# EDGAR Filing Document

**Accession Number:** 0001897593
**File Stem:** 0001580642-23-000526
**Filing Date:** 2023-1
**Character Count:** 56142
**Document Hash:** ebea8ade4e567b06aef4645a623e3b92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000526.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001580642-23-000526

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AOG Institutional Diversified Master Fund
- **CENTRAL INDEX KEY:** 0001897593
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23765
- **FILM NUMBER:** 23568599

**BUSINESS ADDRESS:**
- **STREET 1:** 11911 FREEDOM DRIVE
- **STREET 2:** SUITE 730
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190-5672
- **BUSINESS PHONE:** 703-757-8020

**MAIL ADDRESS:**
- **STREET 1:** 11911 FREEDOM DRIVE
- **STREET 2:** SUITE 730
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190-5672

**AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON JANUARY 30, 2023**

Investment Company Act File No. 811-23765

**U.S. SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549**

**FORM N-2**

**REGISTRATION STATEMENT UNDER THE<br> INVESTMENT COMPANY ACT OF 1940** **⌧**

AMENDMENT NO. 2

**AOG INSTITUTIONAL DIVERSIFIED MASTER FUND**

(Exact Name of Registrant as Specified in Charter)

11911 Freedom Drive, Suite 730<br> Reston, Virginia 20190<br> (Address of Principal Executive Offices, Zip Code)

1-703-757-8020<br> (Registrant's Telephone Number, including Area Code)

Frederick Baerenz<br> AOG Wealth Management<br> 11911 Freedom Drive, Suite 730<br> Reston, Virginia 20190<br> (Name and Address of Agent for Service)

Copy to:

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| | |
|:---|:---|
| &nbsp;&nbsp;Martin H. Dozier<br> Alston & Bird LLP<br> One Atlantic Center<br> 1201 West Peachtree Street<br> Atlanta, GA 30309<br> Tel: (404) 881-7000<br> Fax: (404) 881-7777 | &nbsp;&nbsp;David Baum<br> Alston & Bird LLP<br> The Atlantic Building<br> 950 F Street NW<br> Washington, D.C. 20004<br> Tel: (202) 239-3300<br> Fax: (202) 239-3333 |

---

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box □

If any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 (the "Securities Act"), other than securities offered in connection with dividend or interest reinvestment plans, check the following box □

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box □

If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box □

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box □

It is proposed that this filing will become effective (check appropriate box):

□ when
declared effective pursuant to section 8(c) of the Securities Act

Check each box that appropriately characterizes the Registrant:

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

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

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

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

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

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

□ If
an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

□ New
Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

This Registration Statement on Form N-2 has been filed by the Registrant pursuant to Section 8(b) of the Investment Company Act. However, shares of beneficial interest ("Shares") of the Registrant are not being registered under the Securities Act because such Shares will be issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act. Investments in the Registrant may only be made by natural persons or entities that are (i) "accredited investors" within the meaning of Regulation D under the Securities Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, within the meaning of the Securities Act, any Shares of the Registrant.

**AOG INSTITUTIONAL DIVERSIFIED MASTER FUND<br> CROSS REFERENCE SHEET<br> PARTS A AND B**

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| | | |
|:---|:---|:---|
| ITEM <br> NO. | REGISTRATION STATEMENT CAPTION | CAPTION IN PART A OR PART B |
| <u>PART A</u> |  |  |
| 1. | Outside Front Cover | Not Required |
| 2. | Cover Pages; Other Offering Information | Not Required |
| 3. | Fee Table and Synopsis | Fee Table |
| 4. | Financial Highlights | Not Required |
| 5. | Plan of Distribution | Not Required |
| 6. | Selling Shareholders | Not Required |
| 7. | Use of Proceeds | Not Required |
| 8. | General Description of the Registrant | General Description of the Registrant |
| 9. | Management | Management |
| 10. | Capital Stock, Long-Term Debt and Other Securities | Capital Stock, Long-Term Debt and Other Securities |
| 11. | Defaults and Arrears on Senior Securities | Not Applicable |
| 12. | Legal Proceedings | Not Applicable |
| 13. | **Table of Contents** of the Statement of Additional Information | Not Applicable |
| <u>PART B</u> |  |  |
| 14. | Cover Page | Not Applicable |
| 15. | **Table of Contents** | Not Applicable |
| 16. | General Information and History | Not Applicable |
| 17. | Investment Objective and Policies | Investment Objective and Policies |
| 18. | Management | Management |
| 19. | Control Persons and Principal Holders of Securities | Control Persons and Principal Holders of Securities |
| 20. | Investment Advisory and Other Services | Investment Advisory and Other Services |
| 21. | Portfolio Managers | Portfolio Managers |
| 22. | Brokerage Allocation and Other Practices | Not Applicable |
| 23. | Tax Status | Tax Status |
| 24. | Financial Statements | Financial Statements |

---

**PART C**

The information required to be included in Part C is set forth under the appropriate Item, so numbered, in Part C of the Registration Statement.

**PART A**

Responses to Items 1, 2, 3.2, 4, 5, 6 and 7 of Part A have been omitted pursuant to Paragraph 3 of Instruction G of the General Instructions to Form N-2.

