Fund or any class, tier or other subdivision of the Fund is liquidated, ceases operations, dissolves or otherwise winds down operations ("**Dissolution Event**") or effects a final distribution to shareholders (a "**Final Distribution**"), the Fund shall be responsible for paying to BNYM all fees and reimbursing BNYM for all reasonable expenses associated with services to be provided by BNYM in connection with the Dissolution Event or Final Distribution, whether provided pursuant to a specific request of the Fund or provided by BNYM due to industry standards or due to obligations under applicable law or regulation by virtue of the services previously performed for Fund ("**Final Expenses**"). The Fund shall (i) as promptly as practicable notify BNYM in reasonable detail of actions taken by its Board with respect to any Dissolution Event or Final Distribution or any significant aspect of a Dissolution Event or Final Distribution, and furnish BNYM with copies of materials filed with the SEC or other applicable regulatory authority or distributed to shareholders with respect to a Dissolution Event or Final Distribution, (ii) calculate, set aside, reserve and withhold from the Final Distribution or from any distribution subsequent to Board approval of the Dissolution Event or Final Distribution all amounts necessary to pay the Final Expenses and shall notify BNYM as far in advance as practicable of any deadline for submitting materials appropriate or necessary for the determination of such amounts, and (iii) provide sufficient staff or make other accommodations to ensure timely payment of Final Expenses as they come due.

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**10. <u>Instructions</u>.** 

(a) BNYM will engage in conduct when so directed by a Written Instruction or an Implementing Communication if the Written Instruction or an Implementing Communication, as appropriate, complies with applicable requirements set forth in this Section 10.

(i) *<u>Written Instructions</u>* . Notwithstanding any other provision of this Agreement: (A) unless the
terms of this Agreement, Written Procedures or other written agreement between the Fund and BNYM expressly provide, in the reasonable discretion of BNYM, all requisite details and directions for it to take a specific course of conduct, BNYM may,
prior to engaging in a course of conduct on a particular matter, whether the course of conduct is proposed by or otherwise originates with BNYM or is directed by the Fund in a Fund Communication, require the Fund to provide it with Written
Instructions with respect to the particular conduct, and (B) BNYM may also require Written Instructions with respect to conduct specified in a Fund Communication if it reasonably determines that the Agreement, Written Procedures or other
written agreement between the Fund and BNYM provides for the Fund to furnish a Written Instruction in connection with the specified conduct.

(ii) *<u>Implementing Communications</u>* . "**Implementing Communication**" means Fund
Communications that are not a Written Instruction and that BNYM has determined in accordance with clause (i) above are not required in whole or in part to be the subject of a Written Instruction.

(b) Subject to the right of BNYM to require in accordance with Section 10(a)(i) that conduct directed by a Fund Communication be provided in a Written Instruction, BNYM reserves the right to decline to act in accordance with a Fund Communication:

(i) for a Bona Fide Reason; or

(ii) if the Fund Communication (or contents thereof) does not constitute in all material respects, in the sole
judgment of BNYM exercised reasonably, a "**Standard Instruction** ", which is hereby defined to mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an instruction received by BNYM directing a course of conduct substantially similar in all material respects to
a course of conduct provided for in a Written Procedure, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if a Written Procedure provides for a particular form of instruction to be used in connection with a matter (a
" **Standard Form** "), an instruction received by BNYM (I) on the specified Standard Form which responds appropriately to all requirements of the specified Standard Form, or (II) in a format other than the specified Standard
Form but conforming in all material respects to, and responding appropriately to all requirements of, the specified Standard Form in BNYM's sole judgment exercised reasonably.

(c) (1) Notwithstanding the right reserved by BNYM in Section 10(b) to decline to engage in conduct directed by a Fund Communication that is not a Standard Instruction (such instruction being a "**Non-Standard Instruction**"), if BNYM determines in its sole judgment exercised reasonably that sufficient time exists under the circumstances to evaluate fully and implement the requested conduct it will engage in a Reasoned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNYM will act in accordance with a Non-Standard Instruction solely pursuant to the terms of a mutually agreeable written instrument executed by the Fund and BNYM with respect to the conduct constituting the Non-Standard Instruction (such written instrument is referred to herein as an "**Accepted Non-Standard Instruction**"). For the avoidance of doubt, such conduct is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice, BNYM may for a Bona Fide Reason terminate an Accepted Non-Standard Instruction with respect to its future conduct.

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(d) (1) The Fund shall implement reasonable measures to ensure that Fund Communications received by BNYM are authorized, accurate and complete and shall have sole and exclusive responsibility for the authorization, accuracy and completeness of such Fund Communications. BNYM is not obligated to act, and may refrain from acting, on any Illegible Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNYM will as promptly as reasonable in consideration of the subject matter of the Fund Communication notify the Fund in a timely manner of its determination that a Fund Communication is an Illegible Communication; <u>provided</u>, <u>however</u>, BNYM shall have no duty to discover an Illegible Communication. BNYM may act in reliance on Fund Communications as received by it and shall have no duty to inquire into any matter regarding the Fund Communication, including without limitation the validity, authority, truthfulness, accuracy or genuineness of the Fund Communication, or to verify the identity of an individual giving the Fund Communication; <u>provided</u>, <u>however</u>, BNYM shall be obligated to verify that the name of any person executing a Written Instruction is listed as an Authorized Person. BNYM may assume and rely on the assumption that any Fund Communication is not in any way inconsistent with the provisions of the Fund's Prospectus or organizational documents, this Agreement or any vote, resolution or proceeding of the Fund's Board or shareholders. BNYM may also rely on and is authorized by the Fund to act in reliance on communications from shareholders of the Fund and from persons reasonably believed to be representatives of shareholders of the Fund with respect to all matters reasonably related to the services provided for herein other than those BNYM determine to be not in good order or which it reasonably rejects on other grounds ("**Shareholder Communications**", and together with Fund Communications (excluding Fund Communications identified to the Fund as Illegible Communications), "**Service Communications**"). BNYM shall notify the Fund of any such rejections in accordance with Written Procedures.

(e) Absent Liable Conduct on the part of BNYM, BNYM shall not be liable to the Fund for any Loss of the Fund, and the Fund shall indemnify and defend BNYM in accordance with Section 12 against all Loss, directly or indirectly arising from or incurred due to or in connection with:

(i) BNYM's reasonable good faith interpretation of a Service Communication;

(ii) BNYM's reasonable reliance on, or conduct it reasonably engages in pursuant to, a Service Communication;

(iii) a delay in BNYM's implementing a course of conduct contained in an Illegible Communication;

(iv) BNYM's failure to engage in conduct requested by a Service Communication with respect to which it has no
duty to act;

(v) any error, omission, inaccuracy, inconsistency, misrepresentation, fraud, forgery or other defect connected to
a Service Communication;

(vi) any failure to receive an item intended to be a Service Communication or the delay of its actual receipt or its
receipt in a form, configuration or with contents other than as transmitted;

(vii) any interception of or unauthorized access to or use of a Service Communication or item intended to be a
Service Communication prior to receipt by BNYM (with "receipt by BNYM" to include electronic receipt at an electronic address within the BNYM information system specifically designated by BNYM under the terms applicable to that address,
as well as physical receipt by BNYM at an authorized address specifically designated by BNYM); or

(viii) the invalidity or lack of truthfulness, accuracy, authority or genuineness of a Service Communication.

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(f) In addition to any other provision of this Agreement that may be applicable to a particular Instruction, BNYM may include in the writing constituting a Standard Instruction, or in a Standard Form, appropriate operational, procedural and functional terms and provisions, provisions appropriate to its agency role, and provisions appropriate in light of or imposed by applicable law or regulations, rules of the DTCC, NSCC or similar service providers or governmental, regulatory or self-regulatory authority, or Industry Standards. In addition, in the absence of provisions in this Agreement that in the sole judgment of BNYM exercised reasonably provide sufficient authority, indemnification, limitations on liability or confidentiality and privacy protections, BNYM may require third parties purportedly authorized to act on behalf of or for the benefit of the Fund in connection with activities contemplated by this Agreement, or the Fund, to execute a document containing such terms and conditions as BNYM may reasonably require prior to engaging in any course of conduct with such third parties.

(g) BNYM may conclusively presume that a Fund Communication has been properly authorized (i) if received by BNYM via an electronic transmission method authorized by BNYM requiring use of user IDs, passwords, authorization codes, authentication keys or other security mnemonics ("**Security Codes**"), or (ii) if received by facsimile, email, or other electronic method not requiring Security Codes at a number or address that has been authorized by BNYM.

(h) While reserving its right under this Section 10 to decline to act in accordance with instructions not constituting Written Instructions, BNYM may agree to act in accordance with Oral Instructions on a particular matter, and, with respect to each acceptance of Oral Instructions, the Fund agrees that it will deliver to BNYM, for receipt by 5:00 PM (Eastern Time) on the same business day as the day the Oral Instructions were given, Written Instructions which confirm the course of conduct contained in the Oral Instructions. Under all circumstances and for all purposes of the Agreement: BNYM's written memorialization of the Oral Instructions shall constitute the Written Instructions applicable to the particular matter; and the validity and authorization of such Written Instructions and of the conduct undertaken by BNYM and BNYM's right to rely on such Written Instructions shall not be abridged, abrogated or adversely impacted in any manner.

(i) In the event facts, circumstances, or conditions exist or events occur, including without limitation situations contemplated by Section 10(d), and BNYM reasonably determines that it must take a course of conduct in response to such situation (including a course of action that constitutes taking no action) and must receive an Instruction from the Fund to direct its conduct, and BNYM so notifies two Authorized Persons of the Fund, and the Fund fails to furnish Instructions ("**Response Failure**"), BNYM will in good faith seek to determine the appropriate course of conduct in response to the circumstances and will have all rights with respect to the conduct taken in good faith in such circumstances (including a course of action that constitutes taking no action) that it would have if the conduct were specified in Written Instructions.

(j) Any form furnished by the Fund to third parties for use in connection with the activities or services of BNYM contemplated by this Agreement that does not constitute a Standard Form or a form that is substantially equivalent in all material respects to a Standard Form ("**Non-Standard Form**") shall constitute a Non-Standard Instruction subject to all terms of this Section 10 applicable to Non-Standard Instructions . BNYM may without liability hereunder decline to accept or act upon a Non-Standard Form and the Fund indemnifies and releases BNYM for and from all Loss incurred in connection with reasonable conduct BNYM engages in in connection with the Non-Standard Form, including accepting or declining to accept or acting or declining to act upon a Non-Standard Form.

**11. <u>Terms Relating to Liability</u>.** 

(a) BNYM's sole and exclusive monetary liability to the Fund (and all persons claiming through or for the Fund) under this Agreement shall be for the direct money damages (i) that result from BNYM's intentional misconduct, reckless disregard, fraud or gross negligence in the performance of an obligation under this Agreement ("**Liable Conduct**"), and (ii) that are not excluded by another provision of this Agreement.

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(b) BNYM's maximum aggregate cumulative monetary liability to the Fund and all persons or entities claiming through the Fund, considered as a whole, for all loss, cost, expense, damages, liabilities and obligations under or related to this Agreement or the services hereunder, the recovery of which is not excluded by another provision of this Agreement, shall not exceed (i) the Fees actually paid to BNYM by the Fund for services provided hereunder during the twelve (12) calendar months immediately preceding the last Loss Date; or (ii) if the last Loss Date occurs prior to the completion of twelve (12) full calendar months following the Service Effective Date, the greater of (A) all Fees paid with respect to services rendered during the full calendar months that have elapsed subsequent to the Service Effective Date ("**Elapsed Months**"), or (B) the average monthly amount of Fees paid during the Elapsed Months multiplied by 12; provided, however, that such limitation of liability shall not be applicable to any act of BNYM or any BNYM Affiliate involving intentional misconduct or fraud in the performance of this Agreement.. The maximum aggregate cumulative liability of BNYM as specified by this Section 11(b) is referred to herein as the "**General Damage Cap**".

(c) Notwithstanding any other provision, and for all purposes, of this Agreement:

Neither party nor its Affiliates shall be liable for any Loss (including Loss caused by delays, failure, errors, interruption or loss of data) or breach hereunder occurring directly or indirectly by reason of any event or circumstance, whether foreseeable or unforeseeable, which despite the taking of commercially reasonable measures is beyond its reasonable control, including without limitation: extraordinary forces of nature and natural disasters, such as floods, hurricanes, severe storms (storms with one or more severely destructive forces comparable to hurricane but not meeting technical hurricane criteria), tornados, earthquakes and wildfires; national or local states of emergencies; epidemics; action or inaction of civil or military authority; war, terrorism, riots or insurrection; criminal acts; job action by organized labor; building or area evacuations ordered by lawful authority; interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; denial of service attacks; non-performance by third parties (other than subcontractors of BNYM for causes other than those described herein); or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the foregoing (all and any of the foregoing being an "**Event Beyond Reasonable Control**"). Upon the occurrence of an Event Beyond Reasonable Control, the affected Party shall be excused from any non-performance caused by the Event Beyond Reasonable Control for so long as the Event Beyond Reasonable Control or damages caused by it prevail and such party continues to use commercially reasonable efforts to attempt to perform the obligation so impacted, including invoking disaster recovery or business continuity plans when applicable.

(d) BNYM shall not be liable for any Loss arising out of any action, omission or conduct of any prior service provider of the Fund (other than BNYM or its affiliates) or for any failure to discover any action, omission or conduct of any prior service provider of the Fund that caused or could cause Loss.

(e) Notwithstanding any other provision of this Agreement, except to the extent a provision may expressly provide for indemnification of all Loss, in which case indemnification for all Loss shall be permitted, in no event shall a party to this Agreement, its Affiliates or any of its or their directors, officers, employees, agents or subcontractors be liable under the Agreement under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other losses which are not direct damages regardless of whether such losses or damages were or should have been foreseeable and regardless of whether any entity or person has been advised of the possibility of such losses or damages, all and each of which such loss is hereby excluded by agreement of the parties.

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(f) No party may assert a claim or cause of action (or, if applicable, commence an arbitration or other alternate dispute resolution proceeding) against BNYM or any of its affiliates more than 18 months after such party first becomes aware, or should reasonably have become aware, of the events or occurrences comprising the conduct or alleged conduct upon which the claim, cause of action or dispute resolution proceeding is based.

(g) Each party shall have a duty to mitigate damages for which the other party may become responsible. BNYM shall be permitted to pursue recovery of amounts paid by BNYM to persons not entitled to such amounts or payments, including through all available legal remedies, and the Fund agrees to cooperate with BNYM (at BNYM's expense and request).

(h) With respect to securities data, files, reports, information and research furnished to BNYM by third parties (not delegated duties, subcontracted or otherwise engaged by BNYM to perform the services hereunder on its behalf) and included in the BNYM System ("**Securities Data**"), the Fund acknowledges that BNYM makes no warranty concerning the Securities Data and BNYM disclaims all responsibility for the Securities Data, including its content, accuracy, completeness, availability or timeliness of delivery, and BNYM shall not be liable for Loss caused by Errant Securities Data (as defined below); <u>provided</u>, <u>however</u>, with respect to transaction activity communicated to BNYM by the DTCC or NSCC, BNYM will maintain commercially reasonable processes and procedures to detect and attempt to resolve rejected transactions. "**Errant Securities Data**" means Securities Data not being provided to BNYM with the content and at the time which is standard for the industry or which is required for or used in the performance of any service provided for in the Agreement.

(i) If BNYM becomes aware of a matter that involves a signature guarantee, signature validation, or any other guarantee or certification regarding a signature, document or instrument, a fraudulent signature, document or instrument, a document or instrument that is alleged to be fraudulently procured, tendered or negotiated, any other matter involving a payment instrument, a payment or funds transfer system, or a payment clearance system, and any other matter that may give rise to a claim for recovery under applicable law or regulation or the rules of an industry utility (such as the NSCC or NACHA), BNYM will take commercially reasonable measures to investigate the facts of the matter and upon the conclusion of the investigation provide to the Fund with access to all materials and information gathered during the investigation not subject to a confidentiality obligation to third parties and thereafter, as between the Fund and BNYM, any further action on behalf of the Fund or a shareholder in connection with the matter investigated shall be the sole and exclusive responsibility of the Fund. BNYM shall cooperate reasonably to provide information in its possession at the time in any ongoing investigation conducted by the Fund into such matters.

(j) BNYM shall be entitled to rely on, and engage in conduct based upon, its reasonable interpretation of "**Legal Authority**" (which is hereby defined to mean all laws and all regulations, rules, legal process and other acts and communications of an official nature of governmental, quasi-governmental bodies, regulatory and self-regulatory bodies) and the analysis and advice of legal counsel, including such reliance and conduct in circumstances when available Legal Authority is in conflict or does not provide unambiguous precedent or guidance. BNYM may rely and act in accordance with the analysis and advice of legal counsel that is reasoned notwithstanding the existence or availability of a differing legal analysis or advice or of different interpretations. For the avoidance of doubt, such conduct is included within the conduct described in clause (b) of Section 12 and the rights described in Section 12 apply in the event the Fund requests that BNYM engage in conduct other than in accordance with BNYM's reasonable interpretation of Legal Authority or reasoned legal analysis or legal advice and BNYM engages in such conduct.

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(k) In connection with any dispute or action between the parties to this Agreement , unless recovery of legal fees or expenses is expressly provided for by a particular provision: no party to this Agreement shall be liable to any other party to this Agreement for any costs or expenses of any nature related to legal counsel, legal representation or legal action, including without limitation costs and expenses associated with litigation, threatened litigation and dispute resolution, court costs and costs of arbitration, discovery, experts, settlement and investigation that arise in connection with any claim, indemnification right, action or demand made or sought under this Agreement; each party shall bear its own such costs and expenses.

(l) (1) Any Loss incurred by any party to the Agreement or its Affiliates or any other party, including a current or former Fund shareholder, as a result of fraud by a Shareholder or other person, including without limitation Loss incurred in connection with any one or more of the events or circumstances described immediately below ("**Fraud Loss**"), shall, as between BNYM and the Fund, be the responsibility and liability of the Fund, if in connection with all related purchase and/or repurchase transactions BNYM complied in all material respects with the Written Procedures applicable to such transactions ("**Applicable Procedures**"):

(i) The acceptance, processing, negotiation or crediting to an account of a payment for the purchase of Shares
(whether a check, permissible cash equivalent, ACH transfer, wire transfer or other permissible payment instrument or method) that is (A) subsequently determined or claimed to be fraudulent, unauthorized or otherwise invalid, (B) an
electronic funds transfer that is returned, reversed, reclaimed or otherwise withdrawn, or (C) an instrument that is dishonored, rejected or returned after the Fund's hold period on new purchases expires;

(ii) Multiple deposit, negotiation or other taking possession of the proceeds of a distribution, such as
(A) the remote deposit of a check through a "smart phone" or other mobile check-depositing application combined with the cashing of the same check at a check cashing agency, or (B) a shareholder reporting a distribution check
as lost, stolen or missing combined with a request for a replacement payment by electronic funds transfer followed by the cashing at a check cashing agency of the check reported lost, stolen or missing; or

(iii) The receipt in good order and the processing of instructions, whether oral, written, electronic, sent via
Internet, automated voice or by other permissible means, regarding the repurchase of shares in an account and the distribution of the proceeds of that repurchase or any other financial or maintenance transaction, including without limitation
changing the bank account of record, that are subsequently claimed to have been given by someone not authorized to issue instructions for that account (including, for avoidance of doubt, instructions given by persons misrepresenting themselves as an
account owner or other authorized person who accurately presents required security data elements or otherwise satisfies or complies with security and identity verification protocols);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the extent BNYM does not follow the Applicable Procedures in all material respects BNYM shall be liable for that portion of the Fraud Loss not otherwise excluded by this Agreement directly arising from such conduct. In the event Fraud Loss is incurred by BNYM or its Affiliates and not excludable pursuant to the immediately preceding sentence, the Fund agrees to reimburse BNYM within a reasonable period following its receipt of a request from BNYM and reasonable evidence of the Fraud Loss.

(m) This Section 11 shall survive termination of this Agreement.

