# EDGAR Filing Document

**Accession Number:** 0001506707
**File Stem:** 0001193125-25-137556
**Filing Date:** 2025-6
**Character Count:** 162539
**Document Hash:** 08406dd67950e4ecebc95ed47d20f54c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-137556.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001193125-25-137556

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** A&Q Multi-Strategy Fund
- **CENTRAL INDEX KEY:** 0001506707

**ORGANIZATION NAME:**
- **EIN:** 274827055
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22500
- **FILM NUMBER:** 251033061

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 203-719-1428

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC
- **STREET 2:** 787 SEVENTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** O'Connor Fund of Funds: Multi-Strategy
- **DATE OF NAME CHANGE:** 20110201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** O'Connor Multi-Strategy Fund of Funds
- **DATE OF NAME CHANGE:** 20101130

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES** 

Investment Company Act file number <u>811-22500</u> 

<u>A&Q Multi-Strategy Fund</u> 

(Exact name of registrant as specified in charter)

787 Seventh Avenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>New York, New York 10019</u> 

(Address of principal executive offices) (Zip code)

Keith A. Weller, Esq.

UBS Business Solutions US LLC

One North Wacker Drive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Chicago, IL 60606</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(203) 719-1428</u>

Date of fiscal year end: <u>March</u> <u>31</u>

Date of reporting period: <u>March</u> <u>31, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

The Report to Shareholders is attached herewith.

------

**A&Q MULTI-STRATEGY FUND** 

**Financial Statements** 

**with Report of Independent Registered Public Accounting Firm** 

**Year Ended** 

**March 31, 2025** 

An exemption under Regulation 4.5 has been obtained from the Commodity Futures Trading Commission for

A&Q Multi-Strategy Fund

------

**A&Q MULTI-STRATEGY FUND** 

**Financial Statements** 

**with Report of Independent Registered Public Accounting Firm** 

**Year Ended** 

**March 31, 2025** 

**Contents** 

---

| | |
|:---|:---|
|  [Management Discussion of Fund Performance (Unaudited)](#tx647203_1) | 1 |
|  [Report of Independent Registered Public Accounting Firm](#tx647203_2) | 3 |
|  [Statement of Assets and Liabilities](#tx647203_3) | 4 |
|  [Schedule of Portfolio Investments](#tx647203_4) | 5 |
|  [Statement of Operations](#tx647203_5) | 7 |
|  [Statements of Changes in Net Assets](#tx647203_6) | 8 |
|  [Statement of Cash Flows](#tx647203_7) | 9 |
|  [Financial Highlights](#tx647203_8) | 10 |
|  [Notes to Financial Statements](#tx647203_9) | 12 |
|  [Trustees and Officers (Unaudited)](#tx647203_10) | 26 |
|  [Additional Information (Unaudited)](#tx647203_11) | 28 |

---

------

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)** 

*This report provides certain performance data for A&Q Multi-Strategy Fund (the "Fund") for the fiscal year ended March 31, 2025.* 

**The Fund's Investment Approach** 

The Fund commonly is referred to as a "fund of funds." Its investment objective is to seek capital appreciation over the long term, and it seeks to achieve this investment objective principally through the allocation of assets among a select group of alternative asset managers (the "Investment Managers") and the funds they operate. Investment Managers generally conduct their investment programs through unregistered investment vehicles, such as hedge funds, that have investors other than the Fund, and in other registered investment companies (collectively, the "Investment Funds").

The Fund invests in a portfolio of Investment Funds that employ the following strategies: credit/income, equity hedged, multi-strategy, relative value and trading.

**Performance Review** 

The Fund generated a positive return for the year ended March 31, 2025.

The Fund finished positive for the last three quarters of 2024. The Fund slightly outperformed the HFRI FOF: Diversified Index during that time period. Equity hedged, credit, trading, relative value and multi-strategy Investment Funds were all positive contributors. Gains were led by equity hedged Investment Funds; one Investment Fund generated significant gains from long technology sector exposure. Relative value Investment Funds also produced a positive return for the year. Both Investment Funds in the portfolio that focus on fixed income relative value generated gains from US rates and bond relative value. Another Investment Fund that focusses on discretionary macro generated gains from short US and long positions in inflation and volatility. One Investment Fund focused on long / short corporate credit contributed negatively to performance during the period, as both long and short positions incurred losses.

The Fund generated a relatively flat performance during the first quarter of 2025. Relative value, trading, credit and multi-strategy Investment Funds were positive contributors. Equity hedged Investment Funds were negative contributors. Losses were primarily produced by two Investment Funds that focuses fundamental equity hedged. Exposure to technology and consumer discretionary stocks produced negative performance. One Investment Fund that focuses on fixed income relative value generated gains from short swap spread positions in Europe and long swap spread positions in the US.

**Fund Performance** 

For the 12-month period ended March 31, 2025, the Fund returned 7.96%. The HFRI FOF: Diversified Index returned 5.26%.

------

**MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)**![LOGO](g647203g64a54.jpg)

---

| | | |
|:---|:---|:---|
| **Returns** | **Fund** | **HFRI FOF: Diversified <br>Index** |
|  Year-to-date | 7.96% | 5.26% |
|  1-Year | 7.96% | 5.26% |
|  3-Year (average annual) | 6.52% | 4.41% |
|  5-Year (average annual) | 6.99% | 7.30% |
|  10-Year (average annual) | 4.58% | 3.66% |

---

This graph compares a hypothetical $50,000 investment in the Fund with a similar investment in the HFRI FOF: Diversified Index. This index does not serve as a benchmark for the Fund and is shown for illustrative purposes only. The Fund does not have a designated performance benchmark. All figures for the Fund are based on its net asset value on the last business day of the first and each subsequent fiscal year, and include the reinvestment of all dividends and capital gains distributions, and the Fund's maximum sales load of 2%. The index does not reflect expenses, fees or sales loads, which would lower performance.

Although the HFRI FOF: Diversified Index is used as a reference point for the A&Q Multi-Strategy Fund, there may be meaningful differences between the Fund and this index. Because managers self-select into this index, there may not be consistency across the character of underlying funds. Such differences could lead to differentiated outcomes.

------

---

| | | |
|:---|:---|:---|
| ![LOGO](g647203g15s41.jpg)  | Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> Fax: +1 212 773 6350<br> ey.com |

---

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees and Shareholders of

A&Q Multi-Strategy Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of A&Q Multi-Strategy Fund (the "Fund"), including the schedule of portfolio investments, as of March 31, 2025, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at March 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of investments in investment funds as of March 31, 2025, by correspondence with management of the underlying investment funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g647203g96o66.jpg)

We have served as the auditor of one or more of the UBS Hedge Fund Solutions (and predecessor) investment companies since 1995.

May 28, 2025

A member firm of Ernst & Young Global Limited

------

**A&Q Multi-Strategy Fund** 

**Statement of Assets and Liabilities** 

---

| | |
|:---|:---|
| | <br> **March 31, 2025**<br>|
|  **ASSETS** |  |
|  Investments in Investment Funds, at fair value (cost $214,277,085) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333282192 |
|  Cash and cash equivalents | 4325291 |
|  Receivable from Investment Funds | 10840175 |
|  Interest receivable | 13179 |
|  Other assets | 3070 |
|  **Total Assets** | 348463907 |
|  **LIABILITIES** |  |
|  Shareholders' redemptions payable | 12590389 |
|  Management Fee payable | 1285960 |
|  Subscriptions received in advance | 600000 |
|  Professional fees payable | 301696 |
|  Administration fee payable | 192432 |
|  Tax compliance fees payable | 100000 |
|  Incentive Fee payable | 54809 |
|  Officer's and Trustees' fees payable | 26123 |
|  Custody fee payable | 600 |
|  Other liabilities | 47203 |
|  **Total Liabilities** | 15199212 |
|  **Net Assets** | $333264695 |
|  **NET ASSETS** |  |
|  Represented by: |  |
|  Paid in capital | $338124266 |
|  Total distributable earnings (loss) | (4859571) |
|  **Net Assets** | $333264695 |
|  **Net asset value per Share (based on 347,098.100 Shares outstanding)** | $960.15 |

---

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Schedule of Portfolio Investments** 

**March 31, 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment Fund (a)** | **Geographic<br>Focus** | **Cost** | **Fair Value** | **% of Net**<br>**Assets** | **Initial<br>Acquisition Date** | **Redemption**<br>**Frequency (b)** | **Redemption<br>Notice<br>Period (c)** | **First Available<br>Redemption Date** | **First Available<br>Redemption Date** | **Dollar Amount of<br>Fair Value for<br>First Available<br>Redemption** |
|  **Credit/Income** |  |  |  |  |  |  |  |  |  |  |
|  Elementum Zephyrus Total Return Cat Bond Fund Ltd. | Global Markets | 13607000 | 15566387 | 4.66 | 1/1/2024 | Monthly | 30 days | 3/31/2025 |  | $15566387 |
|  Redwood Opportunity Offshore Fund, Ltd. | US/Canada | 5731621 | 9914750 | 2.98 | 2/1/2017 | Quarterly | 60 days | 3/31/2025 | (d) | $2478688 |
|  Sona Credit Fund Ltd | Global | 9211695 | 13766214 | 4.13 | 12/1/2022 | Quarterly | 45 days | 3/31/2025 | (d) | $3441554 |
|  SPF Securitized Products Fund Ltd. | US/Canada | 16000000 | 17024356 | 5.11 | 7/1/2024 | Quarterly | 65 days | 6/30/2025 | (d),(e) | $3199929 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Credit/Income Subtotal** |  | **44550316** | **56271707** | **16.88** |  |  |  |  |  |  |
|  **Equity Hedged** |  |  |  |  |  |  |  |  |  |  |
|  Aleutian Fund, Ltd. | US/Canada | 12934841 | 15002576 | 4.50 | 6/1/2023 | Monthly | 90 days | 3/31/2025 |  | $15002576 |
|  Anomaly Capital International, Ltd. | Global | 14250735 | 22542218 | 6.76 | 10/1/2020 | Custom Quarterly Dates | 60 days | 3/31/2025 | (d) | $3954668 |
|  Aventail Energy Offshore Fund, Ltd. | US/Canada | 12663540 | 12464550 | 3.74 | 8/1/2022 | Quarterly | 45 days | 3/31/2025 |  | $12464550 |
|  Burkehill International Ltd. | Global Markets | 14400000 | 15689823 | 4.71 | 3/1/2024 | Quarterly | 60 days | 3/31/2025 | (f) | $13263084 |
|  Jericho Capital International, Ltd. | US/Canada | 9470412 | 13726169 | 4.12 | 1/1/2024 | Quarterly | 60 days | 3/31/2025 |  | $13726169 |
|  Point72 Capital International, Ltd. | Global | 8057900 | 16283698 | 4.89 | 8/1/2018 | Quarterly | 45 days | 3/31/2025 | (d) | $4070925 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Equity Hedged Subtotal** |  | **71777428** | **95709034** | **28.72** |  |  |  |  |  |  |
|  **Multi-Strategy** |  |  |  |  |  |  |  |  |  |  |
|  Schonfeld Strategic Partners Offshore Fund Ltd. | Global | 15324268 | 20442536 | 6.13 | 6/1/2021 | Monthly-Quarterly | 45 days | 3/31/2025 | (g) | $18825029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Multi-Strategy Subtotal** |  | **15324268** | **20442536** | **6.13** |  |  |  |  |  |  |
|  **Relative Value** |  |  |  |  |  |  |  |  |  |  |
|  Bright Meadow Agency MBS Offshore Fund, Ltd. | US/Canada | 12084641 | 15652621 | 4.69 | 8/1/2021 | Monthly | 30 days | 3/31/2025 | (h) | $7826311 |
|  Elan Feeder Fund Ltd. | Global | 10314366 | 14353155 | 4.31 | 2/1/2022 | Monthly | 45 days | 3/31/2025 | (d) | $3588289 |
|  Linden Investors LP | Global | 5632157 | 17085445 | 5.13 | 4/1/2014 | Quarterly | 65 days | 3/31/2025 | (d) | $4271361 |
|  Symmetry International Fund, Ltd. | Global | 25808211 | 69426244 | 20.83 | 1/1/2015 | Anniversary - 30 months | 184 days | 6/30/2025 | (e) | $69426244 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Relative Value Subtotal** |  | **53839375** | **116517465** | **34.96** |  |  |  |  |  |  |
|  **Trading** |  |  |  |  |  |  |  |  |  |  |
|  Kirkoswald Global Macro Fund Ltd | Global Markets | 12775610 | 14618183 | 4.39 | 5/1/2023 | Quarterly | 60 days | 3/31/2025 | (d) | $3654546 |
|  Rokos Global Macro Fund, Ltd. | Global | 4621158 | 12410906 | 3.72 | 11/1/2015 | Monthly | 90 days | 3/31/2025 | (d) | $3102727 |
|  Statar Capital Offshore (Cayman), Ltd. | US/Canada | 5888930 | 10583958 | 3.18 | 4/1/2022 | Monthly | 30 days | 3/31/2025 |  | $10583958 |
|  Valent Green Elements Offshore Fund Ltd. | Global Markets | 5500000 | 6728403 | 2.02 | 5/1/2024 | Quarterly | 90 days | 6/30/2026 | (e) | $6728403 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Trading Subtotal** |  | **28785698** | **44341450** | **13.31** |  |  |  |  |  |  |
|  **Total Investment Funds** |  | $**214277085** | $**333282192** | **100.00%** |  |  |  |  |  |  |

---

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Schedule of Portfolio Investments (continued)** 

**March 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cash Equivalents** | **Shares** | **Cost** | **Fair Value** | **% of Net**<br>**Assets** |
|  UBS Select Treasury Institutional Fund, 4.19% (i) | 4325291 | $4325291 | $4325291 | 1.30% |
|  **Total Cash Equivalents** | **4325291** | $**4325291** | $**4325291** | **1.30%** |
|  **Total Investments and Cash Equivalents** |  | $**218602376** | $**337607483** | **101.30%** |
|  Other Assets less Liabilities |  |  | (4342788) | (1.30) |
|  **Members' Capital** |  |  | $**333264695** | **100.00%** |

---

(a) Each Investment Fund noted within the Schedule of Portfolio Investments is non-income producing.

