<SEC-DOCUMENT>0001104659-25-118534.txt : 20251205
<SEC-HEADER>0001104659-25-118534.hdr.sgml : 20251205
<ACCEPTANCE-DATETIME>20251204173211
ACCESSION NUMBER:		0001104659-25-118534
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20251205
DATE AS OF CHANGE:		20251204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	02 Finance
		EIN:				980080034
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15949
		FILM NUMBER:		251550740

	BUSINESS ADDRESS:	
		STREET 1:		85 BROAD STREET
		STREET 2:		22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		2126688255

	MAIL ADDRESS:	
		STREET 1:		85 BROAD STREET
		STREET 2:		22ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Advantage Advisers Multi-Manager, L.L.C.
		CENTRAL INDEX KEY:			0001548920
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15949-02
		FILM NUMBER:		251550742

	BUSINESS ADDRESS:	
		STREET 1:		200 PARK AVENUE, 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		212-667-5421

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE, 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER & CO. INC.
		CENTRAL INDEX KEY:			0000103623
		ORGANIZATION NAME:           	
		EIN:				135657518
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		
		SEC FILE NUMBER:	812-15949-01
		FILM NUMBER:		251550741

	BUSINESS ADDRESS:	
		STREET 1:		85 BROAD STREET
		STREET 2:		22ND,24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-667-6457

	MAIL ADDRESS:	
		STREET 1:		85 BROAD STREET
		STREET 2:		22ND FLOOR
		CITY:			NY
		STATE:			NY
		ZIP:			10004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK & CO. INC.
		DATE OF NAME CHANGE:	20020523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK & CO INC                                     /BD
		DATE OF NAME CHANGE:	20020523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK & CO INC /NY/                                /BD
		DATE OF NAME CHANGE:	19971210
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES
AND EXCHANGE COMMISSION<BR>
</B></FONT>Washington, D.C.&nbsp; 20549</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">File No.&nbsp;812-[ ]</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">In the Matter of</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Oppenheimer&nbsp;&amp;
Co. Inc.</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">85 Broad Street</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10004</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>ADVANTAGE
ADVISERS MULTI-MANAGER, L.L.C.</B></FONT><BR>
85 Broad Street, 24th Floor</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">New York, NY 10004</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OPPENHEIMER HOLDINGS INC.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">85 Broad Street<BR>
New York, NY 10004</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December&nbsp;5, 2025</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPLICATION PURSUANT TO SECTION&nbsp;9(c)&nbsp;OF
THE INVESTMENT COMPANY ACT OF 1940</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR TEMPORARY AND PERMANENT ORDERS EXEMPTING APPLICANTS FROM THE<BR>
PROVISIONS OF SECTION&nbsp;9(a)&nbsp;OF SUCH ACT</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Written communications regarding this Application
and copies of all orders should be addressed to the following persons:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <TD STYLE="text-align: center; vertical-align: top; width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Norm Champ, P.C.,&nbsp;Esq.<BR>
    Pamela Poland Chen,&nbsp;Esq.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Kirkland&nbsp;&amp; Ellis LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">601 Lexington Avenue</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">New York, NY 10022</P></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: top; width: 49%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Elizabeth A. Marino,&nbsp;Esq.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Sidley Austin LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">60 State Street, 36th Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Boston, MA 02109</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This Application consists of 27 pages.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES OF AMERICA</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Before the</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the Matter of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oppenheimer&nbsp;&amp; Co. Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Advantage Advisers Multi-Manager, L.L.C.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oppenheimer Holdings Inc.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">File No.&nbsp;812-[ ]</P></TD>
    <TD STYLE="vertical-align: top; width: 2%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">:<BR>
:<BR>
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:</FONT></TD>
    <TD STYLE="text-align: justify; width: 49%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">APPLICATION PURSUANT TO SECTION&nbsp;9(c)&nbsp;OF THE INVESTMENT COMPANY ACT OF 1940 FOR TEMPORARY AND PERMANENT ORDERS EXEMPTING APPLICANTS FROM THE PROVISIONS OF SECTION&nbsp;9(a)&nbsp;OF SUCH ACT</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD><B><U>Introduction and Summary of Application</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Advantage Advisers Multi-Manager,
L.L.C. (the &ldquo;<B>Adviser</B>&rdquo;) and Oppenheimer&nbsp;&amp; Co. Inc. (&ldquo;<B>Opco</B>&rdquo; and together with the Adviser,
the &ldquo;<B>Applicants</B>&rdquo;) respectfully submit this application (the &ldquo;<B>Application</B>&rdquo;) and Oppenheimer Holdings
Inc. (&ldquo;<B>OPY</B>&rdquo;),<SUP>1</SUP> pursuant to Section&nbsp;9(c)&nbsp;of the Investment Company Act of 1940 (the &ldquo;<B>Act</B>&rdquo;)
for:&nbsp; (1)&nbsp;a temporary order granting an exemption from Section&nbsp;9(a)&nbsp;of the Act (the &ldquo;<B>Temporary Order</B>&rdquo;)
to the Adviser pending the determination of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on this Application
for permanent exemption; and (2)&nbsp;a permanent order exempting the Applicants and other Covered Persons (as defined below) from the
provisions of Section&nbsp;9(a)&nbsp;of the Act (the &ldquo;<B>Permanent Order</B>,&rdquo; and together with the Temporary Order, the
 &ldquo;<B>Requested Orders</B>&rdquo;) in respect of the Injunction, as defined and described below, that would be entered against Opco
in the Final Judgment described below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While Opco does not currently
serve as an investment adviser (as defined in Section&nbsp;2(a)(20) of the Act) to, or depositor of, any registered investment company
under the Act (&ldquo;<B>RIC</B>&rdquo;), an employees&rsquo; securities company (&ldquo;<B>ESC</B>&rdquo;) or an investment company that
has elected be treated as a business development company under the Act (&ldquo;<B>BDC</B>&rdquo;),<SUP>2</SUP> or as a principal underwriter
(as defined in Section&nbsp;2(a)(29) of the Act) to any open-end management investment company registered under the Act (&ldquo;<B>Open-End