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**12. <u>Indemnification</u>.** 

The Fund agrees to indemnify, defend and hold harmless BNYM and its affiliates, and to indemnify, defend and hold harmless the Custodian and its affiliates in connection with services it provides pursuant to Section 3(a)(12), and the respective directors, trustees, officers, agents and employees of each, from all Loss arising directly or indirectly from: (i) third party Claims based on conduct of the Fund or a Fund agent, contractor, subcontractor or prior or current service provider; (ii) BNYM's response to legal process from third parties compelling testimony or evidence production in connection with a Claim asserted against the Fund or its agents but not BNYM, (iii) Administrative Actions taken in connection with Legal Process Items, (iv) conduct of BNYM as agent of the Fund not involving Liable Conduct in the execution of the conduct, including without limitation conduct required or permitted by the Agreement and conduct taken pursuant to Fund Communications, Written Procedures, Legal Authority, Section 10(h) (Response Failure), or Non-Standard Forms, and (v) a Fund Error or Errant Securities Data. BNYM shall have no liability to the Fund or any person claiming through or for the Fund for any Loss caused in whole or in part by any conduct described in the preceding sentence. The Fund shall have no obligation to indemnify BNYM for any of the foregoing to the extent arising out of BNYM's Liable Conduct. BNYM shall notify the Fund as soon as reasonably practicable under the relevant circumstances of all material facts of which it becomes aware regarding events or circumstances with respect to which BNYM seeks indemnification under this Agreement. BNYM shall use commercially reasonable efforts to consult with the Fund and its legal counsel prior to settling or making any compromise in any case in which the Fund will or has been asked to provide indemnification. No failure to so notify and no late notification shall disqualify BNYM from indemnification hereunder except to the extent the Fund is materially adversely prejudiced by the failure to notify or delay in notification. This Section 12 shall survive termination of this Agreement.

**13. <u>Duration and Termination</u>.** 

(a) This Agreement shall be effective on the Effective Date and continue, unless validly terminated pursuant to this Section 13 prior thereto, until the date which is the fifth (5<sup>th</sup>) anniversary of the Service Effective Date (the "**Initial Term**").

(b) (1) This Agreement shall automatically renew on the final day of the Initial Term and the final day of each Renewal Term for an additional term which will continue until the third (3<sup>rd</sup>) anniversary of such renewal date (each such additional term being a "**Renewal Term**"), unless the Fund, on one hand, or BNYM, on the other hand, gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "**Non-Renewal Notice**"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate on the last day of the Initial Term or Renewal Term, as applicable, or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with a termination occurring pursuant to a Non-Renewal Notice or pursuant to a termination notice received under Section 13(c) or 13(d), if Deconversion Services are requested by the Fund BNYM shall make commercially reasonable efforts to perform the requested Deconversion Services as of the dates reasonably requested by the Fund, subject to BNYM's existing work and project schedules and the availability of personnel with requisite expertise, and subject to the condition precedent that all parties reasonably expected to receive confidential or proprietary information or intellectual property of BNYM in connection with the Deconversion execute a non-disclosure agreement with respect to such information and property satisfactory to BNYM. BNYM shall not be obligated to perform Trailing Services or Deconversion Services in connection with a termination occurring pursuant to Section 13(f) or a termination pursuant to Section 13(c) due to a failure to pay Fees or Reimbursable Expenses.

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(c) If a party (BNYM or any Fund) materially breaches this Agreement (a "**Defaulting Party**") the other party (on one hand, BNYM; on the other hand, the Fund) (the "**Non-Defaulting Party**") may give written notice thereof to the Defaulting Party (BNYM or the Fund) ("**Breach Notice**"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("**Breach Termination Notice**"), in which case this Agreement shall terminate on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate), or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed. In all cases, termination by the Non Defaulting Party shall not constitute a waiver by the Non Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

(d) (1) Notwithstanding any other provision of this Agreement, if for any reason prior to the expiration of, as appropriate, the Initial Term or the then-current Renewal Term, the Fund gives notice to BNYM terminating this Agreement other than pursuant to Section 13(b)(1), 13(c), or 13(f), or gives notice to BNYM terminating BNYM as the provider of any Service, or a Constructive Termination occurs (individually and collectively, an "**Early Termination**"), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the earlier to occur of the effective date of the Early Termination or the commencement date of any
significant Deconversion Services, the Fund shall pay to BNYM an amount equal to all fees and other charges and amounts that would be due under the Fee Agreement (excluding Reimbursable Expenses if not to be incurred) from such payment date through
the expiration of, as appropriate, the Initial Term or the then-current Renewal Term as if services had been performed by BNYM and accepted by the Fund during such period in accordance with the Agreement ()"**Early Termination Fee** ").
The Early Termination Fee shall be calculated using the average of the monthly fees and other charges and amounts due to BNYM under this Agreement during the last three full calendar months immediately preceding, as applicable, the date BNYM
receives the notice of Early Termination or the date the Constructive Termination occurs, multiplied by the mixed number consisting of the whole and fractional months between, as applicable, the effective date of the Early Termination or date the
Constructive Termination occurs, and the expiration date of, as applicable, the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Fund gives notice of Early Termination, or a Constructive Termination occurs, after expiration of the
notice period specified in Section 13(b)(1), all preceding references in this Section 13(d) to "expiration of, as appropriate, the Initial Term or the then-current Renewal Term" shall be deemed to mean "expiration of the
Renewal Term immediately following, as appropriate, the Initial Term or the then-current Renewal Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Company expressly acknowledges and agrees that the Early Termination Fee is not a penalty but a reasonable
payment in connection with a termination of services before the receipt of the compensation upon which the fees, costs and expenses, resource commitments and other planning matters related to the Agreement were based and for the costs related to an
early decommissioning and redeployment of resources.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In the event of an Early Termination, this Agreement will terminate on the last to occur of the date contained
in a notice of Early Termination, the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

(2) Notwithstanding any other provision of this Agreement, if all Fund Shares in a Shareholder account, or a substantial portion of Fund Shares in a Shareholder account, are redeemed or repurchased by the Fund for cash or in-kind assets by or at the direction, coordination or inducement of the investment advisor to the Fund, the Fund distributor, the Fund sponsor, or an Affiliate of any of the foregoing (each a "**Related Person**"), and the proceeds of the repurchase or repurchase are subsequently used to purchase interests, shares or units in a collective investment vehicle with investment goals or investment holdings substantially similar to the Fund serviced by another transfer agency service provider (including without limitation a Related Person or the Fund acting on its own behalf) (a "**Removed Account**"), the Fund will be deemed to have caused an Early Termination with respect to the Removed Accounts as of the day immediately preceding the first such redemption or repurchase and the Fund shall pay BNYM within 30 days of such date an Early Termination Fee calculated as if the Removed Accounts constituted a "Fund" ("**Removed Account Fee**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For clarification with respect to Section 13(d): the consolidation or merger of one Fund into another Fund shall not constitute a termination (or Constructive Termination) of this Agreement by the Fund consolidated or merged into another Fund; the liquidation of a Fund and the merger or consolidation of a Fund into a fund or other collective investment vehicle not serviced by BNYM under this Agreement or not serviced by BNYM under an agreement substantially similar in all material respects to this Agreement shall constitute a termination (or Constructive Termination) of this Agreement by the Fund so liquidated, consolidated or merged; and the transfer of a Fund to another transfer agency service provider shall constitute a termination (or Constructive Termination) of this Agreement by the Fund transferred.

(e) (1) In connection with any termination of this Agreement, the Fund shall pay to BNYM the amounts described in clauses (A) and (B) below not later than the "**Payment Date**", which is hereby defined to mean (i) the effective date of the termination of the Agreement or Service (whether such date is determined by the sending of a Non-Renewal Notice, by designation of a date in a notice of termination or due to the occurrence of a Constructive Termination), or, (ii) if either of the following, or both, should occur before such effective date of termination, the date that either of the following first occurs: (aa) the date of cessation of a substantial portion of the Services, or (bb) the date that a Deconversion is scheduled to commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Fees and Reimbursable Expenses that may be owed by the Fund pursuant to Section 9(a) for services
performed by BNYM pursuant to the Agreement through and including the Payment Date (whether already invoiced, pending invoice or estimated in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount estimated in good faith by BNYM ()"**Good Faith Estimate**") for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any services to be provided by BNYM following the Payment Date that may relate to a cessation of operations or
the winding up of the affairs of the Fund or a termination of the Agreement, including by way of example and not limitation, answering general shareholder inquiries, furnishing historical shareholder account information to authorized parties,
providing tax services with respect to transactions occurring before the termination such as the filing of final tax forms, maintaining a Service Account for checks not yet cleared, and compliance with record retention requirements
(" **Trailing Services** "), at the fees set forth in the Fee Agreement or, if applicable fees are not provided for therein, at commercially reasonable rates, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the reasonable out-of-pocket expenses expected to be incurred in performing the Trailing Services ()"**Reimbursable Trailing Expenses** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) if BNYM is requested to perform any Deconversion Services (as defined below): (I) fees and charges of BNYM for
such Deconversion Services at the rates set forth in the Fee Agreement or, if applicable fees are not provided for therein, fees at commercially reasonable rates, and (II) amounts to reimburse BNYM for any reasonable out-of-pocket expenses reasonably expected to be incurred in performing the Deconversion Services. "**Deconversion Services**" means a Deconversion and any and
all other measures taken and conduct engaged in by BNYM associated with any transfer or movement of files, records, materials or information or a conversion thereof, including but not limited to the transfer, movement or duplication of any files,
records, materials or information and any conversion of such from the formats and specifications of the BNYM System to the formats and specifications of a successor service provider or as otherwise specified by the Fund. BNYM's obligation to
perform any Deconversion Services is expressly conditioned on the prior performance by the Fund, to BNYM's reasonable satisfaction, of their obligations under Section 3(a)(12)(C)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For avoidance of doubt: to the extent BNYM performs any services pursuant to Section 3 or Schedule B of the Agreement subsequent to the Payment Date, the Fund shall pay for such services upon being invoiced for such services in accordance with the terms of the invoice. In addition, to the extent Services are performed during a period for which an Early Termination Fee has been paid, the amount of Early Termination Fee paid for that period shall be applied as credit against the fees and other charges and amounts owed by the Fund for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Within 120 days following the Deconversion (or final Deconversion if more than one):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNYM shall determine any (i) amounts payable by the Fund for services provided pursuant to Section 3
or Schedule B of the Agreement that have not been paid, (ii) amounts payable by the Fund for Trailing Services, for reimbursement of reasonable out-of-pocket expenses incurred in performing the Trailing Services, for Deconversion Services and for reimbursement of reasonable out-of-pocket expenses incurred in performing the
Deconversion Services that have not been paid by the Fund, whether or not included in whole or in part in the Good Faith Estimate, and (iii) amounts paid by the Fund pursuant to Sections 13(e)(1)(B) and 13(e)(2) in excess of amounts actually
owed by the Fund to BNYM for the services indicated therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNYM shall net the amounts determined in accordance with clause (A) above and notify the Fund whether BNYM
owes money to the Fund or the Fund owes money to BNYM and the amount owed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Within thirty (30) days following the invoice provided Section 13(e)(3)(B), BNYM will pay the Fund any amount it owes the Fund and the Fund shall pay BNYM any amount it owes BNYM.

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(f) Subject to applicable law:

A party hereunder is an "**Insolvent Party"** if it: (i) commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or if there is commenced against it any such case or proceeding; (ii) commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for itself or for any substantial part of its property or if there is commenced against it any such case or proceeding; (iii) makes a general assignment for the benefit of creditors; or (iv) states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come due. Notwithstanding any other provision of this Agreement, upon the happening of any event or circumstance making a party an Insolvent Party (an "**Insolvency Event**"), the other party hereunder (the "**Solvent Party"**) may in its sole discretion terminate this Agreement immediately (and, for clarification, in the event of a termination hereunder effected by BNYM, immediately cease providing all services) by sending notice of termination to the Insolvent Party. The Solvent Party may exercise its termination right under this Section 13(f) at any time following the occurrence of the Insolvency Event notwithstanding that the Insolvency Event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by the Solvent Party of its termination right under this Section 13(f) shall be without any prejudice to any other remedies or rights available to the Solvent Party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding clause (iii) of Section 15, notice of termination under this Section 13(f) shall be considered effective when sent.

(g) References in this Agreement to a termination of the Agreement on or as of a particular day or date, unless specifically stated to be otherwise, means that termination occurs at 11:59 PM on the particular day or date.

(h) Any termination of this Agreement or Services must occur in accordance with the provisions of this Section 13.

**14. <u>Policies and Procedures</u>.**

(a) BNYM shall perform the services provided for in this Agreement in accordance with the written policies, processes, procedures, manuals, documentation and other operational guidelines of BNYM governing the performance of the services in effect at the time the services are performed ("**Standard Procedures**"). BNYM may embody in its Standard Procedures, including Standard Procedures for determining whether an instruction it receives is "in good order" ("**IGO**") or is "not in good order" ("**NIGO**"), and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with generally accepted industry practices, principles or standards ("**Industry Standard**"). Likewise, when in connection with a providing a service, including IGO and NIGO determinations, BNYM is required to engage in conduct for which it does not have a Standard Procedure or Standard Procedures only partially address the facts and circumstances of a particular issue, BNYM may engage in and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with Industry Standards. In making the decisions described in the foregoing sentences BNYM may rely on such information, data, research, analysis and advice, including legal analysis and advice, as it reasonably determines appropriate under the circumstances. For clarification: the published guidelines of the Securities Transfer Association shall constitute an Industry Standard on the subject matter addressed therein. BNYM may revise the Standard Procedures in accordance with the provisions of this Section 14(a).

(b) (1) Notwithstanding any other provision of this Agreement, in the event facts, circumstances or conditions exist or events occur which would require a service to be provided hereunder other than in accordance with BNYM's Standard Procedures, or if BNYM is requested by the Fund, or a third party authorized to act for the Fund, to deviate from a Standard Procedure in connection with the performance of a service hereunder or institute a service or procedure with respect to which there is no Standard Procedure (collectively, a "**Non-Standard Procedure**"), then BNYM will engage in a Reasoned Consideration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Non-Standard Procedure that BNYM agrees to implement in a written instrument executed by the Fund and BNYM is referred to herein as an "**Exception Procedure**" and BNYM shall obligated to perform a Non-Standard Procedure only to the extent expressly provided for in an Exception Procedure. For the avoidance of doubt, conduct engaged in pursuant to an Exception Procedure is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice BNYM may terminate an Exception Procedure for a Bona Fide Reason.

(c) In the event that Fund requests documentation, analysis or verification in whatsoever form regarding the commercial reasonableness or industry acceptance of conduct provided for in a Standard Procedure, BNYM will cooperate to furnish such materials as it may have in its possession at the time of the request without cost to the Fund, but the Fund agrees to reimburse BNYM for all reasonable out of pocket costs and expenses incurred, including the costs of legal or expert advice or analysis, in obtaining additional materials in connection with the request. Prior to engaging any third party legal or expert advice pursuant to the previous sentence, BNYM will advise the Fund it is doing so and the Fund shall have the option of rescinding its request.

(d) If in the course of acting in accordance with an Exception Procedure, BNYM encounters questions, issues or uncertainty of a legal or other nature as to the appropriate course of conduct under the Non-Standard Procedure, the Fund agrees that any expenses incurred by BNYM in consulting with third parties, such as, without limitation, attorneys, auditors or accountants, to resolve the questions, issues or uncertainty shall be the responsibility of the Fund to be paid upon being invoiced by BNYM. Prior to engaging any such third party BNYM shall advise the Fund it is doing so and the Fund shall have the option of obtaining such consulting services on its own from consultants reasonably satisfactory to BNYM and providing the results to BNYM. For the avoidance of doubt, conduct engaged in pursuant to this Section 14(d) is included within the conduct described in clause (b) of Section 12.

**15. <u>Notices</u>.** Notices permitted or required by this Agreement shall be in writing and:

(i) addressed as follows, unless a notice provided in accordance with this Section 15 shall specify a different address or individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to BNYM, to BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809,
Attention: President; with a copy to BNY Mellon Investment Servicing (US) Inc., 301 Bellevue Parkway, Wilmington, Delaware 19809, Attention: Legal Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Fund, at , Attention: ;

(ii) delivered: by hand (personal delivery by an Authorized Person to addressee); private messenger, with signature
of recipient; U.S. Postal Service (with return receipt or other delivery verification provided); overnight national courier service, with signature of recipient,; and

(iii) deemed given on the day received by the receiving party.

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**16. <u>Amendments</u>.** 

This Agreement, or any term thereof, including without limitation the Schedules hereto, may not be amended, changed, modified, supplemented, rescinded, terminated, cancelled, or discharged orally or in any other manner except by an agreement signed by the Parties set out in writing, excluding emails, specifically referencing that it is, as applicable, an amendment, change, modification, or supplement to or rescission, termination, cancellation, or discharge of this Agreement.

**17. <u>Assignment; Subcontracting</u>.** Except as expressly provided in this Section 17, no party may assign, transfer or delegate this Agreement, or assign or transfer any right hereunder or assign, transfer or delegate any obligation hereunder, without the written consent of the other party and any purported assignment, transfer or delegation in violation of this Section 17 by a party shall be voidable at the option of the other party. For clarification: "assign," "transfer" and "delegate" as used in the foregoing sentence are intended to mean conveyances, whether voluntary or involuntary, whether by contract, a sale of a majority or more of the assets, equity interests or voting control of a party, merger, consolidation, dissolution, insolvency proceedings, court order, operation of law or otherwise, which fully and irrevocably vest in the assignee, transferee or delegatee, as applicable, some or all rights and/or obligations under the Agreement and fully and irrevocably divest the assignor, transferor or delegator, as applicable, of some or all rights and/or obligations under the Agreement. Notwithstanding the foregoing, and without the prior written consent of any party: To the extent appropriate under rules and regulations of the NSCC, BNYM may satisfy its obligations with respect to services involving the NSCC through an Affiliate that is a member of the NSCC by delegation or subcontracting; BNYM may assign, transfer and delegate this Agreement to an Affiliate and assign, transfer and delegate this Agreement in connection with a sale or transfer of a majority or more of its assets, equity interests or voting control, provided that BNYM gives the Investment Company sixty (60) days' prior written notice of such assignment, transfer or delegation, such assignment, transfer or delegation does not impair the Investment Company's receipt of services under this Agreement in any material respect, and the assignee, transferee or delegatee agrees to be bound by all terms of this Agreement in place of BNYM; and BNYM may subcontract with, hire, engage or otherwise outsource to any third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNYM under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNYM of any of its liabilities hereunder.

**18. <u>Signatures; Counterparts</u>.** This Agreement may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Agreement physically delivered, on a copy of the Agreement transmitted by facsimile transmission or on a copy of the Agreement transmitted as an imaged document attached to an email, or by "**Electronic Signature**", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Agreement by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Agreement or of executed signature pages to counterparts of this Agreement, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Agreement and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Agreement.

**19. <u>Miscellaneous</u>.** 

(a) <u>Entire Agreement</u>. This Agreement, and the related Fee Agreement, embody the final, complete, exclusive and fully integrated record of the agreement of the parties on the subject matter herein and therein and supersedes all prior agreements, understandings, proposals, responses to requests for proposal, memoranda of understanding or memoranda of any other nature, terms sheets, letters of intent and communications of any other nature relating to such subject matter.

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(b) <u>Non-Solicitation</u>. During the effectiveness of this Agreement and for one year thereafter, the Fund shall not, directly or indirectly, knowingly solicit or recruit for employment or hire, or make a recommendation, or referral or otherwise knowingly assist or facilitate the solicitation or recruitment of any BNYM employee, for employment by any other entity. To "knowingly" solicit, recruit, hire, assist or facilitate, within the meaning of this provision, does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNYM employee by another entity if the BNYM employee was identified solely as a result of the BNYM employee's response to a general advertisement in a publication of trade or industry interest or other similar general solicitation.

(c) <u>Changes That Materially Affect Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund agrees to provide BNYM with at least 30 days advance written notice of any new or modified Company Standard (as defined below) that could reasonably require revised or new Conduct, including without limitation revisions or additions to, or new, Shareholder Materials; <u>provided</u>, <u>however</u>, in the event 30 days' advance notice is not reasonably practicable under particular circumstances, the Fund shall provide as much advance notice as is reasonably practicable under those circumstances ("**Available Notice**"), but acknowledges and agrees that less than 30 days' notice may adversely impact BNYM's ability to perform an obligation hereunder or to respond to the Company Standard Change in a manner contemplated by Section 19(c)(2) and that BNYM shall have no liability and shall not be in breach of this Agreement or any performance standard if due in whole or in part to the Available Notice it is unable to perform an obligation in accordance with this Agreement. "**Company Standards**" means, collectively, as of a point in time that Company Standards is being determined, each feature, policy, procedure, service, operation, parameter or other aspect of whatsoever nature of the Fund that impacts or influences in any manner BNYM's provision of the Services or performance of an obligation, including without limitation all contents of the Fund's Shareholder Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision of the Agreement, including without limitation the description of services in Section 3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To the extent that any obligation, Service or course of conduct of BNYM provided for hereunder is configured or performed as it is at a particular time in whole or in part due to Company Standards, standards imposed by clearing corporations or other industry-wide service bureaus or organizations, or laws, rules, regulations, orders or legal process in effect at such time ("**Service Requirements**") and BNYM's performance of that obligation, Service or course of conduct in compliance with any new or modified Service Requirement requires that BNYM develop, implement or provide a new or modified service, process, procedure, resource, functionality or conduct ("**New Service**"), or a new or modified Service Requirement requires that BNYM develop, implement or provide a New Service to remain in compliance with the Agreement, or the Fund requests that BNYM develop, implement or provide a New Service, BNYM shall be obligated to develop, implement or provide the New Service only in accordance with a written amendment to this Agreement entered into in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If in order to perform an obligation under this Agreement BNYM develops, implements or provides a New Service that it may not be obligated to develop, implement or provide pursuant to subsection (A) above but that it develops, implements and provides for clients generally due to a new or revised Service Requirement, BNYM it shall entitled to commercially reasonable fees and reimbursement of reasonable expenses for such development, implementation and performance if it elects to invoice Company for such, or to such other fees, charges or expense reimbursement as may be mutually agreed by the parties.