Responses to certain Items required to be included in Part A of this Registration Statement are incorporated herein by reference from the Registration Statement on Form N-2, including any subsequent amendments, of AOG Institutional Diversified Fund (the "Auction Feeder Fund") (SEC File No. 811-23764), as filed with the Securities and Exchange Commission on January 11, 2023 (the "Auction Feeder Fund's Registration Statement"), and the Registration Statement on Form N-2, including any subsequent amendments, of AOG Institutional Diversified Tender Fund (SEC File No. 811-23766), as filed with the Securities and Exchange Commission on January 11, 2023 (the "Tender Offer Fund's Registration Statement). The Auction Feeder Fund and AOG Institutional Diversified Tender Fund (the "Tender Offer Feeder Fund" and together with the Auction Feeder Fund, the "Feeder Funds") and AOG Institutional Diversified Master Fund (the "Master Fund") are organized in what is commonly referred to as a "master-feeder" structure. Capitalized terms that are not otherwise defined shall have the respective meanings set forth in the Auction Feeder Fund's Registration Statement.

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| | |
|:---|:---|
| **ITEM 3.** | **FEE TABLE.** |

---

The following table illustrates the estimated fees and expenses that you would pay if you buy and hold shares of beneficial interest ("Shares") in the Master Fund. Because the Master Fund has a limited operating history, many of these expenses are estimates.

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| | |
|:---|:---|
| **Annual Expenses** (*as a percentage of the Fund's average net assets*) |  |
| Management Fee<sup>(1)</sup> | 1.49% |
| Other Expenses<sup>(2)</sup> | 1.11% |
| Acquired Fund Fees and Expenses<sup>(3)</sup> | 1.25% |
| Total Annual Fund Expenses<sup>(4)</sup> | **3.85**% |

---

(1) This fee is restated to reflect current fees. In consideration of the services provided by the Adviser, the Master Fund pays the Adviser a fee, accrued daily and payable monthly, at the annual rate of 1.49% of the Master Fund's average daily Managed Assets. "Managed Assets" means the total assets of the Master Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund's accrued liabilities (other than money borrowed for investment purposes), and calculated before giving effect to any repurchase of shares on such date.

(2) Other Expenses are restated to reflect current fees. Other Expenses are based on estimated amounts for the current fiscal year and include all direct operating expenses of the Master Fund, including a fee of 0.10% of average daily net assets payable to Nasdaq Fund Secondaries (which amount may be lower in any particular year). Other Expenses include the Master Fund's organization and offering fees and expenses.

(3) Includes the estimated fees and expenses of the funds (including privately offered pooled investment vehicles, such as hedge funds, which are issued in private placements to investors that meet certain suitability standards ("Private Markets Investment Funds")) in which the Master Fund intends to invest, based upon estimated net assets

of the Fund of $50 million during the Master Fund's first 12 months of operations. Some or all of the Private Markets Investment Funds in which the Master Fund intends to invest charge carried interests, incentive fees or allocations based on the Private Markets Investment Funds' performance. The Private Markets Investment Funds in which the Master Fund intends to invest generally charge a management fee of 1.00% to 2.00%, and approximately 15% to 20% of net profits as a carried interest allocation. The "Acquired Fund Fees and Expenses" disclosed above are based on historic fee information of the Private Markets Investment Funds in which the Master Fund anticipates investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The expense shown as "Acquired Fund Fees and Expenses" reflects operating expenses of the Private Markets Investment Funds (e.g., management fees, administration fees and professional and other direct, fixed fees and expenses of the Private Markets Investment Funds) after refunds, excluding any performance-based fees or allocations paid by the Private Markets Investment Funds that are paid solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Private Markets Investment Funds.

(4) Total Annual Fund Expenses will not correlate to the Master Fund's ratio of total expenses to average net assets in the Master Fund's Financial Highlights because the Financial Highlights do not include Acquired Fund Fees and Expenses and the Management Fee and Other Expenses have been restated to reflect current fees.

**Example**

The purpose of the table above is to assist an investor in understanding the various costs and expenses that an investor in the Master Fund will bear directly or indirectly. The "Other Expenses" shown above are estimated based on estimated net assets of the Master Fund of $50 million. In the event that the net assets of the Master Fund were to be less than $50 million, the Master Fund's estimated expenses as a percentage would be higher than the estimates presented above. For a more complete description of the various costs and expenses of the Master Fund, see the section entitled "Summary of Fees and Expenses" in the Auction Feeder Fund's prospectus included in the Auction Feeder Fund's Registration Statement (the "Auction Feeder Fund's Prospectus").

You would pay the following fees and expenses on a $1,000 investment, assuming a 5.00% annual return, and the Fund's operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $39 | $118 | $198 | $408 |

---

**The example is based on the fees and expenses set forth in the table above, and should not be considered a representation of future expenses. Actual Fund expenses may be greater or less than those shown (and "Acquired Fund Fees and Expenses" also may be greater or less than that shown). Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the example. If the Private Markets Investment Funds' actual rates of return exceed 5%, the dollar amounts could be significantly higher as a result of the Private Markets Investment Funds' incentive fees.**

**FINANCIAL HIGHLIGHTS**

The financial highlights are intended to help you understand the Master Fund's financial performance since the Master Fund's commencement of operations. Certain information reflects financial results for a single Master Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Master Fund (assuming reinvestment of all dividends and distributions). This information has been audited by BBD, LLP, the Master Fund's independent registered public accounting firm, whose report, along with the Master Fund's financial statements, is included in the annual report, which is available without charge upon request by writing to the Master Fund, c/o Ultimus Fund Solutions, LLC at P.O. Box 541150, Omaha, Nebraska 68154, or by calling the Master Fund toll-free at (877) 600-3573.