(b) Available frequency of redemptions after the initial lock-up period,
if any. Different tranches may have varying liquidity terms.

(c) Unless otherwise noted, the redemption notice periods are shown in calendar days.

(d) The Investment Fund is subject to an investor level gate of 25%.

(e) This holding is under lock-up and is not redeemable without paying a
fee.

(f) A portion of this holding ($2,426,739) is under lock-up and is not
redeemable without paying a fee.

(g) A portion of this holding ($1,848,579) is subject to an investor level gate of 12.5%.

(h) The Investment Fund is subject to an investor level gate of 50%.

(i) Investment in affiliate. The Fund holds shares in UBS Select Treasury Institutional Fund, which is registered
under the Investment Company Act of 1940, as amended, and advised by UBS Asset Management (Americas) LLC. The rate shown is the current yield as of March 31, 2025. The audited financial statements of this entity can be found at www.sec.gov.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Value at<br>4/1/2024** | **Purchases at**<br> **Cost** | **Proceeds from**<br> **Sales** | **Net Realized**<br> **Gain (Loss)** | **Value at<br>3/31/2025** | **Interest**<br> **Income** |
|  UBS Select Treasury Institutional Fund | $88663 | $148200351 | $(143963723) | $– $– $| 4325291 | $249847 |

---

Complete information about the Investment Funds' underlying investments is not readily available.

The Fund's valuation procedures require evaluation of all relevant factors available at the time the Fund values its portfolio. These relevant factors include the individual Investment Funds' compliance with fair value measurements, price transparency and valuation procedures in place, and subscription and redemption activity.

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Statement of Operations** 

**Year Ended March 31, 2025** 

---

| | |
|:---|:---|
|  **INCOME** |  |
|  Interest | $249847 |
|  **Total Income** | 249847 |
|  **EXPENSES** |  |
|  Management Fee | 5501545 |
|  Incentive Fee | 1481045 |
|  Professional fees | 1167540 |
|  Commitment Fee | 322042 |
|  Administration fee | 294389 |
|  Interest expense | 211618 |
|  Tax compliance fees | 150000 |
|  Officer's and Trustees' fees | 119823 |
|  Other Adviser fees | 16375 |
|  Custody fee | 7200 |
|  Printing, insurance and other expenses | 201223 |
|  **Total Expenses** | 9472800 |
|  **Net Investment Loss** | (9222953) |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
|  Net realized gain/(loss) from investments in Investment Funds | 30576928 |
|  Net change in unrealized appreciation/depreciation on investments in Investment Funds | 6785283 |
|  **Net Realized and Unrealized Gain/(Loss) from Investments** | 37362211 |
|  **Net Increase in Net Assets Derived from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28139258 |

---

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Statements of Changes in Net Assets** 

**Years Ended March 31, 2024 and 2025** 

---

| | |
|:---|:---|
|  **Net Assets at April 1, 2023** | $407558180 |
|  **INCREASE (DECREASE) IN NET ASSETS DERIVED FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (8988070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments in Investment Funds | 17178474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments in Investment Funds | 21604077 |
|  **Net Increase in Net Assets Derived from Operations** | 29794481 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (See Note 2d)** | (25703363) |
|  **INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS** |  |
|  Shareholders' subscriptions of 4,043.115 Shares | 3864984 |
|  Reinvestment of distributions of 23,942.411 Shares | 22166705 |
|  Shareholders' redemptions of 63,585.374 Shares | (60443639) |
|  **Net Decrease in Net Assets Derived from Capital Transactions** | (34411950) |
|  **Net Assets at March 31, 2024** | $377237348 |
|  **INCREASE (DECREASE) IN NET ASSETS DERIVED FROM OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (9222953) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments in Investment Funds | 30576928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments in Investment Funds | 6785283 |
|  **Net Increase in Net Assets Derived from Operations** | 28139258 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (See Note 2d)** | (28259480) |
|  **INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS** |  |
|  Shareholders' subscriptions of 3,094.700 Shares | 3034750 |
|  Reinvestment of distributions of 24,324.186 Shares | 23283661 |
|  Shareholders' redemptions of 72,540.841 Shares | (70170842) |
|  **Net Decrease in Net Assets Derived from Capital Transactions** | (43852431) |
|  **Net Assets at March 31, 2025** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333264695 |

---

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Statement of Cash Flows** 

**Year Ended March 31, 2025** 

---

| | |
|:---|:---|
|  **CASH FLOWS FROM OPERATING ACTIVITIES** |  |
|  Net increase in net assets derived from operations | $28139258 |
|  Adjustments to reconcile net increase in net assets derived from operations to net cash provided by operating activities: |  |
| &nbsp;&nbsp; Purchases of investments in Investment Funds | (27350000) |
| &nbsp;&nbsp; Proceeds from disposition of investments in Investment Funds | 112520312 |
| &nbsp;&nbsp; Net realized (gain)/loss from investments in Investment Funds | (30576928) |
| &nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments in Investment Funds | (6785283) |
| &nbsp;&nbsp; Changes in assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Increase)/decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced subscriptions in Investment Funds | 350000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (11170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Funds | 17649749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase/(decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fee payable | 143058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incentive Fee payable | (712340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan interest payable | (114321) |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee payable | (150597) |
| &nbsp;&nbsp;&nbsp;&nbsp; Officer's and Trustees' fees payable | (11679) |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees payable | 209794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax compliance fees payable | 62500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (193364) |
|  **Net cash provided by operating activities** | 93171919 |
|  **CASH FLOWS FROM FINANCING ACTIVITIES** |  |
|  Proceeds from shareholders' subscriptions, including change in subscriptions received in advance | 3634750 |
|  Distributions paid | (4975819) |
|  Payments on shareholders' redemptions, including change in shareholders' redemptions payable | (70344222) |
|  Proceeds from loan | 49850000 |
|  Principal payment on loan | (67100000) |
|  **Net cash used in financing activities** | (88935291) |
|  Net increase in cash and cash equivalents | 4236628 |
|  Cash and cash equivalents-beginning of year | 88663 |
|  **Cash and cash equivalents-end of year** | $4325291 |
|  **Supplemental disclosure of cash flow information:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense paid | $325939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23283661 |

---

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Financial Highlights** 

The following represents the ratios to average net assets and other supplemental information for the periods indicated. An individual shareholder's ratios and returns may vary from the below based on the timing of capital transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Years Ended March 31,** | **Years Ended March 31,** | **Years Ended March 31,** | |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Per Share operating performance** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per Share, beginning | $961.80 | $952.64 | $964.44 | $998.50 | $924.35 |
|  **Gain/(Loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss <sup>a</sup> | (24.69) | (21.72) | (20.33) | (20.41) | (26.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) from investments | 101.00 | 94.83 | 55.45 | 17.59 | 178.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gain/(loss) from investment operations | 76.31 | 73.11 | 35.12 | (2.82) | 152.20 |
|  Distributions to shareholders | (77.96) | (63.95) | (46.92) | (31.24) | (78.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per Share, ending | $960.15 | $961.80 | $952.64 | $964.44 | $998.50 |
|  **Ratio/Supplemental Data:** |  |  |  |  |  |
| Ratio of net investment loss to average net assets <sup>b, c</sup> | (2.51%) | (2.26%) | (2.11%) | (2.04%) | (2.57%) |
| Ratio of gross expenses to average net assets after Incentive Fee <sup>b, c</sup> | 2.58% | 2.32% | 2.12% | 2.05% | 2.57% |
| Ratio of net expenses to average net assets after Incentive Fee <sup>b, c, d</sup> | 2.58% | 2.32% | 2.11% | 2.05% | 2.57% |
| Portfolio turnover rate | 7.64% | 20.35% | 20.28% | 24.88% | 23.97% |
| Total return after Incentive Fee <sup>e, f</sup> | 7.96% | 7.94% | 3.73% | (0.30%) | 16.32% |
| Asset coverage <sup>g</sup> | N/A | 22.869 | 89.600 | 26.894 | 174.272 |
| Net assets | $333264695 | $377237348 | $407558180 | $446668581 | $479962538 |

---

a Calculated based on the average Shares outstanding during the period.

b Ratios to average net assets are calculated based on the average net assets for the period.

c Ratios of net investment loss and total expenses to average net assets do not include the impact of expenses and incentive allocations or incentive fees incurred by the underlying Investment Funds. 

d The ratios of net expenses to average net assets before Incentive Fee were 2.18%, 1.92%, 2.06%, 2.01% and 1.99% during the years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

---

| | |
|:---|:---|
| e | The total returns before Incentive Fee were 8.39%, 8.37%, 3.78%, (0.27%) and 16.99% during the years ended March 31, 2025, 2024, 2023, 2022 and 2021, respectively.  |

---

---

| | |
|:---|:---|
| f | The total return is based on the change in value during the period of a theoretical investment made at the beginning of the period. The change in value of a theoretical investment is measured by comparing the aggregate ending value, adjusted for reinvestment of all dividends and distributions, if any, in accordance with the reinvestment plan. The total return does not reflect any sales charges.  |

---

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Financial Highlights (continued)** 

---

| | |
|:---|:---|
| g | Calculated by subtracting the Fund's liabilities and indebtedness not represented by senior securities from the Fund's total assets and dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding. The Fund's senior securities during this time period were comprised only of temporary borrowings made pursuant to secured revolving lines of credit agreements (see Note 6). There were no senior securities payable outstanding during the year ended March 31, 2025.  |

---

The accompanying notes are an integral part of these financial statements.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements** 

**March 31, 2025** 

**1.** **Organization** 

A&Q Multi-Strategy Fund (the "Fund") was formed as a statutory trust under the laws of Delaware on February 7, 2011 and commenced operations on March 29, 2011. The Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. The Fund is commonly referred to as a "fund of funds". Its investment objective is to seek to consistently realize risk-adjusted appreciation principally through the allocation of assets among a select group of alternative asset managers (the "Investment Managers") and the funds they operate. Investment Managers generally conduct their investment programs through unregistered investment vehicles, such as hedge funds, that have investors other than the Fund, and in other registered investment companies (collectively, the "Investment Funds"). The Fund seeks to achieve its investment objective primarily through the identification, selection and monitoring of Investment Managers and Investment Funds that UBS AM Americas (as defined below) believes will produce attractive returns over time. By diversifying the approach by which the Fund's assets are invested, the Fund seeks to achieve performance results that are less volatile in both rising and falling markets than investments made in accordance with a single approach.

Subject to the provisions of the Fund's Agreement and Declaration of Trust, as amended and restated from time to time (the "Declaration"), and the requirements of the 1940 Act, the business and affairs of the Fund shall be managed under the direction of the Fund's Board of Trustees (the "Board", with an individual member referred to as a "Trustee"). The Trustees shall have the right, power and authority, on behalf of the Fund and in its name, to do all things necessary and proper to carry out their duties under the Declaration. Each Trustee shall be vested with the same powers, authority and responsibilities on behalf of the Fund as are customarily vested in each trustee of a Delaware corporation, and each Trustee who is not an "interested person" (as defined in the 1940 Act) of the Fund (the "Independent Trustees") shall be vested with the same powers, authority and responsibilities on behalf of the Fund as are customarily vested in each trustee of a closed-end management investment company registered under the 1940 Act and organized as a Delaware corporation who is not an "interested person" of such company. The Trustees may perform such acts as they, in their sole discretion, determine to be proper for conducting the business of the Fund. No Trustee shall have the authority individually to act on behalf of or to bind the Fund except within the scope of such Trustee's authority as delegated by the Board. The Board may delegate (as may be permitted by the Declaration, the Fund's By-Laws and the Delaware Statutory Trust Act) the management of the Fund's day-to-day operations to one or more officers of the Fund or other persons (including, without limitation, UBS AM Americas (as defined below)), subject to the investment objective and policies of the Fund and to the oversight of the Board.

Effective April 1, 2024, management of UBS Hedge Fund Solutions LLC enacted a reorganization and statutory merger in which UBS Hedge Fund Solutions LLC merged with and into UBS AM Americas (as defined below), formerly known as UBS Asset Management (Americas) Inc. As such, UBS Hedge Fund Solutions LLC has ceased to exist as a separate legal entity and UBS AM

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**1.** **Organization (continued)** 

Americas (as defined below) has assumed all rights and obligations of UBS Hedge Fund Solutions LLC, including its role as the adviser of the Fund. UBS AM Americas (as defined below) is a wholly owned subsidiary of UBS Group AG and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

The Board has engaged UBS Asset Management (Americas) LLC ("UBS AM Americas" or the "Adviser"), a Delaware limited liability company, to provide investment advice regarding the selection of Investment Funds and to be responsible for the day-to-day management of the Fund.

The Adviser is a wholly owned subsidiary of UBS Group AG and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended.