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(d) <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

(e) <u>Requested Information and Documentation</u>. The Fund will provide in a timely manner such information and documentation as BNYM may reasonably request in connection with providing services under this Agreement and BNYM will not be liable for any Loss incurred by the Fund due to a failure or delay in providing such information or documentation.

(f) <u>Governing Law</u>. This Agreement shall be deemed to be a contract made in Delaware and governed by Delaware law, without regard to its principles of conflicts of law that would apply the law of another jurisdiction. This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act ("**UCITA**"), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein. The parties hereby waive any right they may have to trial by jury in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement.

(g) <u>Severability</u>. The parties intend every provision of this Agreement to be severable. If a court of competent jurisdiction determines that any term or provision is illegal or invalid for any reason, the illegality or invalidity shall not affect the validity of the remainder of this Agreement. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. Without limiting the generality of this paragraph, if a court determines that any remedy stated in this Agreement has failed of its essential purpose, then all other provisions of this Agreement, including the limitations on liability and exclusion of damages, shall remain fully effective.

(h) <u>Parties in Interest</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Except with respect to those certain provisions providing for rights of the Custodian or obligations of the Fund with respect to the Custodian, and those certain provisions benefitting Affiliates of the parties, this Agreement is not for the benefit of any other person or entity and there shall be no third party beneficiaries hereof. Unless expressly provided to the contrary herein: the parties to the Agreement alone shall have the right to enforce its provisions and any action to enforce the Agreement by a person not a party shall be void.

(i) <u>No Representations or Warranties</u>. Except as expressly provided in this Agreement, BNYM hereby disclaims all representations and warranties, express or implied, made to the Fund or any other person, including, without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (irrespective of any course of dealing, custom or usage of trade), of any services or any goods provided incidental to services provided under this Agreement. BNYM disclaims any warranty of title or non-infringement.

(j) <u>Customer Identification Program Notice</u>. To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Certain of BNYM's Affiliates are financial institutions, and BNYM may, as a matter of policy, request (or may have already requested) the name, address and taxpayer identification number or other government-issued identification number of the Fund or others, and, if such other is a natural person, that person's date of birth. BNYM may also ask (and may have already asked) for additional identifying information, and BNYM may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

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(k) [Reserved.]

(l) [Reserved.]

(m) <u>Requests to Transfer Information to Third Parties</u>. In the event that the Fund, other than pursuant to a Standard Procedure, whether by Written Instructions, Fund Communications or otherwise, requests or instructs BNYM to send, deliver, mail, transmit or otherwise transfer to a third party which is not a subcontractor of BNYM and which is not the DTCC, NSCC or other SEC-registered clearing corporation, or to make available to such a third party for retrieval from within the BNYM System, any information in the BNYM System: BNYM may decline to provide the information requested on the terms contained in the request due to legal or regulatory concerns, transmission specifications not supported by BNYM, or other good faith or bona fide business reasons, but will in good faith discuss the request and attempt to accommodate the Fund with respect to the request, and BNYM will not be obligated to act on any such request unless it agrees in writing to the terms of the information transfer. In the event BNYM so agrees in writing to transfer information or make it available within the BNYM System: the Fund shall pay a reasonable fee for such activities upon being invoiced for same by BNYM; BNYM shall have no liability or duty with respect to such information after it releases the information or makes it available within the BNYM System, as the case may be, provided BNYM does not commit Liable Conduct when executing the express instructions of the written information transfer request; BNYM shall be entitled to the indemnification provided for at Section 12 pursuant to clause (b) in connection with the activities contemplated by any such written information transfer request, including for the avoidance of doubt third party claims; and BNYM may conclusively presume without a duty of independent verification that the Fund has received all applicable third party authorizations.

(n) <u>Service Indemnifications; Survival</u>. Any indemnification provided to BNYM by the Fund in connection with any service provided under the Agreement, including by way of illustration and not limitation, indemnifications provided in connection with an Accepted Non-Standard Instruction and indemnifications contained in any agreements regarding an Exception Procedure ("**Service Indemnifications**"), shall survive any termination of this Agreement with respect to actions prior to the date of termination, and in addition shall apply to the provision of Trailing Services by BNYM following a termination. In addition, Sections 4, 5, 7, 10(d), (e), (g) - (i), 11, 12, 13(e), 19(e), (i), (m), (n) and (s) and provisions necessary to the interpretation of such Sections and any Service Indemnifications and the enforcement of rights conferred by any of the foregoing shall survive any termination of this Agreement. In the event the Board of the Fund authorizes a liquidation of the Fund or termination of the Agreement, BNYM may require as a condition of any services provided in connection with such liquidation or termination that the Fund make provisions reasonably satisfactory to BNYM for the satisfaction of contingent liabilities outstanding at the time of the liquidation or termination.

(o) <u>Compliance with Law</u>. Each of BNYM and the Fund agrees to comply in all material respects with the respective laws, rules, regulations and legal process applicable to the operation of its business. For clarification: With respect to BNYM, the foregoing requires compliance with laws, rules, regulations and legal process applicable to BNYM directly, not derivatively by virtue of providing services to the Fund. The Fund agrees that BNYM is not obligated to assist the Fund with, or bring the Fund into, compliance with laws, rules, regulations and legal process applicable to the Fund, except where BNYM has expressly agreed to assume such an obligation hereunder and then it is obligated only to perform strictly in accordance with the express terms of the assumed obligation.

(q) <u>Enterprise Nature of Services</u>. Notwithstanding any other provision of this Agreement, in furnishing the services provided for in this Agreement or any component or segment of such services BNYM may utilize any combination of its own employees, facilities, equipment, systems and other resources and the employees, facilities, equipment, systems and other resources of its Affiliates, including

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employees, facilities, equipment, systems and other resources shared by BNYM and its Affiliates, and BNYM may satisfy its obligations under this Agreement directly or through Affiliates. References to employees, facilities, equipment, systems or other resources of BNYM in this Agreement shall mean employees, facilities, equipment, systems or other resources of BNYM and its Affiliates considered collectively. Notwithstanding the foregoing, nothing in this Section 19(q) shall have the effect of transferring any obligation of BNYM to any other entity, including Affiliates.

(r) <u>Centralized Functions</u>. The Bank of New York Mellon Corporation is a global financial organization that includes BNYM and provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "**BNY Mellon Group**"). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, regulatory reporting, sales, administration, operations, technology services, product, client and client-customer communications, relationship management, storage and record retention, compilation and analysis of customer-related data, and other functions (the "**Centralized Functions**") in one or more Affiliates and subsidiaries of the BNY Mellon Group, joint ventures and third-party service providers (the "**Centralized Providers**"). Notwithstanding any other provision of the Agreement and subject to the confidentiality obligations herein, the Fund consents to the foregoing centralization of functions, the receipt of services hereunder through the Centralized Functions, BNYM's disclosure of Fund information, including Fund Confidential Information, to the Centralized Providers, BNYM's use of such information in connection with the Centralized Functions, and BNYM's storage of names and business addresses of Fund employees and employees of its Affiliates and sponsors with the Centralized Providers. In addition, the Fund consents to BNYM's use of Fund Confidential Information to analyze and improve product and service performance and for internal research and development activities, and to the BNY Mellon Group's aggregation of Fund Confidential Information on an fully anonymized basis with other similar client data for product and service development and distribution, for general marketing purposes and for producing market or similar analyses for its clients, provided that in any such case Fund Confidential Information cannot be identified or derived from any such aggregated and anonymized data. The BNY Mellon Group shall possess all ownership rights with respect to such aggregated anonymized data.

(s) <u>No Interpretation Against A Party</u>. All parties to the Agreement have had access to and use of legal counsel to the extent each has deemed sufficient and hereby irrevocably and unconditionally waive any claim or defense that this Agreement, or any provision of this Agreement, should be interpreted or construed against a party solely on the basis that the particular party drafted or was responsible for the drafting of the Agreement or a particular provision.

(t) [Reserved.]

(v) <u>BNYM Representations and Warranties</u>. BNYM represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNYM is in material compliance with laws and regulations applicable to BNYM in its capacity as service provider herein; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This Agreement has been duly authorized, executed and delivered by BNYM in accordance with all requisite corporate action and constitutes a valid and legally binding obligation of BNYM, enforceable in accordance with its terms.

***[Remainder Of Page Intentionally Blank - Signatures Appear On Following Page]***

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IN WITNESS WHEREOF, each of the parties hereto has caused this Transfer Agency And Shareholder Services Agreement to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Agreement by Electronic Signature, affirms authorization to execute this Agreement by Electronic Signature and that the Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

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| | |
|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **Man Alternative Income Fund** |
| By: | By: |

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 <br> Name:     Name:    

 <br> Title:     Title:    

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**<u>SCHEDULE A</u>**

**<u>Definitions</u>**

As used in this Agreement:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Affiliate</u>" means, with respect to BNYM, an entity controlled by, controlling or under common control with BNYM, and with respect to the Fund, all investment advisors and investment subadvisors to the Fund and an entity controlled by, controlling or under common control with an investment advisor or investment subadvisor to the Fund.

"<u>Authorized Person</u>" means (i) with respect to the Fund, each individual identified to BNYM as an Authorized Person on the properly completed version of Schedule D most recently provided to BNYM, and (ii) with respect to BNYM, employees designated in writing as authorized to receive facsimile transmissions or emails, or both, as Written Instructions (as provided in the definition of Written Instructions). Any limitation on the authority of an Authorized Person of the Fund to give Instructions must be expressly set forth in Schedule D next to the individual's name.

"<u>BNY Mellon Bank</u>" means The Bank of New York Mellon, a New York chartered commercial bank and affiliate of BNYM, and its lawful successors and assigns.

"<u>BNYM Trust</u>" means BNY Mellon Investment Servicing Trust Company, an affiliate of BNYM, and its lawful successors and assigns.

"<u>Board</u>" means the Fund's Board of Directors or Board of Trustees, as applicable.

"<u>Bona Fide Reason</u>" means a bona fide legal, commercial or business reason including by way of example and not limitation the following:

(i) the course of conduct is not consistent or compliant with, is in conflict with, or requires a deviation from an
Industry Standard or a Written Procedure;

(ii) the course of conduct is not reasonably necessary or appropriate to or consistent with the services
contemplated by this Agreement or constitutes a change to a service;

(iii) the course of conduct is in conflict or inconsistent with or violates a law, rule, regulation, or order or
legal process of any nature;

(iv) the course of conduct is in conflict or inconsistent with or will violate a provision of this Agreement or
constitutes a unilateral amendment of the Agreement;

(v) the course of conduct imposes on BNYM a risk, cost, liability or obligation not contemplated by this Agreement
with potentially adverse consequences to BNYM incurred from sources external to BNYM, including without limitation, for illustration and not limitation: sanction, criticism, fines, penalties, examination comments or special examination of a
governmental, regulatory or self-regulatory authority; civil, criminal or regulatory action; a loss or downgrading of membership, participation or access rights or privileges in or to organizations providing common services to the financial services
industry; or significant reputational harm.

------

(vi) the course of conduct imposes on BNYM a risk, cost, liability or obligation not contemplated by this Agreement
related to internal matters, such as, without limitation: imposes costs and expenses on BNYM that are not adequately recovered by payments the Fund indicates it is willing to pay and BNYM reasonably anticipates disputes over invoices; contemplates
higher or additional performance standards; adds gain/loss, operational, strategic, compliance or credit risk; requires performance of a course of conduct customarily performed pursuant to a separate service or fee agreement; requires more than an
incidental increase in the resources required to provide services to the Fund; or is reasonably likely to result in a diversion of resources or disruption in established work flows, course of operations or functioning of controls;

(vii) the course of conduct requires technology, personnel with technological expertise, a technology service or
product or another resource that is not available on a commercially reasonable basis or constitutes a service or function that is not closely related to services commonly performed by organizations acting as transfer agents, registrars, dividend
disbursing agents and shareholder servicing agents to SEC-registered open-end investment companies; or

(viii) BNYM lacks sufficient information, analysis or legal advice to determine that the conditions in clauses
(iii) or (v) do not exist and the Fund and BNYM fail to reach agreement on a reasonable method of paying any expense of obtaining such information.

"<u>Claim</u>" means any claim, demand, suit, action, obligation, liability, suit, controversy, breach, proceeding or allegation of any nature, claim for indemnification, including any threat of any of the foregoing (including but not limited to those arising out of or related to this Agreement) and regardless of the form of action or legal theory or forum.

"<u>Code</u>" means: (i) when reference is made to a specific Section of the "Code", the Internal Revenue Code as amended through the date of reference, otherwise (ii) the Internal Revenue Code as amended through the relevant date, the regulations promulgated by the IRS under the Internal Revenue Code, as amended through the relevant date, and the revenue rulings, revenue procedures, technical advice memorandums, notices and announcements published by the IRS with respect to the Internal Revenue Code, as amended through the relevant date.

"<u>Conduct</u>" or "<u>Course of Conduct</u>" (both capitalized and uncapitalized) means a single act, two or more acts, a single instance of an action not being taken or of forbearance given, two or more instances of an action not being taken or of forbearance given, or any combination of the foregoing.

"<u>Constructive Termination</u>" means events or circumstances that make it impractical or impossible for BNYM to perform some substantial portion or all of the services as contemplated by the Agreement on the Effective Date, including without limitation, for clarification, liquidations whether or not pursuant to plans of liquidation or reorganization.

"<u>Control</u>" and "<u>control</u>" means direct or beneficial ownership of 50% or more of the equity interests of an entity and possession of the power to elect 50% or more of the entity's directors, trustees or similar persons performing policy-making functions.

"<u>Deconversion</u>" means the completion of the transfer of Fund data, information and records from the production database and production environment of the Fund in the BNYM System to the production database and production environment of the Fund in the computer system of a successor transfer agency services provider with the intention that on the next occurring business day such successor service provider will perform transfer agency services for the Fund utilizing such transferred data, information and records.

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"<u>Dedicated Personnel</u>" means individuals employed by or under contract with BNYM whose primary duty is providing services to or on behalf of the Fund.

"<u>DTCC</u>" means the Depository Trust Clearing Corporation, and its successors and assigns.

"<u>External Research</u>" means consultation with and the written opinions, analysis, research or other work product of third party technical specialists, legal counsel or other advisors, consultants or professionals.

"<u>FinCEN</u>" means the Financial Crimes Enforcement Network of the U.S. Department of the Treasury.

"<u>Fund Communication</u>" means any Instruction, direction, inquiry, notice, instrument, data, file or other information or communication of whatsoever nature BNYM receives, or reasonably believes it received, from the Fund through in-person interaction or a communications media of any nature, including without limitation communications media currently existing, such as telephone, facsimile transmission, telegraph, telegram, US Postal Service, personal delivery, private courier, commercial courier, electronic mail (email), private messaging systems, virtual private networks, or messaging systems constituting part of an industry utility (such as the NSCC) service, and communications media that may be developed in the future.

"<u>Fund Error</u>" means the Fund or a third party acting on behalf of the Fund or conveying Fund data or information committing an error, furnishing inaccurate, incorrect or incomplete data or information to BNYM or the Custodian or by other act or omission requiring Remediation Services.

"<u>Fund Shares</u>" (see "Shares")

"<u>Illegible Communication</u>" means a Fund Communication that BNYM in good faith determines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is vague, ambiguous or incomplete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) contains one or more errors that are not reconcilable or rectifiable on the face of the communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) was received too late to be acted upon in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is incapable of being implemented due to a failure to meet applicable specifications or system requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is in conflict with a previous or contemporaneous Fund Communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is incapable of being executed pursuant to the applicable Written Procedure or performance standard due to
directions that are incompatible with the Written Procedure or performance standard or other communication defect.

"<u>in good order</u>" means in accordance with all applicable requirements set forth in the Written Procedures, including receipt of any required supporting documentation.

"<u>Instructions</u>" means Oral Instructions and Written Instructions considered collectively or individually.

"<u>Intellectual Property Rights</u>" means copyright, patent, trade secret, trademark and any other proprietary or intellectual property rights.

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"<u>Internal Research</u>" means consultation with and the written opinions, analysis, research or other work product of (i) individuals employed by or under contract with BNYM who are not Dedicated Personnel, and (ii) individuals who are Dedicated Personnel but the consultation or opinions, analysis, research or other work product is not incidental to the services performed by such individual for the Fund.

"<u>IRS</u>" means the Internal Revenue Service of the U.S. Department of the Treasury.

"<u>Loss</u>" and "<u>Losses</u>" means any one, or any series of related, losses, costs, damages, expenses, awards, judgments, assessments, fines, penalties, payments or payment obligations, reimbursements, adverse monetary consequences or monetary liabilities or obligations of any nature, including without limitation any of the foregoing arising out of any Claim or out of any obligation of one party to the other under this Agreement, including any obligation to indemnify and defend, and all costs of litigation or threatened litigation such as but not limited to court costs, costs of counsel, discovery, experts, settlement and investigation.

"<u>Loss Date</u>" means the date of occurrence of the event or circumstance causing a particular Loss, or the date of occurrence of the first event or circumstance in a series of events or circumstances causing a particular Loss.

"<u>NACHA</u>" means the National Automated Clearing House Association.

"<u>NSCC</u>" means the National Securities Clearing Corporation, and its successors and assigns.

"<u>Oral Instruction</u>" means an instruction (i) given to BNYM by voice in person, or in a person-to-person conversation over a telephone connection, by an Authorized Person of the Fund (or by a person reasonably believed by BNYM to be an Authorized Person of the Fund). BNYM may, in its sole discretion in each separate instance, consider and rely upon an instruction it receives from an Authorized Person via electronic mail as an Oral Instruction (other than when electronic mail is used in the manner described in the definition of Written Instruction for delivery of a Written Instruction, in which case the definition of Written Instruction will control).

"<u>Portfolio</u>" means each separate subdivision of the Investment Company, whether characterized or structured as a portfolio, tier, series or otherwise, but excludes classes unless for purposes of Sections 18(f)(1) and 18(f)(2) of the 1940 Act and Rules 18f-2 and 18f-3 promulgated by the SEC under the 1940 Act the class must be provided with rights and liabilities separate and distinct from all other subdivisions of the Investment Company.

"<u>Prospectus</u>" means the prospectus of the Fund (i) on the Effective Date, and (ii) after the Effective Date with such changes to the offering memorandum on the Effective Date made in compliance with Section 19(c), including for clarification Section 19(c)(2).

"<u>Reasoned Consideration</u>" means the following:

(i) BNYM will in good faith consider implementing a Non-Standard Instruction or Non-Standard Procedure, as applicable, if the Fund requests such in writing (including via e-mail) to its Customer Service Officer and provides all
written materials, including descriptions, specifications, business requirements and responses to questions of BNYM, that in the sole judgment of BNYM exercised reasonably are appropriate to fully evaluate the request.

(ii) BNYM will attempt to evaluate the request with existing resources on the basis of the written materials but if
at any time it determines in its sole judgment exercised reasonably that Research is required to fully evaluate the request or the development, implementation or performance of the Non-Standard Instruction or Non-Standard Procedure, as applicable, BNYM will notify the Fund of the Research required by BNYM and resume the evaluation only if the Fund obtains and provides all Research required by BNYM or if the Fund
authorizes BNYM in a writing reasonably satisfactory to BNYM to obtain the required Research at the Fund's cost and expense.

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(iii) BNYM may at any time after such a request is made, and before or after the written materials and, if
applicable, the Research are partially or fully furnished, decline without liability or further obligation to implement a Non-Standard Instruction or Non-Standard Procedure, as applicable, (i) for a Bona Fide Reason, (ii) if it determines in its sole judgment exercised reasonably based on the course of discussions that it and the Fund will be unable to agree in writing to mutually satisfactory terms
and conditions governing the Non-Standard Instruction or Non-Standard Procedure, as applicable, including without limitation appropriate procedures, indemnification and
payment terms, or (iii) solely with respect to a Non-Standard Instruction, insufficient time remains at that point in time to fully evaluate and implement the requested alternative to the applicable
Standard Instruction.

"<u>Remediation Services</u>" means the additional services required to be provided hereunder by BNYM or the Custodian in connection with a Fund Error in order to correct, remediate, adjust, reprocess, repeat, reverse or otherwise modify conduct previously taken in accordance with the Agreement to achieve the outcome originally intended by the previous conduct.