Fund</B>&rdquo;), registered unit investment trust (&ldquo;<B>UIT</B>&rdquo;) or registered face-amount certificate company (&ldquo;<B>FACC</B>&rdquo;)
(such activities, &ldquo;<B>Fund Servicing Activities</B>&rdquo;),<SUP>3</SUP> it may do so in the future. No existing company of which
Opco is an &ldquo;affiliated person&rdquo; within the meaning of Section&nbsp;2(a)(3)&nbsp;of the Act (&ldquo;<B>Affiliated Person</B>&rdquo;),
other than the Adviser, currently serves as an investment adviser to, or a depositor of, any RIC, an ESC or a BDC, or as a principal underwriter
for any Open-End Fund, UIT, or FACC registered under the Act. The Applicants request that any relief granted by the Commission pursuant
to this Application apply to the Adviser, Opco, any existing company of which Opco is an Affiliated Person, and any other company of which
Opco may become an Affiliated Person in the future (together with the Applicants and OPY, the &ldquo;<B>Covered Persons</B>&rdquo;) with
respect to any activity contemplated by Section&nbsp;9(a)&nbsp;of the Act. The Applicants request that the Temporary Order remain in effect
until the Commission acts on the Application for the Permanent Order.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;OPY is a party to the Application solely for purposes
of making the representations and agreeing to the conditions in the Application that apply to it.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Neither Applicant serves as investment adviser or depositor
to a BDC or ESC.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</SUP> The term &ldquo;Fund Servicing Activities,&rdquo; as
it relates to the Covered Persons (as defined below), refers to each of the capacities identified in Section 9(a) of the Act in which
a Covered Person currently serves or may serve in the future.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Adviser serves as investment adviser to Advantage Advisers Xanthus Fund, L.L.C. </FONT>(the &ldquo;<B>Fund</B>&rdquo;),<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>4</SUP></FONT>
a closed-end investment company registered under the Act (a &ldquo;<B>Closed-End Fund</B>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Background</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>The Applicants</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opco</FONT>,
a New York corporation, is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange
Act</B>&rdquo;), and as an investment adviser under the Investment Advisers Act of 1940, as amended (the &ldquo;<B>Advisers Act</B>&rdquo;),
and is a wholly-owned indirect subsidiary of OPY. Opco serves as principal underwriter to the Fund.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>5</SUP></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser, a Delaware limited
liability company, is registered as an investment adviser under the Advisers Act and is a wholly-owned subsidiary of Oppenheimer Asset
Management Inc., which is also registered as an investment adviser under the Advisers Act (&ldquo;<B>OAM</B>&rdquo;).<SUP>6</SUP> OAM
and Opco are wholly-owned indirect subsidiaries, and under common control, of OPY. The Adviser was organized in 1996. The assets under
management of the Adviser are approximately $3.2 billion as of June&nbsp;30, 2025, nearly $3.0 billion of which constitutes the assets
under management of the Fund, and the remaining of which constitutes the assets under management of other investment vehicles, each of
which are separate and distinct legal entities that would be an investment company but for Sections&nbsp;3(c)(1)&nbsp;or 3(c)(7)&nbsp;of
the 1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The term &ldquo;Fund&rdquo; or &ldquo;Funds,&rdquo; as
used in the application, refers to any RIC, ESC, and BDC for which an Applicant currently provides or may in the future provide, or a
Covered Person may in the future provide, Fund Servicing Activities, subject to the terms and conditions of the Orders.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Because the Fund is a Closed-End Fund, Opco&rsquo;s role
as the Fund&rsquo;s principal underwriter (as defined in Section 2(a)(29) of the Act) is not covered by Section 9(a) of the Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>6</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;OAM does not currently provide any Fund Servicing Activities.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is a Delaware limited
liability company registered under the 1940 Act as a closed-end management investment company and operates as a diversified company. The
Fund is the only investment company in the Advantage Advisers family of funds that is a RIC, BDC or ESC. The Fund's investment objective
is to achieve maximum capital appreciation. It pursues this objective by investing its assets primarily in equity securities of U.S. and
foreign companies that the Fund's sub-adviser, Alkeon Capital Management, L.L.C. (&ldquo;<B>Alkeon</B>&rdquo;), believes are well positioned
to benefit from demand for their products or services, particularly companies that can innovate or grow rapidly relative to their peers
in their markets. Alkeon, the Fund&rsquo;s sub-adviser, is an investment adviser registered under the Advisers Act and is unaffiliated
with the Applicants.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPY
is a Delaware corporation headquartered in New York, New York and listed on the New York Stock Exchange. OPY is a financial services holding
company, and through its subsidiaries, is a leading middle-market investment bank and full-service broker-dealer engaged in a broad range
of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking
(both corporate and public finance), equity and fixed income research, market-making, trust services and investment advisory and asset
management services. OPY is the ultimate parent company of the Applicants. </FONT>OPY was organized in 1950.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>The Consent and the Final Judgment</U></B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September&nbsp;13, 2022, the Commission filed a complaint in the U.S. District Court for the Southern District of New York (the &ldquo;<B>Court</B>&rdquo;)
relating to the matter titled <I>SEC v. Oppenheimer&nbsp;&amp; Co. Inc.</I>, Case No.&nbsp;1:22-cv-07801-JPC (the &ldquo;<B>Complaint</B>&rdquo;)
alleging </FONT>Opco made certain sales of municipal securities to broker-dealers and investment advisers (&ldquo;<B>Limited Offerings</B>&rdquo;)
in reliance on the Limited Offering Exemption (&ldquo;<B>LOE</B>&rdquo;) in Rule&nbsp;15c2-12 under the Exchange Act without satisfying
the LOE&rsquo;s requirements.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>7</SUP></FONT> The Commission
asserted in the Complaint that the LOE requires, among other things, that underwriters have a reasonable belief that the municipal securities
are being sold only to sophisticated investors that are each buying the securities for a single account without a view to distribute them.