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Period

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| | |
|:---|:---|
|  | **Period<sup>\*</sup> Ended**<br>**September 30,**<br>**2022** |
| **Net Asset Value, Beginning of Period** | $15.00 |
| &nbsp;&nbsp;&nbsp;Income From Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a, b)</sup> | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain from investments (both realized and unrealized) | 0.39 |
| &nbsp;&nbsp;&nbsp;Total from operations | 0.46 |
| **Net Asset Value, End of Period<sup>(e)</sup>** | $15.46 |
| **Total Return<sup>(c, d, e)</sup>** | 3.07% |
| **Ratios/Supplemental Data** |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (in 000's) | $49538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets<sup>(f, g)</sup> | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (excluding waivers)<sup>(f, g)</sup> | 1.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average Net Assets<sup>(b, f, g)</sup> | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Turnover Rate (d) | 7% |

---

\* The AOG Institutional Diversified Master Fund commenced operations on December 31, 2021.

(a) Per
 share amounts are calculated using the average shares method, which appropriately presents
 the per share data for the period.

(b) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of dividends
 by the underlying investment companies in which the fund invests.

(c) Total
 returns are historical in nature and assume changes in share price, reinvestment of dividends
 and capital gains distributions, if any.

(d) Not
 Annualized.

(e) Includes
 adjustments made in accordance with accounting principles generally accepted in the United
 States and consequently, the net asset value for financial statement purposes and the returns
 based upon those net assets may differ from the net asset values and returns used for shareholder
 processing.

(f) Annualized.

(g) Does
 not include the expenses of other investment companies in which the fund invests, if any.

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| | |
|:---|:---|
| **ITEM 8.** | **GENERAL DESCRIPTION OF THE REGISTRANT.** |

---

The Master Fund is a diversified, closed-end management investment company, organized as a Delaware statutory trust company on November 4, 2021 and registered under the Investment Company Act of 1940, as amended (the "1940 Act").

Shares in the Master Fund are being issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"). Investments in the Master Fund may only be made by natural persons or entities that are "accredited investors" within the meaning of Regulation D under the Securities Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, within the meaning of the Securities Act, any Shares of the Registrant.

The Master Fund's investment objective is to seek to provide total return. Information regarding the Master Fund's investment objective, strategies and policies, the kinds of securities in which the Master Fund principally invests, other investment practices of the Master Fund and the risk factors associated with investments in the Master Fund are incorporated herein by reference from the sections entitled "Investment Program" and "Types of Investments and Related Risks" in the Auction Feeder Fund's Prospectus.

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| | |
|:---|:---|
| **ITEM 9.** | **MANAGEMENT.** |

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A description of how the business of the Master Fund is managed is incorporated herein by reference from the sections entitled "Management of the Funds" and "Fees and Expenses" in the Auction Feeder Fund's Prospectus. The following list identifies the specific sections of the Auction Feeder Fund's Prospectus under which the information required by Item 9 of Form N-2 may be found; each listed section is incorporated herein by reference.

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| | |
|:---|:---|
| **ITEM 9.1(a).** | **BOARD OF DIRECTORS.** |

---

See "Management of the Funds – The Board of Trustees."

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| | |
|:---|:---|
| **ITEM 9.1(b).** | **INVESTMENT ADVISERS.** |

---

See "Management of the Funds – The Adviser."

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| | |
|:---|:---|
| **ITEM 9.1(c).** | **PORTFOLIO MANAGEMENT.** |

---

See "Management of the Funds – Portfolio Management."

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| | |
|:---|:---|
| **ITEM 9.1(d).** | **ADMINISTRATORS.** |

---

See "Management of the Funds – Other Service Providers."

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| | |
|:---|:---|
| **ITEM 9.1(e).** | **CUSTODIANS.** |

---

See "Management of the Funds – Other Service Providers."

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| | |
|:---|:---|
| **ITEM 9.1(f).** | **EXPENSES.** |

---

See "Fees and Expenses."

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| | |
|:---|:---|
| **ITEM 9.1(g).** | **AFFILIATED BROKERAGE.** |

---

Not Applicable.

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| | |
|:---|:---|
| **ITEM 9.2.** | **NON-RESIDENT MANAGERS.** |

---

Not Applicable.

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| | |
|:---|:---|
| **ITEM 9.3.** | **CONTROL PERSONS.** |

---

See response to Item 19 below. To the extent that any investor other than the Feeder Funds is the beneficial owner of more than 25% of the Shares of the Master Fund, such investor may be deemed to be a "control person" of the Master Fund for purposes of the 1940 Act.

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| | |
|:---|:---|
| **ITEM 10.** | **CAPITAL STOCK, LONG-TERM DEBT, AND OTHER SECURITIES.** |
| **ITEM 10.1.** | **CAPITAL STOCK.** |

---

The Master Fund's Declaration of Trust (the "Declaration of Trust") authorizes the issuance of an unlimited number of full and fractional Shares of the Master Fund, each of which represents an equal proportionate interest in the Master Fund with each other Share. The Master Fund offers one class of Shares: Institutional Shares. Share certificates representing Shares will not be issued. The Master Fund's Shares, when issued, are fully paid and non-assessable. The Master Fund does not intend to hold annual meetings of its Shareholders.