"<u>Research</u>" means either or both of External Research and Internal Research.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Services</u>" means the services described in Section 3 and Schedule B of the Agreement.

"<u>Service Effective Date</u>" means the date following the completion of all implementation services, in the case of a Fund that is a new start-up Fund, or the date following the completion of all conversion services, in the case of Fund that BNYM will be providing services to as a successor service provider, that the first live transaction is processed by the BNYM System for a public customer of the particular Fund on a production basis.

"<u>Shareholder Materials</u>" means the Fund's Prospectus and statement of additional information or disclosure materials of similar function, such as a private offering memorandum, and any other materials relating to the Fund provided to Fund shareholders by the Fund.

"<u>Shares</u>" or "<u>Fund Shares</u>" means the shares or other units of beneficial interest of the Fund.

"<u>Written Instruction</u>" means:

(1) an instruction in the English language typed on paper or typed in electronic form in a format intended to represent virtually one or more paper pages:

(A) that is a Standard Instruction, or if not a Standard Instruction, an Accepted Non-Standard Instruction;

(B) that if typed on paper is signed manually by an Authorized Person of the Fund (or a person reasonably believed
by BNYM to be an Authorized Person of the Fund), or if typed in electronic form is signed electronically using an electronic signing service, such as DocuSign, that has been approved in advance by BNYM;

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(C) that is addressed to and received by BNYM;

(D) that is delivered (i) by hand (personally by the signing Authorized Person or by a third party providing
confirmation of receipt), (ii) by private messenger, U.S. Postal Service or overnight national courier which provides confirmation of receipt with respect to the particular delivery signed by the receiving party, (iii) as an attachment to an
email sent to the authorized <u>@bnymellon.com</u> email address of an Authorized Person of BNYM or to the Customer Service Officer of BNYM assigned to the Fund and which is acknowledged by such individual, or (iv) by the delivery system of an
electronic signature service utilized by the Fund for purposes of the signature pursuant to clause (B) above, if an electronic signature service was used: and

(E) that is signed by BNYM on the instrument containing the written instructions, as evidenced either by a manual
signature or by an electronic signature using the same electronic signing service as the Fund in clause (ii) if such was used, if such signature is required as part of a Standard Form; or

(2) trade instructions transmitted to and received by BNYM by means of an electronic transaction reporting system which requires use of a password or other authorized identifier in order to gain access.

"<u>Written Procedures</u>" means, collectively, Standard Procedures and Exception Procedures.

<u>INDEX OF DEFINED TERMS</u> 

<u>(includes defined terms through Schedule A; excludes terms defined in Schedule B solely for Schedule B)</u> 

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| | |
|:---|:---|
| Term | Location |
| 1933 Act | Schedule A |
| 1934 Act | Schedule A |
| 1940 Act | Schedule A |
| 19(a) Statement | § 3(a)(4) |
| 314(a) Procedures | § 3(b)(4) |
| Accepted Non-Standard Instruction | § 10(c)(iv) |
| Account | § 3(c)(1)(i)(G) |
| Additional Fund | § 19(l) |
| Administrative Action | § 3(a)(14)(A) |
| Affiliate | Schedule A |
| Affiliated Third Party Institutions | § 9(b) |
| Agreement | Preamble |
| AML | § 3(b)(l)(A) |
| AML Services | § 3(b) |
| Applicable Procedures | § 11(l)(1) |
| Appropriate List Matching Data | § 3(b)(5)(C) |
| Authorized Person | Schedule A |
| Available Notice | § 19(c)(1) |
| Back-Up Facilities | § 8 |
| BNYM | Preamble |
| BNYM Account Documentation | § 3(a)(12)(C)(iii)(bb) |
| BNY Mellon Bank | Schedule A |
| BNY Mellon Group | § 19(r) |
| BNYM System | § 3(d) |
| BNYM Trust | Schedule A |

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| | |
|:---|:---|
| Board | Schedule A |
| Bona Fide Reason | Schedule A |
| Breach Notice | § 13(c) |
| Breach Termination Notice | § 13(c) |
| Centralized Functions | § 19(r) |
| Check Matter | § 11(i) |
| CIP Regulations | § 3(b)(3)(A) |
| Claim | Schedule A |
| Code | Schedule A |
| Company Standards | § 19(c)(1) |
| Comparison Results | § 3(b)(4) |
| Compliance Failures | § 3(a)(15)(B) |
| conduct | Schedule A |
| Confidential Information | § 4(b) |
| Constructive Termination | Schedule A |
| Control | Schedule A |
| Controls | § 3(c)(1)(i) |
| Conversion Plan | § 3(f)(i) |
| course of conduct | Schedule A |
| Covered Account | § 3(c)(1)(i)(F) |
| Covered Person | § 3(c)(1)(i)(D) |
| Current Service Provider | § 3(e) |
| Custodian | § 3(a)(12)(C) |
| Custodied Account | § 3(a)(12)(A)(iii) |
| Customer | § 3(b)(3)(A)(i) |
| Data Elements | § 3(b)(3)(A)(i) |
| Deconversion | Schedule A |
| Deconversion Services | § 13(e)(1)(B)(III) |
| Dedicated Personnel | Schedule A |
| Defaulting Party | § 13(c) |
| Direct Account | § 3(c)(1)(i)(E) |
| Director | § 3(b)(5)(A)(iii) |
| Dissolution Event | § 9(g) |
| DTCC | Schedule A |
| Early Termination | § 13(d)(1) |
| Early Termination Fee | § 13(d)(1)(i) |
| Effective Date | Preamble |
| Elapsed Months | § 11(b) |
| Electronic Signature | § 18 |
| Eligible Assets | § 3(a)(12)(A)(i) |
| Eligible Property | § 3(a)(15)(A)(ii) |
| Errant Securities Data | § 11(h) |
| Evaluation Report | § 3(c)(1)(iv) |
| Event Beyond Reasonable Control | § 11(c) |
| Exception Procedure | § 14(b)(iv) |
| External Research | Schedule A |
| FATCA | § 3(a)(17) |
| FATCA Services | § 3(a)(17) |
| FATF Lists | § 3(b)(5)(A)(ii) |
| Fee Agreement | § 9(a) |
| Fees | § 9(a) |
| FFI Regulations | § 3(b)(2)(A) |
| Final Distribution | § 9(g) |

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| | |
|:---|:---|
| Final Expenses | § 9(g) |
| FinCEN | Schedule A |
| Foreign Financial Institution | § 3(b)(2)(A)(i) |
| Fraud Loss | § 11(l)(1) |
| Fund | Background |
| Fund AML Laws | § 3(b)(10) |
| Fund Communication | Schedule A |
| Fund Custodian | § 3(a)(1)(xii) |
| Fund Data | § 2 |
| Fund Error | Schedule A |
| Fund List Data | § 3(b)(5)(A) |
| Fund Registry | § 3(c)(1)(i)(C) |
| Fund Shares | Schedule A |
| General Damage Cap | § 11(b) |
| Good Faith Estimate | § 13(e)(1)(B) |
| Identification Data | § 3(a)(15)(C) |
| Identity Theft | § 3(c)(1)(i)(B) |
| IGO | § 14(a) |
| Illegible Communication | § 10(d)(1) |
| Implementing Communication | § 10(a)(ii) |
| Industry Standard | § 14(a) |
| Information Requests | § 3(b)(4) |
| in good order | Schedule A |
| Initial Claim | § 11(i) |
| Initial Term | § 13(a) |
| Instructions | Schedule A |
| Intellectual Property Rights | Schedule A |
| Internal Research | Schedule A |
| Investment Company | Preamble |
| IRS | Schedule A |
| Legal Authority | § 11(j) |
| Legal Process Item | § 3(a)(14)(A) |
| Legal Response | § 3(a)(14)(A) |
| Liable Conduct | § 11(a) |
| Loss, Losses | Schedule A |
| Loss Date | Schedule A |
| Massachusetts Privacy Regulation | § 5 |
| Material Event | § 3(a)(12)(C)(i) |
| Monetary Benefits | § 9(b) |
| NACHA | Schedule A |
| New Service | § 19(c)(2)(A) |
| NIGO | § 14(a) |
| Non-Defaulting Party | § 13(c) |
| Non-Renewal Notice | § 13(b)(1) |
| Non-Standard Form | § 10(j) |
| Non-Standard Instruction | § 10(c) |
| Non-Standard Procedures | § 14(b) |
| NSCC | Schedule A |
| OFAC | § 3(b)(5)(A)(i) |
| OFAC Lists | § 3(b)(5)(A)(i) |
| Onboarding Plan | § 3(f)(ii) |
| Oral Instruction | Schedule A |
| Overdraft Amount | § 9(c)(i) |

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------

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| | |
|:---|:---|
| Participant | § 3(a)(12)(A)(ii) |
| Payment Date | § 13(e)(1) |
| PMLC Determination | § 3(b)(5)(A)(iii) |
| Portfolio | Schedule A |
| Possible Identity Theft | § 3(c)(1)(iii) |
| Post-Conversion Service Date | § 3(f)(i) |
| Post-Onboarding Service Date | § 3(f)(ii) |
| Primary Facilities | § 8 |
| Prospectus | Schedule A |
| Red Flag | § 3(c)(1)(i)(A) |
| Red Flags Requirements | § 3(c)(2) |
| Red Flags Section | § 3(c)(1) |
| Red Flags Services | § 3(c)(1) |
| Registered Owner | § 3(c)(1)(i)(C) |
| Reimbursable Expenses | § 9(a) |
| Reimbursable Trailing Expenses | § 13(e)(1)(B)(II) |
| Related Custodian Materials | § 3(a)(12)(C)(v) |
| Related Parties | § 3(a)(12)(C)(iii)(bb) |
| Related Person | § 13(d)(2) |
| Remediation Services | Schedule A |
| Removed Accounts | § 13(d)(2) |
| Removed Account Fee | § 13(d)(2) |
| Renewal Term | § 13(b)(1) |
| Research | Schedule A |
| Response Failure | § 10(i) |
| Retention Reasons | § 4(g)(1) |
| Rule 17Ad-17 | § 3(a)(11) |
| SEC | Schedule A |
| Securities Data | § 11(h) |
| Securities Laws | Schedule A |
| Security Codes | § 10(g) |
| Services | Schedule A |
| Service Accounts | § 9(b) |
| Service Effective Date | Schedule A |
| Service Communications | § 10(d)(2) |
| Service Indemnifications | § 19(n) |
| Service Requirements | § 19(c)(2)(A) |
| Shareholder Materials | Schedule A |
| Shareholder Communications | § 10(d)(2) |
| Shares | Schedule A |
| Standard Form | § 10(b)(ii)(B) |
| Standard Instruction | § 10(b)(ii) |
| Standard Procedures | § 14(a) |
| States and Territories of the United States | § 3(a)(15)(A)(i) |
| Tax Advantaged Account | § 3(a)(12)(A)(iv) |
| Third Party Institution | § 9(b) |
| Trailing Services | § 13(e)(1)(B)(I) |
| Transactional Information | § 4(b)(ii)(E) |
| Transfer Date | § 3(a)(12)(C)(iii) |
| Transition Plan | § 3(e) |
| UCC | § 11(i) |
| UCC Program | § 11(i) |
| UCITA | § 19(f) |

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| | |
|:---|:---|
| Unclaimed Property Laws | § 3(a)(15)(A) |
| Unclaimed Property Services | § 3(a)(15)(A) |
| UPS Commencement Date | § 3(a)(15)(B) |
| United States | § 3(a)(14)(A) |
| US Legal Process Item | § 3(a)(14)(A) |
| U.S. Government Lists | § 3(b)(5)(A) |
| Written Instruction | Schedule A |
| Written Procedures | Schedule A |

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[End of Schedule A]

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**<u>SCHEDULE B</u>**

**<u>Terms And Conditions Governing Use Of The BNYM System</u>**

**SECTION 0. GENERAL.** 

***0.1 <u>Capitalized Terms</u>.*** Capitalized terms not defined in this Schedule B shall have the meaning ascribed to them in the Main Agreement. Capitalized terms defined in this Schedule B shall have that meaning solely in this Schedule B and not in any other part of the Agreement unless expressly stated otherwise in a specific instance. References to Section numbers in this Schedule B shall mean Sections of this Schedule B unless expressly stated otherwise in a specific instance. References to the "Agreement" in this Schedule B means the Main Agreement and this Schedule B.

***0.2 <u>Purpose</u>.*** BNYM utilizes some components of the BNYM System to perform the Core Services. But BNYM does not utilize all components of the BNYM System to provide the Core Services. Some components of the BNYM System are maintained by BNYM and offered to customers solely to permit customers to access the data and information maintained in the BNYM System in connection with the Core Services and put it to additional uses. Consequently, Company is given rights pursuant to this Schedule B (i) to access and use components of the BNYM System, from the Company System (as defined in Section 2.7), to engage in activities that are separate and distinct and apart from the activities engaged in by BNYM to provide the Core Services, and (ii) to authorize third parties, the "Authorized Users", to access and use certain Component Systems to engage in activities that are also separate and distinct and apart from the activities engaged in by BNYM to provide the Core Services. Such access and use of the BNYM System by Company from the Company System and by Authorized Users may include the ability to input data and information into the BNYM System that BNYM utilizes in performing the Core Services but which is not required for BNYM to perform the Core Services. This ability of Company and Authorized Users to access and use the BNYM System represents a service offered by BNYM that is supplemental to the Core Services. No access to or use of the BNYM System by Company or Authorized Users is permitted, required or contemplated by the Core Services or the Main Agreement. This Schedule B governs solely those supplemental services offered by BNYM and Company's use of them.

**SECTION 1. CERTAIN DEFINITIONS.** 

"**Authorized Persons**" means the persons who have been authorized by the Company in accordance with the applicable Documentation and procedures of BNYM and Section 2.1(a)(iii) to access and use the Licensed System or specific Component Systems.

"**Authorized Users**" means Authorized Persons and Permitted Users.

"**BNYM Web Application**" means with respect to a relevant Component System the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces and databases residing on a computer system maintained by or for BNYM, accessible via the Internet at an Internet address furnished by BNYM for use of the particular Component System.

"**Company**" means a Fund.

"**Company Data**" means data and information regarding each Fund and the shareholders and shareholder accounts of each Fund which is inputted into the Licensed System and the content of records, files and reports generated from such data and information by the Licensed System.

"**Company Web Application**" means the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces and databases residing on a computer system maintained by or for the Company, connected to the Internet and utilized by the Company in connection with its use of a Component System as contemplated by applicable Documentation.

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"**Component Effective Date**" means, with respect to each Component System of the Licensed System that Company is given the right to access and use, the date as of which the Company is first given such right to access and use.

"**Component System**" means, as of its relevant Component Effective Date, each Listed System and each Support Function that is part of the Licensed System and, subsequent to a relevant Component Effective Date, such Listed Systems and Support Functions as they may be changed as provided in subsection (b) of the definition of Licensed System.

"**Copy**", whether or not capitalized, means any paper, disk, tape, film, memory device, or other material or object on or in which any words, object code, source code or other symbols are written, recorded or encoded, whether permanent or transitory.

"**Core Services**" means the services described in the Main Agreement that BNYM is obligated to perform for Company (for clarification: excluding the products and services provided pursuant to this Schedule B).

"**Data Terms Web Site**" means the set of terms and conditions (as may be amended by BNYM) available at <u>http://www.bnymellon.com/products/assetserving/vendoragreement.pdf</u> or such other location as BNYM shall notify Company in writing.

"**Documentation**" means any user manuals, reference guides, specifications, documentation, instruction materials and similar recorded data and information, whether in electronic or physical output form, that BNYM makes available to, provides access to or provides to the Company, and that describe how the Licensed System is to be operated by users and set forth the features, functionalities, user responsibilities, procedures, commands, requirements, limitations and capabilities of and similar information about the Licensed System.

"**Exhibit 1**" means Exhibit 1 to this Schedule B.

"**Employee**" and "**employee**" means officers and any employees of the Fund and officers and employees of Related Entities.

"**General Upgrade**" means (i) an Upgrade that BNYM in its sole and absolute discretion incorporates into the Licensed System at no additional fees or charges to Company, and (ii) an Upgrade that BNYM offers to incorporate into the Licensed System without charge or at such additional fees and charges as the parties shall agree in writing and that Company accepts for incorporation into the Licensed System.

"**Harmful Code**" means any computer code, software routine, or programming device designed to (a) disable, disrupt, impair, delete, damage, corrupt, reprogram, recode or modify in any way a computer processing system, computer network, computer service, a deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment (sometimes referred to as a "Trojan horse," "worm," "virus", "preventative routine," "disabling code," or "cookie" devices); (b) impair in any way the operation of any of the foregoing based on the elapsing of a period of time, advancement of a particular date or other numeral (sometimes referred to as "time bombs," "time locks," or "drop dead" devices); or (c) permit a non-authorized party to access, transmit or utilize, as appropriate, any computer processing system, computer network, computer service, deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment without proper consent (sometimes referred to as "lockups," "traps," "access codes," or "trap door" devices); or (d) any other similar harmful or hidden procedures, routines or mechanisms.

"**Intellectual Property Rights**" means all intellectual property rights throughout the world, including copyrights, patents, mask works, trademarks, service marks, trade secrets, inventions (whether or not patentable), know how, authors' rights, rights of attribution, and other proprietary rights and all applications and rights to apply for registration or protection of such rights and the legal rights, interests and protections afforded under applicable patent, copyright, trademark, trade secret and other intellectual property laws.

"**Licensed Services**" means all functions performed by the Licensed System.

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"**Licensed System**" means, collectively:

(a) as of its applicable Component Effective Date, any one or more of the following: (i) any Listed System to which the Company is given access to and use of by BNYM in its entirety in accordance with the Main Agreement; and (ii) any "**Support Function**", which is hereby defined to mean any system, subsystem, software, program, application, interface, process, subprogram, series of commands or function, regardless of the degree of separability from or integration with a Listed System, that Company is given access to and use of to support its utilization of a Listed System—items within "Support Function" and this clause (ii) could be one or more parts of a Listed System or could be items which exist apart from any Listed System but which are provided to support utilization of a Listed System.

(b) Updates, General Upgrades and Company Modifications (as defined at Section 2.16) to the Listed Systems included within clause (a)(i) above and the systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands and functions included within clause (a)(ii) above.

"**Listed Systems**" means the computer systems listed on Exhibit 1, whether mainframe systems, surround systems, subsystems or component systems, and in the case of the NSCC and CMS means as well the separate and distinct component systems of NSCC and CMS that BNYM may give Company access to and use of at Company's request in lieu of access to and use of the entire NSCC or CMS.

"**Main Agreement**" means all parts of this Agreement other than this Schedule B.

"**Marks**" means trademarks, service marks and trade names as those terms are generally understood under applicable intellectual property laws and any other marks, names, words or expressions of a similar character.

"**Permitted User**" means a Fund shareholder who has been authorized pursuant to applicable Documentation and procedures of BNYM to access and use IAM.

"**Product Assistance**" means assistance provided by BNYM personnel regarding the Licensed System, including regarding its impact on other software, functionality, usage and integration.

"**Proprietary Items**" means:

(a) (i) All contents of the Listed Systems, (ii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions, regardless of the degree of separability from or integration with a Listed System, and whether or not part of a Listed System, that BNYM may at any time provide any customer with access to and use of to support the customer's s utilization of a Listed System, including the Support Functions, (iii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions which BNYM utilizes in providing any of the services, or engaging in any of the activities, contemplated by this Agreement, (iv) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions owned, leased, licensed or sublicensed by BNYM which interface with, provide data to or receive data from any of the foregoing, and (v) all updates, upgrades, revisions, modifications, refinements, releases, versions, instances, translations, enhancements and improvements to and of all or any part of the foregoing, whether in existence on, or occurring prior to or subsequent to, the Effective Date (collectively, the "**BNYM Software**");

(b) all facilities, central processing units, nodes, equipment, storage devices, peripherals and hardware utilized by BNYM in connection with the BNYM Software (the "**BNYM Equipment**");

(c) all documentation materials relating to the BNYM Software, including materials describing functions, capabilities, dependencies and responsibilities for proper operation of the Licensed System, including the Documentation, and all updates, upgrades, revisions, modifications, refinements, releases, versions, translations, enhancements and improvements to or of all or any part of foregoing (the "**BNYM Documentation**", and together with the BNYM Software and the BNYM Equipment, the "**System**" or the "**BNYM System**") and all versions of the BNYM System as they may exist after the Effective Date or may have existed at any time prior to the Effective Date;

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(d) all methods, concepts, visual expressions, screen formats, file and report formats, interactivity techniques, engine protocols, models and design features used in the BNYM System;

(e) source code and object code for all of the foregoing, as applicable;

(f) all derivative works, inventions, discoveries, patents, copyrights, patentable or copyrightable items and trade secrets prepared or furnished by or for BNYM in connection with the performance of the services or in connection with any activities of the parties related to this Agreement;

(g) all materials related to the testing, implementation, support and maintenance of all of the foregoing;

(h) all other documentation, manuals, tutorials, guides, instructions, policy and procedure documents and other materials in any recorded medium prepared or furnished by or for BNYM in connection with the performance of the Licensed Services or in connection with any activities of the parties related this Agreement;

(i) the contents of all databases and other data and information of whatsoever nature in the BNYM System, other than Company Data, whether residing in the BNYM System or existing outside the BNYM System in recorded form whether in hardcopy, electronic or other format; and

(j) all copies of any of the foregoing in any form, format or medium.

