Cashmere Fund applies fee waiver effective December 11, 2025.

Effective December 11, 2025, the Adviser has contractually agreed to waive a portion of its management fee and/or reimburse Fund expenses to cap the Fund’s total annual operating expenses at 4.85% of average daily net assets. This cap excludes taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (such as litigation or reorganization costs), but includes organizational and offering costs.

This contractual expense limitation remains in place through December 11, 2026, unless terminated earlier with Board approval.

The Adviser may recoup waived fees or reimbursed expenses for up to three years, provided that any repayment does not cause operating expenses to exceed the lower of (i) the expense cap in effect at the time the waiver or reimbursement occurred or (ii) the expense cap in effect at the time of repayment.