In the Complaint, the Commission alleged that Opco did not have a &ldquo;reasonable belief&rdquo; that the broker-dealers or investment
advisers to which it sold its securities at issue were buying the securities for their own accounts. The Complaint also alleged that Opco
negligently made deceptive statements to municipal issuers by representing to the issuers that it would offer the securities in accordance
with the LOE, and, in certain cases, certifying that it had complied with the LOE. The conduct did not involve any of the Adviser's Fund
Servicing Activities, the individuals who provide the Fund Servicing Activities, the Fund, or the assets of the Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opco</FONT>
has submitted an executed Consent of the Defendant Oppenheimer&nbsp;&amp; Co. Inc. to entry of Final Judgment (the &ldquo;<B>Consent</B>&rdquo;),
which will be presented to the U.S. District Court for the Southern District of New York. In the Consent, solely for the purpose of proceedings
brought by or on behalf of the Commission or in which the Commission is a party, Opco consents to entry of the Final Judgment without
admitting or denying the allegations made in the Complaint (except as to personal and subject matter jurisdiction, which will be admitted)
(the &ldquo;<B>Final Judgment</B>&rdquo;).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>7</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;See Rule 15c-12(d)(1)(i).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Final Judgment (1)&nbsp;permanently restrains and enjoins </FONT>Opco from violating Rule&nbsp;15c2-12 under the Exchange Act, Rules&nbsp;G-17
and G-27 of the Municipal Securities Rulemaking Board (&ldquo;<B>MSRB</B>&rdquo;) and Section&nbsp;15B(c)(1)&nbsp;of the Exchange Act
(the &ldquo;<B>Injunction</B>&rdquo;); and (2)&nbsp;orders Opco to pay a civil penalty in the amount of $1,200,000.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>III.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Application of Section&nbsp;9 of the Act</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9(a)(2)&nbsp;of
the Act provides, in pertinent part, that a person may not serve or act as, among other things, an investment adviser or depositor of
any registered investment company, or as principal underwriter for any registered open-end investment company, registered unit investment
trust or registered face-amount certificate company if the person:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">by reason of any misconduct, is permanently
or temporarily enjoined by order, judgment or decree of any court of competent jurisdiction from acting as an underwriter, broker, dealer,
investment adviser . . . or as an affiliated person, salesman, or employee of any investment company . . . or from engaging in or continuing
any conduct or practice in connection with any such activity or in connection with the purchase or sale of any security.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9(a)(3), in pertinent
part,&nbsp;extends the prohibitions of Section&nbsp;9(a)(2)&nbsp;to a company, any &ldquo;affiliated person&rdquo; of which is disqualified
under the provisions of Section&nbsp;9(a)(2).&nbsp; &ldquo;Affiliated person&rdquo; is defined in Section&nbsp;2(a)(3)&nbsp;of the Act
to include, among others,</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(A)&nbsp;any person directly or indirectly
owning, controlling, or holding with power to vote, five per centum or more of the outstanding voting securities of such other person;
(B)&nbsp;any person five per centum or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held
with power to vote, by such other person; (C)&nbsp;any person directly or indirectly controlling, controlled by, or under common control
with, such other person . . . .</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Injunction would result
in the disqualification of Opco from acting in the capacities specified in Section&nbsp;9(a)(2)&nbsp;because Opco would be permanently
enjoined by the Court from engaging in or continuing certain conduct and/or practices in connection with the offer or sale of any security.