"**Related Entity**" means an entity that is not a competitor of BNYM in the transfer agency or omnibus subaccounting business services that provides investment advisory, investment management or administrative services to the Fund pursuant to one or more material agreements between the Fund and such entity filed with the SEC (or, if the Fund is not registered with the SEC, pursuant to one or more material agreements that would be required to be filed with the SEC if the Fund were registered with the SEC).

"**Terms of Use**" means any privacy policy, terms of use or other terms and conditions made applicable by BNYM in connection with the Company's or an Authorized User's access to and use of a Component System or a BNYM Web Application or other access site or access method, including without limitation the Data Terms Web Site.

"**Third Party Products**" means the products or services of parties other than BNYM that constitute part of the Licensed System.

"**Third Party Provider**" means licensors, subcontractors and suppliers of BNYM furnishing the Third Party Products.

"**United States**" means the states of the United States of America and the District of Columbia.

"**Update**" means a modification to a Component System necessary to maintain the operation of the Component System in compliance with the Documentation in effect as of the Component System's applicable Component Effective Date and includes without limitation modifications correcting any design or operational errors in the Component System and modifications enabling the Component System to be operated in any revised operating environment issued by BNYM and excludes Upgrades.

"**Upgrade**" means an enhancement to a Component System as it exists on its applicable Component Effective Date, new features and new functionalities added to the Component System as it exists on its applicable Component Effective Date, and all revisions, modifications, refinements, releases, enhancements and improvements to a Component System as it exists on its applicable Component Effective Date which change the operation of Component System rather than just bring it into compliance with the applicable Documentation.

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**SECTION 2. ACCESS AND USE RIGHTS; OBLIGATIONS.** 

***2.1 <u>Access And Use Rights</u>.***

(a) (i) BNYM hereby grants to Company a royalty-free, non-exclusive, non-assignable, non-transferable license and right to access and use the Licensed System in the United States through Employees (other than as expressly permitted otherwise by Section 2.1(a)(ii) below), solely in accordance with applicable Documentation, through the interfaces and telecommunication lines designated by BNYM, solely to perform the Licensed Services for the internal business purposes of the Company, solely in support of the Core Services and solely for so long as applicable fees are paid by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The right granted by Section 2.1(a)(i) includes, where such access and use is expressly contemplated by the Documentation applicable to a particular Component System to which the Company has been given access and use, the right to authorize persons not Employees to access and use in the United States the specified Component System strictly in compliance with applicable Documentation, through the interfaces and telecommunication lines designated by BNYM, solely to perform the Licensed Services in support of the Core Services and solely for so long as applicable fees are paid by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except with respect to Fund shareholders seeking to access IAM, to exercise the right contained in Section 2.1(a)(i) or Section 2.1(a)(ii) the Company must designate such persons to BNYM and approve them in a writing that conforms to the requirements of applicable Documentation and procedures of BNYM and furnish any information reasonably requested by BNYM. Upon BNYM's approval of a designated person (which approval will not be unreasonably withheld), BNYM issue appropriate Security Codes for each such person. Company shall notify BNYM in writing of any Authorized Person to be deactivated and return any secure identification devices issued to such Authorized Person. Upon receipt of Company's deactivation notice and any secure identification devices, BNYM shall deactivate the Security Codes for such Authorized Person, at which point such person shall no longer be deemed an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Access to IAM for Fund shareholders shall occur in accordance with the Documentation applicable to IAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall be responsible and liable for compliance by all Authorized Users with all applicable terms of this Schedule B, whether or not in an individual instance an Authorized User is an Employee.

(b) Company may not, and shall not, under any circumstances (i) grant or attempt to grant any license or sublicense to any license or right granted by this Section 2.1, (ii) assign, delegate or transfer in any manner, in whole or in part, or attempt to do any of the foregoing, with respect to any license or right granted by this Section 2.1, or (iii) use the Licensed System to provide services to third parties, other than shareholders of its Funds, or for any other purpose other than that described in Sections 2.1(a)(i) and (ii).

(c) The grant of rights in this Section 2.1 shall be construed narrowly. No right is conferred hereunder to Company or to any other party, except the right expressly provided for in this Section 2.1. The rights granted by this Section 2.1 shall immediately terminate without further action required on anyone's part, including without prior notification, upon the termination or expiration of the Agreement. BNYM and its licensors reserve all rights in the BNYM System not expressly granted to Company in this Section 2.1. Nothing in this Section 2.1 shall be construed to give Company rights of any nature in source code. The rights granted to Company by this Section 2.1 are sometimes referred to herein as the "**Licensed Rights**".

(c) For clarification:

Company may be given access to and use of a Listed System which contains integration points or links to one or more Support Functions that are part of a Listed System to which the Company has not been given access and use ("**Linked Functions**"). The Licensed Rights granted by this Section 2.1 to access and use a particular Listed System containing integration points or links to Linked Functions includes the right to access and use such Linked Functions, does not include the right to use the entire Listed System containing the Linked Functions or other subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions in that Listed System. To the extent exercise of Licensed Rights hereunder inadvertently or otherwise results in access to or use of a Component System or other system, subsystem, software, program, application, interface, process, subprogram, series of commands or function which is not part of the its Licensed System, all terms of this Agreement shall apply to such access and use.

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***2.2 <u>Documentation</u>.*** Company shall use the Licensed System solely and strictly in accordance and compliance with the Documentation provided or made available to Company by BNYM from time to time and any specifications contained therein. Company may copy the Documentation solely to the extent reasonably necessary for routine backup and disaster recovery purposes and upon request of an applicable regulatory authority. Company shall pay BNYM such fees as it has established for copies of the Documentation, if any, as listed in the Fee Agreement.

***2.3 <u>Third Party Software and Services</u>.*** Company acknowledges that Third Party Products may constitute part of the Licensed System. Company's use of Third Party Products shall be subject to the terms and conditions of this Agreement; <u>provided</u>, <u>however</u>, access, use, maintenance and support of Third Party Products made available to Company after an applicable Component Effective Date may be conditioned upon Company's execution of an agreement with the applicable Third Party Provider ("**Third Party Agreement**") which would provide for certain rights and obligations between the Company and the Third Party Provider ("**Direct Third Party Product**"), in which case the terms of the Third Party Agreement will also apply to Company's use of the particular Third Party Product. Notwithstanding the foregoing sentences of this Section 2.3, Company acknowledges that BNYM is not responsible for, nor does BNYM warrant the performance or other features of, nor can it fix errors or defects in, third party software and services and BNYM's sole obligation with respect to third party software and services is to inform the third party of any errors, defects, deficiencies or other matters regarding the third party software and services of which BNYM is made aware by Company and to request and pursue in a commercially reasonable manner remediation of the errors, defects or deficiencies by the third party to the extent BNYM reasonably determines remediation to be available pursuant to the terms of BNYM's agreement with the third party.

***2.4 <u>Compliance With Applicable Law</u>.*** Company shall comply with all laws, regulations, rules and orders of whatsoever nature of governmental bodies and authorities (whether legislative, executive, independent, self-regulatory or otherwise) applicable to the business or activities in connection with which it utilizes the Licensed System.

***2.5 <u>Responsibility For Use</u>.***

(a) The Company alone will be responsible for furnishing, or arranging for a third party to furnish, all data and information required by the Documentation and the specifications therein for the Licensed System to function and perform in accordance with the Documentation, other than the data and information residing in the Licensed System in connection with BNYM's performance of the Core Services. BNYM shall have no liability or responsibility for any Loss caused in whole or in part by the Company's or an Authorized User's exercise of the Licensed Rights or use of the Licensed System or by data or information of any nature inputted into the Licensed System by or under the direction or authorization of Company or an Authorized User; <u>provided</u>, <u>however</u>, this Section 2.5 shall not relieve BNYM of its obligation to act in accordance with its obligations under the Main Agreement. Company shall be responsible and solely liable for the cost or expense of regenerating any output or other remedial action if the Company, an Authorized User or an agent of either shall have failed to transmit properly and in the correct format any data or information, shall have transmitted erroneous or incorrect information or data, or shall have failed to timely verify or reconcile any such data or information when it is generated by the Licensed System ("**Data Faults**").

(b) Company warrants that the data transmitted to the Licensed System by or under the direction or authorization of Company or Authorized Users will not disrupt, disable, harm, or otherwise impede in any manner the operation of the Licensed System or any associated software, firmware, hardware, or BNYM computer system or network.

***2.6 <u>Internal Control Obligations</u>.***

(a) Company shall adopt and implement commercially reasonable internal control procedures regarding the use of the Licensed System, which internal control procedures shall be reasonably designed to ensure that any use of the Licensed System complies with (i) Sections 2.1, 2.2, 2.6, 2.12, 2.17 and 2.20 of this Schedule B, and (ii) applicable Documentation.

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(b) Company shall establish and adhere to security policies and procedures intended to (i) safeguard the Licensed System from unauthorized or improper access and use from equipment utilized by the Company, (ii) safeguard the integrity and validity of any user identifications, passwords, mnemonics, security images, security questions and answers, token and supertoken generated character and symbols and any other data elements or information intended to restrict access to the Licensed Systems or to safeguard the information in or the operation of the Licensed System or any Component System in any manner from unauthorized users ("**Security Codes**"), and (iii) prevent unauthorized access to and protect electronically stored, processed or transmitted information. Such policies and procedures shall be at least equal to industry standards and any higher standard agreed upon by the Company and BNYM.

(c) Unless Company obtains prior written permission from BNYM, Company shall permit only Authorized Persons to use Security Codes assigned to or selected by Company with respect to the Licensed System. The Security Codes shall constitute Confidential Information of both Company and BNYM under the Agreement subject to all obligations thereunder, and Company shall not permit access to Security Codes to any person other than Authorized Persons. Company shall notify BNYM immediately if Company has reason to believe that any person who is not an Authorized Person has obtained access to a Security Code or accessed or used the Licensed System, that an Authorized Person has accessed or used the Licensed System using Security Codes not assigned to that Authorized Person, that any other loss of confidentiality with respect to a Security Code has occurred or the security of the Licensed System has otherwise been breached. BNYM shall not be responsible or liable for any unauthorized use of valid Security Codes assigned to Authorized Users. Company is solely responsible for Authorized Users' access to the Licensed System, and Company, on behalf of itself and its Authorized Users, acknowledges and agrees that BNYM has no duty or obligation to verify or confirm the actual identity of the persons who access the Licensed System or that the person who accesses the Licensed System is, in fact, an Authorized User.

(d) Company shall verify and confirm all information entered on the Licensed System and shall notify BNYM of any error in any information entered on the Licensed System as soon as practicable following Company's knowledge of such error.

(e) Company will not recirculate, redistribute or otherwise retransmit or re-rout the Licensed System to any third party or authorize the use of any information included on the Licensed System on any equipment or display not authorized by BNYM without BNYM's prior express written approval.

***2.7 <u>Company Resources</u>.***

(a) Company will be solely responsible, at Company's expense, for procuring, maintaining, and supporting all third-party software other than Third Party Products and all workstations, personal computers, printers, controllers or other hardware or peripheral equipment at Company's sites ("**Company System**") required for Company to operate the Licensed System in accordance with the Documentation and specifications provided by BNYM from time to time. BNYM will provide Company with specifications for Company System, including any requirements relating to the connection and operation of the Company System with the Licensed System and Third Party Products. Company shall conform its operating system environment to the operating system requirements provided by BNYM for the Licensed System. Company will support and maintain the Company System as necessary to ensure its operation does not impact the Licensed System adversely or otherwise in a manner not contemplated by the Documentation.

(b) Company shall, at its own expense, devote such of the Company System and other equipment, facilities, personnel and resources reasonably necessary to (a) implement the Licensed System, (b) be trained in the use of the Licensed System, (c) perform timely any electrical work and cable installation necessary for Company's use of the Licensed System, and (d) begin using the Licensed System on a timely basis. BNYM shall not be responsible for any delays or fees and costs associated with Company's failure to timely perform its obligations under this Section 2.7.

***2.8 <u>Company Telecommunications and Data Transmissions</u>.*** Company will be solely responsible for complying at all times with telecommunications requirements designated by BNYM for use of the Licensed System. Any data or information electronically transmitted by or on behalf of Company to the Licensed System will be so transmitted solely and exclusively in the format specified by BNYM.

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***2.9 <u>Notices Of Material Increase In Use.</u>*** Company shall give advance written notice to BNYM whenever Company intends to increase its scope of use of the Licensed System in any material respect. Upon receipt of such notice, Company and BNYM shall mutually agree in writing on any required changes to the Company's scope of use for the Licensed System and, if applicable, the corresponding fees with respect to such increased scope.

***2.10 <u>Certifications and Audits</u>.*** Company shall promptly complete and return to BNYM any certifications which BNYM in its sole reasonable discretion may from time to time send to Company, certifying that Company is using the Licensed System in material compliance with the terms and conditions set forth in this Agreement. BNYM may, at its expense and after giving reasonable advance written notice to Company, not more than once annually and subject to Company's reasonable security requirements, enter Company locations during normal business hours and audit Company's utilization of the Licensed System and the scope of use and information pertaining to Company's compliance with the provisions of this Agreement. The foregoing right may be exercised directly by BNYM or by delegation to an independent auditor acting on its behalf.

***2.11 <u>Taxes</u>***. The amounts payable by Company to BNYM in consideration of the performance of services by BNYM under the Agreement, including providing access to and use of the Licensed System pursuant to this Schedule B, do not include, and Company will timely pay, all federal, state and local taxes (including sales, use, excise and property taxes), if any, assessed or imposed in connection therewith, <u>excluding</u> any taxes imposed upon BNYM based upon BNYM's net income.

***2.12 <u>Use Restrictions</u>.***

(a) Company and its Authorized Users will not do or attempt to do, and Company and its Authorized Users will not knowingly or through its negligence permit any other person or entity to do or attempt to do, any of the following, directly or indirectly:

(i) use or access or attempt to use or access any Proprietary Item for any purpose, at any location or in any
manner not specifically authorized by this Agreement;

(ii) make or retain any copy of any Proprietary Item except as specifically authorized by this Agreement;

(iii) create, recreate or obtain or attempt to obtain the source code for any Proprietary Item;

(iv) refer to or otherwise use any Proprietary Item as part of any effort to develop other software, programs,
applications, interfaces or functionalities or to compete with BNYM or a Third Party Provider;

(v) modify, adapt, translate or create derivative works based upon any Proprietary Item, or combine or merge any
Proprietary Item or part thereof with or into any other product or service not provided for in this Agreement and not authorized in writing by BNYM;

(vi) remove, erase or tamper with any copyright or other proprietary notice printed or stamped on, affixed to, or
encoded or recorded in any Proprietary Item, or fail to preserve all copyright and other proprietary notices in any copy of any Proprietary Item made by Company;

(vii) sell, transfer, assign or otherwise convey in any manner any ownership interest or Intellectual Property Right
of BNYM, or market, license, sublicense, distribute or otherwise grant, or subcontract or delegate to any other person, including outsourcers, vendors, consultants, joint venturers and partners, any right to access or use any Proprietary Item,
whether on Company's behalf or otherwise;

(viii) subcontract for or delegate the performance of any act or function involved in accessing or using any
Proprietary Item, whether on Company's behalf or otherwise;

(ix) reverse engineer, re-engineer, decrypt, disassemble, decompile,
decipher, reconstruct, re-orient or modify the circuit design, algorithms, logic, source code, object code or program code or any other properties, attributes, features or constituent parts of any Proprietary
Item;

(x) take any action that would challenge, contest, impair or otherwise adversely effect an ownership interest or
Intellectual Property Right of BNYM;

(xi) use any Proprietary Item to provide remote processing, network processing, network communications, a service
bureau or time sharing operation, or services similar to any of the foregoing to any person or entity, whether on a fee basis or otherwise;

(xii) allow Harmful Code into any Proprietary Item, as applicable, or into any interface or other software or program
provided by it to BNYM, through Company's systems or personnel or Company's use of the Licensed Services or Company's activities in connection with this Agreement; or

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(xiii) engage in, or attempt to engage in, vulnerability assessments or penetration testing of the BNYM System of any
nature, "ethical hacking", "white hat hacking" or similar hacking of the BNYM System of any nature, or any other process or procedure intended to identify or exploit flaws, vulnerabilities or weaknesses in the BNYM System, or
otherwise engage in or attempt to engage in any activity to use, access, test or harm the BNYM System or expose BNYM to harm through the BNYM System, other than access and use authorized by BNYM in accordance with security measures and access
methods approved by BNYM.

(b) Company shall, promptly after becoming aware of such, notify BNYM of any facts, circumstances or events regarding its or an Authorized User's use of the Licensed System that are reasonably likely to constitute or result in a breach of this Section 2.12, and take all reasonable steps requested by BNYM to prevent, control, remediate or remedy any such facts, circumstances or events or any future occurrence of such facts, circumstances or events.

***2.13 <u>Restricted Party Status</u>.*** Company warrants at all times that it is not a "**Restricted Party**", which shall be defined to mean any person or entity: (i) located in or a national of Cuba, Iran, Libya, North Korea, Sudan, Syria, or any other countries that may, from time to time, become subject to U.S. export controls for anti-terrorism reasons or with which U.S. persons are generally prohibited from engaging in financial transactions; (ii) on the U.S. Department of Commerce Denied Person's List, Entity List, or Unverified List; U.S. Department of the Treasury list of Specially Designated Nationals and Blocked Persons; or U.S. Department of State List of Debarred Parties; (iii) engaged in activities involving nuclear materials or weapons, missile or rocket technologies, or proliferation of chemical or biological weapons; (iv) affiliated with or a part of any non-U.S. military organization, or (v) designated by the U.S. Government to have a status equivalent to any of the foregoing. If Company becomes a Restricted Party during the term of this Agreement, the Licensed Rights shall terminate immediately without notice and Company shall have no further rights to use the Licensed System.

***2.14 <u>Mitigation Measures</u>.*** Company shall take commercially reasonable measures (except measures causing it to incur out-of-pocket expenses which BNYM does not agree in advance to reimburse) to mitigate losses or potential losses to BNYM, including taking verification, validation and reconciliation measures that are commercially reasonable or standard practice in the Company's business.

***2.15 <u>Company Dependencies</u>.*** To the extent an obligation of BNYM under this Schedule B is dependent and contingent upon Company's or Authorized User's performance of an action or refraining from performing an action that has been specified or described in this Schedule B or the Documentation or that is part of practices and procedures which are commercially reasonable or standard in the user's industry ("**Company Dependency**"), BNYM shall not be liable for Loss to the extent caused by or resulting from, or that could have been avoided but for, a failure to properly perform or a delay in properly performing a Company Dependency and BNYM's obligation to perform an obligation contemplated by this Agreement shall be waived or delayed to the extent the performance of the related Company Dependency is not properly performed or is delayed.

***2.16 <u>Software Modifications</u>.*** Company may request that BNYM, at Company's expense, develop modifications to the software constituting a part of the Licensed System that BNYM generally makes available to customers for modification (***"<u>Software</u>"***) that are required to adapt the Software for Company's unique business requirements. Such requests, containing the material features and functionalities of all such modifications in reasonable detail, will be submitted by Company in writing to BNYM in accordance with the applicable, commercially reasonable procedures maintained by BNYM at the time of the request. Company shall be solely responsible for preparing, reviewing and verifying the accuracy and completeness of the business specifications and requirements relied upon by BNYM to estimate, design and develop such modifications to the Software. BNYM shall have no obligation to develop modifications to the Licensed System requested by Company, but may in its discretion agree to develop requested modifications which it, in its sole discretion, reasonably determines it can accomplish with existing resources or with readily obtainable resources without disruption of normal business operations provided Company agrees at such time in writing to pay all costs and expenses, including out-of-pocket expenses, associated with the customized modification. BNYM shall be obligated to develop modifications under this Section 2.16 only upon the execution of and in accordance with a writing containing, to BNYM's reasonable satisfaction, all necessary business and technical terms, specifications and requirements for the modification, acceptance testing and implementation, as determined by BNYM in its sole judgment exercised reasonably ("**Customization Order**") and Company's agreement to pay all costs and expenses, including out-of-pocket

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expenses, associated with the customized modification, including any increases due to the engagement of resources outside BNYM to perform the modification, such resources to be identified in the Customization Order (such portion of the Customization Order being the "**Customization Fee Agreement**"). All modifications developed and incorporated into the Licensed System pursuant to a Customization Order are referred to herein as "**Company Modifications**". BNYM may make Company Modifications available to all users of the Licensed System, including BNYM, at any time after implementation of the particular Company Modification and any entitlement of Company to reimbursement on account of such action must be contained in the Customization Fee Agreement. In accordance with Section 3.1, BNYM shall be the sole and exclusive owner of any Company Modifications (including all source code relating thereto) and all Intellectual Property Rights therein or relating thereto.