Initial and additional applications for shares of beneficial interest ("Shares") by eligible investors may be accepted at such times as the Board may determine and are generally accepted monthly. The Board reserves the right to reject any application for Shares in the Fund. Shares may be purchased as of the first business day of each month at the Fund's then current net asset value ("NAV") per Share. The Fund from time to time may offer to repurchase Shares pursuant to written tenders by shareholders. These repurchases will be made at such times and on such terms as may be determined by the Board in its complete and exclusive discretion. The Adviser expects that it will recommend to the Board that the Fund offer to repurchase Shares from shareholders as of the end of each calendar quarter. During the year ended March 31, 2025, 72,540.841 Shares were repurchased.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by non-governmental entities. The Fund's financial statements are prepared in accordance with US GAAP.

The Adviser has determined that the Fund is an investment company as outlined in the FASB Accounting Standards Update No. 2013-08, *Financial Services - Investment Companies (Topic 946) - Amendments to the Scope, Measurement and Disclosure Requirements* ("ASU 2013-08"). Therefore, the Fund follows the accounting and reporting guidance for investment companies.

**2.** **Significant Accounting Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Portfolio Valuation** 

The Fund values its investments at fair value, in accordance with US GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**2.** **Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Portfolio Valuation (continued)** 

The Fund uses NAV as its measure of fair value of an investment in an Investment Fund when (i) the Fund's investment does not have a readily determinable fair value and (ii) the NAV of the Investment Fund is calculated in a manner consistent with the measurement principles of investment company accounting, including measurement of the underlying investments at fair value. In evaluating the level at which the fair value measurement of the Fund's investments have been classified, the Fund has assessed factors including, but not limited to, price transparency, the ability to redeem at NAV at the measurement date and the existence or absence of certain restrictions at the measurement date.

US GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities). US GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly. In its consideration, the Fund must consider inputs and valuation techniques used for each class of assets and liabilities. Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided. Fair value measurement disclosures for each class of assets and liabilities require greater disaggregation than the Fund's line items in the Statement of Assets and Liabilities.

The following is a summary of the investment strategies and any restrictions on the liquidity provisions of the investments in Investment Funds held by the Fund as of March 31, 2025. Investment Funds with no current redemption restrictions may be subject to future gates, lock-up provisions or other restrictions, in accordance with their offering documents. The Fund had no unfunded capital commitments as of March 31, 2025. The Fund used the following categories to classify its Investment Funds:

The Investment Funds in the credit/income strategy (total fair value of $56,271,707) utilize credit analysis to evaluate potential investments and use debt or debt-linked instruments to execute their investment theses. Their approach can be either fundamental, quantitative, or a combination of both. As of March 31, 2025, the Investment Funds in the credit/income strategy had $40,705,320, representing 72% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $17,024,356, representing 30% of the value of the investments in this category, that cannot be redeemed in full because the investment includes a restriction that does not allow for redemptions in the first 12 months after acquisition. The remaining restriction period for this investment ranges from 3-4 months at March 31, 2025.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**2.** **Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Portfolio Valuation (continued)** 

The Investment Funds in the equity hedged strategy (total fair value of $95,709,034) generally utilize fundamental analysis to invest in publicly traded equities investing in both long and short positions seeking to capture perceived security mispricing. Portfolio construction is driven primarily by bottom-up fundamental research; top-down analysis may also be applied. As of March 31, 2025, the Investment Funds in the equity hedged strategy had $41,252,655, representing 43% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $2,426,739, representing 3% of the value of the investments in this category, that cannot be redeemed in full because the investment includes a restriction that does not allow for redemptions in the first 12 months after acquisition. The remaining restriction period for this investment is 9 months at March 31, 2025.

The Investment Funds in the multi-strategy strategy (total fair value of $20,442,536) invest in both long and short, equity and debt strategies that are primarily in U.S. based securities. The management of these Investment Funds seek arbitrage opportunities, distressed securities, corporate restructures and hedges established in equities, convertible securities, options, warrants, rights, forward contracts, futures, trade claims, credit default swaps and other derivatives, real estate and other financial instruments. As of March 31, 2025, the Investment Funds in the multi-strategy strategy had $1,848,579, representing 9% of the value of the investments in this category, subject to investor level gates.

The Investment Funds in the relative value strategy (total fair value of $116,517,465), a broad category, generally encompass strategies that are non-fundamental and non-directional, and often quantitatively driven. The Investment Funds in this strategy typically use arbitrage to exploit mispricing and other opportunities in various asset classes, geographies, and time horizons. The Investment Funds frequently focus on capturing the spread between two assets, while maintaining neutrality to other factors, such as geography, changes in interest rates, equity market movement, and currencies, to name a few examples. As of March 31, 2025, the Investment Funds in the relative value strategy had $116,517,465, representing 100% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $69,426,244, representing 60% of the value of the investments in this category, that cannot be redeemed in full because the investment includes a restriction that does not allow for redemptions in the first 30 months after acquisition. The remaining restriction period for this investment is 3 months at March 31, 2025.

The Investment Funds in the trading strategy (total fair value of $44,341,450) are generally top-down in nature and often driven by econometric and macroeconomic research. The Investment Funds may utilize financial instruments, such as foreign exchange, equities, rates, sovereign debt, currencies, and commodities to express a manager's view. In executing different approaches,

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**2.** **Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Portfolio Valuation (continued)** 

managers may use either fundamental or quantitative models or a combination of both. As of March 31, 2025, the Investment Funds in the trading strategy had $33,757,492, representing 76% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $6,728,403, representing 15% of the value of the investments in this category, that cannot be redeemed in full because the investment includes a restriction that does not allow for redemptions in the first 24 months after acquisition. The remaining restriction period for this investment ranges from 13-15 months at March 31, 2025.

The investments within the scope of ASC 820, for which fair value is measured using NAV as a practical expedient, should not be categorized within the fair value hierarchy. The total fair value of the investments in Investment Funds valued using NAV as a practical expedient is $333,282,192 and is therefore excluded from the fair value hierarchy. Additional disclosures, including liquidity terms and conditions of the underlying investments, are included in the Schedule of Portfolio Investments.

The three levels of the fair value hierarchy are as follows:

---

| | |
|:---|:---|
| **Level 1—** | quoted prices in active markets for identical investments |
| **Level 2—** | inputs to the valuation methodology include quotes for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument |
| **Level 3—** | inputs to the valuation methodology include significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |

---

The NAV of the Fund is determined by the Fund's administrator, under the oversight of the Adviser, as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the Board. The Fund's investments in Investment Funds are subject to the terms and conditions of the respective operating agreements and offering memorandums, as appropriate. The Adviser has adopted procedures pursuant to ASC 820 in which the Fund values its investments in Investment Funds at fair value. Fair value is generally determined utilizing NAVs supplied by, or on behalf of, the Investment Funds' Investment Managers, which are net of management and incentive fees charged by the Investment Funds. NAVs received by, or on behalf of, the Investment Funds' Investment Managers are based on the fair value of the Investment Funds' underlying investments in accordance with the policies established by the Investment Funds. Because of the inherent

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**2.** **Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Portfolio Valuation (continued)** 

uncertainty of valuation, the value of the Fund's investments in the Investment Funds may differ significantly from the value that would have been used had a ready market been available. See Schedule of Portfolio Investments for further information.

The fair value relating to certain underlying investments of these Investment Funds, for which there is no ready market, has been estimated by the respective Investment Fund's Investment Manager and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.

It is unknown, on an aggregate basis, whether the Investment Funds held any investments whereby the Fund's proportionate share exceeded 5% of the Fund's net assets at March 31, 2025.

The fair value of the Fund's assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Investment Transactions and Income Recognition** 

The Fund accounts for realized gains and losses from Investment Fund transactions based on the pro-rata ratio of the fair value and cost of the underlying investment at the date of redemption. Interest income is earned from the investment in affiliate and recorded on the accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Fund Expenses** 

The Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund's account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Fund's NAV; costs of insurance; registration expenses; interest expense; due diligence, including travel and related expenses; expenses of meetings of the Board; all costs with respect to communications to shareholders; and other types of expenses approved by the Board. Expenses are recorded on the accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Income Taxes** 

The Fund intends, consistent with the requirements of the Internal Revenue Code that are applicable to regulated investment companies, to distribute all its taxable income to its shareholders. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**2.** **Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Income Taxes (continued)** 

not be subject to excise tax on undistributed income and gains, resulting in no provision requirements for federal income or excise taxes. The Fund has a September 30 tax year-end. Unless otherwise indicated, all applicable tax disclosures reflect tax adjusted balances at September 30, 2024.

The Fund files income tax returns in the U.S. federal jurisdiction and applicable states. The Adviser has analyzed the Fund's tax positions taken on its federal and state income tax returns for all open tax years, and has concluded that no provision for federal or state income tax is required in the Fund's financial statements. The Fund's federal and state income tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue. The Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended March 31, 2025, the Fund did not incur any interest or penalties. The Adviser does not believe there are positions for which it is reasonably likely that the total amounts of unrecognized tax liability will significantly change within 12 months of the reporting date.

Permanent book-to-tax basis differences resulted in the reclassification of amounts stated below, between total distributable earnings and paid-in capital reported on the Fund's Statement of Assets and Liabilities as of March 31, 2025. Such permanent reclassifications are attributable to differences between book and tax reporting of the Fund's investments which do not affect net assets or NAV per Share values.

---

| | |
|:---|:---|
| Total Distributable Earnings | Paid in Capital |
| $0 | ($0) |

---

The tax character of distributions paid to shareholders during the financial statement year ended March 31, 2025 was $28,259,480 of ordinary income. The tax character of distributions paid to shareholders during the financial statement year ended March 31, 2024 was $19,750,163 of ordinary income and $5,953,200 of distribution in excess of ordinary income.

The tax basis of distributable earnings as of September 30, 2024 (the Fund's most recent tax year) shown below represents future distribution requirements that the Fund must satisfy under the income tax regulations.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**2.** **Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Income Taxes (continued)** 

---

| | | | |
|:---|:---|:---|:---|
| Undistributed<br>Ordinary Income | Capital Loss<br>Carryforward | Qualified Late Year<br>Loss Deferrals\* | Net Unrealized<br> Appreciation/<br> (Depreciation) |
| $0 | ($6032474) | $7475318 | $26435387 |

---

\* Under federal tax law, qualified late year ordinary and capital losses realized after December 31 and October 31, respectively, may be deferred and treated as occurring on the first day of the following tax year. For the tax year ended September 30, 2024, the Fund incurred a late year ordinary loss of $7,475,318 and a capital loss of $0 which it will elect to defer to the tax year ending September 30, 2025.

At September 30, 2024, the Fund utilized $7,572,942 of capital loss carryforward. The capital loss carryforward is available to offset future realized capital gains. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses and are not subject to expiration.

The federal tax cost of investments is adjusted for taxable income allocated to the Fund from the Investment Funds. The aggregate tax cost of investments at March 31, 2025 is $305,608,478. Investment net tax basis unrealized appreciation was $31,999,005 consisting of $32,197,995 unrealized appreciation and $198,990 unrealized depreciation.

The primary reason for differences between the earnings reported above and the federal tax cost of investments, in comparison with the related amounts reported on the Fund's Statement of Assets and Liabilities as of March 31, 2025, relates to cumulative differences between tax and US GAAP financial statement reporting requirements on the portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Cash and Cash Equivalents** 

Cash consists of monies held at The Bank of New York Mellon. Cash equivalents consist of short-term investments that have maturities of three months or less at the date of purchase or money market or mutual funds. Such accounts, at times, may exceed federally insured limits. The Fund has not experienced any losses in such accounts and does not believe it is exposed to any significant credit risk on such accounts. At March 31, 2025, the Fund held an investment of $4,325,291 in the UBS Select Treasury Institutional Fund, an affiliate of the Fund, which is included within cash and cash equivalents in the Statement of Assets and Liabilities. The UBS Select Treasury Institutional Fund invests primarily in government securities and other short-term, highly liquid instruments. The cash equivalents are recorded at NAV per share which approximates fair value and are considered to be Level 1 within the fair value hierarchy. The Fund held no cash as of March 31, 2025. There were no restrictions on cash and cash equivalents held as of March 31, 2025.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**2.** **Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Use of Estimates** 

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Because of the uncertainty of valuation, such estimates may differ significantly from values that would have been used had a ready market existed, and the differences could be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Reportable Segment** 

In this reporting period, the Fund adopted FASB Accounting Standards Updates No. 2023-07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the new standard impacted financial statements disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of the Fund's adviser, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**3.** **Related Party Transactions** 

The Adviser provides investment advisory services to the Fund pursuant to an Investment Advisory Agreement. The Adviser also provides certain administrative services to the Fund, including: providing office space, handling of shareholder inquiries regarding the Fund, providing shareholders with information concerning their investment in the Fund, coordinating and organizing meetings of the Fund's Board and providing other support services. In consideration for all such services, the

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**3.** **Related Party Transactions (continued)** 

Fund pays the Adviser a fee (the "Management Fee"), computed and payable monthly, at an annual rate of 1.50% of the Fund's adjusted net assets determined as of the last day of each month. Adjusted net assets as of any month-end date means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund other than Incentive Fee (as described below) accruals if any, as of such date, and calculated before giving effect to any repurchase of Shares on such date. During the year ended March 31, 2025, the Fund incurred a Management Fee of $5,501,545, of which $1,285,960 remains payable and is included in the Statement of Assets and Liabilities at March 31, 2025.