Shareholders will be entitled to the payment of distributions when, as and if declared by the Board. The Master Fund currently intends to make distributions to its Shareholders after payment of the Master Fund's operating expenses including interest on outstanding borrowings, if any, no less frequently than annually. The 1940 Act may limit the payment of distributions to Shareholders. Each whole Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Master Fund, after paying or adequately providing for the payment of all liabilities of the Master Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Master Fund (in cash or in kind) among its Shareholders. The Shares are not liable to further calls or to assessment by the Master Fund. There are no pre-emptive rights associated with the Shares. Each Declaration of Trust provides that the Master Fund's Shareholders are not liable for any liabilities of the Master Fund.

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| | |
|:---|:---|
| **ITEM 10.2.** | **LONG-TERM DEBT.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 10.3.** | **GENERAL.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 10.4.** | **TAXES.** |

---

Information on the taxation of the Master Fund is incorporated herein by reference from the section entitled "U.S. Federal Income Tax Matters" in the Auction Feeder Fund's Prospectus.

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| | |
|:---|:---|
| **ITEM 10.5.** | **OUTSTANDING SECURITIES** |

---

As of the date of filing of this Registration Statement, all outstanding securities of the Master Fund are held by the Auction Feeder Fund.

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| | |
|:---|:---|
| **ITEM 10.6.** | **SECURITIES RATINGS.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 11.** | **DEFAULTS AND ARREARS ON SENIOR SECURITIES.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 12.** | **LEGAL PROCEEDINGS.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 13.** | ****TABLE OF CONTENTS** OF STATEMENT OF ADDITIONAL INFORMATION.** |

---

Not applicable.

**PART B**

Part B of this Registration Statement should be read in conjunction with Part A. Capitalized terms that are not otherwise defined shall have the respective meanings set forth in the Auction Feeder Fund's Registration Statement.

Responses to certain Items required to be included in Part B of this Registration Statement are incorporated herein by reference from the Auction Feeder Fund's Registration Statement.

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| | |
|:---|:---|
| **ITEM 14.** | **COVER PAGE.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 15.** | ****TABLE OF CONTENTS**.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 16.** | **GENERAL INFORMATION AND HISTORY.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 17.** | **INVESTMENT OBJECTIVE AND POLICIES.** |

---

Part A contains basic information about the investment objective, policies and limitations of the Master Fund. This Part B supplements the discussion in Part A of the investment objective, policies, and limitations of the Master Fund.

Information on the fundamental investment policies and the non-fundamental investment policies and limitations of the Master Fund, the types of investment techniques used by the Master Fund and certain risks attendant thereto, as well as other information on the Master Fund's investment process, is

incorporated herein by reference from the sections entitled "Investment Program" and "Types of Investments and Related Risks" in the Auction Feeder Fund's Prospectus, and from the sections entitled "Investment Policies and Practices" and "Investment Objectives and Restrictions" in the Auction Feeder Fund's statement of additional information included in the Auction Feeder Fund's Registration Statement (the "Auction Feeder Fund's SAI"), to the extent applicable to the Master Fund.

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| | |
|:---|:---|
| **ITEM 18.** | **MANAGEMENT.** |

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Information in response to this item is incorporated herein by reference from the section entitled "Management of the Funds – The Board of Trustees" in the Auction Feeder Fund's Prospectus and the section entitled "Trustees and Officers of the Funds" in the Auction Feeder Fund's SAI.

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| | |
|:---|:---|
| **ITEM 19.** | **CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES.** |

---

Each Feeder Fund intends to invest substantially all of its assets in the Master Fund and, therefore, is expected to become a 5% holder of the Master Fund's Shares.

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| | |
|:---|:---|
| **ITEM 20.** | **INVESTMENT ADVISORY AND OTHER SERVICES.** |

---

Information on the investment advisory and other services provided for or on behalf of the Master Fund is incorporated herein by reference from the sections entitled "Management of the Funds" and "Fees and Expenses" in the Auction Feeder Fund's Prospectus and the sections entitled "The Adviser," "The Administrator," "The Transfer Agent," "The Custodian," "Independent Registered Public Accounting Firm" and "Legal Counsel" in the Auction Feeder Fund's SAI.

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| | |
|:---|:---|
| **ITEM 21.** | **PORTFOLIO MANAGERS.** |

---

Information regarding the portfolio managers of the Master Fund is incorporated herein by reference from the section entitled "Management of the Funds – Portfolio Management" in the Auction Feeder Fund's Prospectus and the section entitled "Portfolio Management" in the Auction Feeder Fund's SAI.

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| | |
|:---|:---|
| **ITEM 22.** | **BROKERAGE ALLOCATION AND OTHER PRACTICES.** |

---

Not applicable.

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| | |
|:---|:---|
| **ITEM 23.** | **TAX STATUS.** |

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Information on the taxation of the Master Fund is incorporated herein by reference from the section entitled "U.S. Federal Income Tax Matters" in the Auction Feeder Fund's Prospectus.

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| | |
|:---|:---|
| **ITEM 24.** | **FINANCIAL STATEMENTS.** |

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The financial statements appearing in the [Master Fund's Semi-Annual Report](https://www.sec.gov/Archives/edgar/data/1897593/000158064222003083/aogmaster_ncsrs.htm) for the fiscal period ended March 31, 2022 and in the [Master Fund's Annual Report](https://www.sec.gov/Archives/edgar/data/1897593/000158064222006160/aogmaster_ncsr.htm) for the fiscal year ended September 30, 2022 are incorporated by reference in this SAI. Such reports are available upon request and free of charge by contacting the Master Fund at 877-600-3573.