***2.17 <u>Export of Software</u>.*** The Company and Authorized Users are without exception prohibited from (i) accessing or using the BNYM System outside the United States, or (ii) exporting, transmitting, transferring or shipping any Proprietary Item to a country or jurisdiction outside the United States. No provision of the Agreement shall be interpreted to require BNYM to permit access or use outside the United States or to export any Proprietary Item to a country or jurisdiction outside the United States. The Company shall comply with all applicable export and re-export restrictions and regulations of the U.S. Department of Commerce or other U.S. agency or authority and the Company may not transfer a Proprietary Item in violation of any such restrictions and regulations.

***2.18 <u>Authorized Users Contemplated By Documentation</u>.*** Notwithstanding any other provision of the Agreement, to the extent Documentation applicable to a particular Component System contemplates that Company Data will be transmitted or transferred to an Authorized User outside the BNYM System, that Company Data will be made available within the BNYM System for retrieval by an Authorized User for use outside the BNYM System, that the Company Data will be provided or made available to Authorized Users within the BNYM System for use by the Authorized User within the BNYM System or within a system of the Authorized User, or that the Company may authorize Authorized Users to access and use Company Data contained within the Licensed System in any other manner:

(i) The Company hereby grants to BNYM a worldwide, royalty-free, non-exclusive right and license to display the Company Data through any BNYM Web Application contemplated by the Documentation for the applicable Component System and hereby authorizes and directs BNYM, as
appropriate, to transmit, transfer, make available and provide the Company Data to Authorized Users, as contemplated by the Documentation applicable to the particular Component System, including without limitation through the Internet via a BNYM Web
Application or other communication link or method or access site or method designated by BNYM for use of the particular Component System;

(ii) The Company hereby authorizes and directs BNYM, (A) to permit Authorized Users to view and use Company
Data within the Licensed System as contemplated by applicable Documentation, (B) to act on behalf of a shareholder in any way contemplated by applicable Documentation and authorized by the Company in accordance with applicable Documentation,
including to effect purchases, sales, repurchases, distributions, exchanges, transfers and other activities and to change the status, data or information involving a shareholder account or assets in a shareholder account, and (C) to the extent
contemplated by applicable Documentation, to permit Authorized Users to download and store, copy in on-line and off-line form, reformat, perform calculations with, and
distribute, publish, transmit, and display the Company Data in the systems of the Authorized User and to and through any relevant BNYM Web Application;

(iii) Company acknowledges and agrees that it is solely responsible for Company Data, and Company shall indemnify and
defend BNYM against any third party claim alleging that the Company Data or BNYM's use thereof infringes on any Intellectual Property Right or other proprietary right of such party;

(iv) The Company shall have sole responsibility for imposing any desired use restrictions on Authorized Users to the
extent use restrictions are contemplated by the applicable Documentation and BNYM shall cooperate in a commercially reasonable manner in imposing such use restrictions to the extent the applicable Documentation contemplates a role for BNYM in
imposing such use restrictions;

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(v) The Company acknowledges and agrees that it alone is responsible for entering into agreements with Authorized
Users governing the terms and conditions, as between the Company and the Authorized User, of the Authorized User's use of the Company Data; the Company releases BNYM from any and all responsibility and duty for obtaining any such agreements,
including agreements relating to confidentiality and privacy of the data and information, and for any monitoring, supervision or inspection of Authorized Users of any nature; the Company releases BNYM from any Loss the Company may incur, and will
indemnify and defend BNYM for all Loss it may incur, arising or resulting from or in connection with Company Data after BNYM, as appropriate, transmits, transfers, makes available or provides the Company Data to the Authorized User in accordance
with applicable Documentation, whether through a BNYM Web Application or otherwise;

(vi) The Company shall be responsible and liable to BNYM for the acts and omissions of Authorized Users while
accessing and using a Component System pursuant to authorization from the Company and any person obtaining access to a Component System through Company or its Authorized Users or through use of any Security Code, whether or not Company or an
Authorized User authorized such access and shall indemnify and defend BNYM for all Loss arising from or related to acts or omissions by an Authorized User or other person as described above that would constitute a breach of this Schedule B if
committed by the Company, that constitute negligent conduct or willful misconduct or that constitute a breach of a duty of the Authorized User imposed by this Schedule B; and

(vii) BNYM may immediately terminate access to and use of the Licensed System by an Authorized User if BNYM
reasonably believes conduct of the Authorized User would constitute a breach of this Schedule B if committed by the Company, constitutes negligent conduct or willful misconduct, or constitutes a breach of a duty of the Authorized User or the Company
imposed by this Schedule B, applicable Documentation or applicable Terms of Use.

***2.19 <u>Communications with Third Parties regarding Component System Services</u>.*** The Company shall be solely responsible for communicating with third parties to the extent such is reasonably required for services to be provided in accordance with the Documentation for the particular Component System.

***2.20 <u>Compliance with Terms Of Use</u>.*** The Company's and, to the extent applicable in connection with a particular Component System, each Authorized User's use of a Component System, a BNYM Web Application and any other access site or access method to a particular Component System shall be conducted in material compliance with applicable Terms of Use. In addition, Authorized Users shall be required to comply with requirements set forth in applicable Documentation, including requirements relating to Security Codes, as a condition to use of particular Component Systems.

***2.21 <u>Third Party Providers To The Company</u>.*** The Company shall have sole responsibility to maintain through itself or its agents all agreements with third party providers that may be appropriate for use of a Component System and to pay as they come due all fees and charges associated with such agreements either directly or as passed through on invoices of BNYM.

***2.22 <u>Fees</u>.*** The Company shall be obligated to pay to BNYM such fees and charges for access and use of any part of the Licensed System as may be set forth in the Fee Agreement and such fees and charges shall be paid in accordance with any applicable provisions set forth in the Main Agreement.

**SECTION 3. PROVISIONS REGARDING BNYM.** 

***3.1 <u>Right to Modify</u>.*** BNYM may alter, modify or change the Licensed System or any component, code, language, function, format, design, architecture, security measure or other element of whatsoever nature of the Licensed System and implement such alterations, modifications and changes into the Documentation and/or the Licensed System as Updates or Upgrades applicable to Company's continued use of the Licensed System after such implementation; <u>provided</u>, <u>however</u>, at no time shall this section be interpreted in such a manner as to allow BNYM by such alterations, modifications or changes to alter the License granted by Section 2.1 or modify any other service obligation of BNYM under this Agreement.

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***3.2 <u>Training and Product Assistance</u>.*** BNYM agrees to use commercially reasonable efforts to provide requested training and Product Assistance for Company's personnel at BNYM's facilities or at Company's facilities in connection with access to and use of the Licensed System and subsequent Updates, as reasonably requested by Company, at BNYM 's then-current charges and rates for such services. All reasonable travel and out-of-pocket expenses incurred by BNYM personnel in connection with and during such training or Product Assistance shall be borne by Company upon pre-approval in writing.

***3.3 <u>Monitoring</u>.*** BNYM is not responsible for Company's or Authorized User's use of the Licensed System but shall have the right to monitor such use on BNYM's network solely to verify compliance with the terms and conditions set forth herein and for operational purposes related to the delivery of services by the Licensed System.

***3.4 <u>BNYM Failure to Receive Data</u>.*** BNYM shall not be liable for data or information which the Company, an Authorized User or an agent of either transmits or attempts to transmit to BNYM in connection with its use of a Component System and which is not received by BNYM or for any failure of a Component System to perform a function in connection with any such data or information. BNYM shall not be obligated to ascertain the accuracy, actual receipt by it or successful transmission to it of any data or information in connection with the Company's or an Authorized User's use of a Component System or to confirm the performance of any function by a Component System based on the transmission of instructions, data or information to BNYM in connection with such use by the Company or an Authorized User. Sole responsibility for the foregoing shall rest with the party initiating the transmission.

***3.5 <u>ACH Activity</u>.*** To the extent contemplated by the Documentation, and to the extent authorized by the Company and agreed to by BNYM in its sole discretion, BNYM will accept bank account information over the Internet or other communication channel from Authorized Users and take such other actions as may be appropriate to facilitate movement of money to and from shareholder accounts through the Automated Clearing House ("**ACH**"). The Company shall be solely responsible for all market risk (gain/loss liability) associated with transactions utilizing the ACH process.

**SECTION 4. OWNERSHIP RIGHTS AND OTHER RIGHTS.** 

***4.1 <u>BNYM Ownership</u>.***

(b) In the event a Company Web Application contains a Proprietary Item or other intellectual property of BNYM, including, but not limited to, rights in copyrighted works, trademarks and trade dress, BNYM shall retain all rights in such Proprietary Item or other intellectual property. To the extent a Proprietary Item or other intellectual property of BNYM is duplicated within a Company Web Application to replicate the "look and feel," "trade dress" or other aspect of the appearance or functionality of a BNYM Web Application or other component of the BNYM System, BNYM grants to the Company a limited, non-exclusive, non-transferable right to use such Proprietary Item or other intellectual property for the duration of its authorized use of the applicable Component System. The right granted by the foregoing sentence is limited to the intellectual property needed to replicate the appearance of the particular BNYM Web Application or other component of the BNYM System and does not extend to any other Proprietary Item or other intellectual property owned by BNYM. Company shall immediately cease using such Proprietary Item or other intellectual property immediately upon termination of the Licensed Rights governing the relevant Component System.

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(c) This Agreement is not an agreement of sale, and no title, patent, copyright, trademark, service mark, trade secret, intellectual property or other ownership rights to any Proprietary Items are transferred to Company by virtue of this Agreement. Upon BNYM's request, the Company shall promptly inform BNYM in writing of the quantity and location of any tangible Proprietary Item furnished to Company in connection with this Agreement. Nothing contained in this Agreement, no disclosure of BNYM Confidential Information and no use of Proprietary Items hereunder shall be construed as granting to or conferring on Company any rights, by license or otherwise, for any invention, discovery or improvement made, conceived, or acquired by BNYM prior to or after the date hereof. No patent application that may hereafter be made, and no claim to any trade secret or other protection, shall be prejudiced by any disclosure of Confidential Information or use of Proprietary Items hereunder. Any sale, assignment or transfer of any nature or in any manner, or any attempt to do such, by Company or any party through Company of any ownership interest or Intellectual Property Right of BNYM in the Proprietary Items shall be void. Any subcontracting or delegation of any right to access or use a Proprietary Item and any subcontracting for or delegation of the performance of any activities or functions involved in accessing or using a Proprietary Item shall be void and unenforceable against BNYM.

***4.2 <u>Company Ownership</u>.*** Company will own its respective right, title, and interest, including Intellectual Property Rights, in and to the Company Data. Company hereby grants BNYM a limited, nonexclusive, nontransferable license to access and use the Company Data, and consents to BNYM's permitting access to, transferring and transmitting Company Data, all as appropriate to Company's use of the Licensed Rights or as contemplated by the Documentation.

***4.3 <u>Mutual Retention of Certain Rights</u>.*** Each party acknowledges and agrees that, other than the Licensed Rights provided for by Section 2.1 of this Schedule B, this Agreement does not give a party any right, title or interest in or to any ownership or other rights of the other party to property. Any software, interfaces or other programs a party provides to the other party hereunder (i) shall be used solely by such receiving party and only during the term of the Agreement and only for the purpose it was provided and in accordance with the provisions of this Agreement, and (ii) shall not be used by such party or any affiliate for any other purpose or to connect to or with any other person. To the extent the Intellectual Property Rights of one party are cached to expedite communication, such party grants to the other party a limited, non-exclusive, non-transferable right to use such Intellectual Property Rights for a period of time no longer than that reasonably necessary for the communication and a party shall immediately cease using such Intellectual Property Rights immediately upon termination of the Licensed Rights governing the relevant Component System.

***4.4 <u>Use of Hyperlinks</u>.*** To the extent use of hyperlinks is contemplated by the Documentation for a particular Component System: The Company hereby grants to BNYM a royalty-free, nonexclusive, nontransferable and revocable right to use the Company's hyperlink in connection with the relevant Licensed Services; BNYM hereby grants to the Company a royalty-free, nonexclusive, nontransferable and revocable right to use BNYM 's hyperlink in connection with providing the relevant Licensed Services; each party shall reasonably cooperate with the other party concerning the placement, location and destination of such hyperlinks; and a party shall immediately cease using another party's hyperlink immediately upon termination of the Licensed Rights governing the relevant Component System.

***4.5 <u>Use of Marks</u>.*** To the extent one party's Marks must be utilized by the other party in connection with the operation of a particular Component System or the Licensed Services related to the particular Component System: the Company hereby grants to BNYM a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System; BNYM hereby grants to the Company a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System; all use of Marks shall be in accordance with the granting party's reasonable policies regarding the advertising and usage of its Marks as established from time to time; the Company hereby grants BNYM the right to display the Company's Mark's on applicable BNYM Web Applications and in advertising and marketing materials related to the BNYM Web Application and the Licensed Services provided by the relevant Component System; each party shall retain all right, title and interest in and to its Marks worldwide, including any goodwill associated therewith, subject to the limited right granted in this Section 3.5; use of the Marks hereunder by the grantee pursuant to this limited right shall inure to the benefit of the trademark owner and grantees shall take no action that is inconsistent with the trademark owner's ownership thereof; each party shall exercise reasonable efforts within commercially reasonable

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limits, to maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided to it by the other party in writing from time to time, and all "point and click" features relating to Authorized Users' acknowledgment and acceptance of such disclaimers and notifications; and a party shall immediately cease using another party's Marks immediately upon termination of the Licensed Rights governing the relevant Component System.

**SECTION 5. INDEMNIFICATION; WARRANTIES.** 

***5.1 <u>Infringement Indemnification</u>.***

(a) BNYM shall defend and indemnify Company against any third party claim alleging that the Licensed System infringes in any material respect upon any United States patent or copyright or any trade secret or other proprietary right of any person. BNYM shall have no liability or obligation under this Section 5.1 unless Company gives written notice to BNYM within ten (10) days (provided that later notice shall relieve BNYM of its liability and obligations under this Section 5.1 only to the extent that BNYM is prejudiced by such later notice) after any applicable infringement claim is initiated against Company and allows BNYM to have sole control of the defense or settlement of the claim. The remedies provided in this Section 5.1 are the Company's sole remedies for third party claims against the Company alleging infringement by the Licensed System. If any applicable claim is initiated, or in BNYM's sole opinion is likely to be initiated, then BNYM shall have the option, at its expense, to:

(i) modify or replace the Licensed System or the infringing part of the Licensed System so that the Licensed System
is no longer infringing; or

(ii) procure the right to continue using or providing the infringing part of the Licensed System; or

(iii) if neither of the remedies provided for in clauses (i) and (ii) can be accomplished in a commercially
reasonable fashion, eliminate the infringing part of the Licensed System from the Licensed System and refund any fees paid by the Company with respect to the infringing part for future periods.

(b) Neither BNYM nor any Third Party Provider shall have any liability under any provision of this Agreement with respect to any performance problem, warranty, claim of infringement or other matter to the extent attributable to (i) Company's use of a Proprietary Item in a negligent manner or any manner not consistent with this Schedule B or Company's breach of this Schedule B; (ii) any modification or alteration of a Proprietary Item made by anyone other than BNYM or made by BNYM at the request or direction of the Company, (iii) BNYM's compliance with the instructions or requests of Company relating to a Proprietary Item; (iv) any combination of a Proprietary Item with any item, service, process or data not provided by BNYM, (v) third parties gaining access to a Proprietary Item due to acts or omissions of Company, (vi) third party software not recommended by BNYM or the use of open source software, (vii) Company's failure to license and maintain copies of any third-party software required to operate the any BNYM Software, (viii) Company's failure to operate the BNYM Software in accordance with the Documentation, or (ix) Data Faults (collectively, "**Excluded Events**"). Company will indemnify, and with respect to third party claims will defend, and hold harmless BNYM and Third Party Providers from and against any and all Loss and claims resulting or arising from any Excluded Events.

***5.2 <u>BNYM Warranty</u>.*** BNYM warrants that except for Direct Third Party Products, with respect to which no warranty is made, and subject to the last sentence of Section 2.3, the Licensed System, if used in accordance with applicable Documentation, will operate in material conformity with applicable Documentation, and in the event of a breach of this Section 5.2 BNYM shall take commercially reasonable actions to restore performance of the Licensed System to the requirements of the foregoing warranty.

***5.3 <u>Warranty Disclaimer</u>.*** THE LICENSED SYSTEM AND ALL RELATED SERVICES ARE MADE AVAILABLE TO COMPANY ON AN "AS IS", "AS AVAILABLE" BASIS. UNLESS A SPECIFIC WARRANTY IS EXPRESSLY GIVEN IN THIS SCHEDULE B, NO WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, IS MADE IN THIS SCHEDULE B, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO THE AVAILABILITY, CONDITION, MERCHANTABILITY, NON-INFRINGEMENT, DESIGN, OPERATION OR FITNESS FOR OR SATISFACTION IN REGARDS TO A PARTICULAR PURPOSE.

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***5.4 <u>Limitation of Warranties</u>.*** The warranty made by BNYM in this Schedule B, and the obligations of BNYM under this Schedule B, run only to Company and not to its affiliates, its customers or any other persons.

**SECTION 6. OTHER PROVISIONS.** 

***6.1 <u>Scope of Services</u>.*** The scope of services to be provided by BNYM under this Agreement shall not be increased as a result of new or revised legal, regulatory or other requirements that may become applicable with respect to the Company, unless the parties hereto expressly agree in writing to any such increase. BNYM shall not be obligated to develop or implement Upgrades, but to the extent it elects to do so Section 3.1 shall apply.

***6.2 <u>Additional Provision Regarding Governing Law</u>.*** This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act ("**UCITA**"), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein.

***6.3 <u>Third Party Providers</u>.*** Except for those terms and conditions that specifically apply to Third Party Providers, under no circumstances shall any other person be considered a third party beneficiary of this Agreement or otherwise entitled to any rights or remedies under this Agreement. Except as may be provided in Third Party Agreements, Company shall have no rights or remedies against Third Party Providers, Third Party Providers shall have no liability of any nature to the Company, and the aggregate cumulative liability of all Third Party Providers to the Company shall be $1.

***6.4 <u>Liability Provisions</u>.***

(a) Notwithstanding any provision of the Main Agreement or this Schedule B, BNYM shall not be liable under this Schedule B under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other damages which are not direct damages regardless of whether such damages were or should have been foreseeable and regardless of whether any entity has been advised of the possibility of such damages, all and each of which damages is hereby excluded by agreement of the parties.

(b) Notwithstanding any provision of the Main Agreement or this Schedule B, BNYM's cumulative, aggregate liability to the Company for any Loss, including Loss arising from Claims for indemnification pursuant to the Main Agreement and this Schedule B, that arises or relates to a term of this Schedule B, the recovery of which is not otherwise excluded or barred by another provision of this Agreement, shall not exceed: (i) with respect to Claims regarding a Component System for which specific fees and/or charges are set forth in the Fee Agreement ("**Fee Based Components**"), the fees and charges paid by Company to BNYM for the particular Component System for the six (6) full calendar months immediately prior to the date the last Claim of Loss relating to the particular Component System arose ("**Fee Based Cap**"), and (ii) with respect to Claims regarding a Component System which is not a Fee Based Component (<u>i.e.</u>, fees are included in account fees or otherwise incorporated into other fees) ("**Non-Fee Based Component**"), the fees and charges paid by Company to BNYM for all services rendered under the Agreement, minus fees and charges paid with respect to Fee Based Components, for the six (6) full calendar months immediately prior to the date the last Claim of Loss relating to any Non-Fee Based Component arose ("**Non-Fee Based Cap**", and collectively with the Fee Based Cap, a "**BNYM System Cap**" or the "**BNYM System Caps**"). Any amounts paid to Company that are subject to either BNYM System Cap shall reduce the General Damage Cap (as defined in the Main Agreement) by such amount and no amounts shall be payable or paid under this Section 6.4 of Schedule B that would cause the General Damage Cap to be exceeded.