The Management Fee is computed as of the start of business on the last business day of the period to which each Management Fee relates, after adjustment for any Share purchases effective on such date, and is payable in arrears. A portion of the Management Fee and Incentive Fee (as defined below) is paid by UBS AM Americas to its affiliates.

In addition to the Management Fee paid to the Adviser, the Fund also pays the Adviser an incentive fee (the "Incentive Fee"), on a quarterly basis, at an annual rate of 5% of the Fund's net profits, if any. For the purposes of calculating the Incentive Fee, net profits will be determined by taking into account net realized gain or loss (including any realized gain that has been distributed to shareholders during a fiscal quarter and net of Fund expenses, including Management Fee) and the net change in unrealized appreciation or depreciation of securities positions, as well as dividends, interest and other income. No Incentive Fee will be payable for any fiscal quarter unless losses and depreciation from prior fiscal quarters (the "cumulative loss") have been recovered by the Fund, known as a "high water mark" calculation. The cumulative loss to be recovered before payment of Incentive Fees will be reduced in the event of withdrawals by shareholders. The Adviser is under no obligation to repay any Incentive Fees previously paid by the Fund. Thus, the payment of the Incentive Fee for a fiscal quarter will not be reversed by the subsequent decline of the Fund's assets in any subsequent fiscal quarter. During the year ended March 31, 2025, the Fund incurred an Incentive Fee of $1,481,045, of which $54,809 remains payable and is included in the Statement of Assets and Liabilities at March 31, 2025.

The Incentive Fee is in addition to the incentive fees or allocations charged by the unregistered Investment Funds.

UBS Financial Services Inc. ("UBS FSI"), a wholly owned subsidiary of UBS Americas, Inc., together with any other broker or dealer appointed by the Fund as distributor of its Shares (the "Distributor"), acts as the distributor of the Fund's Shares on a best efforts basis, subject to various conditions, without special compensation from the Fund. Currently, UBS FSI acts as the sole distributor of the Fund's Shares, and bears its own costs associated with its activities as distributor.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**3.** **Related Party Transactions (continued)** 

Sales loads, if any, charged on contributions are debited against the contribution amounts, to arrive at a net subscription amount. The sales load does not constitute assets of the Fund.

Each Trustee of the Fund receives an annual retainer of $12,500 plus a fee for each meeting attended. The Chair of the Board and the Chair of the Audit Committee of the Board each receive an additional annual retainer in the amount of $20,000. These additional annual retainer amounts are paid for by the Fund on a pro-rata basis along with the two other registered alternative investment funds advised by UBS AM Americas. All Trustees are reimbursed by the Fund for all reasonable out of pocket expenses. Such amounts are included within Officer's and Trustees' fees in the Statement of Operations.

During the year ended March 31, 2025, the Fund incurred a portion of the annual compensation of the Fund's Chief Compliance Officer in the amount of $20,873 which is included in Officer's and Trustees' fees in the Statement of Operations. The payable related to such fees incurred in prior periods of $4,698 is included in Officer's and Trustees' fees payable in the Statement of Assets and Liabilities.

The Fund, along with the two other registered alternative investment funds advised by UBS AM Americas, and the Trustees, are insured under an insurance policy which protects against claims alleging a wrongful act, error, omission, misstatement, misleading statement, and other items made in error. The annual premiums are allocated among the funds on a pro-rata basis based on each fund's assets under management. On an annual basis, the allocation methodology is reviewed and approved by the Board and the Adviser determines the amounts to be charged to each fund based upon the Board approved methodology. During the year ended March 31, 2025, the Fund incurred $80,528 in insurance fees, which is included in printing, insurance and other expenses in the Statement of Operations, of which none was payable at March 31, 2025.

The Fund, along with several other funds advised by UBS AM Americas, is party to a Credit Agreement (See Note 6). On a quarterly basis, the credit provider charges a fee (the "Commitment Fee") on the unused portion of the total amount of the Credit Agreement. The Adviser negotiates the commitment amount with the counterparty based on the amount each fund will be expected to borrow at a given time. The Commitment Fee is allocated to each fund based on the sub-limit borrowing amount which is disclosed within the Credit Agreement. During the year ended March 31, 2025, the Fund incurred a Commitment Fee of $322,042 to the counterparty, of which $27,513 remains payable and is included in other liabilities in the Statement of Assets and Liabilities at March 31, 2025.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**3.** **Related Party Transactions (continued)** 

The Adviser may incur expenses on behalf of the Fund for certain activities which benefit the investment funds managed by the Adviser. During the year ended March 31, 2025, the Fund incurred other Adviser fees of $16,375, of which none was payable at March 31, 2025.

Other investment partnerships sponsored by UBS Group AG or its affiliates may also maintain investment interests in the Investment Funds owned by the Fund.

**4.** **Administration and Custody Fees** 

BNY Mellon Investment Servicing (US) Inc. ("BNY Mellon"), in its role as the Fund's administrator, performs certain additional administrative, accounting, record keeping, tax and investor services for the Fund. BNY Mellon receives a monthly administration fee primarily based upon (i) the average net assets of the Fund subject to a minimum monthly administration fee, and (ii) the aggregate net assets of the Fund and certain other investment funds sponsored or advised by UBS Group AG, UBS Americas, Inc. or their affiliates. Additionally, the Fund reimburses certain out of pocket expenses incurred by BNY Mellon. Such amounts are included within administration fee in the Statement of Operations.

The Bank of New York Mellon serves as the primary custodian of the assets of the Fund, and may maintain custody of such assets with domestic and foreign sub custodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Trustees. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of a custodian in a securities depository, clearing agency or omnibus customer account of such custodian. Such amounts are included within custody fee in the Statement of Operations.

**5.** **Share Capital and NAV** 

The Fund is authorized to issue an unlimited number of Shares. The Fund has registered $570,704,781 of Shares for sale under its Registration Statement (File No. 333-281099). The Shares are distributed by UBS FSI, as the Fund's Distributor. The Distributor may pay from its own resources compensation to its financial advisors, as well as third party securities dealers and other industry professionals, in connection with the sale and distribution of the Shares or ongoing servicing of clients with whom they have placed Shares in the Fund.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**5.** **Share Capital and NAV (continued)** 

Capital share transactions for outstanding Shares in the Fund during the year ended March 31, 2025 are summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Outstanding Shares<br>April 1, 2024** | **Subscriptions** | **Reinvestments** | **Redemptions** | **Outstanding Shares<br>March 31, 2025** | **NAV Per Share** |
| &nbsp;&nbsp;&nbsp;392220.055 | 3094.700 | 24324.186 | (72540.841) | 347098.100 | $960.15 |

---

**6.** **Loan Payable** 

The Fund, along with several other funds advised by UBS AM Americas, has entered into a secured Amended and Restated Credit Agreement dated as of September 1, 2022, as amended, supplemented or otherwise modified from time to time with a third-party commercial bank, which will terminate on June 16, 2025 unless extended (the "Credit Agreement"). Under the Credit Agreement, the Fund may borrow from time to time on a revolving basis at any time up to $71,000,000 for temporary investment purposes and to meet requests for tenders. Indebtedness outstanding under the Credit Agreement accrues interest at a rate per annum for each day of Daily Simple Secured Overnight Financing Rate ("SOFR") or Term SOFR for a tenor of one month as determined by the borrower plus 1.50%. There is a Commitment Fee payable by the Fund, calculated at 45 basis points times the actual daily amount of the line of credit not utilized.

During the year ended March 31, 2025, the Fund's average interest rate paid on borrowings was 7.43% per annum and the average borrowings outstanding was $2,846,250. The Fund had no borrowings outstanding at March 31, 2025. Interest expense during the year ended March 31, 2025 was $211,618, of which none was payable at March 31, 2025.

**7.** **Investments** 

As of March 31, 2025, the Fund had investments in Investment Funds, none of which were related parties.

Aggregate purchases and proceeds from sales of investments during the year ended March 31, 2025 amounted to $27,350,000 and $112,520,312, respectively.

The agreements related to investments in Investment Funds provide for compensation to the general partners/managers in the form of management fees of 0.00% to 2.85% (per annum) of net assets and incentive fees or allocations ranging from 0.00% to 35.00% of net profits earned. No Investment Funds have entered into a side pocket arrangement. Detailed information about the Investment Funds' portfolios is not available. Please see the Schedule of Portfolio Investments for further information.

------

**A&Q Multi-Strategy Fund** 

**Notes to Financial Statements (continued)** 

**March 31, 2025** 

**8.** **Financial Instruments with Off-Balance Sheet Risk** 

In the normal course of business, the Investment Funds in which the Fund invests trade various financial instruments and enter into various investment activities with off-balance sheet risk. These include, but are not limited to, short selling activities, writing option contracts, contracts for differences, equity swaps, distressed investing, merger arbitrage and convertible arbitrage. The Fund's risk of loss in these Investment Funds is limited to the fair value of these investments.

**9.** **Indemnification** 

In the ordinary course of business, the Fund may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Fund. Based on its history and experience, the Fund believes that the likelihood of such an event is remote.

**10.** **Subsequent Events** 

The Adviser has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued, and has determined that there were no events that required disclosure other than the following:

Subsequent to March 31, 2025, the Fund paid shareholders' redemptions payable of $12,590,389 in full.

------

TRUSTEES AND OFFICERS (UNAUDITED)

Information pertaining to the Trustees and Officers of the Fund is set forth below. The Statement of Additional Information (SAI) includes additional information about the Trustees and is available on the following website: <u>https://www.ubs.com/us/en/asset-management/individual-investors-and-financial-advisors/products/hedge-funds.html</u> . The SAI also may be obtained by contacting UBS Asset Management (Americas) LLC ("UBS AMA") at (888) 793-8637.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Age, Address and**<br> **Position(s) with Fund<sup>1</sup>**  | **Term of Office<br>and Length of<br><u>Time Served</u><sup>2</sup>** | **Principal Occupation(s)**<br> **<u>During Past 5 Years</u>** | **Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen<br><u>by Trustee</u><sup>2</sup>** | **Other Trusteeships/<br>Directorships Held by<br>Trustee Outside**<br> **Fund Complex<br><u>During Past 5 Years</u>** |
| &nbsp;&nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;&nbsp;**INDEPENDENT TRUSTEES** | &nbsp;&nbsp;&nbsp;**INDEPENDENT TRUSTEES** |
| &nbsp;&nbsp;&nbsp; Virginia G. Breen (60)<br> Chair and Trustee | Since May 2,<br>2008 (Chair<br>since Jan 1,<br>2022) | &nbsp;&nbsp; Private investor and board member of certain entities (as listed herein). | 42 | &nbsp;&nbsp; Director of: Paylocity Holding Corp.; the Neuberger Berman Private Equity Registered Funds (18 funds); NB Asset-Based Credit Fund; certain funds in the Calamos Fund Complex (58 portfolios). Former Director of JLL Income Property Trust, Inc. (from December 2004 to June 2023) and Tech and Energy Transition Corporation (March 2021 to March 2023). |
| &nbsp;&nbsp;&nbsp; Heather R. Higgins (65)<br> Trustee | Since Jan. 1,<br>2022 | &nbsp;&nbsp; President and Director of The Randolph Foundation (charitable foundation) (since 1991); member of the Board of Overseers of the Hoover Institution (from 2001 to 2007 and since 2009); and board member of several non-profit organizations. | 42 |  |
| &nbsp;&nbsp;&nbsp; Stephen H. Penman (78)<br> Trustee | Since Jul.1<br>2004 | &nbsp;&nbsp; Professor of Financial Accounting of the Graduate School of Business, Columbia University. | 3 | &nbsp;&nbsp; Member, Board of Advisors, Boston Harbor Investment Management, LLC; Member, Investment Advisory Board, Phoenician Capital. |
| &nbsp;&nbsp;&nbsp;**OFFICER(S) WHO ARE NOT TRUSTEES** | &nbsp;&nbsp;&nbsp;**OFFICER(S) WHO ARE NOT TRUSTEES** | &nbsp;&nbsp;&nbsp;**OFFICER(S) WHO ARE NOT TRUSTEES** | &nbsp;&nbsp;&nbsp;**OFFICER(S) WHO ARE NOT TRUSTEES** | &nbsp;&nbsp;&nbsp;**OFFICER(S) WHO ARE NOT TRUSTEES** |
| &nbsp;&nbsp;&nbsp;Nicole Tortarolo (46) Principal Executive Officer | Since Mar. 1,<br>2023 | &nbsp;&nbsp; Deputy Head of UBS Hedge Fund Solutions since March 2023. Previously, Chief Business Officer (June 2021 to March 2023) and Head of Investment Structuring (March 2011 to June 2021) of UBS Hedge Fund Solutions. | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Martin Fuchs (47) Principal Accounting Officer and Secretary | Since Sept. 11,<br>2024 | &nbsp;&nbsp; Global Head of Asset Management Multi-Manager Alternatives Accounting of UBS AG since December 2023. Previously, Head | N/A | N/A |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Age, Address and**<br> **Position(s) with Fund<sup>1</sup>**  | **Term of Office<br>and Length of<br><u>Time Served</u><sup>2</sup>** | **Principal Occupation(s)**<br> **<u>During Past 5 Years</u>** | **Number of<br>Portfolios in<br>Fund<br>Complex<br>Overseen<br><u>by Trustee</u><sup>2</sup>** | **Other Trusteeships/<br>Directorships Held by<br>Trustee Outside**<br> **Fund Complex<br><u>During Past 5 Years</u>** |
|  |  | &nbsp;&nbsp; of Alternative Fund Accounting (Hedge Fund Single Manager and Fund of Funds) (October 2020 to December 2023) of UBS AG and Team Head of Product Control of Alternative & Quantitative Investments (from June 2008 to October 2020). Reporting Specialist (2015-2020). |  |  |
| &nbsp;&nbsp;&nbsp; Michael D. Lemos (47)<br> Chief Compliance Officer | Since July, 12,<br>2024 | &nbsp;&nbsp; Deputy Chief Compliance Officer of UBS Real Estate & Private Markets Americas and Head of Broker-Dealer Compliance of UBS Asset Management related entities since 2015. | N/A | N/A |
| &nbsp;&nbsp;&nbsp; Keith A. Weller (63)<br> Chief Legal Officer | Since Jul. 25,<br>2019 | &nbsp;&nbsp; Executive Director and Deputy General Counsel (since February 2019, prior to which he was Senior Associate General Counsel) of UBS Business Solutions US LLC (since January 2017) and UBS AMA (since 2005). Mr. Weller also serves as a Vice President and Secretary of certain registered investment funds advised by UBS AMA. | N/A | N/A |

---

<sup>1</sup> The address of each Director and officer, other than Mr. Weller, is care of the Secretary of the Funds at 787 Seventh Avenue, New York, New York 10019. Mr. Weller's address is care of UBS Asset Management (Americas) LLC at One North Wacker Drive, Chicago, Illinois 60606.