**Part C: Other Information**

**Item 25. Financial Statements and Exhibits.**

(1) Financial
Statements –

Included in Part A:

Financial Highlights for the fiscal year ended September 30, 2022

Included in Part B

[Financial statements appearing in the Registrant's Semi-Annual Report for the period ended March 31, 2022 are incorporated into Part B by reference to the Registrant's Semi-Annual Report dated March 31, 2022](https://www.sec.gov/Archives/edgar/data/1897593/000158064222003083/aogmaster_ncsrs.htm)

[Financial statements appearing in the Registrant's Annual Report for the year ended September 30, 2022 are incorporated into Part B by reference to the Registrant's Annual Report dated September 30, 2022](https://www.sec.gov/Archives/edgar/data/1897593/000158064222006160/aogmaster_ncsr.htm)

(2) *Exhibits* 

 

[(a)(i)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99ai.htm) [Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99ai.htm)\*

[(a)(ii)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99aii.htm) [Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99aii.htm)\*

[(b)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99b.htm) [By-Laws](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99b.htm)\*

(c) Voting
 Trust Agreement – *not applicable.* 

(d) Instruments
 Defining Rights of Shareholders – none other than the Declaration of Trust and By-laws.

(e) Dividend
 Reinvestment Plan – *not applicable.* 

(f) *Not applicable.* 

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| | |
|:---|:---|
| [(g)(i)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99g_i.htm) | [Investment Advisory Agreement between Registrant and Alpha Omega Group, Inc. dba(AOG Wealth Management (the "Adviser")\*](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99g_i.htm) |

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(g)(ii) [Form of Investment Advisory Agreement between Registrant and the Adviser\*\*](aog-management_agreement.htm) <br>(h) *Not applicable.*

(i) Bonus
 or Profit Sharing – *not applicable.* 

[(j)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99j.htm) [Form of Custody Agreement between Registrant and Fifth Third Bank, National Association\*](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99j.htm)

(k) Other
 Material Contracts:

[(i)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99k_i.htm) [Form of Administration, Transfer Agency, and Fund Accounting Agreement between Registrant and Ultimus Fund Solutions, LLC\*](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99k_i.htm)

[(ii)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99k_ii.htm) [Form of Compliance and CCO Services Agreement between Registrant and PINE Advisors, LLC ("PINE")\*](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99k_ii.htm)

(l) *Not applicable*.

(m) *Not applicable.* 

(n) [Consent of Independent Registered Public Accounting Firm\*\*](ex99n.htm)

(o) Omitted
 Financial Statements – *not applicable.* 

(p) Initial
 Capital Agreement – *not applicable.* 

(q) *Not applicable.* 

(r) Code
 of Ethics:

[(i)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99r_i.htm) [The Code of Ethics for the Registrant \*](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99r_i.htm)

[(ii)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99r_ii.htm) [The Code of Ethics for the Adviser\*](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99r_ii.htm)

[(iii)](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99r_iii.htm) [The Code of Ethics for the Administrator\*](https://www.sec.gov/Archives/edgar/data/1897593/000158064221005873/ex99r_iii.htm)

\* Previously filed.

\*\* Filed herewith.

**Item 26. Marketing Arrangements.**

Not applicable*.*

**Item 27. Other Expenses of Issuance and Distribution.**

Not applicable.

**Item 28. Persons Controlled by or Under Common Control.**

None.

**Item 29. Number of Holders of Securities.**

As of December 31, 2022

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| | |
|:---|:---|
| &nbsp;&nbsp;**Title of Class** | &nbsp;&nbsp;**Number of Record Holders** |
| &nbsp;&nbsp;Common Shares | &nbsp;&nbsp;1 |

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**Item 30. Indemnification.**

Section 2 of Article VII of the Registrant's Agreement and Declaration of Trust (the "Declaration of Trust") states that the Trust shall indemnify and advance expenses to its currently acting and former Trustees to the fullest extent that indemnification of Trustees is permitted by the Delaware Act. The Trust shall indemnify and advance expenses to its currently acting and former officers to the same extent as its Trustees and to such further extent as is consistent with law. The Board of Trustees may by By-law, resolution or agreement make further provision for indemnification of Trustees, officers, employees and agents to the fullest extent permitted by the Delaware Act. No provision of this Article VII, Section 2 shall be effective to protect or purport to protect any Trustee or officer of the Trust against any liability to the Trust or its Shareholders to which he would otherwise be subject by reason of bad faith, willful misfeasance, gross negligence or reckless disregard of the duties expressly set forth herein. No amendment to the Declaration of Trust shall affect the right of any person under this Section 2 based on any event, omission or proceeding prior to such amendment.

The Registrant hereby undertakes that it will apply the indemnification provisions of the Agreement and Declaration of Trust in a manner consistent with Investment Company Act Release No. 11330 (Sept. 4, 1980) issued by the Securities and Exchange Commission, so long as the interpretation of Sections 17(h) and 17(i) of the 1940 Act contained in that release remains in effect.

The Registrant obtains and maintains liability insurance for the benefit of its Trustees and officers (other than with respect to claims resulting from the willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office) on a claims-made basis.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a Trustee, officer or controlling person in the successful defense of an action suit or proceeding) is asserted by a Trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is again public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**Item 31. Business and Other Connections of Adviser.**

Information as to the managers and officers of Alpha Omega Group, Inc. dba AOG Wealth Management, the Registrant's investment adviser ("Advisor"), together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Advisor in the last two years, is included in its registration as an investment adviser on Form ADV (File No. 801-77736) filed under the Investment Advisers Act of 1940 and is incorporated herein by reference thereto.