Moreover, the Final Judgment would also result in the disqualification of the Adviser under Section&nbsp;9(a)(3)&nbsp;because Opco is
an Affiliated Person of the Adviser within the meaning of Section&nbsp;2(a)(3)&nbsp;of the Act and would be subject to an injunction described
in Section&nbsp;9(a)(2). Taken together, Sections 9(a)(2)&nbsp;and 9(a)(3)&nbsp;have the effect of prohibiting the Adviser from engaging
in Fund Servicing Activities. Other Covered Persons similarly would be disqualified pursuant to Section&nbsp;9(a)(3)&nbsp;were they to
act in any of the capacities listed in Section&nbsp;9(a).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;9(c)&nbsp;of
the Act provides that, upon application, the Commission shall by order grant an exemption from the provisions of Section&nbsp;9(a), either
unconditionally or on an appropriate temporary or other conditional basis, to any person if that person establishes that: (1)&nbsp;the
prohibitions of Section&nbsp;9(a), as applied to the person, are unduly or disproportionately severe; or (2)&nbsp;the conduct of the person
has been such as not to make it against the public interest or protection of investors to grant the exemption. In determining whether
an exemption should be granted under Section&nbsp;9(c), the Commission historically has analyzed the facts and circumstances of each case
and has focused particularly on whether the parties seeking relief had no involvement in, or have remedied, the conduct that serves as
the basis for disqualification under Section&nbsp;9(a).<SUP>8</SUP></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>8</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;See Applications for Relief from Disqualification, Investment
Company Act Release No. 8689 (Feb. 26, 1975).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the Injunction,
the Applicants submit this Application pursuant to Section&nbsp;9(c)&nbsp;of the Act. In order to ensure the eligibility of each of the
Covered Persons to continue to provide, or to provide in the future, Fund Servicing Activities, the Applicants respectfully request that
the Commission grant the Requested Orders.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IV.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Statement in Support of Application</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Applicants believe they
meet the standards for the exemption specified in Section&nbsp;9(c). The prohibitions of Section&nbsp;9(a), if applied to Covered Persons,
would be unduly or disproportionately severe, and the conduct of Opco described in the Complaint is not such as to make it against the
public interest or protection of investors to grant the exemption to the Applicants or any other Covered Persons. In support of their
position that the Commission should issue the Requested Orders, the Applicants cite the following points.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Limited Scope of the Conduct</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
conduct described in the Complaint and Final Judgment (the &ldquo;<B>Conduct</B>&rdquo;) did not involve the Applicants performing Fund
Servicing Activities&mdash;rather, the conduct at issue involved </FONT>Opco&rsquo;s sale of municipal securities, separate and apart
from any Fund Servicing Activities. The Conduct similarly did not involve any Fund with respect to which the Applicants engaged in Fund
Servicing Activities or its respective assets.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Conduct was confined to Opco, as the Fund and Adviser operate in a separate line of business. The Conduct was further confined to Opco's
municipal securities business and the duration of the Conduct alleged in the Complaint was limited to the time period beginning in </FONT>2017
and ending in 2022. In addition, Opco is not currently selling municipal securities in reliance on the LOE.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>9</SUP></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>9</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Please note that Opco is still relying on the exemption
in Rule 15c2-12(d)(1)(ii) for primary offerings of municipal securities in authorized denominations of $100,000 or more if such securities
have a maturity of nine months or less. Such reliance was not at issue in connection with the Final Judgment and as such is not discussed
herein.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Conduct emanated from
Opco&rsquo;s municipal securities underwriting business governed by the Securities Act of 1933 and the Exchange Act and conducted by
employees of Opco&rsquo;s Municipal Finance Group (&ldquo;<B>MFG</B>&rdquo;). Those employees of MFG were never employed in, have never
had a role in, and will never be employed in Opco&rsquo;s Fund Servicing Activities, should Opco engage in Fund Servicing Activities
in the future. The employees of MFG involved in the Conduct are based in Philadelphia while the Applicants&rsquo; Fund Servicing Activities,
governed by the Act and the Advisers Act, are based out of New York. Accordingly, the two businesses are separate and distinct and do
not overlap in any way.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
it</FONT> would undoubtedly be against the public interest and protection of investors, and would be unduly and disproportionately severe,
to bar the Applicants from providing Fund Servicing Activities as a result of Conduct by Opco&rsquo;s municipal securities business that
is wholly unrelated to and separate from any Fund Servicing Activities.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The legislative history of
Section&nbsp;9 indicates that the purpose of the Section&nbsp;&ldquo;was to get rid of persons with criminal records, persons who were
under injunctions from the courts of competent jurisdiction for improper practices in connection with securities.&rdquo;<SUP>10</SUP>
At the time Section&nbsp;9 was adopted, investment companies typically were managed by relatively small partnerships. Congress could not
have foreseen that investment advisers and other service providers to investment companies would in the future be part of large financial
service organizations like the Applicants. As a result, the drafters of the provision could not have intended that Section&nbsp;9 would
operate as it could in the present case. That is, it was not intended that the Fund would have to be deprived of its management or distribution
because of misconduct that does not directly relate to the Applicants&rsquo; Fund Servicing Activities.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>10</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Investment Trusts and Investment Companies: Hearings
on S. 3580 Before the Subcomm. on Securities and Exchange of the Senate Comm. on Banking and Currency, 76th Cong., 3d Sess. 874 (1940)
(statement of Judge Healy).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the absence of improper
practices relating to the Fund Servicing Activities, therefore, the Applicants submit that applying Section&nbsp;9(a)&nbsp;to bar the
Applicants or other Covered Persons, from serving the Fund and its shareholders and other registered investment companies in the future