<sup>2</sup> The Fund commenced operations March 29, 2011.

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**ADDITIONAL INFORMATION (UNAUDITED)** 

PROXY VOTING

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available: (i) without charge, upon request, by calling (888) 793-8637; and (ii) on the Securities and Exchange Commission's (the "SEC") website at <u>http://www.sec.gov</u>.

The Fund is required to file, on Form N-PX, its complete proxy voting record for the most recent 12-month period ended June 30, no later than August 31. The Fund's Form N-PX filings are available: (i) without charge, upon request, by calling (888) 793-8637; and (ii) on the SEC's website at <u>http://www.sec.gov</u>.

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports are available, without charge, on the SEC's website at <u>http://www.sec.gov</u>.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that
applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or
a third party. The code of ethics may be obtained without charge by calling 212-821-6053.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of
ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of
ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A copy of the Code of Ethics is filed as an Exhibit.

**Item 3. Audit Committee Financial Expert.** 

As of the end of the period covered by the report, the registrant's Board had determined that Professor Stephen Penman, a member of the audit committee of the Board, is the audit committee financial expert and that he is "independent," as defined by Item 3 of Form N-CSR.

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**Item 4. Principal Accountant Fees and Services.** 

<u>Audit Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $104,890
for 2024 and $106,464 for 2025.

<u>Audit-Related Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $2,399 for 2024 and $2,436 for 2025. Audited related fees
principally include fees associated with reviewing and providing comments on semi-annual reports, issuing consent filings and performing diversification, and other testing pursuant to sub chapter M of the Internal Revenue Code of 1986, as amended.

<u>Tax Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning are $32,246 for 2024 and $33,858 for 2025. Tax fees include fees for tax compliance services and assisting management in preparation of tax estimate.

<u>All Other Fees</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2024 and $0 for 2025.

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| | |
|:---|:---|
| (e)(1) | The registrant's audit committee pre-approves the principal accountant's engagements for audit and non-audit services to the registrant, and certain non-audit services to service Affiliates that are required to be pre-approved, on a case-by-case basis. Pre-approval considerations include whether the proposed services are compatible with maintaining the principal accountant's independence.  |

---

(e)(2) There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, because such services were pre-approved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was
$1,142,462 for 2024 and $1,577,812 for 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1(a) of this form or is included in the financial statements filed under Item 7(a) of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** 

(a) Not applicable.

(b) Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

The Proxy Voting Policies are as follows:

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| | |
|:---|:---|
| ![LOGO](g647203g83k72.jpg)  | **UBS Hedge Fund**<br> **Solutions LLC proxy**<br> **voting standard**<br>Internal |

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## UBS Hedge Fund Solutions LLC

## proxy voting standard
OR Taxonomy: Market Conduct

**Owner/Issuer: Head C&ORC UBS HFS LLC** 

<br> **Why do we have this standard?**<br>Underlying our voting and corporate governance policies we have one fundamental objective, to act in the best financial interests of our clients to protect and enhance the long-term value of their investments.<br>To achieve this objective, we have implemented this Standard, which we believe is reasonably designed to guide our exercise of voting rights and the taking of other appropriate actions, within our ability, and to support and encourage sound corporate governance practice.<br>

---

| | | |
|:---|:---|:---|
| **Applicability** | **Applicability** | **Summary of Key Requirements**<br>The standard is designed to address the following risks:<br> - Failure to provided required disclosures for investment advisers and registered investment companies<br> - Failure to vote proxies in best interest of clients and funds<br> - Failure to identify and address conflicts of interest |
| &nbsp;&nbsp;&nbsp;&nbsp;**Location** | Americas | **Summary of Key Requirements**<br>The standard is designed to address the following risks:<br> - Failure to provided required disclosures for investment advisers and registered investment companies<br> - Failure to vote proxies in best interest of clients and funds<br> - Failure to identify and address conflicts of interest |
| &nbsp;&nbsp;&nbsp;&nbsp;**Legal Entity** | UBS Hedge Fund Solutions LLC | **Summary of Key Requirements**<br>The standard is designed to address the following risks:<br> - Failure to provided required disclosures for investment advisers and registered investment companies<br> - Failure to vote proxies in best interest of clients and funds<br> - Failure to identify and address conflicts of interest |
| &nbsp;&nbsp;&nbsp;&nbsp;**Business Division** | Asset Management | **Summary of Key Requirements**<br>The standard is designed to address the following risks:<br> - Failure to provided required disclosures for investment advisers and registered investment companies<br> - Failure to vote proxies in best interest of clients and funds<br> - Failure to identify and address conflicts of interest |
| &nbsp;&nbsp;&nbsp;&nbsp;**Business Area / Function** | All | **Summary of Key Requirements**<br>The standard is designed to address the following risks:<br> - Failure to provided required disclosures for investment advisers and registered investment companies<br> - Failure to vote proxies in best interest of clients and funds<br> - Failure to identify and address conflicts of interest |
| &nbsp;&nbsp;&nbsp;&nbsp;**Roles** | All | **Summary of Key Requirements**<br>The standard is designed to address the following risks:<br> - Failure to provided required disclosures for investment advisers and registered investment companies<br> - Failure to vote proxies in best interest of clients and funds<br> - Failure to identify and address conflicts of interest |

---

**Infringements of this standard may result in disciplinary action including dismissal.** 

Published: 3 December 2015 Last Reviewed: 5 June, 2023 Page 1 of 3

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| | |
|:---|:---|
| ![LOGO](g647203g83k72.jpg)  | **UBS Hedge Fund**<br> **Solutions LLC proxy**<br> **voting standard**<br>Internal |

---

**Table of Contents**

---

| | |
|:---|:---|
| **Standard** | **3** |
| **1. General Standard** | **3** |
| **2. General Procedures** | **3** |
| 2.1 Recordkeeping | 3 |

---

Published: 3 December 2015 Last Reviewed: 5 June, 2023 Page 2 of 3

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| | |
|:---|:---|
| ![LOGO](g647203g83k72.jpg)  | **UBS Hedge Fund**<br> **Solutions LLC proxy**<br> **voting standard**<br>Internal |

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Standard

1. General Standard

The general standard is to vote proxy proposals, amendments, consents or resolutions relating to client securities, including interests in private investment funds, if any, (collectively, "proxies"), in a manner that serves the best interests of the clients managed by the Registrant, as determined by the Registrant in its discretion, taking into account relevant factors, including, but not limited to:

- the impact on the value of the securities;

- the anticipated costs and benefits associated with the proposal;

- the effect on liquidity;

- impact on redemption or withdrawal rights;

- the continued or increased availability of portfolio information; and

- customary industry and business practices.

2. General Procedures

Unless clients have reserved voting rights to themselves, UBS Hedge Fund Solutions LLC ("HFS") will direct the voting of proxies on securities held in their accounts. However, since the holdings in client accounts of HFS are almost exclusively comprised of hedge funds, many of which have non-voting shares, HFS rarely votes proxies. When voting such proxies, HFS Operations Department will consult with the HFS Investment Committee as well as the Legal and Compliance Department regarding the issues of the proxy vote. The Legal and Compliance Department will notify the Operations Department if there are any legal/compliance issues related to the vote. If there are no such issues, the Investment Committee will instruct the Operations Department on how to vote the proxy. The Operations Department will notify the relevant external parties of those instructions and vote the proxy in accordance to the instructions.

In the rare instance that HFS would have an equity security in one of its portfolios that holds a vote, HFS votes in accordance with ISS recommendations.

HFS has implemented procedures designed to identify whether HFS has a conflict of interest in voting a particular proxy proposal, which may arise as a result of its or its affiliates' client relationships, marketing efforts or banking, investment banking and broker-dealer activities. To address such conflicts, HFS has imposed information barriers between it and its affiliates who conduct banking, investment banking and broker-dealer activities. Whenever HFS is aware of a conflict with respect to a particular proxy as determined by the Legal and Compliance Department, such proxy will be reviewed by a group consisting of members from the Operations Department, Investment Committee and Legal and Compliance and the group is required to review and agree to the manner in which such proxy is voted.

**2.1** **Recordkeeping** 

A record of all votes cast must be maintained in order to permit the SEC registered funds to file timely and accurately Form N-PX and to comply with the recordkeeping requirements of IA Act rule 204-2(e)(1). Additionally the Adviser shall maintain a written record of the method used to resolve a material conflict of interest.

Published: 3 December 2015 Last Reviewed: 5 June, 2023 Page 3 of 3

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**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

A&Q MULTI-STRATEGY FUND

PORTFOLIO MANAGER DISCLOSURE

(a)(1) The Fund is managed by Edoardo Rulli (the "Portfolio Manager"), who is primarily responsible for the selection of the Fund's investments, the allocation of the Fund's assets among underlying investment managers and the general day-to-day management of the Fund.

Since re-joining UBS in 2016, Mr. Rulli has been a core member of the Adviser's Management and Senior Investment Forums. Prior to 2016, Mr. Rulli was a Partner and Head of Research at Falcon Money Management where he joined as partner in 2009. From 2008 to 2009, he was a Director at UBS Alternative and Quantitative Investments LLC, the predecessor unit of the Adviser. From 2004 to 2008, Mr. Rulli served as a senior analyst at Tremont Capital Management in London, a multi-billion fund of funds. He started his career as an analyst in 2001 at Rasini & C researching European and Asian hedge funds. Mr. Rulli received his bachelor's degree from Bocconi University in Milan, Italy.The Fund's Portfolio Manager manages multiple accounts for the Adviser, including registered closed-end management investment companies and private domestic and offshore pooled investment vehicles.

Potential conflicts of interest may arise because of the Portfolio Manager's management of the Fund and other accounts. For example, conflicts of interest may arise with the allocation of investment transactions and allocation of limited investment opportunities. Allocations of investment opportunities generally could raise a potential conflict of interest to the extent that the Portfolio Manager may have an incentive to allocate investments that are expected to increase in value to preferred accounts. Conversely, the Portfolio Manager could favor one account over another in the amount or the sequence in which orders to redeem investments are placed. The Portfolio Manager may be perceived to have a conflict of interest if there are a large number of other accounts, in addition to the Fund, that he is managing on behalf of the Adviser. In addition, the Portfolio Manager could be viewed as having a conflict of interest to the extent that he has an investment in accounts other than the Fund. A potential conflict of interest may be perceived if the Adviser receives a performance-based advisory fee as to one account but not another, because the Portfolio Manager may favor the account subject to the performance fee, whether or not the performance of that account directly determines the Portfolio Manager's compensation. The Adviser periodically reviews the Portfolio Manager's overall responsibilities to ensure that he is able to allocate the necessary time and resources to effectively manage the Fund.

Other accounts may have investment objectives, strategies and risks that differ from those of the Fund. For these or other reasons, the Portfolio Manager may purchase different investments for the Fund and the other accounts, and the performance of investments purchased for the Fund may vary from the performance of the investments purchased for other accounts. The Portfolio Manager may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made for the Fund, which could have the potential to adversely impact the Fund, depending on market conditions.

The Adviser's goal is to provide high quality investment services to all of its clients, while meeting its fiduciary obligation to treat all clients fairly. The Adviser has adopted and implemented policies and

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procedures, including brokerage and trade allocation policies and procedures, that it believes address the conflicts associated with managing multiple accounts for multiple clients. In addition, the Adviser monitors a variety of areas, including compliance with Fund guidelines. Furthermore, senior investment and business personnel at the Adviser periodically review the performance of the Portfolio Manager.

The Portfolio Manager's compensation is comprised primarily of a fixed salary and a discretionary bonus paid by the Adviser or its affiliates and not by the Fund. A portion of the discretionary bonus may be paid in shares of funds managed by the Adviser or in shares of stock or stock options of UBS, the parent company of the Adviser, subject to certain vesting periods. The amount of the Portfolio Manager's discretionary bonus, and the portion to be paid in shares of funds managed by the Adviser or in shares of stock or stock options of UBS, is determined by senior officers of the Adviser. In general, the amount of the bonus will be based on a combination of factors, none of which is necessarily weighted more than any other factor. These factors may include: the overall performance of the Adviser; the overall performance of UBS; the profitability to the Adviser derived from the management of the Fund and the other accounts managed by the Adviser; the absolute performance of the Fund and such other accounts for the preceding year; contributions by the Portfolio Manager to assisting in managing the Adviser; participation by the Portfolio Manager in training of personnel; and support by the Portfolio Manager generally to colleagues. The bonus is not based on a precise formula, benchmark or other metric.