**Item 32. Location of Accounts and Records.**

Certain required books and records are maintained by the Registrant and the Advisor at 11911 Freedom Drive, Suite 730, Reston, VA 20190. The other accounts, books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules promulgated thereunder, are kept by the Fund's administrator, fund accountant, and transfer agent, Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246, or its custodian Fifth Third Bank, National Association, 38 Fountain Square Plaza, Cincinnati, OH 45202.

**Item 33. Management Services.**

Not Applicable.

**Item 34. Undertakings**

Not Applicable.

**Signatures**

Pursuant to the requirements of the Investment Company Act of 1940, the Fund has caused this Registration Statement to be signed on its behalf by the undersigned duly authorized person, in Reston, Virginia on January 30, 2023.

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| | |
|:---|:---|
| AOG INSTITUTIONAL DIVERSIFIED MASTER FUND | AOG INSTITUTIONAL DIVERSIFIED MASTER FUND |
| By: | <u>/s/ Frederick Baerenz</u> |
| Name: | Frederick Baerenz |
| Title: | President |

---

INDEX OF EXHIBITS

Exhibits

(g)(ii) [Form of Investment Advisory Agreement between Registrant and the Adviser](aog-management_agreement.htm) <br>(n) [Consent of Independent Registered Public Accounting Firm.](ex99n.htm)

## Exhibit 99.2

**INVESTMENT MANAGEMENT AGREEMENT**

AGREEMENT made as of **[●]**, by and between AOG Institutional Diversified Fund, AOG Institutional Diversified Tender Fund, AOG Institutional Diversified Master Fund (the "Master Fund"), each a Delaware statutory trust (collectively, the "Fund"), and Alpha Omega Group, Inc. dba AOG Wealth Management, a Virginia corporation (the "Investment Manager").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company; and

WHEREAS, the Fund desires to retain the Investment Manager to furnish certain investment advisory and portfolio management services to the Fund, and the Investment Manager desires to furnish such services;

NOW THEREFORE, in consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is hereby agreed between the parties hereto as follows:

1. The Fund hereby employs the Investment Manager to manage the investment and reinvestment of its assets, including the regular furnishing of advice with respect to the Fund's portfolio transactions subject at all times to the control and oversight of the Fund's Board of Trustees (the "Investment Advisory Services"), for the period and on the terms set forth in this Agreement. The Investment Manager hereby accepts such employment and agrees during such period to render the Investment Advisory Services and, if requested, any other services contemplated herein and to assume the obligations herein set forth, for the compensation herein provided. The Investment Manager shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way, or otherwise be deemed an agent of the Fund.

2. The Fund assumes and shall pay all the expenses required for the conduct of its business including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;a. expenses
 borne indirectly through the Master Fund's investments in funds (including privately
 offered pooled investment vehicles, such as hedge funds, which are issued in private placements
 to investors that meet certain suitability standards ("Private Markets Investment Funds")),
 including, without limitation, any fees and expenses charged by the managers of the Private
 Markets Investment Funds (such as management fees, performance, carried interests or incentive
 fees or allocations, monitoring fees, property management fees, and redemption or withdrawal
 fees);

&nbsp;&nbsp;&nbsp;&nbsp;b. all
 costs and expenses directly related to portfolio transactions and positions for each of AOG
 Institutional Diversified Fund and AOG Institutional Diversified Tender Fund's (each
 a "Feeder Fund") accounts, such as direct and indirect expenses associated with
 the Master Fund's investments in Private Markets Investment Funds (whether or not consummated),
 and enforcing each Fund's rights in respect of such investments;

&nbsp;&nbsp;&nbsp;&nbsp;c. fees
 of the Investment Manager;

&nbsp;&nbsp;&nbsp;&nbsp;d. fees
 and commissions in connection with the purchase and sale of portfolio securities for the
 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;e. costs,
 including the interest expense, of borrowing money;

&nbsp;&nbsp;&nbsp;&nbsp;f. fees
 and premiums for the fidelity bond required by Section 17(g) of the 1940 Act, or other insurance;

&nbsp;&nbsp;&nbsp;&nbsp;g. taxes
 levied against the Fund and the expenses of preparing tax returns and reports;

&nbsp;&nbsp;&nbsp;&nbsp;h. auditing
 fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;i. legal
 fees and expenses (including reasonable fees for legal services rendered to the Fund by the
 Investment Manager or its affiliates);

&nbsp;&nbsp;&nbsp;&nbsp;j. salaries
 and other compensation of (1) any of the Fund's officers and employees who are not
 officers, trustees, members or employees of the Investment Manager or any of its affiliates,
 and (2) the Fund's chief compliance officer to the extent determined by those trustees
 of the Fund who are not interested persons of the Investment Manager or its affiliates (the
 "Independent Trustees");

&nbsp;&nbsp;&nbsp;&nbsp;k. fees
 and expenses incidental to trustee and shareholder meetings of the Fund, the preparation
 and mailings of proxy material, prospectuses, and reports of the Fund to its shareholders,
 the filing of reports with regulatory bodies, and the maintenance of the Fund's legal
 existence;

&nbsp;&nbsp;&nbsp;&nbsp;l. costs
 of the listing (and maintenance of such listing) of the Fund's shares on stock exchanges,
 and the registration of shares with Federal and state securities authorities;

&nbsp;&nbsp;&nbsp;&nbsp;m. payment
 of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;n. costs
 of stock certificates;