would be unduly or disproportionately severe and against the public interest or the protection of investors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Hardships on the Fund and its Shareholders</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The inability of the Adviser
to continue to provide investment advisory services to the Fund would result in the Fund and the shareholders in the Fund facing unduly
and disproportionately severe hardships. Neither the protection of investors nor the public interest would be served by applying the Section&nbsp;9(a)&nbsp;disqualifications
to the Adviser because those disqualifications would deprive the shareholders of the Fund of the investment advisory services that shareholders
expected the Fund would receive when they decided to invest in the Fund, and result in the termination of such advisory relationship that
the Fund's Board of Managers (the &ldquo;<B>Board</B>&rdquo;) (including a majority of the disinterested managers) have determined to
be in the best interests of the Fund and annually approved. The Adviser has been advising the Fund for more than 25 years and has generated
positive investment performance for the Fund. Many shareholders have longstanding investments and valued business relationships with the
Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Disruption caused by prohibiting
the Adviser from continuing to serve the Fund in an advisory capacity would hamper management of the investment strategy of the Fund and
could result in substantial costs to the Fund. A disruption in management could cause shareholders in the Fund to tender their interests
in the Fund,<SUP>11</SUP> which would frustrate efforts to effectively manage the Fund&rsquo;s assets and could increase the Fund&rsquo;s
expense ratios to the detriment of remaining shareholders. Transitioning the Fund to another investment adviser without adequate time
for the Applicants and the Board of the Fund to consider and properly evaluate alternative options could result in substantial costs to,
and lost opportunities for, the Fund and its underlying shareholders. A new investment adviser could elect to engage different service
providers (including sub-advisers), which could also create costs and cause disruption. Specifically, costs associated with rapidly addressing
the consequences of a disqualification would include costs related to: (i)&nbsp;identifying a suitable successor investment adviser, including
performing due diligence on such potential successor; (ii)&nbsp;holding a special meeting (or meetings) of the Board; and (iii)&nbsp;soliciting
shareholders to approve a new advisory agreement. In addition, the Fund would have to expend time and other resources to engage their
preferred substitute advisers and negotiate terms and restructure other service arrangements in accordance with those typically used by
that adviser.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>11</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject to the discretion of the Fund's Board of Managers,
the Fund generally conducts tender offers twice each year.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The prohibitions of Section&nbsp;9(a)&nbsp;would,
therefore, operate to the financial detriment of the Fund and its shareholders even though none of the Conduct related to the Fund, any
of its assets or any personnel managing the Fund, which would be unduly and disproportionately severe.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Adverse Effect on the Applicants</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Adviser was barred
under Section&nbsp;9(a)&nbsp;from providing investment advisory services to the Fund and was unable to obtain the requested exemption,
the effect on its business and employees would be severe.&nbsp; The Adviser, and its predecessor affiliates, have committed substantial
capital and other resources over more than 25 years to establishing expertise in advising the Fund with a view to continuing and expanding
this business, which is considered strategically important.&nbsp; Disqualification under Section&nbsp;9(a)&nbsp;would mean the termination
of its advisory relationship with its Fund client.&nbsp; Since the Adviser&rsquo;s advisory services to the Fund are substantially all
of the advisory services it offers, and development of new advisory business for non-investment company clients would require a substantial
amount of capital and time with uncertain prospects of success, the Adviser would effectively be prevented from continuing its business.
Investment advisory services provided to the Fund represents more than 93% of its assets under management as of May&nbsp;2025, generating
significant revenue for the Adviser. In addition, as of August&nbsp;2025, there were approximately 14 employees directly supporting the
Adviser's work for the Fund, none of whom had any involvement in the Conduct and many, if not all, would be subject to layoff without
the requested relief being granted.&nbsp;Further, if the Requested Orders are not issued, highly valued long-term client relationships
would be disrupted. As of June&nbsp;2025, over 30% of the investors in the Fund have been invested in the Fund for over 10 years, and
over 70% have been invested in the Fund for over 5 years. Prohibiting the Adviser from providing Fund Servicing Activities would also
negatively impact its ability to offer clients a complete range of financial services.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Opco were unable to obtain
the requested relief, the effect on its current business and employees would be significant. Opco has committed substantial resources
to compensate its financial advisors for their ongoing servicing of the accounts of Fund shareholders. If the Applicants could no longer
manage and distribute the Fund, their flagship alternative fund investment vehicle, the reputational harm to the Applicants would be irreparable
and clients of the Applicants would likely look elsewhere for financial and investment advice. In addition, Opco has committed significant
resources to establish expertise in underwriting the securities of Open-End Funds and establish distribution arrangements for Open-End
Fund shares, with plans to expand its business in Open-End Funds and thus provide Fund Servicing Activities. Without the requested relief,
Opco would lose a significant part of its current business, potentially leading to layoffs of personnel, and would lose opportunities
to further expand its business through Fund Servicing Activities by distributing and managing Open-End Fund products.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Absence of Any Connection Between the Misconduct and the Applicants' Fund Servicing Activities</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Conduct did not involve
any of the Adviser&rsquo;s Fund Servicing Activities.&nbsp; The Conduct did not involve the Fund, or the assets of the Fund, with respect
to which the Adviser provides Fund Servicing Activities. Therefore, disqualifying the Adviser from serving in the capacities specified
in Section&nbsp;9(a)&nbsp;would force the Adviser to incur significant damage to its existing business, all based on Conduct that was
outside of the Adviser's control and that the Adviser and its employees were not involved in. Additionally, the Conduct did not involve
any personnel of Opco who would provide Fund Servicing Activities in the future as it occurred in Opco's municipal securities business,