The following table lists the number and types of other accounts advised by the Fund's Portfolio Manager and approximate assets under management in those accounts as of March 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio**<br> **Manager** | **Registered**<br>**Investment Companies** | **Registered**<br>**Investment Companies** | **Pooled**<br>**Investment Vehicles** | **Pooled**<br>**Investment Vehicles** | **Other**<br>**Accounts** | **Other**<br>**Accounts** |
|  | Number of<br>Accounts | Assets<br>Managed | Number of<br>Accounts | Assets<br>Managed | Number of<br>Accounts | Assets<br>Managed |
|  Edoardo Rulli | 2 | $202752282 | 84 | $29182157899 | 19 | $22433293613 |

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<sup>1</sup> Of these accounts, 1 account with total assets of approximately $121,344,957 charge performance-based advisory fees. 

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|:---|:---|
| 2 | Of these accounts, 42 accounts with total assets of approximately $10,363,020,291 charge performance-based advisory fees.  |

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|:---|:---|
| 3 | Of these accounts, 3 accounts with total assets of approximately $8,294,612,593 charge performance-based advisory fees.  |

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The Fund's Portfolio Manager does not beneficially own any units of limited liability company interest of the Fund.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

(a) Not applicable.

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**Item 15. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

Not Applicable.

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**Item 19.** **Exhibits.** <br>

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| | |
|:---|:---|
|  (a)(1) | [The registrant's Code of Ethics is attached hereto.](d647203dex99codeeth.htm) |
|  (a)(2) | Not applicable. |
|  (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d647203dex99cert.htm) |
|  (a)(4) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
|  (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d647203dex99906cert.htm) |

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) A&Q Multi-Strategy Fund

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| | | |
|:---|:---|:---|
|  By (Signature and Title)\* <u>/s/ Nicole Tortarolo</u>  | By (Signature and Title)\* <u>/s/ Nicole Tortarolo</u>  | By (Signature and Title)\* <u>/s/ Nicole Tortarolo</u>  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicole Tortarolo, Principal Executive Officer |

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Date   <u> June 9, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
|  By (Signature and Title)\* <u>/s/ Nicole Tortarolo</u>  | By (Signature and Title)\* <u>/s/ Nicole Tortarolo</u>  | By (Signature and Title)\* <u>/s/ Nicole Tortarolo</u>  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nicole Tortarolo, Principal Executive Officer |

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Date   <u> June 9, 2025</u>

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| | | |
|:---|:---|:---|
|  By (Signature and Title)\* <u>/s/ Martin Fuchs</u>  | By (Signature and Title)\* <u>/s/ Martin Fuchs</u>  | By (Signature and Title)\* <u>/s/ Martin Fuchs</u>  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin Fuchs, Principal Accounting Officer |

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Date   <u> June 9, 2025</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

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| ![LOGO](g647203dsp05.jpg) | **UBS Hedge Fund**<br> **Solutions LLC**<br> **("HFS") Personal**<br> **Trading/Code of Ethics**<br>Internal |

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## UBS Hedge Fund Solutions LLC<sup>1</sup>

## ("HFS") Personal Trading / Code of

## Ethics
OR Taxonomy: Employment Related Risks

**Owner/Issuer: Chief Compliance Officer of UBS Hedge Fund Solutions LLC** 

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| |
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| &nbsp;&nbsp; <br> **Why do we have this policy?**<br>|
| &nbsp;&nbsp; Personal trading presents one of the greatest potential risks to any investment adviser. As a fiduciary, an adviser owes its duty of loyalty to its clients first. By trading in the same securities and other investments as we trade for our clients, there is the potential to front-run, "scalp," or even take away an investment opportunity from one of our clients for one's own account. |
| &nbsp;&nbsp; As you read on, you'll find that our Code of Ethics requires some very detailed reporting (initial, periodic and annual); pre-clearance; short-term trading bans; and other monitoring designed to mitigate many of the types of conflicts that we may encounter. This is not a guarantee that we will never face a conflict of interest between personal trading of our employees and our clients; but it is designed to manage and mitigate those conflicts. |
| &nbsp;&nbsp; Supervisors of investment professionals have a special duty to pre-clear/ approve their supervised person's personal trades only when they believe that there is little possibility to harm client executions from potential front-running, scalping, or taking an opportunity away from a client.<br>|

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|  **Applicability**<br>| |
| **Location**<br>| Americas<br>|
| **Legal Entity**<br>| UBS Hedge Fund Solutions LLC<br>|
| **Business Division**<br>| Asset Management<br>|
| **Business Area / Function**<br>| All<br>|
| **Roles**<br>| All<br>|

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|:---|:---|
| &nbsp;&nbsp; <br> **Summary of Key Requirements** | &nbsp;&nbsp; <br> **Summary of Key Requirements** |
| &nbsp;&nbsp; The risks addressed by this policy include: | &nbsp;&nbsp; The risks addressed by this policy include: |
| &nbsp;&nbsp; – | Engaging in front running or scalping<br>|
| &nbsp;&nbsp; – | Purchasing investments for personal accounts instead of offering to client accounts (i.e. IPOs, private placements, etc.)<br>|
| &nbsp;&nbsp; – | Failure of each employee must comply with all applicable Federal securities laws<br>|
| &nbsp;&nbsp; – | Failure of each employee must promptly report any violations of law or company policy to the Chief Compliance Officer |

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**Infringements of this policy may result in disciplinary action including dismissal.** 

<sup>1</sup> This Code is also adopted by the Funds (as defined herein) registered under the Investment Company Act of 1940 ("1940 Act").

 <br> Last Updated: 5 June 2023 Page 1 of 17

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| ![LOGO](g647203dsp0001.jpg) | **UBS Hedge Fund**<br> **Solutions LLC**<br> **("HFS") Personal**<br> **Trading/Code of Ethics**<br>Internal |

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## **Table of Contents**

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| | | |
|:---|:---|:---|
|  **Introduction** | **Introduction** | **3** |
| 1. | Types of Accounts | 5 |
| 1.1 | Covered Accounts | 5 |
| 1.2 | Joint Accounts | 5 |
| 1.3 | Investment Clubs | 5 |
| **2.** | **Establishing Covered Accounts** | **6** |
| 2.1 | Use of Brokers | 6 |
| 2.2 | Discretionary Accounts | 6 |
| **3** | **Reporting** | **7** |
| **4** | **Providing the Compliance Department with Duplicate Account Statements and Trade Confirmations** | **7** |
| **5.** | **Trading Restrictions (section 5 is not applicable to the Registered Funds Independent Directors and the Unaffiliated Interested Director)** | **7** |
| 5.1 | Pre-clearance Requirements | 7 |
| 5.2 | Trading Frequency | 8 |
| 5.3 | Holding Period | 8 |
| 5.4 | Prohibited Transactions | 10 |
| 5.5 | Initial Public Offerings | 10 |
| 5.6 | Investment in Partnerships and Other Private Placements | 10 |
| 5.7 | Options | 10 |
| 5.8 | Futures | 11 |
| **6** | **Reporting and Certification Requirements** | **11** |
| 6.1 | Holdings Report and Certification | 11 |
| 6.2 | Quarterly Transactions Report for Access Persons | 11 |
| **7.** | **Administration and Enforcement** | **12** |
| 7.1 | Review of Personal Trading Information | 12 |
| 7.2 | Sanctions and Remedies | 12 |
| 7.3 | Exceptions | 12 |
| 7.4 | Delivery of the Code of Ethics | 12 |
| **8** | **Annual Review** | **13** |
|  **Procedures to UBS Hedge Fund Solutions LLC Personal Trading/Code of Ethics** | **Procedures to UBS Hedge Fund Solutions LLC Personal Trading/Code of Ethics** | **14** |

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**EIA** is the online Employee Information and Approval systems. EIA can be found at goto/EIA.

## Introduction
This Hedge Fund Solutions LLC's ("HFS" or the "Adviser") Code of Ethics (the "Code") is designed to ensure, among other things, that all Access Persons of HFS (defined below) conduct their personal securities transactions in a manner where clients' interests are placed first and foremost. The Code is designed to prevent and detect conflicts of interests (real or perceived) between our Access Persons and our Advisory Clients ("Advisory Client" means any client (including but not limited to funds registered under the Investment Company Act of 1940 ("Registered Funds"), hedge funds and separate accounts) <sup>2</sup> for which HFS serves as an investment adviser or sub adviser, to whom it renders investment advice, or for whom it makes investment decisions, that may arise due to personal investing activities

It is fundamental that the persons governed by this Code understand and accept the fiduciary responsibility that is owed to Registered Funds and, as applicable, to all other Advisory Clients. In furtherance of this fiduciary duty, persons subject to this Code will at all times:

– Adhere to the highest standards of ethical conduct;

– Place the interests of the Registered Funds and other Advisory Clients first;

– Effect all personal securities transactions consistent with this Code in such a manner so as to avoid any actual or potential conflict of interest with the Registered Funds and other Advisory Clients, and also avoid any abuse of an individual's position of trust and responsibility;

– Refrain from taking inappropriate advantage of his or her position with a Registered Fund or the Adviser; and

– Act at all times in accordance with "Federal Securities Laws"<sup>3</sup> and other applicable laws and regulations.

The Federal Securities Laws include the following two rules, among others:

**Rule 17j-1.** Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), provides that it is unlawful for any Access Person, in connection with the purchase or sale of any Reportable Security held or to be acquired by a Registered Fund, to:

– Employ any device, scheme or artifice to defraud the Registered Fund;

– Make any untrue statement of a material fact to the Registered Fund or omit to state a material fact necessary in order to make the statements made to the Registered Fund, in light of the circumstances under which they are made, not misleading;

– Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Registered Fund; or

– Engage in any manipulative practice with respect to the Registered Fund.

Rule 17j-1 also provides that Registered Funds and their Advisers and principal underwriters must adopt codes of ethics containing provisions reasonably necessary to prevent Access Persons from violating Rule 17j-1. This Code is designed to comply with the requirements of Rule 17j-1 as it pertains to the Adviser.

**Rule 204A-1.** Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), requires that each Adviser establish, maintain and enforce a code of ethics that includes:

– Standards of business conduct that are required of Access Persons of each Adviser, which standard must reflect the Adviser's fiduciary obligations and those of its Access Persons;

– Provisions requiring Access Persons of each Adviser to comply with applicable Federal Securities Laws;

<sup>2</sup> An investor in a Fund is not a "Client" of the Adviser.

<sup>3</sup> Federal securities laws means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the Securities and Exchange Commission ("SEC") under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC, the Department of the Treasury, or the Department of Labor (including relevant prohibited transaction exemptions "PTEs"). 

 <br> Last Updated: 5 June 2023 Page 3 of 17

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– Provisions that require all Access Persons of each Adviser to report, and each Adviser to review, personal securities transactions and holdings periodically;

– Provisions requiring Access Persons of each Adviser to report any violations of this Code promptly to the Chief Compliance Officer (the "CCO") of the Registered Funds; and

– Provisions requiring each Adviser to provide its Access Persons with a copy of this Code and to obtain a written acknowledgment from its Access Persons that they have read, understood and agree to abide by this Code and any amendments thereto.

This Code is designed to comply with the requirements of Rule 204a-1.

This Code has been adopted by each of the Registered Funds and their investment adviser.. The Registered Funds' CCO has determined that at the time of adoption of this Code the principal underwriter does not have any persons employed who would be considered an access person as defined in rule 17j-1 (a)ii. The Fund CCO will reevaluate this determination periodically.

**Federal Securities Law and Violations** 

All employees and supervised persons must comply with all Federal Securities Laws. Employees must report any violation of law or the Code to the Chief Compliance Officer. A matter is deemed to have been reported to the Chief Compliance Officer when an employee reports it to any member of the Legal or Compliance Departments.

**Personal Trading** 

Personal investing activities of employees and Access Persons can create conflicts of interest that may compromise our fiduciary duty to Advisory Clients. As a result, Access Persons must avoid any transaction that involves, or even appears to involve, a conflict of interest, diversion of an Advisory Client investment opportunity, or other impropriety with respect to dealing with an Advisory Client or acting on behalf of an Advisory Client. As fiduciaries, Access Persons must at all times comply with the following principles:

**Client interests come first.** Access Persons must scrupulously avoid serving their own personal interests ahead of the interests of Advisory Clients. If an Access Person puts his/her own personal interests ahead of an Advisory Client's, or violates the law in any way, he/she will be subject to disciplinary action, even if he/she is in technical compliance with the Code. <br>

**Avoid taking advantage.** Access Persons may not make personal investment decisions based on their knowledge of Advisory Client trading or one's ability to direct client trading. <br>

**No front running:** engaging in a personal transaction ahead of an Advisory Client with the expectation that the Advisory Client's transaction will cause a favorable move in the market (i.e. buy for your own account before the buy program for client purchases or sell immediately before the sell program for the client account) <br>

**No scalping:** trading in the opposite direction immediately after a client trade is executed in the same security <br>

**No investing personally in an investment opportunity that should be offered to a client account first** whether earned by the clients' past trading (such as access to new issues and hot IPOs) or such as certain private placements that could be offered by a broker or through another UBS relationship. <br>

**No trading on material, non-public information:** Access Persons may not make investment decisions based on their knowledge of material, non-public information (inside information) about an issuer. HFS has adopted a Policy Statement on Insider Trading. All access persons are required to read and familiarize themselves with their responsibilities under the Insider Trading Policy. All HFS access persons must annually affirm Compliance with the Insider Trading policy. **Investments in equity securities of issuers who control (or derive significant revenues from) the management companies and/or general partners of our investee funds may be restricted.** <br>

The Code sets forth detailed policies and procedures that Access Persons of HFS must follow in regard to their personal investing activities. **All Access Persons are required to comply with the Code as a condition of continued employment.** All Access Persons are required to report any violations of the Code to the Chief Compliance Officer.