&nbsp;&nbsp;&nbsp;&nbsp;o. fees
 and expenses of the Independent Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;p. fees
 and expenses for accounting, administration, bookkeeping, broker/dealer record keeping, clerical,
 compliance, custody, dividend disbursing, fulfillment of requests for Fund information, proxy
 soliciting, securities pricing, registrar, and transfer agent services (including costs and
 out-of-pocket expenses payable to the Investment Manager or its affiliates for such services);

&nbsp;&nbsp;&nbsp;&nbsp;q. costs
 of necessary office space rental and Fund web site development and maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;r. costs
 of membership dues and charges of investment company industry trade associations;

&nbsp;&nbsp;&nbsp;&nbsp;s. such
 non-recurring expenses as may arise, including, without limitation, reorganizations, tender
 offers, liquidations, actions, suits or proceedings affecting the Fund and the legal obligation
 which the Fund may have to indemnify its officers and trustees or settlements made;

&nbsp;&nbsp;&nbsp;&nbsp;t. all
 costs and expenses associated with the operation and ongoing registration of the Fund, including,
 without limitation, all costs and expenses associated with the repurchase offers, offering
 costs, and the costs of compliance with any applicable Federal or state laws;

&nbsp;&nbsp;&nbsp;&nbsp;u. costs
 and charges related to electronic platforms through which investors may access, complete
 and submit subscription and other Fund documents or otherwise facilitate activity with respect
 to their investment in the Fund, including through an auction conducted via The Nasdaq Private
 Market, LLC and its registered broker dealer and alternative trading system subsidiary, NPM
 Securities, LLC or similar platform; and

&nbsp;&nbsp;&nbsp;&nbsp;v. such
 other types of expenses as may be approved from time to time by the Fund's Board of
 Trustees.

The Fund will reimburse the Investment Manager for any of the above expenses that it pays on behalf of the Fund.

3. The Investment Manager shall supply the Fund and the Board of Trustees with reports and statistical data, as reasonably requested. In addition, if requested by the Fund's Board of Trustees, the Investment Manager or its affiliates may provide services to the Fund such as, without limitation, accounting, administration, bookkeeping, broker/dealer record keeping, clerical, compliance, custody, dividend disbursing, fulfillment of requests for Fund information, proxy soliciting, securities pricing, registrar, and transfer agent services. Any reports, statistical data, and services so requested, or approved by the Board of Trustees, and supplied or performed will be for the account of the Fund and the costs and out-of-pocket charges of the Investment Manager and its affiliates in providing such reports,

statistical data or services shall be paid by the Fund, subject to periodic reporting to and examination by the Independent Trustees.

4. The services of the Investment Manager are not to be deemed exclusive, and the Investment Manager shall be free to render similar services to others in addition to the Fund so long as its services hereunder are not impaired thereby.

5. The Investment Manager shall create and maintain all necessary books and records in accordance with all applicable laws, rules and regulations, including but not limited to records required by Section 31(a) of the 1940 Act and the rules thereunder, as the same may be amended from time to time, pertaining to the Investment Advisory Services and other services, if any, performed by it hereunder and not otherwise created and maintained by another party pursuant to a written contract with the Fund. Where applicable, such records shall be maintained by the Investment Manager for the periods and in the places required by Rule 3la-2 under the 1940 Act. The books and records pertaining to the Fund which are in the possession of the Investment Manager shall be the property of the Fund and shall be surrendered promptly upon the Fund's request, and the Fund shall have access to such books and records at all times during the Investment Manager's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be promptly provided by the Investment Manager to the Fund or the Fund's authorized representatives. The Investment Manager shall keep confidential any information obtained in connection with its duties hereunder provided, however, if the Fund has authorized and directed certain disclosure or if such disclosure is expressly required or lawfully requested by applicable Federal or state regulatory authorities or otherwise, the Fund shall reimburse the Investment Manager for its expenses in connection therewith, including the reasonable fees and expenses of the Investment Manager's outside legal counsel.

6. For the Investment Advisory Services provided to the Fund pursuant to this Agreement, the Master Fund will pay to the Investment Manager and the Investment Manager will accept as full compensation therefor, a fee, payable on or before the tenth (10th) day of each calendar month, at the annual rate of 1.49% of the Master Fund's Managed Assets (as defined below). Such fees shall be reduced as required by expense limitations imposed upon the Fund by any state in which shares of the Fund are sold. Reductions shall be made at the time of each monthly payment on an estimated basis, if appropriate, and an adjustment to reflect the reduction on an annual basis shall be made, if necessary, in the fee payable with respect to the last month in any calendar year of the Master Fund. The Investment Manager shall within ten (10) days after the end of each calendar year refund any amount paid in excess of the fee determined to be due for such year.

7. If this Agreement shall become effective subsequent to the first day of a month, or shall terminate before the last day of a month, the Investment Manager's compensation for such fraction of the month shall be determined by applying the foregoing percentage to the Fund's Managed Assets during such fraction of a month (calculated on an average daily basis if such fraction of a month is less than a week) and in the proportion that such fraction of a month bears to the entire month.

8. "Managed Assets" means the total assets of the Master Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Master Fund's accrued liabilities (other than money borrowed for investment purposes), and calculated before giving effect to any repurchase of shares on such date.