which is wholly unrelated to and separate from any Fund Servicing Activities that Opco would provide. Thus, a Section&nbsp;9(a)&nbsp;disqualification
on the Applicants would be unduly and disproportionately severe.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>No Involvement of the Applicants' Personnel</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In furtherance of the foregoing,
the Applicants state that: (i)&nbsp;none of the current or former directors, officers or employees of the Applicants (other than certain
current and former personnel of Opco who were not, are not, and will not be involved in Fund Servicing Activities) had any involvement
in the Conduct; (ii)&nbsp;no person who has been or who subsequently may be identified by Opco or any U.S. or non-U.S. regulatory or enforcement
agencies as having been responsible for the Conduct will be an officer, director, or employee of the Adviser, Opco, or of any Covered
Person providing Fund Servicing Activities; (iii)&nbsp;no persons who otherwise were involved in the Conduct have had, and will have any
future, involvement in the Applicants' or Covered Persons&rsquo; activities in any capacity described in Section&nbsp;9(a)&nbsp;of the
Act; and (iv)&nbsp;because the directors, officers and employees of the Adviser did not engage in the Conduct, shareholders of the Fund
were not affected any differently than if that Fund had received services from any other non-affiliated investment adviser.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Accordingly, the Applicants
believe that the conduct of the personnel of Opco has not been such as to make it against the public interest or the protection of investors
to grant the requested exemption from Section&nbsp;9(a)&nbsp;for the Applicants.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Remedial Actions</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the years since the Complaint
was filed, Opco has taken substantial remedial steps, to address the conduct at issue in the Complaint and Final Judgment, including the
following:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>New Public Finance Personnel</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January&nbsp;2024, Opco
hired a new Head of Public Finance (&ldquo;<B>Finance MD</B>&rdquo;) with over 30 years of experience working at other well-known industry
participants and a significant amount of industry and leadership experience in the public finance industry. The Finance MD reports directly
to the President and CEO of Opco and added a new managing director and a new director from outside of Opco to bolster the Public Finance
team.<SUP>12</SUP> The Finance MD engaged a consultant (&ldquo;<B>Consultant</B>&rdquo;) to review all existing policies and procedures
applicable to Opco&rsquo;s public finance and sales and trading program. As a result of the Consultant&rsquo;s review, Opco has adopted
an updated and revised Policy and Procedures Manual for the origination of municipal bond sales and is finalizing policies and procedures
for the sales and trading of municipal bonds including procedures designed to achieve compliance with SEC and MSRB rules&nbsp;including,
but not limited to, SEC Rule&nbsp;15c2-12 and the exemptions therefrom. The procedures for originating municipal bonds sales and the procedures
for the sale and trading of municipal bonds have been updated to include the prohibition on the use of the LOE absent a written instruction
from Opco&rsquo;s Chief Compliance Officer discussed below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>12</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The addition of these industry veterans who possess
significant knowledge and have long standing regulatory supervision experience with the rules governing municipal bond conduct will significantly
strengthen Opco&rsquo;s municipal bond supervision and compliance programs.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Current Status &ndash;LOE</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September&nbsp;2022,
when the lawsuit was filed against Opco by the Commission, Opco made changes to cease relying on the LOE.<SUP>13</SUP> Opco instructed
its Municipal Underwriting Group, both verbally and in writing, to no longer rely on the LOE to sell municipal securities unless and until
they were notified in writing by Opco&rsquo;s Chief Compliance Officer (&ldquo;<B>CCO</B>&rdquo;) that they may once again conduct transactions
in reliance on the exemption. Opco is not currently relying on the LOE and has required its applicable personnel to complete a certification
attesting to their understanding of the instruction.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Opco has also created two
new controls&mdash;a pre-trade control and a post-trade control&mdash;around the purchase of municipal notes designed to ensure that its
Municipal Underwriting Group is not relying on the LOE. These controls have been incorporated into the written supervisory procedures
applicable to the sale and trading of municipal bonds. On a weekly basis, the pre-trade control requires the municipal trading personnel
to obtain pre-approval from the fixed income supervisor to bid on applicable municipal deals (&ldquo;<B>Pre-Approved Weekly Deal List</B>&rdquo;).
Specifically, the municipal trading personnel are required to provide a list of all municipal note issues it intends to bid during the
coming week. For each deal, the municipal trading personnel must indicate if an offering statement that is compliant with Rule&nbsp;15c2-12
is on file, the size of the offering, the maturity of the offering and/or the denomination of the offering, as well as evidence that supports
such information. The fixed income supervisor reviews the information provided by the desk and approves or denies the ability to bid on
each offering. Only offerings that do not rely on the LOE may be approved. Only pre-approved note deals may be bid by the municipal trading
personnel.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>13</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;During the period from September 2022 through present,
Opco inadvertently engaged in two transactions in reliance on the LOE. In such instances, Opco immediately took steps to ensure that
the transactions were documented and that the purchaser agreed to terms and conditions that met the parameters of the LOE.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a post-trade control,
Opco&rsquo;s municipal trading regulatory supervisor (&ldquo;<B>MTRO</B>&rdquo;) worked to create a systemic alert that notifies the MTRO
in real-time when a municipal note with an issue size of $1 million or more with a maturity greater than nine months has been purchased
by Opco&rsquo;s desk. Once notified by the alert, the MTRO will determine whether the ability to bid on the offering was pre-approved,
an offering statement (&ldquo;<B>OS</B>&rdquo;) for the issue exists and the traders obtained, reviewed and determined the OS was compliant
with Rule&nbsp;15c2-12 prior to purchasing the municipal notes. To the extent a compliant OS exists, Opco will rely on the OS and not
the LOE when selling a municipal note. To the extent no compliant OS exists, the traders are instructed to contact the CCO immediately.