**Who is subject to the Code? Access Persons.** 

For purposes of this Code, an **Access Person** is defined as:

<sup>○</sup> Each employee, officer and director of the UBS HEDGE FUND SOLUTIONS LLC ("HFS") entity

 <br> Last Updated: 5 June 2023 Page 4 of 17

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| <sup>○</sup> | Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in or obtains information regarding, the purchase or sale of securities by the Registered Funds for which the principal underwriter acts, or whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Registered Funds regarding the purchase or sale of securities.  |

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<sup>○</sup> Each director (including Independent Fund Directors<sup>4</sup> and Unaffiliated Interested Fund Directors<sup>5</sup> of the Registered Funds), officer and employee of a Fund;

<sup>○</sup> An employee, officer or director of any UBS AG affiliate who is domiciled on the premises of HFS for a period of 30 days or more; and

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| <sup>○</sup> | Consultants and other temporary employees hired for a period of 30 days or more whose duties include access to HFS'S technology and systems, **and/or trading information in any form,** unless they obtain a written exemption from the Compliance Department. Consultants and other temporary employees who are employed for less than a 30-day period, but who have access to HFS's trading information, will be subject to the reporting requirements.  |

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Note: Independent Fund Directors and Unaffiliated Interested Fund Directors are exempt from certain provision of the Code. These will be identified in the sections to follow.

**1.** **Types of Accounts** 

**1.1** **Covered Accounts** 

"Covered Account" includes any securities account (held at a broker-dealer, transfer agent, investment advisory firm, or other financial services firm) in which an Access Person has a beneficial interest or over which an Access Person has investment discretion or other control or influence (beneficial interest in an account includes any direct or indirect financial interest in an account). Restrictions placed on transactions executed within a Covered Account also pertain to investments held outside of an account of which an Access Person has physical control, such as a stock certificate. (Covered Accounts also include accounts for which an Access Person has power of attorney, serves as executor, trustee or custodian, and corporate accounts).

**1.2** **Joint Accounts** 

Access Persons are prohibited from entering into a joint account with any Advisory Client.

**1.3** **Investment Clubs** 

All UBS permanent staff (including external and temporary staff providing service to UBS) are prohibited from participating in investment clubs.

<sup>4</sup> Independent Fund Director" means a director of a Registered Fund who is not an "interested person" of the such Fund within the meaning of the Section 2(a)(19) of the 1940 Act.

<sup>5</sup> "Unaffiliated Interested Fund Director" means a director of a Registered Fund who is an "interested person" of such Fund, within the meaning of Section 2(a)(19) of the 1940 Act, but who is not an "interested person" of the Adviser to such Fund under clauses (i) through (iv) of Section 2(a)(19) of the 1940 Act 

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| ![LOGO](g647203dsp0001.jpg) | **UBS Hedge Fund**<br> **Solutions LLC**<br> **("HFS") Personal**<br> **Trading/Code of Ethics**<br>Internal |

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2. Establishing Covered Accounts<sup>6</sup>

**2.1** **Use of Brokers** 

Generally, Access Persons may maintain and open new Covered Accounts only with authorized broker-dealers (please see the Compliance Department for the current list of authorized broker-dealers). Any exceptions to this rule must be approved in writing by the Compliance Department (see the compliance officer for the appropriate form). However, Access Persons hired on or before December 31, 2007 and who maintain a Covered Account at an unauthorized broker-dealer that was opened on or before December 31, 2007 may continue to maintain the account with the unauthorized broker provided they submit account statements at goto/EIA.

Initially, Covered Accounts must be disclosed to the Compliance Department at Affirmation Online (accessible at goto/AOL).

The following types of accounts may be maintained without obtaining prior approval or being disclosed to the Compliance Department. Note: Access Persons are required to report all Covered Accounts pursuant to the Reporting and Certification Requirements of Section 6 below.

**Mutual Fund Only Accounts.** Any account that permits an Access Person to only buy and sell shares of open-end mutual funds for which HFS or UBS does not serve as investment adviser or sub adviser and cannot be used to trade any other types of investments like stocks or closed-end funds. <br>

**401(k) Plans.** Any account with a 401(k) retirement plan that an Access Person established with a previous employer, provided that the investments in the plan are limited to open-end mutual funds not advised or sub-advised by HFS or UBS. <br>

**Investments in the Physical Control of an Access Person.** Access Persons may maintain physical possession of an investment (for example, a stock certificate), however, they must be reported in your required holding report as such. <br>

**You must obtain approval to maintain the following Covered Accounts:** 

**Investments Directly with Issuers (or their Transfer Agents).** Access Persons may participate in direct investment plans that allow the purchase of an issuer's securities without the intermediation of a broker-dealer provided that timing of such purchases is determined by the plan (e.g., dividend reinvestment plans ("DRIPS")). Such investments must be approved prior to the initial purchase of the issuer's securities. **Once approved, you are not required to pre-clear purchases or sales of shares in the plan, although transactions and holdings must be reported. However, if you withdraw the securities and hold a certificate or transfer them to a brokerage account, subsequent sales are subject to pre-clearance as well as the 30-day holding period.** <br>

**2.2** **Discretionary Accounts<sup>7</sup>** 

Access Persons must obtain Compliance Department approval in order to open Discretionary Accounts. A "Discretionary Account" is one where all investment decisions are made by a third party who is unrelated to the Access Person or is not otherwise an Access Person. Although Discretionary Accounts are exempt from the provisions of Section 5 (Trading Restrictions) of this Code, they are still Covered Accounts and must comply with all other provisions of this Code, including this Section and Section 6 (Reporting and Certification Requirements). The Compliance Department will only determine an account to be a Discretionary Account upon receipt of evidence to the reasonable satisfaction of UBS, that the account holder has neither prior knowledge of nor ability to influence investment decisions in respect of the account.

The Compliance Department reserves the right to revoke Discretionary Account status and to subject all of the account's trades to pre-clearance and other requirements of this Code. Discretionary Accounts may not be used to undermine these procedures.

<sup>6</sup> Not applicable to the Registered Funds Independent Directors

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3 Reporting

Access Persons are responsible for updating the AOL (goto/aol) at the time any Covered Account is opened and immediately upon making or being notified of a change in ownership or account number, unless you are a Director of the Registered Funds. AOL will require submission of the broker name, name of the account, the date the account was opened, account number (if new account) or if the account number changed the new number and effective date of the change.

4 Providing the Compliance Department with Duplicate Account Statements and Trade Confirmations<sup>7</sup>

For accounts at Unauthorized Brokers, Access Persons must submit duplicate account statements at a minimum on a monthly basis at goto/EIA.

**Access Persons are not required to provide duplicate trade confirmations and statements for Mutual Fund Only Accounts.** However, any mutual fund holdings for which an affiliate of UBS serves as manager or investment adviser must be reported.

5. Trading Restrictions (section 5 is not applicable to the Registered Funds Independent Directors)

"Security" means any interest or instrument commonly known as a security, whether in the nature of debt or equity, including any option, futures contract, shares of registered open-end investment companies (mutual funds) advised or sub advised by UBS, warrant, note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or any participation in or right to subscribe to or purchase any such interest or instrument. For purposes of these trading restrictions and the reporting requirements described in Sections 5 and 6, the term "Security" does not include U.S. government bonds, bankers' acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt instruments (including repurchase agreements), or shares of registered open-end investment companies (mutual funds) for which HFS or UBS do not serve as investment adviser or sub adviser.

**5.1** **Pre-clearance Requirements** 

Access Persons must obtain prior written approval before purchasing, selling or transferring any security, or exercising any option (except as noted below):

**Requesting Pre-clearance.** Access Persons will pre-clear transactions through an automated electronic system (goto/MyTrades) <br>

**Execute Before the Approval Expires.** A pre-clearance approval for a transaction is effective for 24 hours after which approval is given (regardless of time) for U.S. based employees. If a trade is not fully executed by 24 hours, a new pre-clearance approval must be obtained before the order (or the unfilled portion of the order) can be executed. <br>

<sup>7</sup> Not applicable to the Registered Funds Independent Directors

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**UBS AG Securities.** Access Persons should follow the pre-clearance process described above when dealing in UBS securities. Note: Any Access Person who possesses material nonpublic information regarding UBS AG is prohibited from engaging in transactions in UBS securities. Employees who have been notified that they are Restricted Persons or other UBS persons could be notified of additional restrictions at times. Employees should consult the UBS <u>Global</u> Policy on Personal Investment (1-P-000359). <br>

**Exceptions.** Access Persons do not need to pre-clear the following types of transactions: <br>

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| | |
|:---|:---|
| <sup>○</sup> | **Open-End Investment Company Shares (Mutual Funds), including Mutual Funds offered within a 529 College Savings Plan.** Purchases and sales of Mutual Funds do not require pre-clearance.  |

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|:---|:---|
| <sup>○</sup> | **Unit Investment Trusts (UITs).** Purchases and sales of unit investment trusts do not require pre-clearance.  |

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|:---|:---|
| <sup>○</sup> | **Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs).** Purchases and sales of ETFs and ETNs do not require pre-clearance  |

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|:---|:---|
| <sup>○</sup> | **UCITS Funds -** generally will not require preclearance. However, in the case where a Hedge Fund manager for a sub-fund held in an HFS managed product is the manager to the UCITS vehicle, preclearance will be required. Employees will need to obtain their manager's approval and will then also need to obtain Compliance approval. The manager, in considering whether to approve the requested transaction shall consider the potential for conflict of interest and the employee shall certify that the UCITS trade is not based on knowledge of planned trading activity by HFS in the Hedge Fund.  |

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|:---|:---|
| <sup>○</sup> | **Certain Corporate Actions.** Acquisitions of securities through stock dividends, dividend reinvestments, stock splits, reverse stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions generally applicable to all holders of the same class of securities do not require pre-clearance.  |

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|:---|:---|
| <sup>○</sup> | **Rights.** Acquisition of securities through the exercise of rights issued by an issuer prorata to all holders of a class of its securities, to the extent the rights were acquired through the rights offering and not through the secondary market.  |

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|:---|:---|
| <sup>○</sup> | **UBS Savings and Investment Plan and Third-Party 401(k) Plans.** Any transaction in these plans is generally exempt from the pre-clearance requirements, unless the plan permits an Access Person to trade individual securities (e.g., shares of stock), in which case such transactions are subject to pre-clearance.  |

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|:---|:---|
| <sup>○</sup> | **Futures and Options on Currencies and Broad Based Indices.** An Access Person is not required to pre-clear transactions in futures and options on currencies or on a broad-based securities index. The term "Broad-Based Securities Index" is not easily defined. Generally, a Broad-Based Securities Index covers a wide range of companies and industries. Only futures and options on a Broad-Based Securities Index are exempt from the pre-clearance requirement. If you are unsure as to whether a particular index qualifies as a Broad-Based Securities Index under the Code, you should consult the Compliance Department. **Note:** Options on ETFs/ETNs are required to be pre-cleared.  |

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|:---|:---|
| <sup>○</sup> | **Transactions in Discretionary Accounts.** Except under certain circumstances, an Access Person is not required to pre-clear transactions in a Discretionary Account.  |

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|:---|:---|
| <sup>○</sup> | **Municipal Bonds.** Transactions in municipal bonds do not need to be pre-cleared but are subject to the reporting requirements.  |

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**Note: Some transactions, including those exempt from the pre-clearance requirement may nevertheless be subject to the reporting requirements (See Sec. 6).** 

**5.2** **Trading Frequency** 

In order to ensure that Access Persons are not distracted from servicing Advisory Clients, Access Persons must avoid personal investment activity that consumes excessive time, attention or interferes with the performance of their duties for UBS or UBS clients. This may include the size, frequency, or complexity of the investment activity.

**5.3** **Holding Period** 

If an Access Person is required to pre-clear a transaction in a security, he/she also must hold the security for 30 days. As a result, Access Persons may not:

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– buy a security or Related Investment within 30 days after selling that security or Related Investment; or

– sell a security or Related Investment within 30 days after purchasing that security or Related Investment.

"Related Investments" are investments whose value is based on or derived from the value of another security, including convertible securities and derivative securities such as options, futures and warrants. Rolling futures and options positions is permitted provided the other pre-clearance requirements are met and the trades are done simultaneously.

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**Exceptions** 

If a security has declined in value by 20% or more from its original purchase price or in cases of financial hardship or pressing financial need provided the financial instrument is not on a relevant restricted, grey or similar list, an Access Person may be permitted sell the security prior to the expiration of the relevant holding period, with prior approval from the Compliance Department. <br>

– If you receive restricted stock as part of your compensation, you are not required to hold it for 30 days after it vests.