(c) In the event of a material breach of this Schedule B by BNYM with respect to the operation of a particular Component System, Company's sole and exclusive termination remedy shall be to terminate the Licensed Rights granted by this Schedule B to the particular Component System with respect to which the material breach occurred by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of

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the Agreement, but the Company shall not be entitled to terminate any other provision of the Agreement or the Licensed Rights with respect to any other Component System. For purposes of clarification: The foregoing sentence is not intended to restrict, modify or abrogate any remedy available to a Company under another provision of the Agreement for a breach of Schedule B by BNYM other than the termination remedy.

***6.5 <u>Assignment</u>.*** Notwithstanding any provision of the Main Agreement or this Schedule B, except as expressly provided in Section 2.1 of this Schedule B, Company may not, and shall not under any circumstances, assign, license, sublicense, grant rights to use, delegate, outsource, or otherwise transfer any Licensed Rights or any right in or part thereof or any obligation under this Schedule B, and any such assignment, licensing, sublicensing, grant of rights, delegation, outsourcing or transfer, or attempt to do any of the foregoing, shall be voidable at the any time thereafter in the sole and absolute discretion of BNYM.

***6.6 <u>Return of Proprietary Items</u>.*** Upon a termination of this Agreement or a termination of the right to use the Licensed System or a right to use a particular Component System, or at the end of a Continuation Period (as defined in Section 6.15), as applicable, Company shall immediately cease attempts to access and use the relevant Component Systems and related Proprietary Items, and except as may be required otherwise by law or regulation Company shall promptly return to BNYM all copies of relevant Documentation and any other related Proprietary Items then in Company's possession and, in addition, if contained within the Company System to destroy the Proprietary Items and certify to such destruction if requested by BNYM. Company shall remain liable for any payments due to BNYM with respect to the period ending on the date of termination or any Continuation Period, as applicable, and any charges arising due to the termination.

***6.7 <u>Conflicts</u>.*** Applicable terms of the Main Agreement shall apply to this Schedule B but any conflict between a term of the Main Agreement and this Schedule B shall be resolved to the fullest extent possible in favor of the term in this Schedule B.

***6.8 <u>Exclusivity</u>.*** Company shall solely and exclusively use the Licensed System to perform the computing functions and services made available to the Company by the Licensed System. For clarification: this means the Company will not use any system, subsystem, component or functionality of another service provider to perform functions or services similar to those provided by the Licensed System that in any way transmits data or instructions into, derives data from, changes data in, or otherwise interacts in any manner with the BNYM System.

***6.9 <u>Term</u>.*** The term of this Schedule B shall be the same as the term in effect for the Main Agreement, including with respect to any renewal terms. Additionally, with respect to each Component System to which the Company is given access and use, the term applicable to BNYM's obligation to furnish the Component System and the Company's obligation to pay the fees and charges applicable to the Component System (***"<u>Component System Obligations</u>"***) shall be the same as the term applicable to the Core Services, including with respect to any renewal term. For clarification: this Schedule B and the Component System Obligations may be terminated only in connection with a termination of the Main Agreement in accordance with the termination provisions set forth in the Main Agreement, except where this Schedule specifically sets forth an additional termination right.

***6.10 <u>Confidentiality</u>.*** Company agrees:

(i) to maintain the Proprietary Items in the strictest confidence, to limit disclosure of, access to and use of
Proprietary Items to persons employed by the Company, having a direct and strict need to know the information for purposes of carrying out the duties of their employment and bound by a duty of strict confidence with respect to the Proprietary Items,
and to prevent disclosure to, access to and use of Proprietary Items by persons not permitted by the foregoing clause.

(ii) not to use the Proprietary Items for any purpose other than in connection with the Company's exercise of
the Licensed Rights without the prior written consent of BNYM;

(iii) to promptly report to BNYM any facts, circumstances or events that are reasonably likely to constitute or
result in a breach of this Section 6.10, and take all reasonable steps requested by BNYM to prevent, control, remediate or remedy any such facts, circumstances or events or any future occurrence of such facts, circumstances or events; and

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(iv) this Section 6.10 shall survive termination of the Agreement for a period of seven (7) years.

***6.11 <u>Provisions Applicable Solely to IAM</u>.*** In connection with any permitted access and use of IAM, the Company agrees, at its expense, to;

(a) Provide, or retain other persons to provide, all computers, telecommunications equipment, encryption technology and other materials, services, equipment and software reasonably necessary to develop and maintain a Company Web Application as contemplated by IAM Documentation, including the functionality necessary to maintain the hypertext links to IAM ("**Company IAM Site**");

(b) Promptly provide BNYM written notice of changes in Fund policies or procedures requiring changes to the IAM settings or parameters or services ("**Parameter Changes**"); provided, however, this provision shall be interpreted to require BNYM to modify only adjustable settings and parameters already provided for in IAM in response to a Parameter Change and not to require BNYM to effect any Upgrade;

(c) Reasonably cooperate with BNYM to develop Internet marketing materials for Permitted Users and forward a copy of appropriate marketing materials to BNYM;

(d) Promptly revise and update applicable prospectuses and other pertinent materials, such as user agreements, to include the appropriate consents, notices and disclosures, including disclaimers and information reasonably requested by BNYM;

(e) With respect to the Company IAM Site, maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided by BNYM in writing from time to time, and all "point and click" features relating to acknowledgment and acceptance of such disclaimers and notifications; and

(f) Design and develop the Company IAM Site functionality necessary to facilitate, implement and maintain the hypertext links to IAM and the various inquiry and transaction web pages and otherwise make the Company IAM Site available to Permitted Users.

***6.12 <u>Termination and Suspension by BNYM</u>.***

(a) In the event of a material breach of this Schedule B by Company, BNYM may terminate the Licensed Rights in their entirety and all access to and use of the Licensed System by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of the Agreement.

(b) In the event BNYM reasonably believes in good faith that any activity of the Company or an Authorized User (i) constitutes a breach of a provision of this Schedule B governing access to or use of the BNYM System, including without limitation Section 2.12(a), or (ii) presents a threat to the integrity or security of the BNYM System or the information contained within it (a "**Use Incident**"), BNYM may without incurring any liability hereunder, temporarily suspend access to and use of the Licensed System or a Component System solely for the amount of time necessary for the investigation and resolution of the issues, and shall notify the Company as soon as practicable under the circumstances of such action and the conduct believed to be a Use Incident. BNYM shall exercise this right with diligence to minimize the impact of any such suspension. The parties agree to promptly cooperate in good faith to address such issues. The Company shall indemnify BNYM for all Loss, and to the extent applicable defend BNYM against all Loss, without limitations of any nature under the Main Agreement, resulting from or arising out of or in connection with a Use Incident attributable to conduct of the Company, an Authorized User, or any person obtaining access to the Licensed System by or through such persons or through use of any Security Code, whether or not Company or an Authorized User authorized such access.

***6.13 <u>Equitable Relief</u>.*** Company agrees that BNYM would not have an adequate remedy at law in the event of a breach or threatened breach of a Use Provision by the Company and that BNYM would suffer irreparable injury and damage as a result of any such breach. Accordingly, in the event Company breaches or threatens to breach a Use Provision, in addition to and not in lieu of any legal or other remedies BNYM may pursue hereunder or under applicable law, Company hereby consents to the granting of equitable relief (including the issuance of a temporary

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restraining order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction, without the necessity of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened breach. In any proceeding upon a motion for such equitable relief, BNYM's ability to answer in damages shall not be interposed as a defense to the granting of such equitable relief.

***6.14 <u>Survival</u>.*** Sections 2.1(b), 2.12, 4.1, 4.2, 4.3, 6.10, provisions which by their nature are applicable after an agreement termination, provisions expressly stated to survive termination and any provisions appropriate to interpret such provisions or to determine the rights or obligations of the parties surviving termination of the Agreement by law, shall survive any termination of the Main Agreement, this Schedule B or the Licensed Rights.

***6.15 <u>Reserved</u>.***

***6.16 <u>Internet and Mobile Applications</u>.***

(a) Each party acknowledges that the Internet is an unsecured, unstable, unregulated, unorganized and unreliable network, and that to the extent the ability of the other party to provide or perform services or duties hereunder is dependent upon the Internet and equipment, software, systems, data and services provided by various telecommunications carriers, equipment manufacturers, firewall providers, encryption system developers and other vendors and third parties, each party agrees that the other shall not be liable in any respect for the functions or malfunctions of the Internet.

(b) In connection with the use of any device by the Company or an Authorized User which utilizes a wireless connection, whether to a router or other computer equipment or to a wireless telecommunications network or system, in whole or in part to access the BYNM System directly or through the Internet, BNYM shall not be responsible in any respect for the functions or malfunctions of such telecommunications network or system or wireless connection or for the loss of personal information or Security Codes or for events of identity theft occurring through such telecommunications network or system or wireless connection.

***6.17. <u>Requirement For Written Consent or Written Release</u>.*** No failure to act, no omission, no failure to respond, object or deny consent, and no other instance of an absence of action or communication (collectively, "Forbearance") shall be construed as a consent or waiver (implied, constructive, deemed or otherwise) under this Schedule B. Any conduct (as defined in the Main Agreement) not expressly permitted by this Schedule B, notwithstanding any number of occurrences of the conduct, any number of requests to engage in the conduct, any failures of BNYM to discover the conduct and any number of related Forbearances, shall be prohibited in the absence of a written consent to the conduct or a written waiver of a relevant prohibition or restriction.

***6.18 <u>Aggregation And Other Third Party Services</u>*.** 

(a) In the event (i) BNYM facilitates connectivity with, develops or implements functionality, APIs, transmission protocols or any other technological service, product or item that permits or enables a third party acting on behalf of the Company or an Authorized User to access or use a Component System or any part of the BNYM System for any purpose ("**Connected Component**"), including without limitation to access, use, extract, retrieve, input or modify Company Data or other confidential, private or personal information of the Company or an Authorized Use or to conduct financial or non-financial transactions (such access and use being an "**Investment Service**", and such third party being an "**Investment Service Provider**"), (ii) Company elects to access and use or permit Authorized Users to access and use a Connected Component, and (iii) in connection therewith the Company or a Authorized User furnishes one or more Security Codes to the Investment Service Provider:

(1) Company acknowledges that in order to permit an Investment Service Provider to provide an Investment Service
BNYM may implement or operate information security processes, procedures, features or characteristics with respect to the Connected Component that differ from the information security processes, procedures, features and characteristics it maintains
for some or all of the other components of the BNYM System ()"**Security Differences**") and in consideration for its access and use of a Connected Component or for BNYM permitting Authorized Users to access and use a Connected System
it consents to the existence of the Security Differences and agrees that the Security Differences do not constitute negligence or other Liable Conduct on the part of BNYM; and

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(2) Company agrees that BNYM bears no liability or responsibility of any nature to Company for any Loss or other
consequences arising to any extent from any access to or use of a Connected Component by or through an Investment Service Provider's technology system, and that it shall indemnify and defend BNYM in accordance with the terms of Section 12
of the Main Agreement for all Loss incurred by BNYM or its affiliates arising to any extent from any access to or use of a Connected Component by or through an Investment Service Provider's technology system.

(b) BNYM bears no liability or responsibility for Loss or other consequences arising from the use of a Security Code established by or for the Company or an Authorized User by any person not specifically permissioned by the Security Code to access and use the BNYM System or any of its Component Systems or from the use of such Security Code other than as specifically permissioned by the Security Code.

***6.19 <u>Export Regulations</u>.*** In order to facilitate compliance with regulations of the United States Government concerning the export of technical information, the parties agree that any technical information not in the public domain (whether written or otherwise) first received hereunder from the other or any technical information which may be developed by using such technical information received from the other, or any product utilizing technical information so received or developed, will not, without the prior written permission of the Disclosing Party, knowingly be transmitted by the Receiving Party, directly or indirectly, to any of the restricted countries designated in the United States Government regulations, as issued from time to time relating to the exportation of technical data.

***6.20 <u>Captions</u>.*** The captions in this Attachment 1 to SOW#3 are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

**[Remainder of Page Intentionally Blank]** 

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**<u>EXHIBIT 1 TO SCHEDULE B</u>**

Active Advisor/ AdvisorCentral A portal for trusts, financial advisors, broker/dealers and other financial intermediaries to view mutual fund and client account data on the transfer agent mainframe via the Internet if permitted access by Company and for Company back offices to view the same data.

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| | |
|:---|:---|
| ACE | ACE Settlement (Automated Control Environment) - Performs automated mutual fund settlement, dividend settlement, tax withholding tracking, and gain loss settlement and produces the supersheet that contains a summary of dollar and share activities. Includes in the foregoing all estimation functions previously performed by ACE Estimate.  |

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| | |
|:---|:---|
| AOS | AOS (Advanced Output Solutions) Digital Reports - Provides access to and the ability to print certain print/mail output generated by the Document Solutions system in connection with services provided to customers of clients, such as customer statements, customer confirmations and customer tax forms.  |

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| | |
|:---|:---|
| CMS\* | (Customer Management Suite) - the combination of functionalities, systems and subsystems which together provide the following capabilities: workflow management, electronic document processing, integrated Web-based front-end processing, customer relationship management and automated servicing of brokers and investors. The principal subsystems are Correspondence, Customer Relationship Manager (automates call center activities), Image and Operational Desktop and includes E-Forms.  |

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Data (Includes DAZL - Data Access Zip Link) Applications which extract broker/dealer data at the Delivery representative level, branch level and broker/dealer level and third party administrator data from the transfer agent mainframe and transmits it to Company designated end users for viewing.

DRAS (Data Repository and Analytics Suite) - a relational data base for management reporting which consists of the Company's entire customer information base as copied nightly from the transfer agent mainframe and includes an integrated reporting tool.

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| | |
|:---|:---|
| FPT | (Fund Pricing Transmission) (formerly known as PRAT) - application that receives fund price and rate information from fund accounting agents on a nightly basis, edits and performs quality control checks on the information, then uploads the prices and rates to the mainframe recordkeeping system, allows the user the ability to view, enter, upload, download, and print price/rate information.  |

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| | |
|:---|:---|
| FSR | (Full Service Retail) - principal transfer agent mainframe system which performs comprehensive processing and shareholder recordkeeping functions, including: transaction processing (purchases, repurchases, exchanges, transfers, adjustments, and cancellations), distribution processing (dividends and capital gains), commission processing and shareholder event processing (automatic investment plans, systematic withdrawal plans, systematic exchanges); creating and transmitting standard and custom data feeds to support printed output (statements, confirmations, checks), sales and tax reporting. FSR interfaces and exchanges data with various surround systems and subsystems and includes a functionality providing for direct online access. Also includes a functionality that temporarily stores systems-generated reports electronically before being transferred to COLD.  |

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| | |
|:---|:---|
| IAM | (Internet Account Management, also known as Active Investor) - application permitting account owners via the Internet to view account information and effect certain transactions and account maintenance changes and includes an administrator site. Optional security enhancements may be offered through this site.  |

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| | |
|:---|:---|
| IFM | (Intermediary Fee Management System) - application that facilitates the management, processing and payment of amounts owed by Funds to financial intermediaries as distribution expenses.  |

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IFS (Web Services/BOB/Statement) Back-office Browser, Web Services, Statement Rendering, Social Security Database Administration Reporting APIs for client portal.

JIRA Work management tool used to log and track issues encountered by clients or operations.

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Mobius Document management system that provides for the storage and retrieval of reports generated on a mainframe. Mobius replaced COLD.

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| | |
|:---|:---|
| NSCC\* | (National Securities Clearing Corporation) - application allowing web-based utility at user's desktop to support processing linked to NSCC activity, including networking, Fund/SERV, DCC&S, Commission/SERV, mutual fund profile, and transfer of retirement assets, and includes NEWS (NSCC Exception Workflow Processing) which provides for the inputting of reject and exception information to the NSCC system.  |

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OOM (Online Output Management) - functionality permitting user to view within the Document Solutions processing system (performs print mail and tax form production and fulfillment services) the location of a specific output, such as a confirmation or statement, in the Document Solutions work flow.

SA3 (Subaccounting DRAS/SBO Applications) - Subaccounting management information system reporting.

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| | |
|:---|:---|
| SRP | SuRPAS Classic - provides mutual fund sub accounting record keeping functionality, trade aggregation, and fee calculation and payment to the broker dealer community and their asset manager partners. The application interfaces with multiple brokerage systems to enable trade placement, aggregation, settlement and reconciliation with any fund family. When integrated with a brokerage platform, mutual fund trading and settlement is streamlined and operationally efficient in support of the Asset Servicing business.  |

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SR2 SuRPAS UI - Portal providing user interface to internal and external users to application functionality of the core SRP (SuRPAS Classic) platform.

Treasury Edge Application permitting inquiry of ACH and wire activity and DDA information.

TRS (Tax Reporting Service) - functionality performing all applicable federal and state tax reporting (tax form processing and corrections), tax-related information reporting, and compliance mailings (including W-9, W-8, RMD, B-Notice, and C-Notice).

\* For clarification: Company or an Authorized User may be given a right to access and use one or more separable components of this system rather than the entire system and any right to access and use one of more of such separable components is limited to the functionalities of the separable components even if certain of functionalities of the separable components may include integration points with functionalities of other system components. 

[End to Exhibit 1 to Schedule B]

[End to Schedule B]

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**<u>Schedule C</u>**

Dated: ______________, 2023

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Re: <u>Letter Agreement Relating to the Demand Deposit Accounts Established by BNY Mellon Investment Servicing (US) Inc. at The Bank of New York Mellon for the Benefit of the Fund</u>

Dear Sirs:

This Schedule C constitutes Schedule C to the "**TA Agreement**", which is hereby defined to mean the Transfer Agency And Shareholder Services Agreement, dated as of the date indicated above, between BNY Mellon Investment Servicing (US) Inc. ("**BNYM**") and Man Alternative Income Fund (the "**Fund**"). Capitalized terms not defined in this Schedule C shall have the meaning ascribed to them in the TA Agreement.

The Fund is party to a Custody Agreement with The Bank of New York Mellon (the "**Bank**") dated as of ______________, 2025. The Custody Agreement, as it may have been amended to date and may be amended in the future, is referred to herein as a "**Custody Agreement**".

The TA Agreement provides, among other things, for BNYM to provide cash administration services to the Fund, utilizing one or more demand deposit accounts or other accounts established at the Bank in the name of BNYM for the benefit of the Fund (the "**DDA**"). In particular, BNYM will utilize the DDAs (i) to accept payments for the purchase of Fund shares and forward such payments once funds have been collected to the Bank for deposit into the custody account of the Fund established with the Bank pursuant to the Custody Agreement ("**Custody Account**"); and (ii) in connection with repurchases of Fund shares by Fund shareholders and with cash distributions effected by the Fund, such as dividend payments and capital gains distributions, to accept monies from the Bank drawn from the Custody Account and to remit such amounts to appropriate parties.

In connection with BNYM's performance of transfer agency services and in particular the cash administration services described above, BNYM may be notified of a Fund payment obligation that BNYM as transfer agent is expected to satisfy, such as a same-day settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular payment obligation of the Fund may exceed the amount of funds then available for transfer in the relevant DDAs (such excess amount if transferred by BNYM being hereinafter referred to as an "**Overdraft Amount**").

The need to transfer an Overdraft Amount may occur due to any one or more of the transfer needs of the Fund that arise in the ordinary course of the Fund's business, such as, by way of illustration, and not limitation: transfers needed in order to satisfy the Fund's same day settlement obligations with the NSCC; and purchase payments being forwarded to the Custody Account one day after receipt while the check representing the payment takes more than one day to clear.

The Fund acknowledges, consents and agrees with the statements made above and as follows:

Overdraft Amounts shall constitute overdrafts, outstanding indebtedness and an outstanding obligation of the Fund under the Custody Agreement and shall be deemed to be a loan made by the Bank to the Fund.

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The Fund agrees that the Bank shall at no time be under any obligation whatsoever to extend credit in connection with the transfer agency activities conducted by BNYM on behalf of the Fund and in particular the cash administration activities described herein, including without limitation an extension of credit constituting an Overdraft Amount, even if it has done so as part of a regular pattern of conduct, and that the Bank may at any time in its sole discretion and without notice decline to continue or re-extend any such credit.

Notwithstanding the absence of an obligation to do so, the Bank may in its sole discretion elect to transfer on behalf of the Fund an amount of funds that constitutes an Overdraft Amount and that by electing to transfer funds constituting an Overdraft Amount the Bank does not, even if it has transferred funds constituting Overdraft Amounts as part of a regular pattern of conduct in the past waive any rights under this letter agreement or assume the obligation it has expressly disclaimed in the immediately preceding paragraph and the Bank may at any time in its sole discretion and without notice decline to continue to make such transfers.