Unless and until a procedure regarding reliance on the LOE is adopted (discussed below), the CCO will require Opco to hold the note rather
than rely on the LOE.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Future Reliance &ndash;LOE</U></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Opco does not intend to rely
on the LOE unless it can ensure it remains compliant with SEC and MSRB rules, including exemptions therefrom.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Opco intends to utilize
the LOE at some point in the future, Opco will implement a procedure for use of the LOE to ensure compliance with the LOE.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any new LOE Procedure (&ldquo;<B>LOE
Procedure</B>&rdquo;) will be implemented only at the written direction of the CCO to the extent the CCO determines that the SEC has provided
guidance satisfactory to the CCO or an industry standard has emerged. To the extent that the CCO directs the implementation of the procedure
set forth above, Opco&rsquo;s Internal Audit department will, within six months of implementation of a LOE Procedure, audit the effectiveness
of such procedure.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
the Applicants respectfully submit that granting the exemption requested in this Application is consistent with the public interest and
the protection of investors.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Actions Taken with Respect to the Fund</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To provide further assurance
that the exemptive relief being requested herein would be consistent with the public interest and the protection of the investors, the
Adviser has briefed the lead independent manager on the Board, has briefed the full Board at an in-person meeting of the Board held on
August&nbsp;7, 2025 regarding the circumstances that led to the Injunction, any impact on the Fund and this Application. The Adviser distributed
to the Board of the Fund written materials describing the circumstances that led to the Injunction, any impact on the Fund and this Application,
and the materials were discussed at an in-person meeting with the Board on November&nbsp;21, 2025, including the managers who are not
 &ldquo;interested persons&rdquo; of the Fund as defined in Section&nbsp;2(a)(19) of the Act and their independent legal counsel as defined
in rule&nbsp;0-1(a)(6)&nbsp;under the Act. The Adviser undertakes to provide the Board with all information concerning the Injunction
and this Application necessary for the Fund to fulfill its disclosure and other obligations under the federal securities laws and will
provide it a copy of the Final Judgment entered by the Court.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>H.</B></TD><TD STYLE="text-align: justify"><B><U>The SEC Has Previously Granted Section&nbsp;9(c)&nbsp;Waiver Arising Out of Similar Conduct</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has granted several Section&nbsp;9(c)&nbsp;waivers arising out of conduct relating to securities offerings or activities.<SUP>14</SUP>&nbsp;In
each of these instances, the SEC found that&nbsp;(i)&nbsp;the prohibitions of Section&nbsp;9(a), as applied to the financial institution,&nbsp;would
be unduly or disproportionately severe; and/or that (ii)&nbsp;the conduct was such as not to make it against the public interest or protection
of investors for the SEC to grant a waiver from Section&nbsp;9(a)&nbsp;of the Act.&nbsp;The Conduct is, in all respects relevant to the
matter at hand, materially similar to the conduct at issue in the prior proceedings. The SEC&rsquo;s prior Section&nbsp;9(c)&nbsp;waivers
in similar cases demonstrate that the public interest would not be furthered by </FONT>barring the Applicants from providing Fund Servicing
Activities as a result of Conduct that has nothing to do with the Applicant&rsquo;s Fund Servicing Activities. Rather, a denial would
have the opposite of its intended effect, as it would result in needless harm to investors that have entrusted the Applicants to manage
their assets for decades.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>14</SUP> &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;See Deutsche Bank AG, et al., Investment Company Act
Release Nos. 34025 (September 24, 2020) (notice and temporary order) and 34053 (October 20, 2020) (permanent order); Charles Schwab &amp;
Co. Inc. and Charles Schwab Investment Management, Inc., Investment Company Act Release Nos. 33157 (July 10, 2018) (notice and temporary
order) and 33195 (August 7, 2018) (permanent order); and Royal Bank of Canada, et al., Investment Company Act Release Nos. 31388 (December
19, 2014) (notice and temporary order) and 31411 (January 13, 2015) (permanent order).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>The Applicants&rsquo; Prior Section&nbsp;9(c)&nbsp;Orders</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither Applicants nor any
of their affiliates have previously applied for orders under Section&nbsp;9(c).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>J.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>The Applicants&rsquo; Conditions</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Applicants agree that
any order granted by the Commission pursuant to this Application will be subject to the following conditions:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any temporary exemption granted pursuant to the Application shall be without prejudice to, and shall not limit the Commission&rsquo;s rights in any manner with respect to, any Commission investigation of, or administrative proceedings involving or against, Covered Persons, including without limitation, the consideration by the Commission of a permanent exemption from Section&nbsp;9(a)&nbsp;of the Act requested pursuant to the Application or the revocation or removal of any temporary exemptions granted under the Act in connection with the Application. </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither the Applicants, OPY, nor any of the other Covered Persons will employ any person to provide Fund Servicing Activities who previously has been or who subsequently may be identified by the Applicants or any U.S. or non-U.S. regulatory or enforcement agencies as having been responsible for the Conduct in any capacity without first making a further application to the Commission pursuant to Section&nbsp;9(c). </FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>


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    <!-- Field: /Page -->


<P STYLE="margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each Applicant, OPY, and any other Covered Person will adopt and implement policies and procedures reasonably designed to ensure that it will comply with the terms and conditions of the Requested Orders within 60 days of the date of the Permanent Order.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The material terms and conditions of the Final Judgment will be complied with in all material respects.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Applicants will provide written notification to the Chief Counsel of the Commission&rsquo;s Division of Investment Management with a copy to the Chief Counsel of the Commission&rsquo;s Division of Enforcement of a material violation of the terms and conditions of the Requested Orders and Consent within 30 days of discovery of the material violation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>K.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Conclusion</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the reasons set forth