**5.4** **Prohibited Transactions** 

HFS views the following transactions as especially likely to create conflicts with Advisory Client interests. Access Persons are therefore prohibited from engaging in the following transactions:

**Naked Short Sales.** Access Persons are prohibited from entering into a net short position with respect to any security that is held by an Advisory Client. <br>

**Futures.** Purchase or sale of futures that are not traded on an exchange, as well as options on any type of futures (exchange-traded or not) are prohibited. This prohibition does not apply to currency forwards (futures or otherwise). <br>

**ETF/ETN Short Sales.** An ETF or ETN may be sold short for hedging purposes only with Compliance preapproval. <br>

**5.5** **Initial Public Offerings** 

Access Persons may acquire securities in an initial public offering upon receiving pre-clearance from the Compliance Department and, if applicable, their supervisors. In the event that an Access Person holds securities in a company that has announced that it will engage in an IPO, he/she must immediately notify the Compliance Department.

**5.6** **Investment in Partnerships and Other Private Placements** 

Access Persons are permitted to acquire interests in general partnerships and limited partnerships, and to purchase privately placed securities, provided they obtain prior approval from the Compliance Department. Prior to Compliance granting approval, the investment may be reviewed on an ad hoc basis by knowledgeable, independent investment personnel. Once approved, additional capital investments (other than capital calls related to the initial approved investment) require a new approval. Access Persons requesting permission must submit a request via EIA (goto/EIA).

**5.7** **Options** 

Call Options. An Access Person may purchase a call option on an individual security or ETF/ETN only if the call option has a period to expiration of at least 30 days from the date of purchase and the Access Person either (1) holds the option for at least 30 days prior to sale or (2) holds the option and, if exercised, the underlying security, for a total period of 30 days. (Similarly, if you choose to exercise the option, you may count the period during which you held the call option toward the 30-day holding period for the underlying security or ETF/ETN.) <br>

An Access Person may sell (write) a call option on an individual security or ETF/ETN only if he/she has held the underlying security (in the corresponding quantity) for at least 30 days (a "Covered Call").

Put Options. An Access Person may purchase a put option on an individual security or ETF/ETN only if the put option has a period to expiration of at least 30 days from the date of purchase and the Access Person holds the put option for at least 30 days. If an Access Person purchases a put on a security he/she already owns (Put Hedge), he/she may include the time he/she held the underlying security towards the 30-day holding period for the put. <br>

An Access Person may not sell (write) a put on an individual security or ETF/ETN, unless it is part of a spread on a hedged strategy or trade.

– Writing Options for Hedging Purposes. Access Persons may write options to hedge securities or options that they hold provided they have held the security or option for its relevant holding period or it is part of an option spread transaction that will be held for at least 30 days.

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**Note: Access Persons must obtain pre-clearance approval to exercise an option on an individual security as well as to purchase or sell such an option.** 

**5.8** **Futures** 

An Access Person may purchase and sell exchange-traded futures and currency forwards. Purchases and sales of futures contracts on an individual security are subject to pre-clearance requirements (See Section 5.1 above). Purchases and sales of all futures contracts are subject to the holding period requirement (See Section 5.3 above).

**Note:** Access Persons must obtain pre-clearance approval to purchase or sell futures contracts on an individual security.

6 Reporting and Certification Requirements

Note : the following is all reported in the Affirmation on Line System (goto/AOL)

**6.1** **Holdings Report and Certification** 

Within 10 days after an Access Person commences employment, he/she must certify that:

1. he/she has read and understands the Code;

2. he/she will comply with its requirements;

3. he/she has disclosed or reported all personal investment holdings (whether held personally or in accounts); and

4. he/she has disclosed or reported all accounts required to be disclosed or reported.

Independent Directors of the Registered Funds, who would be required to make a report solely by reason of being a Fund Director, need not submit a initial holding report. Annually, Access Persons must report their holdings to compliance within 45 days of the reporting date, and certify that they have read and understand the Code. The holdings report must contain the following information: title and type of security, and as applicable the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security, the name of any broker, dealer, transfer agent, administrator or bank with which the access person maintains an account in which any securities are held for the access person's direct or indirect benefit, and the date the access person submits the report.

**Exceptions:** Access Persons are not required to report holdings in:

– U.S. Government Securities (Access Persons are required to report transactions in Fannie Maes and Freddie Macs.)

– Money Market Instruments (Money Market Instruments include bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements.

Accounts over which an Access Person has no direct or indirect influence or control. However, Access Persons are required to include in initial and annual holdings reports the name of any broker-dealer or bank with which the Access Person has an account in which any securities are held for his/her direct or indirect benefit. <br>

– Open-end mutual funds not affiliated with UBS.

**6.2** **Quarterly Transactions Report for Access Persons** 

Within 30 days of the end of each calendar quarter, Access Persons must file a report of all securities transactions on a Quarterly Transactions Report unless a duplicate confirmation or similar document was sent to the Compliance Department contemporaneously with the transaction. In addition, Access Persons are required to report any account opened during the quarter in which securities were held during the quarter (this includes accounts that hold those securities described above in Section 5.1).

 <br> Last Updated: 5 June 2023 Page 11 of 17

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Independent Fund Directors and their Immediate Families are required to submit a Quarterly Securities Transaction Report only if they knew, or in the ordinary course of fulfilling their official duties as a director of a Registered Fund should have known, that a Registered Fund had traded the same security within the prior 15 days or would be trading the same security within the next 15 days. The Quarterly Securities Transaction Report must be submitted to the CCO no later than 30 days after the end of each calendar quarter. HFS Compliance shall send an email reminder with Appendix B at the end of each calendar quarter to the Registered Funds Independent Directors.

7. Administration and Enforcement

**7.1** **Review of Personal Trading Information** 

All information regarding an Access Person's personal investment transactions, including the reports required by Section 6, will be reviewed by the Compliance Department. All such information may also be available for inspection by the Chief Executive Officer and Legal Counsel of HFS, any party to which any investigation is referred by any of the foregoing, an Access Person's supervisor (where necessary), the Securities and Exchange Commission, any self-regulatory organization of which HFS is a member, and any state securities commission.

**7.2** **Violations** 

Prompt internal reporting of any violations of the Code should be reported immediately to HFS Compliance.

**7.3** **Sanctions and Remedies** 

If the Compliance Department determines that an Access Person has violated the Code, it may, in consultation with senior management, impose sanctions and take other actions deemed appropriate, including issuing a warning or letter of education, suspending or limiting personal trading activities, imposing a fine, suspending or terminating employment, and/or informing regulators if the situation warrants. As part of any sanction, the Compliance Department may require the violator to reverse the trade(s) in question and forfeit any profit or absorb any loss from the trade. Senior management will determine the appropriate disposition of any money forfeited pursuant to this section.

**7.3** **Exceptions** 

Legal and Compliance periodically reviews the effectiveness of this policy in light of changes in industry standards, legal requirements and securities market changes. As such, situations may arise in which Legal and Compliance may believe an exception could be granted. Such exceptions will only be granted if Legal and Compliance believe the essence of the policies enumerated would not be violated, clients would not be harmed and the exception would not conflict with applicable law or regulation.

**7.4** **Delivery of the Code of Ethics** 

Compliance will provide Access Persons with a copy of the Code of Ethics and any amendments and will require Access Persons to acknowledge in writing (which includes by electronic means) that they have received a copy of the Code of Ethics and any amendments. By clicking "Reviewed" or, for new employees, by completing the appropriate forms, you certify that you have: a) received a copy of the Code of Ethics; b) read and understand all provisions of the Code of Ethics; and c) agree to comply with the terms of the Code.

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8 Annual Review

The CCO will review the adequacy of this Code and the effectiveness of its implementation at least annually and make recommendations for updating as a result of any changes in the regulations or changes in procedures. The CCO, or his/her designee, will provide a written report, at least annually, to the Registered Fund's Board summarizing:

– Compliance with the Code for the period under review;

– Violations of the Code for the period under review;

– Sanctions imposed under the Code during the period under review;

– Changes in policies and procedures recommended for the Code; and

– Any other information requested by the Board.

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## Procedures to UBS Hedge Fund Solutions LLC

## Personal Trading/Code of Ethics

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|:---|:---|
| **Supervisors** |  |
| **Ad Hoc** | Consultants and temporary employees with access to trading information and whose employment is expected to be longer than 30 days, are also covered by the Policy. The Supervisor of the area that engaged the consultant is responsible for notifying Legal and Compliance. |
| **Compliance** |  |
| **Ad Hoc** | Responsible for sending the 407 letter or other notification to brokers requesting that duplicate trade confirmations be sent to Compliance or accounts be added to the data feeds from the brokers. However, the Access Person is responsible for ensuring that the broker sends duplicate copies of trade confirmations. Compliance maintains a list of all Access Persons and their brokerage accounts. |
| **Ad Hoc** | Generally, pre-clearance is executed via MyTrades. MyTrades automatically checks against the restricted list and pre-clearance approval/denial is completed within the software. |
| **Monthly** | Central Compliance receives duplicate confirms or data feeds for employee transactions and loads this information to GTPS to ensure pre-clearance requests were properly pre-cleared and also GTPS checks sales transactions to ensure that the security was held for the required periods. |
| **Ad Hoc** | Central Compliance follow's up with brokers if they have not received any monthly statements. Employees must certify annually whether they have opened any new brokerage accounts previously not reported. |
| **Annual** | Have every Access Person certify annually that they have received and understand the Code of Ethics and to certify their brokerage accounts and report all of their holdings. The annual holdings report and code certification are generally completed through Affirmation Online (AOL). |
| **On Going** | **Record Retention:** |

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This Code of Ethics, a copy of each Securities Transaction Report, any written report issued hereunder by the Compliance Officer or the CCO, and lists of all persons required to make reports hereunder shall be preserved with HFS records for the period required by Rule 17j-1(f) and Rule 204-2(a)(12) & (13). HFS shall maintain the following records:

– A copy of the Code and any Codes of Ethics that have been in effect within the previous five years.

– Any record of any violation of the Code and any action taken as a result of the violation. These records shall be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs.

A copy of each report made by an Access Person as required by the Code, including any information provided in lieu of the periodic reports. These records shall be maintained for at least five years after the end of the fiscal year in which the report is made or the information provided, the first two years in an easily accessible place. <br>

– A record of all persons, currently or within the past five years, who are or were required to make reports under the Code, or who are or were responsible for reviewing these reports. These records shall be maintained in an easily accessible place.

– A copy of each decision to approve a Private Placement or IPO by an Access Person. These records must be maintained for at least five years after the end of the fiscal year in which the approval is granted.

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**<u>Appendix A</u>** 

**INITIAL ACKNOWLEDGMENT BY INDEPENDENT FUND DIRECTORS and UNAFFLIATED** 

**INTERESTED DIRECTORS OF RECEIPT OF CODE OF ETHICS AND THE POLICY ON INSIDER** 

**TRADING (COLLECTIVELY, THE "CODES")** 

I acknowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have received the UBS HFS Code of Ethics and Policy on Insider Trading and certify that I will comply with
the provisions of the Codes applicable to Independent Directors or Unaffiliated Interested Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I agree to disgorge and forfeit any profits on prohibited transactions in accordance with the requirements of
the Codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will, at all times, act in accordance with the Federal Securities Laws, including the requirement to not
trade while in the possession of material non-public information.

Date:

Print Name:<u> </u>

Signature:<u> </u>

 <br> Last Updated: 5 June 2023 Page 15 of 17

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**<u>Appendix B</u>**

**<u>QUARTERLY SECURITIES TRANSACTION REPORT</u>**

**<u>FOR INDEPENDENT FUND DIRECTORS</u>**

**For the Quarter Ended<u> </u>** 

**Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. List transactions in Reportable Securities held in any accounts where you may be deemed to have Beneficial
Ownership, <u>only if you knew at the time of the transaction, or in the ordinary course of fulfilling your Independent Director duties, you should have known, that during the 15 day period preceding your transaction or immediately following your transaction, the security was purchased or sold, or considered for purchase or sale by the Registered Funds.</u>  ***You are deemed to have Beneficial Ownership of accounts of your immediate family members.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. This form must be submitted **within 30 days** after the end of the calendar quarter if you are reporting
transactions.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name of**<br> **Security** | **Trade Date &<br>Transaction**<br> **Type** | **Transaction Price**<br> **& Number of**<br> **Shares** | **Quantity**<br> **(including**<br> **principal amount)** | **Broker/Institution** |

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**Certifications:** 

I hereby certify that the information contained in this report is accurate and that I have listed all my transactions for the quarter indicated above, with respect to Reportable Securities where I may be deemed to have Beneficial Ownership.

Date:

Print Name:<u> </u>

Signature:<u> </u>

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 <br> Last Updated: 5 June 2023 Page 17 of 17

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Nicole Tortarolo, certify that:

1. I have reviewed this report on Form N-CSR of A&Q Multi-Strategy
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially

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affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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|:---|:---|
| Date: <u>June 9, 2025</u> | <u>/s/ Nicole Tortarolo</u> |
|  | Nicole Tortarolo, Principal Executive Officer |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Martin Fuchs, certify that:

1. I have reviewed this report on Form N-CSR of A&Q Multi-Strategy
Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
|  Date: <u>June 9, 2025</u>  | <u>/s/ Martin Fuchs</u>  |
|  | Martin Fuchs, Principal Accounting Officer |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Nicole Tortarolo, Principal Executive Officer of A&Q Multi-Strategy Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
|  Date: <u>June 9, 2025</u>  | <u>/s/ Nicole Tortarolo</u>  |
|  | Nicole Tortarolo, Principal Executive Officer |

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I, Martin Fuchs, Principal Accounting Officer of A&Q Multi-Strategy Fund (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | |
|:---|:---|
|  Date: <u>June 9, 2025</u>  | <u>/s/ Martin Fuchs</u>  |
|  | Martin Fuchs, Principal Accounting Officer |

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