9. The Investment Manager shall direct portfolio transactions to broker/dealers for execution on terms and at rates which it believes, in good faith, to be reasonable in view of the overall nature and quality of services provided by a particular broker/dealer, including brokerage and research services. Subject to the foregoing and applicable laws, rules and regulations, the Investment Manager may also allocate portfolio transactions to broker/dealers that remit a portion of their commissions as a credit against Fund expenses. With respect to brokerage and research services, the Investment Manager may consider in the selection of broker/dealers brokerage or research provided and payment may be made of a fee higher than that charged by another broker/dealer which does not furnish brokerage or research services or which furnishes brokerage or research services deemed to be of lesser value, so long as the criteria of Section 28(e) of the Securities Exchange Act of 1934, as amended, or other applicable laws are met. Although the Investment Manager may direct portfolio transactions without necessarily obtaining the lowest price at which such broker/dealer, or another, may be willing to do business, the Investment Manager shall seek the best value for the Fund on each trade that circumstances in the market place permit, including the value inherent in on-going relationships with quality brokers. To the extent any such brokerage or research services may be deemed to be additional compensation to the Investment Manager from the Fund, it is authorized by this Agreement. The Investment

Manager may place brokerage for the Fund through an affiliate of the Investment Manager, provided that such brokerage be undertaken in compliance with applicable law. The Investment Manager's fees under this Agreement shall not be reduced by reason of any commissions, fees or other remuneration received by such affiliate from the Fund.

10. Subject to and in accordance with the Certificate of Trust, as amended (the "Charter"), Declaration of Trust and Bylaws of the Fund and similar documents of the Investment Manager, it is understood that trustees, officers, agents and shareholders of the Fund are or may be interested in the Fund as trustees, officers, shareholders and otherwise, that the Investment Manager is or may be interested in the Fund as a shareholder or otherwise and that the effect and nature of any such interests shall be governed by law and by the provisions, if any, of said Charter, Declaration of Trust or Bylaws of the Fund or similar documents of the Investment Manager.

11. This Agreement shall become effective upon the date hereinabove written and, unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the above written date. Thereafter, if not terminated, this Agreement shall continue automatically for successive periods of twelve months each, provided that such continuance is specifically approved at least annually (a) by a vote of a majority of the Trustees of the Fund or by vote of the holders of a majority of the Fund's outstanding voting securities of the Fund as defined in the 1940 Act and (b) by a vote of a majority of the Trustees of the Fund who are not parties to this Agreement, or interested persons of such party. This Agreement may be terminated without penalty at any time either by vote of the Board of Trustees of the Fund or by a vote of the holders of a majority of the outstanding voting securities of the Fund on 60 days' written notice to the Investment Manager, or by the Investment Manager on 60 days' written notice to the Fund. This Agreement shall immediately terminate in the event of its assignment.

12. The Investment Manager shall not be liable to the Fund or any shareholder of the Fund for any error of judgment or mistake of law or for any loss suffered by the Fund or the Fund's shareholders in connection with the matters to which this Agreement relates, but nothing herein contained shall be construed to protect the Investment Manager against any liability to the Fund or the Fund's shareholders by reason of a loss resulting from willful misfeasance, bad faith, or gross negligence in the performance of its duties or by reason of its reckless disregard of obligations and duties under this Agreement.

13. The Investment Manager shall not be liable for delays or errors occurring by reason of circumstances beyond its control, including but not limited to acts of civil or military authority, national emergencies, work stoppages, fire, flood, catastrophe, acts of God, insurrection, war, riot, or failure of communication or power supply. In the event of equipment breakdowns beyond its control, the Investment Manager shall take reasonable steps to minimize service interruptions but shall have no liability with respect thereto. Notwithstanding anything herein to the contrary, the Investment Manager shall have in place at all times a reasonable disaster recovery plan and program.

14. As used in this Agreement, the terms "interested person," "assignment," and "majority of the outstanding voting securities" shall have the meanings provided therefor in the 1940 Act, and the rules and regulations thereunder.

15. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, provided, however, that nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or regulation promulgated thereunder.

16. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, with respect to the subject hereof whether oral or written. If any provision of this Agreement shall be held or made invalid by a court or regulatory agency, decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement may be amended at any time, but only by written agreement between the Investment Manager and the Fund, which amendment has been authorized by the Board, including the vote of a majority of the Independent Trustees and, where required by the 1940 Act, the shareholders of the Fund.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.

AOG INSTITUTIONAL DIVERSIFIED FUND

AOG INSTITUTIONAL DIVERSIFIED TENDER FUND

AOG INSTITUTIONAL DIVERSIFIED MASTER FUND

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| | |
|:---|:---|
| By: | /s/ Frederick Baerenz |
| Frederick Baerenz<br> Chief Executive Officer | Frederick Baerenz<br> Chief Executive Officer |

---

Alpha Omega Group, Inc. dba AOG Wealth Management

---

| | |
|:---|:---|
| By: | /s/ Frederick Baerenz |
| Frederick Baerenz<br> Chief Executive Officer | Frederick Baerenz<br> Chief Executive Officer |

---

*[Signature Page to AOG Investment Management Agreement]*

## Exhibit 99.2

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Registration Statement on Form N-2 of the AOG Institutional Diversified Master Fund, and to the use of our report dated November 29, 2022 on the Fund's financial statements and financial highlights as of September 30, 2022. Such financial statements and financial highlights appear in the September 30, 2022 Annual Report to Shareholders which is incorporated by reference into the Fund's Statement of Additional Information.

**BBD, LLP**

**Philadelphia, Pennsylvania**

**January 30, 2023**