above, the Applicants meet the standards for exemption specified in Section&nbsp;9(c)&nbsp;of the Act and, therefore, respectfully apply,
on behalf of themselves and the Covered Persons, for entry of the Requested Orders by the Commission.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>V.</B></FONT></TD><TD STYLE="text-align: justify"><B><U>Authorization</U></B></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Rule&nbsp;0-2(f)&nbsp;under
the Act, the Applicants state that their addresses are as indicated on the cover page&nbsp;of this Application and further state that
all communications or questions concerning this Application should be directed to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Dennis P. McNamara,&nbsp;Esq.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Oppenheimer&nbsp;&amp; Co. Inc.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">85 Broad Street, 22<SUP>nd</SUP> Floor</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New York, NY 10004</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">with copies to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Norm
Champ, P.C.,&nbsp;Esq.<BR>
Pamela Poland Chen,&nbsp;Esq.<BR>
</FONT>Kirkland&nbsp;&amp; Ellis LLP<BR>
601 Lexington Avenue<BR>
New York, NY 10022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Elizabeth A. Marino,&nbsp;Esq.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Sidley Austin LLP</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">60 State Street, 36th Floor</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Boston, MA 02109</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Applicants request that
the Commission issue the Requested Orders pursuant to Rule&nbsp;0-5 under the Act without conducting a hearing.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to Rule&nbsp;0-2(c)(l)&nbsp;under
the Act, the Applicants state that, under the provisions of its governing instruments, the responsibility for the management of its affairs
and business is vested in its Chief Executive Officer, Board of Directors or Trustees, officers or other governing body, as applicable.&nbsp;&nbsp;The
Applicants represent that the undersigned individual is authorized to file this Application in its name and on its behalf.&nbsp;&nbsp;The
certifications required by Rule&nbsp;0-2(c)(l)&nbsp;under the Act are attached as Exhibits A-1 through A-2 of this Application, and the
verifications required by Rule&nbsp;0-2(d)&nbsp;under the Act are included in the signature pages&nbsp;to this Application.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>SIGNATURES</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Opco <FONT STYLE="background-color: white">below
has caused this Application to be duly signed on its behalf on December&nbsp;5, 2025. The authorization required by rule&nbsp;0-2(c)&nbsp;under
the Act is included in Exhibit&nbsp;A-1 to this Application. All action by stockholders, trustees, directors, or other bodies necessary
to authorize the undersigned to execute and file such instrument has been taken. The undersigned is familiar with such instrument, and
the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPPENHEIMER&nbsp;&amp; CO. INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dennis P.
McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dennis P. McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President and General Counsel</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>SIGNATURES</U></B>&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: white">The Adviser
below has caused this Application to be duly signed on its behalf on December&nbsp;5, 2025. The authorization required by rule&nbsp;0-2(c)&nbsp;under
the Act is included in Exhibit&nbsp;A-2 to this Application. All action by stockholders, trustees, directors, or other bodies necessary
to authorize deponent to execute and file such instrument has been taken. The undersigned is familiar with such instrument, and the contents
thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADVANTAGE ADVISERS MULTI-MANAGER, L.L.C.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Bryan E. McKigney</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan E. McKigney</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><U>SIGNATURES</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">OPY <FONT STYLE="background-color: white">below
has caused this Application to be duly signed on its behalf on December&nbsp;5, 2025. The authorization required by rule&nbsp;0-2(c)&nbsp;under
the Act is included in Exhibit&nbsp;A-3 to this Application. All action by stockholders, trustees, directors, or other bodies necessary
to authorize the undersigned to execute and file such instrument has been taken. The undersigned is familiar with such instrument, and
the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPPENHEIMER H</FONT>OLDINGS INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dennis P.
McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dennis P. McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;A-1</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Authorization</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Officer&rsquo;s Certificate</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned, being duly elected Executive Vice President and General
Counsel of Oppenheimer&nbsp;&amp; Co. Inc. certifies that this Application is signed by him pursuant to the general authority vested in
him.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF,&nbsp;I have set my hand this December&nbsp;5,
2025.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">OPPENHEIMER&nbsp;&amp; CO. INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
Dennis P. McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dennis P. McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;A-2</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Authorization</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Officer&rsquo;s Certificate</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned, being duly elected President of Advantage Advisers
Multi-Manager, L.L.C. certifies that this Application is signed by him pursuant to the general authority vested in him.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF,&nbsp;I have set my hand this December&nbsp;5, 2025.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ADVANTAGE ADVISERS MULTI-MANAGER, L.L.C.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Bryan E. McKigney</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bryan E. McKigney</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;A-3</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Authorization</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Officer&rsquo;s Certificate</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned, being duly elected Corporate Secretary of Oppenheimer
Holdings Inc. certifies that this Application is signed by him pursuant to the general authority vested in him.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF,&nbsp;I have set my hand this December&nbsp;5,
2025.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">OPPENHEIMER HOLDINGS INC.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Dennis P. McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dennis P. McNamara</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 27; Options: Last -->
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
