GLDUS143 Henry Nicholas iCapital Advisors, LLC Form ADV Part 2A Generally, the value of such instruments depends upon price movements in the underlying assets as well as counterpart), risk. Real Estate Investment Trusts (REITs). A Fund may invest in shares of REITs. which are pooled investment vehicles that invest in real estate or real estate loans or interests. Investing in REITs involves risks similar to those associated with investing in equity securities of small capitalization companies. REITs are dependent upon management skills. are not diversified. and are subject to risks of project financing, default by borrowers. self-liquidation, and the possibilities of failing to qualify for the exemption from taxation on distributed amounts under the Code. Cybersecurity Risk. Where a Fund is a private equity fund, a cyber-attack on a portfolio company may have a negative effect on the underlying private equity fund. To the extent that a portfolio company is subject to cyber-attack or other unauthorized access is gained to a portfolio company's systems. such portfolio company may be subject to substantial losses. In certain events, a portfolio company's failure or deemed failure to address and mitigate cybersecurity risks may be the subject of civil litigation or regulatory or other action. Any such circumstances could subject a portfolio company, or the relevant Fund, to substantial losses. In addition, in the event that such a cyber-attack or other unauthorized access is directed at iCapital or one of its service providers holding its financial or investor data. iCapital, its affiliates or the Funds may also be at risk of loss, despite efforts to prevent and mitigate such risks under iCapital's policies. Please refer to the applicable Fund's or Underlying Fund's PPM for further details. Item 9: Disciplinary Information iCapital does not believe that there have been any legal or disciplinary events that are material to our advisory business