The Fund is at all times obligated to pay to the Bank an amount of money equal to the Overdraft Amounts and such amounts are payable, and shall be paid, together with such accrued interest as may be charged by the Bank in accordance with the Custody Agreement, by the Fund immediately upon demand by the Bank, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest to BNYM pursuant to Section 9(c)(iv) of the TA Agreement, the Fund's obligation to repay that amount to the Bank pursuant to this letter agreement shall be deemed satisfied

In order to secure repayment of Overdraft Amounts, the Fund agrees that the Bank shall to the maximum extent permitted by law have a continuing lien, security interest, security entitlement and right of setoff in and to any property, including without limitation, any investment property or any financial asset, of the Fund at any time held by the Bank for the benefit of the Fund or in which the Fund may have an interest which is then in the Bank's possession or control or in possession or control of any third party acting on the Bank's behalf. In addition, at any time when the Fund shall not have honored any of its obligations, the Bank shall have the right without notice to the Fund to retain or set-off, against such obligations, any cash the Bank may directly or indirectly hold for the account of the Fund, and any obligations (whether matured or unmatured) that the Bank may have to the Fund.

This Agreement has been duly authorized, executed and delivered by the Fund, constitutes its valid and legally binding obligation, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits its execution or performance of this agreement.

This agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The parties consent to the exclusive jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The parties hereby waive any right to trial by jury they may have in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this agreement.

"**Custodied Portfolio**" means an Investment Company Portfolio which is party to a Custody Agreement or which is a party to a "**Separate Custody Agreement**", which is hereby defined to mean a custody agreement with the Bank, other than a Custody Agreement, executed in its individual capacity or by an Investment Company on its behalf, pursuant to which assets of the Portfolio are held in custody by the Bank.

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This Letter Agreement may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Letter Agreement physically delivered, on a copy of the Letter Agreement transmitted by facsimile transmission or on a copy of the Letter Agreement transmitted as an imaged document attached to an email, or by "**Electronic Signature**", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Letter Agreement by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Letter Agreement or of executed signature pages to counterparts of this Letter Agreement, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Letter Agreement and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Letter Agreement.

IN WITNESS WHEREOF, each of the parties hereto has caused this Letter Agreement to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Letter Agreement by Electronic Signature, affirms authorization to execute this Letter Agreement by Electronic Signature and that the Electronic Signature represents an intent to enter into this Letter Agreement and an agreement with its terms.

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| | |
|:---|:---|
| Sincerely, | ACKNOWLEDGED AND AGREED: |
| [ ] | The Bank Of New York Mellon |
| By: | By: |

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| | | |
|:---|:---|:---|
|  |  | Authorized Signer |
| Name: |  |  |
| Title: | Name: | |

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**<u>Schedule D</u>**

**<u>Authorized Persons</u>**

Each of the following individuals is an "Authorized Person" of the "Fund", as those terms are defined and used in the Transfer Agency And Shareholder Services Agreement, dated as of ________________, 2025, by and among BNY Mellon Investment Servicing (US) Inc. and Man Alternative Income Fund.

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Terms not specifically defined in this Schedule D shall have the meaning ascribed elsewhere in the Agreement.

BNYM may at all times rely on the most recently dated Schedule D. For clarification: this means that BNYM will at all times and under all circumstances rely on and use a properly completed Schedule D until it is replaced by a properly completed Schedule D bearing a later date. A Schedule D will take effect on the date signed by BNYM.

For clarification: BNYM is not obligated to verify signatures nor issue nor require any security IDs, passwords or other security codes in connection with its interaction with Authorized Persons in such capacity.

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| | |
|:---|:---|
| [ ] | Acknowledged and accepted:<br> BNY Mellon Investment Servicing (US) Inc. |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

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**<u>Schedule E</u>**

<u>Interval Fund Services</u> 

1. <u>Scope of Services</u>.

(a) BNYM shall perform, as appropriate, for or on behalf of the Fund all Services set forth in Section 3 of the Agreement as selected in writing by the Fund or reasonably determined by BNYM to be appropriate in the absence of written selections from the Fund, subject to the further terms of this Schedule E. All references to a Section in this Schedule E shall mean a Section in this Schedule E, unless expressly provided otherwise. Capitalized terms used but not defined in this Schedule E shall have the meanings ascribed in the main body of the Agreement together with Schedule A ("**Main Agreement**").

(b) Prior to the Commencement Date (as defined in Section 5), only Section 1 of this Schedule E shall be effective. On and after the Commencement Date, all sections of this Schedule E shall be effective. Consequently, for clarification: (i) in the event an entity identified by the Fund to BNYM in writing as a seed money purchaser, seeks to purchase Fund Shares prior to the Commencement Date (in either case a "**Seed Money Purchaser**"), BNYM shall perform appropriate Services provided for in Section 3 of the Main Agreement without giving effect to sections of this Schedule E other than Section 1, and (ii) BNYM will perform appropriate Services as set forth in Sections 1, 2, 3 and 4 of this Schedule E only on and after the Commencement Date. In the event BNYM receives purchase instructions for Fund Shares prior to the Commencement Date from any person other than a Seed Money Purchaser, it will (i) reject such instructions if received through the NSCC Process (as defined in Section 5), and (ii) return to sender any such instructions received directly.

2. <u>Purchases and Repurchases Through The NSCC</u>. BNYM shall perform the functions described in this Section 2 with respect to Purchase Orders (as defined in Section 5) and Repurchase Orders (as defined in Section 5) respecting Fund Shares received through the NSCC Process. BNYM shall perform the administrative and ministerial duties in accordance with the NSCC Process appropriate to (i) open shareholder accounts pursuant to instructions received in good order from financial intermediaries, and (ii) execute and process purchase and repurchase transactions pursuant to instructions received in good order from financial intermediaries. BNYM shall have no responsibility or obligation of any nature (A) to obtain, review, retain, process or take any other act with respect to any physical documentation associated with the account opening instructions and purchase and repurchase instructions received through the NSCC Process and processed in accordance with this Section 2, or (B) to review or determine whether the purchaser or the Purchase Order is eligible, qualified, authorized or otherwise approved by the Fund with respect to such purchase. As between the Fund and BNYM, the Fund possesses the sole responsibility for complying with any applicable disclosure obligations, under law or otherwise, to financial intermediaries and Fund investors relating to the NSCC Process. None of the provisions of Sections 3 or 4 shall apply to instructions received by BNYM through the NSCC Process, except that Section 4(iv) shall apply to the extent appropriate and Fund Shares submitted for repurchase in a Repurchase Offer (as defined in Section 5) pursuant to the NSCC Process shall be included in any proration occurring due to an over-subscribed Repurchase Offer. BNYM shall reject all Repurchase Orders (as defined in Section 5) received through the NSCC Process other than during the Repurchase Offer Period (as defined in Section 5).

3. <u>Direct Purchases</u>. BNYM shall perform the following functions in connection with Purchase Orders received directly by BNYM (*<u>i.e.</u>*, through methods other than the NSCC Process):

(i) BNYM will review Purchase Orders it receives from Persons (as defined in Section 5), the Distributor (as
defined in Section 5) and from Approved Financial Intermediaries (as defined in Section 5) and exercise reasonable care to determine in accordance with the Fund Procedures (as

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defined in Section 5) whether the Purchase Order constitutes a "**Conforming Purchase Order**", which is hereby defined to mean a Purchase Order with respect to which all the following criteria are satisfied, or a "**Non-Conforming Purchase Order**", which is hereby defined to mean a Purchase Order with respect to which one or more of the following criteria are not satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purchase form and any accompanying documentation are in completed proper form and good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchase Order contains all information and documentation necessary or appropriate to create a shareholder
account for the purchaser named in the subscription purchase form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNYM has received confirmation that good funds in sufficient amount to pay for the purchase transaction have
been received from the purchaser or have been credited to the account of the purchaser.

(ii) In the event BNYM determines a Purchase Order to be a Non-Conforming Purchase Order, BNYM shall correspond with the Person, the Distributor or the Approved Financial Intermediary who submitted the Non-Conforming Purchase Order (the "**Submitter**") in accordance
with applicable provisions of the Fund Procedures to attempt to assist with the completion or correction of the Non-Conforming Purchase Order into a Conforming Purchase Order. In the event BNYM is unable to
assist in the completion or correction of the Non-Conforming Purchase Order into a Conforming Purchase Order, BNYM shall follow procedures set forth in the Fund Procedures or in the absence of such procedures
will return the Non-Conforming Purchase Order to the Submitter.

(iii) In the event BNYM determines a Purchase Order to be a Conforming Purchase Order BNYM shall, in accordance with
the Fund's prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an initial purchase inclusive of new account instructions, create a shareholder account in the Fund in
accordance with the instructions of the Submitter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) execute the Conforming Purchase Order by issuing a number of Fund Shares consistent with the Conforming
Purchase Order, the amount of funds tendered in connection with the Purchase Order, the applicable NAV and any applicable sales load; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of funds, credit the appropriate Fund shareholder account with the Fund Shares issued in
accordance with clause (b).

(iv) BNYM shall have no responsibility or obligation of any nature to review or determine whether a Person
submitting a Purchase Order or the Purchase Order of a Person is eligible, qualified, authorized or otherwise approved by the Fund with respect to such purchase transaction.

4. <u>Direct Repurchases</u>. BNYM shall perform the following functions in connection with Repurchase Orders received directly by BNYM (*<u>i.e.</u>*, through methods other than the NSCC Process):

(i) In the event BNYM receives a Repurchase Order other than during a Repurchase Offer Period from a shareholder of
the Fund, BNYM shall return the Repurchase Order to the submitting shareholder without processing the order.

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(ii) After BNYM has received a copy of a Repurchase Offer Notice (as defined in Section 5) from BNYM-TI, BNYM shall, with respect to Repurchase Orders it receives during a relevant Repurchase Offer Period, review each Repurchase Order and exercise reasonable care to determine in accordance with the Fund
Procedures whether the Repurchase Order constitutes a "**Conforming Repurchase Order** ", which is hereby defined to mean a Repurchase Order with respect to which all the following criteria are satisfied, or a "**Non-Conforming Repurchase Order** ", which is hereby defined to mean a Repurchase Order with respect to which one or more of the following criteria are not satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Repurchase Order must comply with any applicable requirements of the Fund Procedures and the Repurchase Offer
Notice, must be tendered in proper form and must contain all information and consist of all documentation as BNYM may reasonably determine necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All required or permitted endorsements and signatures must in BNYM's reasonable judgment be valid and
genuine; the requested repurchase must in BNYM's reasonable judgment be legally authorized, and in BNYM's reasonable judgment (I) no evidence of any nature whatsoever, whether credible or not credible, exists with respect to a claim
adverse to such requested repurchase or the rights of the shareholder to submit a repurchase request, regardless of the merits of the claim; and (II) the Repurchase Order satisfies all applicable requirements for personal property and
securities transfer as specified in the Standard Procedures.

(iii) In the event BNYM determines a Repurchase Order to be a Non-Conforming Repurchase Order, BNYM shall implement any appropriate procedures that may be contained in the Fund Procedures and in the event the Non-Conforming Repurchase Order cannot be converted into a Conforming
Repurchase Order by the expiration of the Repurchase Offer Period, shall return the Non-Conforming Repurchase Order to the submitting Person, Distributor or Approved Financial Intermediary, as applicable,
together with any written correspondence provided by BNYM-TI.

(iv) In the event BNYM determines a Repurchase Order to be a Conforming Repurchase Order (including Repurchase
Orders that are Non-Conforming Repurchase Orders when received but are remediated into Conforming Repurchase Orders by the close of the Repurchase Offer Period) and the Repurchase Order has not been withdrawn
by the close of the Repurchase Offer Period, BNYM shall perform the following functions, subject to any applicable provisions of the Repurchase Offer Notice, the Proration Conditions (as defined in Section 5) and Fund Procedures not in conflict
with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Execute the Conforming Repurchase Order by debiting the appropriate number of Fund Shares from the relevant
Fund shareholder account and cancelling such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Deliver to the Fund Custodian and the Fund or its designee a notification setting forth the number of Fund
Shares repurchased by the Fund and make such additional entries in the Fund's books and records to accurately reflect a reduction in the outstanding Shares of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of the monies from the Fund Custodian in an amount appropriate for the particular repurchase, pay
such monies to the tendering party in accordance with the Fund Procedures.

(v) BNYM will also return to submitting parties without processing (i) all Repurchase Orders received after
the Repurchase Cut-Off Time (as defined in Section 5), (ii) all Repurchase Orders received prior to the Repurchase Cut-Off Time that were Non-Conforming Repurchase Orders when received and were not remediated into Conforming Repurchase Orders by the Repurchase Cut-Off Time, and (ii) all Repurchase Orders
withdrawn before the Repurchase Cut-Off Time.

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5. <u>Definitions</u>. For purposes of this Schedule E:

(i) "**Approved Financial Intermediary**" means a broker-dealer, registered investment advisor or
other financial intermediary that the Fund or the Distributor has identified in writing to BNYM as authorized to purchase Shares of the Fund.

(ii) "**Commencement Date**" means the date indicated in the written notice sent by an Authorized
Person of the Fund and received by BNYM as of which the particular Fund is commencing the offering of Fund Shares to persons other than Seed Money Purchasers.

(iii) "**Distributor**" means Foreside Funds Distributors LLC and its legal successors and assigns.

(iv) "**Fund Procedures**" means Standard Procedures supplemented by any Exception Procedures
relating to the purchase or repurchase of Fund Shares.

(v) "**NSCC**" means the National Securities Clearing Corporation and its lawful successor and
assigns.

(vi) "**NSCC Process**" means the NSCC's FundSERV networking service and the reasonable
processes, procedures, terms and conditions specified by the NSCC for the FundSERV networking service applicable to Fund Shares and for the instructions from financial intermediaries with respect to transactions in Fund Shares.

(vii) "**Person**" means a person other than the Distributor and an Approved Financial Intermediary
seeking to purchase and own Fund Shares directly with BNYM (as sub-transfer agency) rather than beneficially through an account with the Distributor or an Approved Financial Intermediary.

(viii) "**Proration Conditions**" means any terms limiting the number of Fund Shares that will be
accepted for repurchase in a Repurchase Offer, whether applied individually or in the aggregate, and any procedures or conditions governing the processing of Repurchase Orders in the event of an over-subscribed Repurchase Offer (I) contained in
the Repurchase Offer Notice and Fund Procedures, and (II) to the extent not contained in the Repurchase Offer Notice or Fund Procedures, reasonably adopted by BNYM.

(ix) "**Purchase Order**" means a purchase form or instructions for the purchase of Fund Shares and
any accompanying documentation.

(x) "**Repurchase Cut-Off Time**" means the time designated
by the Fund on the date designated by the Fund in the applicable Repurchase Offer Notice by which repurchase instructions must be received in good order through the NSCC Process and Conforming Repurchase Orders must be received by BNYM, in each case
in order to be processed in connection with the applicable Repurchase Offer.

(xi) "**Repurchase Offer Notice**" means the written notification of a Repurchase Offer authorized by
the Fund and sent to Fund shareholders containing the terms and conditions of the Repurchase Offer, including dates and times for the commencement and termination of the Repurchase Offer Period, together with any restrictions applicable to the
Repurchase Offer, including without limitation any Proration Conditions.

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(xii) "**Repurchase Offer Period**" means the period as stated in the applicable Repurchase Offer
Notice during which repurchase instructions must be received in good order through the NSCC Process and Conforming Repurchase Orders must be received by BNYM, in each case in order to be processed in connection with the applicable Repurchase Offer.

(xiii) "**Repurchase Order**" means, collectively, the preprinted repurchase form approved by the Fund
with respect to a particular Repurchase Offer and provided to Fund shareholders by BNYM received by BNYM from a shareholder of the Fund, conforming to all requirements of such form, and containing a request that some or all Fund Shares held by the
shareholder be repurchased by the Fund, together with any documentation or materials accompanying such form.

## Ex-99.K3

**Exhibit (k)(3)** 

**EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT** 

AGREEMENT made as of the<u> </u>day of<u> </u>, 2025 by and among Man Alternative Income Fund, a Delaware statutory trust (the "Fund") and Man Solutions LLC, a Delaware limited liability company (the "Adviser").

WHEREAS, the Adviser acts as investment adviser to the Fund pursuant to an Investment Advisory Agreement with the Fund (the "Investment Advisory Agreement");

NOW, THEREFORE, in consideration of the Fund engaging the Adviser pursuant to the Investment Advisory Agreement and other good and valuable consideration, the parties to this Agreement agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Fund's Prospectus as currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Adviser agrees with the Fund to waive fees that it would otherwise be paid 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 0.50% of the average daily net assets of Class A Shares and Class I Shares (the "Expense Limit").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless earlier terminated by the Fund, this Agreement will have an initial term ending one (1) year from the date of the Fund's prospectus, dated , 2025, and during such initial term this Agreement may not be terminated by the Adviser. This Agreement will automatically renew for consecutive twelve-month terms thereafter, and the Agreement may not be terminated by the Adviser other than as of the end of the then current term. Subject to the initial two sentences of this paragraph, any party may terminate this Agreement upon thirty (30) days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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;5. If this Agreement is terminated by either party, any unpaid payment obligation pursuant to paragraph 4 survives termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement will be construed in accordance with the laws of the state of New York and the applicable provisions of the Investment Company Act. To the extent the applicable law of the State of New York, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the applicable provisions of the Investment Company Act will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement constitutes the entire agreement between the parties to this Agreement with respect to the matters described in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Agreement may be executed in any number of separate counterparts, each of which shall be deemed an original, but the several counterparts shall together constitute but one and the same agreement of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If any one or more of the covenants, agreements, provisions or texts of this Agreement shall be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

[*Signature page follows*]

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IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the date first written above.

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| |
|:---|
|  MAN ALTERNATIVE INCOME FUND |
|  By: |
|  Title: |
|  MAN SOLUTIONS LLC |
|  By: |
|  Title: |

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[Signature Page to Expense Limitation and Reimbursement Agreement]

## Ex-99.P

**Exhibit (p)** 

**MAN ALTERNATIVE INCOME FUND** 

**<u>SUBSCRIPTION AGREEMENT</u>**

This Subscription Agreement is entered into this 3rd day of September, 2025 by and between Man Alternative Income Fund, a Delaware statutory trust (the "<u>Fund</u>"), and Man Investments Finance Inc. (the "<u>Subscriber</u>");

WITNESSETH:

WHEREAS, the Fund has been formed for the purposes of carrying on business as a closed-end management investment company; and

WHEREAS, the Subscriber wishes to subscribe for and purchase, and the Fund wishes to sell to the Subscriber, 10,000 Class I shares of beneficial interest (the "<u>Shares</u>") for a purchase price of $10 per share.

NOW THEREFORE, IT IS AGREED:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Subscriber subscribes for and agrees to purchase from the Fund 10,000 Shares for a purchase price of $10
per share. Subscriber agrees to make payment for these Shares at such time as demand for payment may be made by an officer of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund agrees to issue and sell said Shares to Subscriber promptly upon its receipt of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To induce the Fund to accept its subscription and issue the Shares subscribed for, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Represents and warrants that it has no present intention of selling or redeeming the Shares subscribed for
under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Subscription Agreement and all of its provisions shall be binding upon the legal representatives, heirs,
successors and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement is executed on behalf of the Fund by the Fund's officers as officers and not individually
and the obligations imposed upon the Fund by this Subscription Agreement are not binding upon any of the Fund's Trustees, officers or shareholders individually but are binding only upon the assets and property of the Fund.

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IN WITNESS WHEREOF, this Subscription Agreement has been executed by the parties hereto as of the day and date first above written.

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| | |
|:---|:---|
| **MAN ALTERNATIVE INCOME FUND** | **MAN ALTERNATIVE INCOME FUND** |
| By: | /s/ Lisa Muñoz |
| Name: Lisa Muñoz | Name: Lisa Muñoz |
| Title: Secretary | Title: Secretary |
| **MAN INVESTMENTS FINANCE INC.** | **MAN INVESTMENTS FINANCE INC.** |
| By: | /s/ Nancy Lynch |
| Name: Nancy Lynch | Name: Nancy Lynch |
| Title: Secretary | Title: Secretary |

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[*Signature Page to Subscription Agreement of Man Alternative Income Fund*]

## Ex-99.T

**Exhibit (t)** 

**POWER OF ATTORNEY** 

**KNOW ALL PERSONS BY THESE PRESENTS**, that the undersigned, being trustees of Man Alternative Income Fund, hereby constitutes and appoints Lisa Muñoz, Kaitlin Carroll, Anne Choe, and Jonathan Gaines, 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 a registration statement on Form N-2 of Man Alternative Income 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 3rd day of September, 2025.

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| | |
|:---|:---|
| /s/ Samuel J. Thompson | Trustee |
| Samuel J. Thompson |  |
| /s/ Russell A. Emery | Trustee |
| Russell A. Emery |  |
| /s/ Shawn Hessing | Trustee |
| Shawn Hessing |  |
| /s/ Michael J. Crinieri | Trustee |
| Michael J. Crinieri |  |

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